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Western Carriers (India) Ltd (WCIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544258 NSE: WCIL Logistics | Small Cap | Western Carriers Share Price

₹101.89 -2.68 (-2.56%)

As on 19-Jun'26 16:59

Western Carriers (India) Ltd (WCIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544258 NSE: WCIL Logistics | Small Cap | Western Carriers Share Price

₹101.89 -2.68 (-2.56%)

As on 19-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,039 Cr.
Current Price
₹101.9
52-Week Low / High
₹77 / 147
TTM EPS
₹3.8
TTM Sales
₹1,829 Cr.
Book Value per Share
₹85
P/E Ratio
26.76
Higher than its 5-year historical median
Industry PE
38.4
Price to Book (P/B)
1.20
Higher than its 5-year historical median
Price to Sales (P/S)
0.57
Higher than its 5-year historical median
EV/EBITDA
12.23
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
10.62%
Outperforms industry median
Return on Capital Employed (ROCE)
13.21%
In line with industry median
Return on Assets (ROA)
6.18%
Operating Profit Margin
7%
Net Profit Margin
3.77%
Gross Profit Margin
6.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
2.37%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-17.53%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-18.92%
Asset Quality
Promoter Holding
72.97%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹816 Cr.
Equity
₹51 Cr.
Face Value
₹5
All Time Low / High
₹65.10 / 177.00

Western Carriers (India) stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is Western Carriers (India) Ltd a good quality company?
Western Carriers (India) Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Western Carriers (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Western Carriers (India) Ltd vs industry peers?
Western Carriers (India) Ltd revenue CAGR is 10.09%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Western Carriers (India) Ltd?
Promoters hold 72.97% of the Western Carriers (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Western Carriers (India) Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 3.38% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Western Carriers (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 26.2%25.2%26.6%24.2%22.1%13.2%-
Value Creation
Index
0.90.80.90.70.6-0.1-

Growth Parameters

Sales 1,0671,1101,4711,6331,6861,7261,829
Sales YoY Gr.-4%32.5%11%3.2%2.4%-
Adj EPS 4.75.67.7910.26.33.8
YoY Gr.-19.6%37.5%16.7%12.9%-37.9%-
BVPS (₹) 192532.740.550.681.285
Adj Net
Profit
3744.260.87180.164.539
Cash Flow from Ops. 64.5-26.55.21.80.7-2.7-
Debt/CF from Ops. 1.3-5.128.1111.6361.4-63.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA10.1%5.5%2.4%
Adj EPS NA6.1%-6.5%-37.9%
BVPSNA33.7%35.4%60.4%
Share Price - - - -5.8%

Key Financial Parameters

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
22.524.526.824.722.310.54.6
Op. Profit
Mgn %
6.77.37.17.58.774.6
Net Profit
Mgn %
3.544.14.44.83.72.1
Debt to
Equity
0.50.70.60.60.70.20
Working Cap
Days
0989510112317084
Cash Conv.
Cycle
04351648410456

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,0671,1101,4711,6331,6861,726
Operating Expenses + 9951,0291,3671,5111,5401,605
Manufacturing Costs9519871,3111,4501,4681,521
Material Costs000000
Employee Cost 282837424753
Other Costs 171419202531
Operating Profit 7281104122146121
Operating Profit Margin (%) 6.7%7.3%7.1%7.5%8.7%7.0%
Other Income + 6455613
Exceptional Items 000000
Interest 121314162222
Depreciation 121212152124
Profit Before Tax 5360839610888
Tax 161622252823
Profit After Tax 374561728065
PAT Margin (%) 3.5%4.0%4.2%4.4%4.8%3.8%
Adjusted EPS (₹)4.85.77.89.110.26.4
Dividend Payout Ratio (%)0%0%0%0%0%0%

Valuation of Western Carriers - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 165197257318398828
Share Capital 543939393951
Reserves 110157218279359777
Debt +78125135186244147
Long Term Debt113517302519
Short Term Debt6790118156219128
Minority Interest000000
Trade Payables927865547080
Others Liabilities 2138475967275
Total Liabilities 3554385056177791,330

Fixed Assets

Net Fixed Assets +67737191105154
Gross Block148165175210245317
Accumulated Depreciation8192104119140164
CWIP 0127015
Investments 445533
Inventories000000
Trade Receivables191252311390525620
Cash Equivalents 4011132027190
Others Assets 5397101105118347
Total Assets 3554385056177791,330

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 64-26521-3
PBT 5360839610888
Adjustment 212224273934
Changes in Working Capital -2-94-77-90-125-96
Tax Paid -8-15-26-32-21-28
Cash Flow From Investing Activity + -6-22-33-40-241
Capex -9-11-10-38-36-87
Net Investments -1-0-341-167
Others 49151-413
Cash Flow From Financing Activity + -5126-83040247
Net Proceeds from Shares 00000400
Net Proceeds from Borrowing -615-7191-3
Interest Paid -12-12-13-15-22-22
Dividend Paid 000-1000
Others -3222113561-128
Net Cash Flow 8-3-1-113

Financial Ratio

PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)25.0425.7326.9324.8522.4110.62
ROCE (%)26.2425.1826.5724.1722.0513.21
Asset Turnover Ratio3.012.83.122.912.411.64
PAT to CFO Conversion(x)1.73-0.580.080.030.01-0.05
Working Capital Days
Receivable Days65.2072.907078.3099.10121.20
Inventory Days000000
Payable Days000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Western Carriers (India) Ltd FAQs

The current trading price of Western Carriers on 19-Jun-2026 16:59 is ₹101.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jun-2026 the market cap of Western Carriers stood at ₹1,038.8 Cr

The latest P/E ratio of Western Carriers as of 18-Jun-2026 is 26.76.

The latest P/B ratio of Western Carriers as of 18-Jun-2026 is 1.20.

The 52-week high of Western Carriers is ₹147.2 and the 52-week low is ₹76.95.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Western Carriers is ₹1,829 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Western Carriers (India) Ltd is a average quality company.

The key valuation ratios of Western Carriers (India) Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Western Carriers (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Western Carriers (India) Ltd

Western Carriers (India) Limited was incorporated as ‘Western Carriers (India) Private Limited’ in Kolkata, West Bengal as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated March 23, 2011, issued by the Deputy Registrar of Companies, West Bengal. Subsequently, the company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of its Shareholders held on February 11, 2013 and consequently, the name of the company was changed to its present name, ‘Western Carriers (India) Limited’, and a fresh certificate of incorporation dated February 28, 2013 was issued by the RoC, to the Company. Rajendra Sethia, the Promoter Selling Shareholder, transferred his business carried under the name and style ‘Western Carriers’ to the Company on a going concern basis with effect from July 1, 2013.

The company is the largest private, multi-modal, rail focused, 4PL asset-light logistics company in India in terms of container volumes handled/operated by private players in Fiscal 2023. Its domestic and EXIM market share, based upon container volumes handled, was 6% and 2%, respectively, in Fiscal 2023. It has several years of experience in road, rail and sea / river multi-modal movement for domestic as well as EXIM cargo in and out of India. The metrics set out below reflect the scale and growth of its operations. It operates on a scalable, asset-light business model which enables it to provide differentiated 3PL and 4PL solutions. It endeavours to address complexities (in terms of scale of operations and logistics requirements) by creating customised, one-stop/single-window, end-to-end and integrated logistics solutions for its customers, which involve a variety of value-added services across the supply chain. 

Its Promoter, Rajendra Sethia, established his logistics business as a rail-focused logistics business in 1972, which was later acquired by the Company in 2013. Over the last 50 years, the business has continued to evolve to provide end-to-end, customised, multi-modal logistics solutions across the supply chain integrating road, railway, water and air logistics along with a customised suite of value-added services.

Business area of the company

The company is a player in the Indian logistics industry and engaged in providing single, multimodal and other transportation services, warehousing and other ancilliary services.

Awards, accreditations, certifications and recognitions

  • 2011: Recognised as the leading CHA of the year 2010-11 - CFS/VZP by CONCOR for south central region. 
  • 2011: Recognised as the leading domestic customer of the year 2010-11 - CFS/VZP by CONCOR for south central region. 
  • 2011: Recognised as the leading business associate of the year 2010-11 - ICD/DESUR by CONCOR for south central region. 
  • 2012: Awarded CONCOR EXIM star award under special award category for north central region by CONCOR. 
  • 2013: Awarded ‘Logistic Excellence Award’ for contribution in managing regional distribution center and transportation for eastern region by GlaxoSmithKline Consumer Healthcare India. 
  • 2014: Awarded ‘Best Rail Operator-2014’ by MCC PTA India Corp. Private Limited.
  • 2014: Certificate of excellence for ‘Best Business Associate - Domestic’ category from CONCOR for handling highest volume (in TEUs) as business associates - domestic at Chanderiya. 
  • 2015: Awarded ‘Best Rail Transport Partner for the Year 2015’ by MCC PTA India Corp Private Limited. 
  • 2015: Awarded CONCOR EXIM star award under special award category for north central region by CONCOR. 
  • 2015: Recognised for outstanding contribution under the category of ‘Support for New Trials’ by Tata Steel Limited. 
  • 2017: Certificate of appreciation for proficient efforts to strengthen Hindalco’s aluminium export business from Kolkata, Haldia and Visakhapatnam ports from Hindalco Industries Limited.
  • 2017: Certificate of appreciation for being a major contributor in Hindalco Industries Limited, Sambalpur cluster’s journey of excellence in supply chain management from Hindalco Industries Limited, Sambalpur cluster. 
  • 2018: Certificate of achievement for ‘Best 3PL Partner’ from Bharat Aluminium Company Limited and Vedanta Limited Recognised as ‘Emerging Customs House Agent’ of containerised cargo at Kolkata dock system by Kolkata Port Trust. 
  • 2019: Certificate of appreciation for successfully exporting containers to Germany from Jindal Stainless Limited. 
  • 2021: Awarded BALCO Monthly CEO award for ‘Best Business Partner’ by Bharat Aluminium Company Limited and Vedanta Limited. 
  • 2022: Appreciation award for outstanding services and timeliness and for diligence and commitment towards Hindalco Industries Limited, Belagavi Works from Hindalco Industries Limited, Belagavi. 
  • 2022: Certificate of appreciation in recognition of superior performance in the category of most valued partner- transportation from Jamshedpur Continuous Annealing and Processing Company Private Limited. 
  • 2024: Certificate of recognition as leading logistic organisation of West Bengal by Times Business Awards West Bengal 2024.

History and milestones

  • 2013 Rajendra Sethia, the Promoter Selling Shareholder, transferred his proprietorship business carried under the name and style ‘Western Carriers’ to the company on a going concern basis with effect from July 1, 2013. 
  • 2015: The license to transact business as customs broker all over India was endorsed in the name of Western Carriers (India) Limited by the Commissioner of Customs, Custom House, Kolkata, West Bengal. 
  • 2015: The company became supply partner for EXIM movement for a large steel company. 
  • 2018: The company became supply chain partner for EXIM movement for a large zinc company. 
  • 2019: The company was certified by the Central Board of Indirect Tax and Customs, Ministry of Finance as compliant with international supply chain security standards and was granted the Authorised Economic Operator-LO (Customs Broker) certification. 
  • 2020: The company achieved turnover of around Rs 100 crore in Fiscal 2020. 
  • 2022: The company received an order from a large aluminum company to cater to its integrated multimodal logistics requirement.

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