Western Carriers (India) Limited (WCIL) is a multi-modal, rail-focused, 4PL asset-light logistics company specializing in customized end-to-end supply chain solutions. The company is engaged in multi-modal logistics services (road, rail, and river transport, custom house agency, storage, and warehousing) and operates across the country. It has expertise in aspects of logistics like freight forwarding, shipping, air cargo, trucking, clearance, storage, C&F and distribution, and civil works.
Western Carriers (India) Limited was incorporated as 'Western Carriers (India) Private Limited' in Kolkata, West Bengal, on March 23, 2011. Subsequently, the Company converted into a Public Limited company, and its name was changed to 'Western Carriers (India) Limited' through a fresh Certificate of Incorporation dated February 28, 2013, issued by the RoC. The Company is a significant player in the Indian logistics industry, providing single, multimodal, and other transportation services, warehousing, and ancillary services.
The Company operates on a scalable, asset-light business model which enables it to provide differentiated 3PL and 4PL solutions. Through the combined experience of the Company and its Promoter, Rajendra Sethia, WCIL has extensive experience in road, rail, and sea/river multi-modal movement for domestic as well as EXIM cargo in and out of India. Western Carriers (India) Ltd provides comprehensive multi-modal logistics services, including rail, road, and air transport, along with cargo handling and custom house agency services.
The company has demonstrated strong client relationships and operational efficiency. Strong client relationships, underscored by a high retention rate and substantial long-term contracts, have bolstered revenue visibility despite a decline in EXIM volumes. The operational focus on efficiency and cost management, alongside strategic investments in capital expenditures, positions the company for future growth, particularly in the burgeoning multimodal logistics market.
• Market Cap: ₹1,128.13 Crore (as of 26th June 2025)
• 52-week High: ₹177
• 52-week Low: ₹65.10
• P/E Ratio: 17.32
• P/B Ratio: 2.83
• Book Value: ₹81.2
• Promoter Holding: 71.89% (as of Mar 2025, up from Sep 2024)
FY 2024-25 Performance:
• Sales: Rose 2.37% to ₹1,725.72 crore in the year ended March 2025, against ₹1,685.77 crore in the previous year (FY2023-24).
• Net Profit: Declined 18.94% to ₹65.13 crore in the year ended March 2025, against ₹80.35 crore in the previous year (FY2023-24).
Q4 FY2024-25 Results:
• Sales: Rose 6.71% to ₹428.58 crore in the quarter ended March 2025, against ₹401.64 crore in the previous quarter (Q4 FY2023-24).
• Net Profit: Declined 41.82% to ₹14.08 crore in the quarter ended March 2025, against ₹24.20 crore in the previous quarter (Q4 FY2023-24).
Q2 FY2024-25 Highlights:
• Revenue: Remained flat at ₹4,314.33 million.
• EBITDA: Increased 7.68% YoY to ₹361.41 million, with margin improving to 8.38%.
• PAT: Grew 3.61% YoY to ₹189.56 million.
Western Carriers has secured significant contracts that demonstrate its market position and growth prospects:
• June 26, 2025: Awarded ₹230 crore 3-year EXIM logistics contract by Jindal Stainless Limited.
• June 25, 2025: Secured ₹558 crore three-year logistics contract from Jindal Stainless Limited.
• Work Order from Jindal Stainless (JSL): Received a work order worth ₹27.73 crore for hiring & trip basis of Trailers for Container Movement inside the JSL plant in Jajpur.
• Work Order from Shriram Alkali & Chemicals: Received a work order worth ₹23 crore from Shriram Alkali & Chemicals (A Unit of DCM Shriram) for the rake transport of CSL to Vedanta Lanjigarh for 1 year.
The shares of Western Carriers (India) Limited were listed on BSE and NSE on September 24, 2024. The IPO price band was set at ₹172 per share. Western Carriers IPO was a bookbuilding issue of ₹492.88 crores, comprising a fresh issue of 2.33 crore shares aggregating to ₹400.00 crores and an offer for sale of 0.54 crore shares aggregating to ₹92.88 crores. The stock is currently trading below its IPO price of ₹172 per share.
The company has delivered a relatively poor sales growth of 10.1% over the past five years. In FY2024-25, the company demonstrated resilience amid significant economic headwinds, geopolitical tensions, and supply chain disruptions, particularly excelling in its domestic segment with a 31% rise in volumes. While challenges persist in the EXIM sector, optimism remains for recovery driven by increased domestic demand and anticipated improvements in global trade dynamics.
The EBITDA grew by 10.36% during the first half of FY2024-25, while revenue remained flat due to no export growth in the overall exports of the country, affecting the logistics sector. The company's strategic focus on operational efficiency, an asset-light business model, and strong client relationships positions it well for future growth in India's expanding multimodal logistics market.
Western Carriers (India) Ltd (WCIL) belongs to the Industrials sector & Logistics sub-sector. The stock is traded on both NSE and BSE under the symbol WCIL and has a face value of ₹5.00 per share. Key management includes Rajendra Sethia as Chairman and Sapna Kochar as Company Secretary.
