Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Alok from Motilal Oswal. Please proceed. Alok: Yes, good morning, sir. So, I just had a couple of questions. One is, if you can just help with the originating volumes for this quarter? Sanjay Swarup: Now, the originating volume for this quarter for EXIM, it was 561025 TEUs and domestic 106114 TEUs, total is 667139 TEUs. Alok: Got it. And, sir, I just wanted to understand, I mean, when you are giving this guidance, it is for the handling volume or originating volume when you are revising? Sanjay Swarup: Normally, we are giving guidance only for handling volumes. Alok: Okay. So, if I just look at the handling volume numbers, I mean, if we go by the guidance which you have just upgraded now, so there is a lot of catch-up required, especially in the domestic side because currently in the first quarter we have done far below the guided number. So, what gives this confidence actually if you can just highlight on that, sir? Sanjay Swarup: As I explained in my opening remarks, there are a lot of things which are happening. Maybe you are not able to see that impact in Q1. So, now all these things are materializing and we have nine more months in this financial year. So, definitely all these will have a positive impact and already 6% we have achieved in domestic and all these developments that I highlighted in my opening remarks, we are confident to achieve 25% growth. Alok: Got it. Just a last question. So, if you can just share the rail coefficient and has there been any significant change at JNPT after the commissioning of the DFC there, so, just you can highlight on that, please. Sanjay Swarup: See, now, JNPT-DFC, as I told you, it is commissioned on 20th of June. So, in the Q1, only 10-days were left. So, 10-days is too short a period because a quarter consists of around 90-days, so, 90-days is a very short period to have an impact. Apart from that, if you have been observing, there have been heavy rains in Mumbai, which disrupted the movement temporarily, and it has been followed by heavy rains in Gujarat now. So, all these, that is why we are not going to start, we are not starting assured transit train in this weather. From October only, we will announce assured transit train. So, then impact is visible, but it is not a sizable impact as of now. Alok: Got it. So, even in the second quarter, we might not really see any impact coming through?

See, second quarter has just started. So, it will not be proper to comment on that. So, we are quite positive and let us see, because our services are there, and a lot of pendencies are also there at ports. So, things are shaping up in a positive manner only. Alok: Sure. That is all from my side, sir. Thank you and all the best, sir. Sanjay Swarup: Thank you. Moderator: The next question is from the line of Mukesh from Avendus Spark. Please proceed. Mukesh: Yes, sir. Thank you for the opportunity. My question is again regarding the DFC and how road-to-rail can happen. So, if I just go back to the last few years, you would have seen this road-to-rail happen in the Gujarat ports, but, I mean, absolute volume did not see that much of improvement for us because of this road-to-rail. So, just trying to understand how different will JNPT be for us vis-à-vis Gujarat when it comes to the DFC and the road-to-rail? Sanjay Swarup: There is a slight difference because in Mundra, Pipavav, DFC was not entirely going up to the ports. There was a feeder route also involved. But in JNPT, it will be pure DFC going up to ports. So, feeder route means other trains are also running on that route. But now on this circuit, now in NCR and JNPT, there will be only freight trains running on that track. So, definitely movement will be faster and things of efficiency will be more. Mukesh: Right. Any sense you can give us currently how much of JNPT cargo, which is moving to the hinterland, is moving on road right now, the containers? And what is your expectation, say, after one year of DFC being operational, how much of that could have shifted to rail? Sanjay Swarup: As of now, around 15% to 16% is the rail coefficient at JNPT, rest all is moving by road… and of course, there is some transshipment volume also. I expect that once DFC now has been commissioned, so in another two to three years' time, we should have double rail coefficient. Actually, it should be 30-35%. That is as per National Rail Plan also. We should have 30%-35% rail coefficient at JNPT. Mukesh: So, this 15%-16% rail coefficient, the remainder of 85%, I mean, everything obviously does not go to the hinterland, there will be a lot of short distances, which anyways has to move by road only. So, the addressable market is probably lesser than that because we are looking to take the containers to northern hinterland. So, that is what can probably move from road-to-rail, is it not, sir?

See, it includes transshipment volume also… and rightly you have pointed out some short distance movement also. We have all the details with us, but at this forum, I do not think I have that much time to share that detail. Mukesh: Right. Got that. And the second question is, could you give us your market shares in the northern hinterland market, I think you used to provide that earlier, and you had mentioned earlier on that some lead distances you had exited, so, it will be helpful to understand where we are on that now. Sanjay Swarup: So, I do not have market share for northern hinterland only. I have Pan India market share with me… rail transportation share. So, now the market share, as I told you in my opening remarks, has increased both in EXIM as well as domestic; in Q1 year-on-year, last year it was in EXIM, it was 53.1%, now it is 54%. So, there is an increase of 90 basis points. In domestic, it has increased from 55% to 58.7%. That is an increase of 370 basis points. Overall market share has increased from 53.6% to 55.2%. That is a growth of 160 basis points. So, in Q1, we have seen a good increase in market share and good increase in margin at the same time. Mukesh: All right, sir. Thank you. I will get back in queue. Moderator: The next question is from the line of Achal Lohade from Nuvama. Please proceed. Achal Lohade: Good morning, sir. Thank you for the opportunity. Sir, first, if you could talk a little bit about this Nepal cargo, what is the opportunity there, how much are we doing now on the annual basis, and what was it in FY26 contribution from this particular sector? Sanjay Swarup: Now, Nepal cargo, we have seen an increase of 61% in Q1 on year-on-year basis. In FY26, in Q1, we ran 69-trains to Nepal, whereas in this FY Q1, we have run 111-trains. So, growth is 61% in Nepal traffic. So, this is a very good growth, I should say, in Nepal business basically from Vishakhapatnam to Nepal, which is a very long lead traffic, 1,400 kilometers, we are able to run these many trains. One more development has taken place for Nepal, that is, till now, we have been running up to only Birgunj, which is a dry port in Nepal, bordering Raxaul is in India, Birgunj is Nepal, only four kilometers apart. Now, one more place, customs has granted us permission, and we have already started running train. One train already we have handled, that is at Viratnagar. Viratnagar is in Nepal, and Jogbani is in India. So, Jogbani-Viratnagar also we have started train. So, we propose to run around eight to ten trains every month for Viratnagar-Jogbani also. So, in Nepal, we will be serving two places by train -- Viratnagar-Jogbani and Raxaul-Birgunj. So, in the coming months, you will see very good growth in Nepal movement.

Sir, if you could call out what was the contribution in FY26 as a full year, and what would be that for FY27, just wanting to understand if this delta in terms of upward revision how much of that is on account of Nepal? Sanjay Swarup: That number, I do not have with me right now. We can share it later on with you… specifically, Nepal numbers, our contribution on overall volume, I do not have right now with me. Achal Lohade: No problem, sir. I will take it offline. Secondly, in terms of the EXIM growth, 15% is what you have called out, what is the underlying industry, as in port volume growth you have built in, sir -- is that 10%, 12%, 15%? Sanjay Swarup: Now, this growth primarily will be through double-stack movement through JNPT. This will be a shift from road-to-rail. Secondly, we have brought Jodhpur also on double-stack. Till now, Jodhpur was not having double-stack movement. So, in this month only, 3-4 days, we will be handling first double-stack train at Jodhpur. This will also shift cargo from road-to-rail. And thirdly, at Ahmedabad again, we are having another terminal where we will have a double-stack movement. Till now in Ahmedabad, we do not have double-stack CONCOR doesn’t have double stack facilities. That will further increase our business. Then in South India, there is a terminal, Kadakola, in Mysore, where we have got a good cargo for waste paper. And for that also, we have got custom notification. This will also give boost to our traffic. So, like there are so many places where we expect that traffic will increase in EXIM segment. Achal Lohade: Got it. And if you could just clarify on the employee cost, sir, it was down 22% YoY, what should be the sustainable run rate we should work with? And the LLF cost, it was higher at INR 113 crores. Is that a new normal quarterly run rate? Sanjay Swarup: The LLF already, we are having a 7% increase every year, but at the same time, and in my earlier calls also I told you, it is a continuous exercise that we are surrendering the terminals which are no longer required without sacrificing our business. So, that has been the company's policy constantly we are doing. So, in this quarter also, there is not much growth in LLF. As far as employee cost is concerned, I will request my ED, Finance, to clarify. Shri Harish Chandra: Yes, employee cost, I think there is a little fall as compared to last year. In fact, last year there was a one-off, a few transactions which were one-off. In fact, we paid some award to our employees in the June '25 quarter. And similarly, there was also one-off we have also contributed some amount to the Provident Fund Trust. There was some provisioning for one of the investments which did not do well and which has been reimbursed to the trust. So, that is the reason Otherwise, there is no extraordinary thing which has happened.

Got it. Thank you so much. Moderator: The next question is from the line of Sumit Kishore from Axis Capital. Please proceed. Sumit Kishore: Thanks for the opportunity. So, my first question is, Q1 performance was quite good in EXIM given that it was in the backdrop of the West Asia crisis. Could you please elaborate on what has been the business impact in Q1 because of the regional geopolitical events, and how is it having a bearing on your ongoing performance in Q2 if at all? Sanjay Swarup: You see, West Asia crisis had an impact on us in Q4 of last FY. As far as Q1 is concerned, rightly you have mentioned, we do not feel much impact and we have good pendencies at ports… exports also are showing good growth. As I mentioned that there has been a 9% growth in exports and 5% growth in imports in Q1 year-on-year basis. So, in this quarter also till now, performance has been quite okay. But, because of the good monsoons, the disruptions in train services are there. So, we are feeling the impact of that. But, as far as West Asia impact is concerned, there is not much impact, except on domestic in Morbi, we are feeling an impact because it has not come back to normal. Morbi is where tiles are being produced. Sumit Kishore: Sure. My second question is, if you could speak about how double-stacking panned out for CONCOR in Q1 and how does it compare on a year-on-year basis? And given the ramp up in double-stacking that you expect now, directionally, how do you expect the quarterly number to look like a couple of quarters down the line as you sort of taken the benefits of JNPT connectivity to DFC? Some comments there would be helpful? Sanjay Swarup: As a matter of fact, double-stack saw a fall in this quarter, fall of 12%. And because the imports that were there, mostly they were 20-fit imports. And on upper deck, only 40-fit are allowed in double-stack. And the JNPT actually, DFC was commissioned, only 10-days were remaining in Q1. So, not much double-stacking we could expect on that circuit. But now, we are hopeful that this will pick up with now this JNPT-DFC going in full form. So, in coming days & coming weeks, we will have good double-stack runs. Sumit Kishore: Okay. So, as compared to say your double-stack number for FY26, which was 6,396, it was up barely 1%, how do you see the FY27 number on double-stacking pan out? And as per the unit economics that you are seeing on DFC right now, how much more sort of contribution at the EBITDA level or some sense that you could give us on what efficiency gain that CONCOR is able to retain, from a double-stack rake on DFC versus pre-DFC economics? Sanjay Swarup: See, double-stack, I see a very good growth. Once this JNPT and all stabilizes, I see at least a growth of some 8% to 10% on this circuit. As far as the EBITDA margins are concerned, which will have a positive impact as a result of double-stack. That calculations we have made. It is a rough calculation. I cannot share on this forum as of now. Sumit Kishore: Sure. Thank you, sir. Wish you all the best ahead of your superannuation. Thank you so much. Sanjay Swarup: Thank you. Moderator: The next question is from the line of Aditya from Kotak Securities. Please proceed. Aditya: Thank you for the opportunity and congratulations on a good set of results. Two questions from my side. The first one, just wanted to clarify, the market share numbers, are they based on handling volumes or are they based on originating volumes? Sanjay Swarup: Now, this market share is based on tonnage basically. That is railway tonnage carried by us. So, strictly speaking, it is on originating volumes. Aditya: Understood. That clarifies. The second question is that on the EXIM side of things, there appears to be some difference in realization. This is the originating volume numbers being taken into account on a YoY and a QoQ basis. Could you give us some more color as to what is the driver behind the same? Sanjay Swarup: The realization, as I explained earlier also, it is a function of two things. First is the tonnage and second is the distance. So, both the things play. NTKM is a word used in railways, NTKM and GTKM, gross ton kilometers. So, it is a function of these two things. So, I do not know what is your specific question? Aditya: No, I think the lead distance would have gone up, right, lead distance would have gone up because Nepal got added in a few long lead distances? Sanjay Swarup: If you see in detail, the tonnage has fallen in this Q1; railway tonnage has fallen by 3.3%, our tonnage in EXIM has fallen by 1.8%. The reason is the heavy cargo, which is metal scrap, iron scrap, aluminum scrap, machinery parts, they have not come. So, even number of containers have increased, but the weight carried, that is heavyweight cargo has not come. So, that is the main reason for fall in tonnage as well as not that much commensurate realization. Because we have carried light cargo, heavy cargo is now coming. Because of disruption in shipping services, some cargo is coming, some is held up, it comes later on. So, like that it plus this scrap and all this cargo is impacted because of the international prices. If international prices increase, then the scrap import also comes down. So, those factors also play an important role. So, if you see the tonnage has fallen down, that is the reason of fall in realization.

These transit assurance rakes that are going to become more mainstream, could you give us a sense of when they have happened in the past, has CONCOR been able to get a combination of both higher volumes and higher margins? And if some quantification you can put around those numbers? Sanjay Swarup: As of now, we are running assured transit train on domestic circuit between Delhi and Kolkata with stopovers at Agra and Kanpur. So, this has given us additional business. As far as financials are concerned for this particular movement, I do not have with me right now. But we have got additional business that has been diverted from road-to-rail. Similarly, another assured transit train we are running from our MMLP at Dadri to Mundra Port, which is also giving us very good volumes and diversion has taken place from road-to-rail. For this also, separate financials for this movement, I do not have with me. Now, another assured transit will start from October between Dadri to JNP, which will further give us more volumes. Aditya: Those are my questions. Thank you for your response. Thank you. Moderator: The next question is from the line of Priyankar Biswas from JM Financial. Please proceed. Priyankar Biswas: Yes, hi, sir. So, this is Priyankar from JM. My first question is, sir, recently we have heard in the news that there is a lot of flooding, especially beyond the Dahanu and also in Gujarat. So, has there been any significant impact at least on our cargo volumes because of that, I mean, because of this incident? Sanjay Swarup: Yes. In Q1, we were impacted by heavy rains because there were heavy rains in Mumbai. You must have read in the news in the month of June. Because of that, there was disruption in train services and our volumes could have been more. So, that was the impact in the month of June. Now, in the month of July, very rightly you have pointed out, there is a heavy rains and flooding in Gujarat area. And that has definitely impacted our cargo movement in the month of July, but that is in Q2, so, that impact you will see in Q2. But we hope that rains are there, but the railways is also working, they repair the tracks very efficiently, we are quite hopeful that normalcy will come and we will again resume our services. Priyankar Biswas: So, sir, when you are giving the guidance of 15% engine growth, so you would have baked in this flood impact in Gujarat and maybe the impact of rains in Maharashtra in the month of June, I think this is baked, right? Sanjay Swarup: I have taken this into account. Normally, the cargo which has to be sent, it has to be sent. Once there is a flood and all, road movement also is not possible and rail is a more reliable movement. So, definitely, impact will be there, but that will be temporary, it will not be permanent impact on the cargo movement.

Sir, one more thing, like if I remember in the past few calls, we have provided an emphasis for better customer services to improve our first mile and last mile services. So, can you say that how much part of your containers today that you are moving, is covered under first mile, last mile, and what is your target, let us say by end of FY27 or FY28, some ballpark? Sanjay Swarup: The thing is that three years back, we were having only 10% cargo that we were able to give first mile, last mile to our customers. Till end of FY26, this number has gone up to 46%. So, 46% cargo, we are able to give service to our customers for first mile, last mile. For rest 54%, customers are arranging the first mile, last mile movement themselves. Now, for this FY27, we have set up a target of 80%. From 46%, we move to 80%. By FY28, 100%. So, that is our target. That is a huge value addition for our customers. Customers are very happy with our services, and they want that everywhere we should give them service of first mile, last mile. Priyankar Biswas: Sir, traditionally, you used to give us the rail coefficient by force and also the market share at the force. So, can you give us for JNPT, Mundra and Pipavav? Sanjay Swarup: In JNPT, for Q1, rail coefficient was 14.13%, and our market share was 62.6%, last year, rail coefficient was 15.5%, market share was 58%. So, there is a big growth in market share in JNPT. At Mundra, last year, the rail coefficient was 24.7%, this year it is 24.5%, almost same, but our market share has slightly dipped from 36% to 34%. In Pipavav, the rail coefficient is same, 55%, market share is also same, 48.8%, this year it is 48.2%. Priyankar Biswas: Thank you, sir. That is all from my side and congrats for a great quarter. Sanjay Swarup: Thank you. Moderator: Thank you. The next question is from the line of Koundinya from Jefferies. Please proceed. Koundinya: Yes, hi, sir. Thanks for the opportunity. Sir, just the first question, just trying to reconcile. If we look at the rail volume growth from FOI, right, it appears that the volumes for the industry declined by about 4%, while your volumes were at around 2%. I mean, just trying to understand the math behind this, I mean, obviously, it looks good, so, where is the difference? It looks like partly tonnage, which you explained in one of the conversations earlier, if you can elaborate a bit on that? And secondly, within that, July also looks like about 8%, 9% decline when I look at the data. So, how should we look at the volumes for you in that context? Sanjay Swarup: First, I would like to clarify that July month is still running. It is still not complete. So, it is premature to comment on July. For Q1, I can comment. Q1, as I explained earlier, the container growth is there in percentage terms. But in tonnage terms, the growth is not there. In railways also has experienced 3.3% negative growth as compared to ISO containers and 5.4% negative growth in domestic. The primary reason is that light commodities have moved in the containers, heavy commodities have not moved. That is the primary reason for decrease in tonnage. Koundinya: Understood. Sir, given the way the global freight rates are, should we expect a similar trend to continue in the near-term, especially given heavy cargo also constitutes a metal scrap, etc.? Sanjay Swarup: I don’t think so, because heavy commodities, metal scrap, and then machine parts is also there. So, maybe because of the conflicts happening around the world, sometimes some containers come quickly, some containers are stuck up, some at transshipment points, so, they will be coming in due course. So, I think in overall, if you see on annual basis, it will all balance out. Koundinya: Got it. Sir, my second question is on your market share at JNPT. Obviously, you did well this quarter. So, what is it that you did differently which helped this market share gain, and then obviously, DFC will benefit outside that what are the other levers that are at hand, which can help you sustain this market share gain? Sanjay Swarup: See, actually, we introduced a lot of new products. One of the products was the Aushadhi Express, Farma Express that we started between Hyderabad to JNP. And it was all refrigerated containers, cargo, along with Maersk we have started. So, that has given us a new line of business. It has been quite well received. Similarly, we started export service from Whitefield, that is Bangalore to JNPT. Initially, we started with one train per week. Now, it has moved to three trains per week. Such a good demand is there. And we focused on speedy clearance from JNPT. And our imports are being cleared. We are focusing on a dwell time of 35-hours. Right now, we are not able to achieve that. But in the near future, import dwell time we want to bring down to 30-35 hours, which is the benchmark given by NITI Aayog also. So, the speedy clearance of imports and focusing on new products. These are the two major reasons of our increase in market share at JNPT. Moderator: The next question is from the line of Krishnendu Saha from Quantum AMC. Please proceed. Krishnendu Saha: Yes, thanks for taking my question. So, I just wanted to understand some economics of JNPT. So, how many trains are we doing right now from JNPT? Sanjay Swarup: JNPT, we are doing around 11 to 12 trains every day, CONCOR. Krishnendu Saha: And after DFC comes in, say, suppose about in next year, when we are full-fledged on, how many trains would those convert from the DFC double-stack time?

See, number of trains would also increase when DFC comes and many of them will be double-stack. So, you can say around, we will be doing around 15 to 18 trains per day from JNPT. Krishnendu Saha: Double-stack? Sanjay Swarup: No, all will not be double-stack. So, suppose 15 trains we are doing -sorry? Krishnendu Saha: Okay. No, I was just trying to understand the economics as to if we are doing 11, 12 right now per day single stack, come next year, post-December, when the DFCs will be functional, we have no hiccups, how many double-stacks we will be doing compared to 11, which is single stack right now? Sanjay Swarup: Okay, right now, we are not doing any double-stack. You mean from one and a half years from now? Krishnendu Saha: No, say, '27 January. Sanjay Swarup: You are asking a forecast for '27 January? Krishnendu Saha: So, let me rephrase the question. So, right now, we are not doing any double-stacking, we are doing single stacking, say 11 trains right now, and say, come December '26 or January '27, of this 11, how many can be converted to double-stacking on the DFC? Sanjay Swarup: In 11 trains that we are doing right now, we are doing double-stack also because double-stack has started from 20th of June. So, 11 trains, at least three to four double-stack daily we are doing. Krishnendu Saha: Okay, and this can increase to -? Sanjay Swarup: This will further increase when the traffic starts shifting from road to rail, then this will further increase. Let us see. We are hopeful that six months time, actually, the increase will be gradual. Six months time, maybe this four will increase to six or seven trains per day, double-stack. Krishnendu Saha: Okay. how you see a lead distance on the EXIM side being stable after one year or it could increase slightly or it will be stable after the full-fledged DFC, how do you see the lead distance coming for us? Sanjay Swarup: Lead distance in this Q1 in EXIM has increased from 688 Kms to 714 Kms. So, it is seeing an increase because of the increase in Nepal movement, which is taking place. Already, there is an increase in lead. Krishnendu Saha: So, you expect this lead distance to be stable going ahead?

Yes, it will be more than 700 Kms in EXIM. Krishnendu Saha: Okay. On the domestic side, do we still have to procure any more cement tankers or it is done for us? Sanjay Swarup: So, already we are having a fleet of 700 tank containers and 2,000 more we have given order. Krishnendu Saha: Any pricing increase you will be taking for the future? Sanjay Swarup: Some price increase we have already effected in EXIM. Krishnendu Saha: How much blended will that be sir? Sanjay Swarup: I do not have the figures right now. Krishnendu Saha: Thank you for your time. Moderator: The next question is from the line of Vinit Thakur from Plus91 AMC. Please proceed. Vinit Thakur: Hi sir, thank you for the opportunity. Most of my questions have been answered sir, but sir could you give me what was the quarterly overview led to increase in the margins and what were the attributable factors to it? Sanjay Swarup: What exactly is your question? I am not able to understand. Can you repeat it sir? Vinit Thakur: So, YoY there is an increase in margin and operating profit as well. Could you just help understand what is the leading factors to it? I joined late, so my question may be repetitive sir. Sanjay Swarup: Increase in margin you are asking? Vinit Thakur: Yes sir. Sanjay Swarup: Increase in margin, the basic reason is the operational excellence. If you see the empty running has come down by 10% and plus we are making domestic movement, we are now making circuits for that, so both side loaded movements are there and plus double-stack also. All these things are contributing to increase in margins. Vinit Thakur: Sir, could you help me understand the economics of double-stacking? Sanjay Swarup: Economics means what?

What would be the potential revenue and how would it be different from the single stacking, how much revenue increase would it lead in cost saving? Sanjay Swarup: See, double-stack actually on upper deck we pay 50% to railways. If you are asking the number how much we have paid, how much margins are there, that I do not have with me right now. Vinit Thakur: Okay, sir. Not an issue. That is it, sir. Thank you so much. Moderator: The next question is from the line of Vignesh Iyer from Sequent Investments. Please proceed. Vignesh Iyer: Hello sir, thank you for the opportunity. Sir, if you could give some insight on our bulk cement business, how has the traction been for us in Quarter 1? I do not want in terms of volume number, but just overall how the traction has been? And could you guide what are we targeting for this year? Sanjay Swarup: The bulk cement is a very promising product that we have started. So, there is a lot of demand from the industry. We have signed an agreement with UltraTech Cement, Maha Cement, Ambuja Cement and several other companies also. But right now because of shortage of tank containers, we are not able to meet the demand as I explained in my opening remarks also. But it has got a very good potential. Some of our big customers themselves are procuring tank containers for transportation of bulk cement and using our rakes for transportation. So, by the end of this financial year, we will have a strong fleet of tank containers, then there will be very good growth. And once the full fleet of tank containers is available with us, we are targeting at least 1 million tons traffic of bulk cement every year maybe from next financial year. Vignesh Iyer: Okay. Is there some business coming from Morbi now or is it like what it was in the month of April, May when it was a very tough time? Sanjay Swarup: Your voice is not clear. I am not able to understand what you are asking. Vignesh Iyer: I just wanted to understand how is the business from Morbi because in the first two months, if I am not wrong, the entire business was shut down due to the West Asia war. So, if you could comment on how it has been for the month of June and July? Sanjay Swarup: See, Morbi business is now picking up, but it has not become normal because of the gas supply, as you are aware. So, still it is much less than what it used to be. So, we are expecting that it may resume, but still all the industries are not working to their full capacity. Vignesh Iyer: Okay, sir. That is all from my side.

The next question is from the line of Achal Lohade from Nuvama. Please proceed. Achal Lohade: Yes, thank you for the follow-up opportunity, sir. If you could help us with the empty cost first? Sanjay Swarup: Empty for EXIM it was INR 19.2 crores, last year it was INR 27.7 crores, domestic was INR 64.7 crores, last year it was INR 65.6 crores, total INR 83.9 crores, last year it was INR 93.3 crores. Achal Lohade: Got it. Sir, just a clarification. On the basis of originating volume if I look at the realization for domestic segment went up by 10%, but the cost went up by 12%, and on a per-TEU basis, actually the margin has kind of declined. If you could explain what has driven this, because the empty cost is fairly stable on a YoY basis, so, what would have brought down the margin? Sanjay Swarup: Lead is the reason, because domestic lead has come down. Achal Lohade: If you could help us with the lead number, sir, for the quarter. Sanjay Swarup: Yes. Last year it was 1,356 Kms, this year it is 1,323 Kms. Achal Lohade: Understood. With respect to the total JNPT volume, how much is actually going to the North India, in your opinion, sir -- is that 2 million, 3 million, 4 million, what number would that be? And how much is that on rail at the moment according to you? Sanjay Swarup: That number I do not have with me right now, please. Achal Lohade: Got it. And is it fair to say originating-to-handling ratio would be fairly stable for the year, or you could see further declining actually in the current year? Sanjay Swarup: It will be stable for the year. Achal Lohade: Got it. So, is it fair to say then in that case, the 15% EXIM growth is also on originating basis for you? Sanjay Swarup: I can’t answer this question right now, because you should be well aware that EXIM and handling have a particular formula. 50% growth in handling does not mean it will be 50% growth in originating also. Achal Lohade: Got it. Those were my questions, sir. Thank you so much. Moderator: The next question is from the line of Koundinya from Jefferies. Please proceed.

Yes. Hi, sir. Thanks for the follow-up opportunity. Sir, just a couple of questions. One, if you can help us with the port-wise volume mix data? Sanjay Swarup: Port-wise, yes. JNPT was 37%, Mundra 33%, Pipavav was 7%, Visakhapatnam 6%, Chennai 4.4%, Cochin 5.3%. These are main Ports. Koundinya: Sure, sir. What is the double-stack, sir, this quarter vis-à-vis YoY if you can share those numbers as well? Sanjay Swarup: Yes, the double-stack this quarter was 1,322. Last year in Q1 was 1,508. So, there is a drop of 12%. Koundinya: Got it, sir. Thank you very much and all the best. Moderator: The next question is from the line of Aditya Mongia from Kotak Securities. Please proceed. Aditya Mongia: Hello! Thank you for the follow-up opportunity. The question that I had was more on the differential trends in market share across the three ports that you have. Could you give a sense why the company is looking in JNPT? You answered that question partly. What I am trying to say is that what needs to be done to make this more broad-based across Mundra and Pipavav as well? Can we think of launching new services over there or is there scope only limited to JNPT? Sanjay Swarup: No. We are, of course, launching new services. Always, we are in touch with our customers. It is not that we are neglecting other ports. So, wherever cargo is, we are present there and we are continuously in touch with our customers, our marketing activities are going on in full swing. So, apart from JNPT, other ports are also very important for us. Market share has slightly dipped. Pipavav is the same. So, it does not mean that we have not given that much importance to these ports. These ports are also extremely important for us. And we hope to regain our market share very soon now at these ports also. Aditya Mongia: Sir, to put differently, do we have a competitive advantage that works to our favor in JNPT and that it is easier to gain market share over there versus other ports, because if I see a three to four-year series of this data, you have been continuously gaining market share in JNPT, credit to the company, but you have been kind of losing it elsewhere, so, is it that you have some competitive advantage, maybe the ICDs that you have, something that kind of takes you apart to cater to JNPT cargo better than others? Sanjay Swarup: Maybe actually the hinterland that we are serving, because JNPT caters to Andhra Pradesh, Maharashtra, Nagpur area, then Madhya Pradesh and Karnataka also, Whitefield. So, maybe hinterland also, we have very good presence. We have very big ICDs in these hinterlands. And Mundra, Pipavav cater mostly to North India, where there are a lot of ICDs present, we as well as private operators. So, that may be the reason. It is an interesting question that you have asked. We will further analyze it in detail. Aditya Mongia: Sir, maybe just a clarification. Out of this 37 volumes that is JNPT in your cargo mix, how much go to NCR for you and how much go outside NCR? Sanjay Swarup: That number I do not have with me right now. I can get back to you later on. Aditya Mongia: I understand. Those are my questions. Thank you for the responses. Moderator: The next question is from the line of Sumit Kishore from Axis Capital. Please proceed. Sumit Kishore: Thanks for allowing the follow up. Just one observation and a question. In the last three financial years, the share of originating volumes as a percentage of handling volumes has been coming off in both EXIM and domestic. So, you mentioned a certain formula which is relating the two of them. Could you please elaborate on how we should be thinking about this ratio over the next couple of years? Sanjay Swarup: As we have more hub and spoke, because now the evacuation will be based on hub and spoke only. So, if there is a hub and spoke movement, then transshipment will definitely increase. So, handling volumes are bound to go up as compared to originating volumes. So, there is no fixed formula. I was mentioning that approximately originating volume ranges from 65% to 70% of handling volume. That is the approximate number that it is a no brainer you can easily work on that. So, I think more or less it will remain same. If more hubs are present, then there may be slight change in this number. Sumit Kishore: On the downside, so it can reduce further, because last three years -? Sanjay Swarup: If more hubbing is there, definitely it will be on the downside, but I cannot predict right now at this moment. Sumit Kishore: Got it. Thank you. Moderator: The next question is on the line of Mohit Chugh from Subh Labh Research. Please proceed. Mohit Chugh: Hi, Mr. Swarup, thank you for the opportunity. Mr. Swarup, my first question is on this road to rail shift. I think Indian Railways has been trying this for the past decade to win market share over road. Now, I just wanted to get your opinion on haulage charges? Earlier, we have witnessed that Indian Railways used to increase haulage charges whenever they feel like or they needed resources. How has been your communication recently with the Indian Railways on haulage charges? Can we see where the haulage charges can go down from Indian Railways and we are passing it on to the customer and winning market share from road? Sanjay Swarup: See, in logistics, you must be well aware that the transportation choice of a customer depends on two factors basically. First is the transit assurance and second is the cost. So, you are primarily focusing on cost only. Transit assurance is also very important in logistics. Till now, Indian Railways has not been able to give transit assurance to customers because on the same track, we have passenger trains as well as the mail express trains as well as goods trains. So, in Indian Railways, we can’t predict that when will the train reach the destination. But now with the dedicated freight corridor coming up in which only freight trains will be running on that track and that too at a very high speed, Indian Railways is in a position to give transit assurance to its customers. When Mundra Port was connected to dedicated freight corridor through a Preeda route, then we approached Indian Railways to run assured transit train from our MMLP at Dadri to Mundra Port. So, that product was launched. It was very well received by trade and we tweaked slightly the tariff also. And there was a very good shift of cargo from road to rail. So, that experiment was successful. Second was the product that was launched by Indian Railways from Delhi to Kolkata. In that also, they gave assured transit of 120 hours with a stopover at Agra and Kanpur. Same train will start from Delhi, go to Agra, some containers will be unloaded, some containers will be loaded, then it will go to Kanpur, some will be loaded, some will be unloaded, then finally it will go to Kolkata. So, entire journey including the time spent at Agra and Kanpur will be completed in 120-hours. That product is there from October 2025. I am happy to announce that the train is reaching within 120-hours. So, this product is also very well received by trade and we are getting very good response on this particular product. That is another good example of transit assurance without tweaking the cost. Now, another product with the Indian Railways, we are in talks with them, they are going to launch this transit assurance train from south to north, maybe from Bangalore to Delhi. So, still they are working on it. Once they announce that, that will also, I am hoping it will give a very good response from trade. Lastly, I have already spoken to senior officers from Railways. From October when monsoon is over, we are going to launch assured transit train between JNPT and North India. Because now there are frequent disruptions and it is not the proper time to announce assured transit train. So, from October, we are going to announce assured transit train between North India and JNPT. So, that will also give boost to shift of cargo from road to rail. So, these are the things. Basically transit assurance also plays a very important role. Only cost is not the factor. Mohit Chugh: Understood. Mr. Swarup, this was very helpful. Just a follow-up on this. So, you were saying this assured transit is basically helping us gain more market share from road because now there is a certainty when the container will reach the destination, and this pursuit of assured transit trains will keep increasing from there, as you said, Bangalore, Delhi and then more routes will also be explored?

Correct. Exactly. Mohit Chugh: Got it. Mr. Swarup, my second question is on our capacities at Northern ICD. So, I understand we are quite optimist about traffic moving from JNPT to Northern part of the country. I was just wondering, how is the capacity at our Northern ICDs, will they be able to handle this increased flow of containers which they will be receiving after JNPT getting connected or can you say some bottlenecks? Sanjay Swarup: No, absolutely, there will be no bottleneck. We are having a huge multimodal logistic parks. They are in areas of more than 300-acres, and we have four MMLPs on Western DFC, fifth one is coming up near Ahmedabad. So, we are fully geared up to handle the increased traffic. Absolutely, no worries on that. And we are inducting high-capacity rakes also, so in which double-stacking will be more. So, our infrastructure is ready. We have absolutely no issue. Mohit Chugh: Understood. Just one last question, Mr. Swarup. Thank you for answering the other two. Do you have any rough ballpark number of containers moving on trucks from JNPT to Delhi NCR Hinterland? Just ballpark if you have some, either from NITI Aayog report or your internal assessments? Sanjay Swarup: Sorry, I do not have that number with me right now. Mohit Chugh: No problem. Mr. Swarup, I think this is your last month with CONCOR. It was very nice interacting with you all this while and good luck for your future endeavors, Mr. Swarup. Thanks a lot. Sanjay Swarup: Thank you very much. Moderator: Ladies and gentlemen, due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you, sir. Sanjay Swarup: Just I wanted to summarize that we have seen a Q1, which was quite good. And as I explained the various factors and increase in guidance, companies are standing on very strong fundamentals. We have a strong team, very world-class infrastructure with us. So, I am pretty sure that we will increase our market share, increase our business, and more and more EBITDA margins also will increase. So, it has got a very bright future, and logistics industry is going to benefit a lot from the services of CONCOR. Thank you very much. Moderator: Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.

Sr. No. Name Phone Company 1 Host Kunal Shah 2242022578 DAM Capital Advisors Limited 2 Host Management 1141673000 Container Corporation of India Ltd 3 Aachal Lohade 9136727590 Nuvama 4 Aaditya Kumar 9339464800 Divisha Alternate Investments Manager LLP 5 Aarti Janghir 919166911697 ICICI Bank 6 Abhishek Podar 6563515212 Citadel Internationl 7 Aditya Kumar 9339464800 Divisha Investments 8 Aditya Mongia 9833234463 Kotak Securities 9 Ajay Kumar 8045889104 Individual Investor 10 Akash Goel 9830519144 Tara Capital 11 Akash Kumar 9920804560 Bandhan Asset Manager 12 Akash Kumar 9920804560 Bandhan Asset Manager 13 Akash Mehta 919892138178 Canara HSBC Life 14 Akash Patil 18124021003 Rendox Ltd 15 Akhila K 16465173334 Bloomberg 16 Akhilesh Bhandari 6586716699 North Rock Capital 17 Akshay Sharma 7303854285 Abacus AMC 18 Alok Deora 61291549 Motilal Oswal 19 Alok Ranjan 97146147913 Arrowpoint Investment Partners 20 Amit Kumar 8898708990 Determint investment 21 Anadi Agarwal 2242246101 Jefferies 22 Anik Mitra 918100782007 Finnomics 23 Ankit Jain 67800305 Mirae Asset 24 Ankit Pande 912262955018 Quant MF 25 Ankita Shah 9820679464 Elaara Capital 26 Anshul Agarwal 912266121228 Emkay Global 27 Anurag Gadda 9998697378 Equirus Security 28 Anurag Khandelwal 919650806954 Individual Investor

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30 Arun Bhraman 919087779152 Capital Market 31 Arun Kumar 15103907767 Bloomberg 32 Aryan 7977572598 RV Investments 33 Ashish Jagnani Jagnani 912266580173 HDFC AMC 34 Ashish Shah 6566025000 Millieuneum 35 Atul Kumar 9820034170 Salvaition Capital 36 Bharat Pare 912266505020 CSLA India 37 Bharti Sawant 8657995395 Mirae Asset 38 Brijesh Gupta 9619309121 Pentacle 39 Chanchal Khandelwal 2243568070 Birla Mutual Fund 40 Chandan Mistry 7695083754 Tata MF 41 David Anderson 19376321077 Individual Investor 42 David Yehuda 2245630309 S&P global 43 Deepak Laxmi 442039974752 North Rock Capital 44 Deepak Nerella 9398457942 9 Rays EquiResearch 45 Devansh Garg 2246464778 IIFL Capital 46 Devraj 9687972119 Individual Investor 47 Dhananjai Bagrodia 919820190470 Alchemy 48 Disha Giria 9324791509 SMISS THANK YOU FOR BEING WITH US Participants List Total - 186 Participants including the Speakers. July 27 , 2026 at -11:30 Hrs India Time Container Corporation of India Ltd Q1 FY27 Earnings Conference call Chorus Call India 03/08/2026 Page 1 Sr. No. Name Phone Company 49 Durgesh Shukla 7217791285 Incred Capital 50 Gaurav Narayan 9820073819 Sapporo Breweries 51 Gaurav Nawelkar 919819427740 JM Financial 52 Gautam 919384112771 Vara Future LLP 53 Girish 9819101512 Morgan Stanley 54 Gurav Naryan 9820073819 Sapporo Breweries 55 Hardik Chedda 918830714698 Lark Consultancy 56 Harish Gorwar 8076180580 Individual Investor 57 Harish Grover 8076180580 Individual Investor 58 Harshal Shah 8779640875 Phillip Capital 59 Harshid Sarawagi 9007036570 Axis Captial 60 Hem Raval 9022048876 Elaara Capital 61 Heth Patel 9909374685 Elaara Capital 62 Hiten Udeshi 9820036204 Individual Investor 63 Isha 9769273952 Individual Investor 64 Jay Bhatia 919833231037 Joint Vision 65 Jayesh Gandhi 919967977561 Harshad Gandhi 66 Jaynam Shah 918758759924 Equirus Sec 67 Jayram Shetty 8691958642 ICICI Securites 68 Jenil Metha 9558896413 Philip Capital 69 Jigar Thakkar 919099664823 Individual Investor 70 Jingesh Mukwana 919930122599 AMSEC 71 Jitendra Mehta 9004358051 Tara Capital 72 Joe Marsigan 16578375417 LSEG 73 John David 15103907767 AlphaStreets 74 Jonas Bhutta 2243568068 Aditya Birla Mutual Funds 75 Josh Green 17812306877 Aiera 76 Kamlesh Ratadia 9820313195 Axia AMC 77 Kartik Gada 7738055090 Multiple Wealth Management 78 Kartik Kohli 8447689945 Kotak Securities 79 Kaustav Bubna 912222088886 Kamana Holdings 80 Khushant Arora 69209663 Borada BNP PAribha mf 81 Koumdinya M 912242246159 Jefferies 82 Krish 919831224177 MLP 83 Krisha Shah 9820722403 Karma Capital 84 Krishnendu Saha 919892702832 Quantum AMC 85 Krupa Shankar 919884128127 Avendus Spark 86 Kushi Soni 919137865225 Nowama 87 Lakshminaryan 9789951580 ksema Will PVT LTD 88 Laxmi Narayan 919789951580 Ksema Pvt Ltd 89 Madhav Agarwal 919999941658 Emerge Capital 90 Madhu 9008514184 Trend Lyna 91 Mandhar Pawar 8657989125 Kotak MF 92 Maniya 8655744286 Bank of America 93 Mayank Dinani 6377632314 Carnelian Asset Management & Advisors Pvt Ltd 94 Mayur Dm 6362901179 Tally Capital 95 Mohit Chugh 9034299517 Shubh Lal Research 96 Mohit Vijayvargiya 6375844390 Individual Investor 97 Moksh Ranka 8087426690 Aurum Capital 98 Mokshit 912266578074 DSP 99 Mukesh 919840016171 Avendus Spark 100 Murli Krishnan 4428569900 Sundaram Mutuals 101 Murli Krishnan 914428569900 Sundharam MF

102 Nasir Sheih 6362901179 Tijori finance

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