CONCOR — earnings call

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Prepared remarks

“Container Corporation of India Limited Q3 FY 2026

LIMITED · MR. HARISH CHANDRA – PRINCIPAL EXECUTIVE

MR. AJIT KUMAR PANDA – DIRECTOR (PROJECTS AND SERVICES) - CONTAINER CORPORATION OF INDIA

MR. VIJOY KUMAR SINGH – DIRECTOR (INTERNATIONAL MARKETING AND OPERATIONS) - CONTAINER CORPORATION OF INDIA LIMITED MR. MOHAMMAD AZHAR SHAMS – DIRECTOR (DOMESTIC) - CONTAINER CORPORATION OF INDIA

MR. HARISH CHANDRA – PRINCIPAL EXECUTIVE DIRECTOR (FINANCE) & COMPANY SECRETARY AND CHIEF FINANCIAL OFFICER - CONTAINER

Moderator · Conference Operator

MR. KUNAL SHAH – DAM CAPITAL ADVISORS

LIMITED · MR. HARISH CHANDRA – PRINCIPAL EXECUTIVE

Container Corporation of India Limited January 30, 2026

Moderator · Conference Operator

Ladies and gentlemen, good day and welcome to the Container Corporation of India Limited Q3

Questions and answers

Moderator · Conference Operator

Thank you very much.

We will now begin the question-and-answer session.

The first question is from the line of Pulkit Patni from Goldman Sachs.

Please go ahead.

Pulkit Patni

Sir, my question is you have been giving guidance on volumes and as you rightly highlighted, you are not too far from that.

But on the revenue front, we are significantly lower.

We barely do mid-single-digit revenue this year based on how we are tracking.

So, I just wanted to understand what is really happening on realization, because it is not only domestic, but even on the EXIM side, our realizations have been fairly muted this year.

And in your expectation, because you are guiding for a pretty robust number even for the next three years, what is the assumption of realization increase that you have taken?

Sanjay Swarup

See, EXIM, there is a realization not commensurate with the physical.

The reason is you are seeing the throughput growth and you are correlating it with the revenue growth.

Actually, you should see originating numbers for that purpose.

And second thing is, tonnage is not the correct parameter for correlating the revenue.

Actually, it is NTKM, net tonne kilometers.

That is the basic parameter you should be focusing, because the revenue is a function of two things, tonnage and distance, lead.

So, if you see tonnage increases, but lead comes down, so that has an effect on NTKM.

So, correct parameter to correlate loading with revenue will be NTKM, in my opinion.

So, as I already told in my opening remarks, the lead of EXIM has gone down by 2% due to less demand in North India.

That is a primary contributor for less realization, as you call.

But as far as we are concerned, we got a good realization in EXIM as compared to last year.

Okay, it is not commensurate with the physical volume.

That reason, already I told you.

Now, for the next three years, top line of Rs.

15,000 crores that I have told is quite achievable because when DFC comes, we are quite optimistic that we will be able to run assured transit train on that, which will be bringing long lead traffic, because it is 1,500 kilometers from NCR to JNPA, and it will give a good revenue also.

And light cargo, which is at present moving by road, it will come on rail because there will be transit assurance, there will be cost benefits.

So, Container Corporation of India Limited January 30, 2026 the growth that we will be getting will be excellent in terms of physical volumes as well as revenue.

Pulkit Patni

Sir, can I take the liberty of asking one more question?

Sanjay Swarup

Yes, sure.

Pulkit Patni

Sir, if I look at the last three years, while I understand the full connection of DFC to JNPT has been completed, and the impact will come through, but few ports in Gujarat, Mundra, Pipavav have been connected to DFC for a while now, and the impact of that have not really reflected.

If you could just help us sort of solve this a little bit.

What is the reason that just JNPT connection would be such a big game changer for CONCOR in terms of volume?

Sanjay Swarup

Now, the thing is that Gujarat ports like Mundra and Pipavav, which have been connected, they are actually, strictly speaking, not on DFC.

They are connected till Palanpur, there is a station.

DFC is there.

After that, there is a feeder route for Mundra and Pipavav.

So feeder route actually is not a DFC, it is an Indian Railways route.

So, while the connection with JNPA is different.

JNPA, DFC will be going up to JNPA.

So, only freight trains fast moving container trains will be moving on this circuit.

Whereas, on that route, goods train, passenger train, everything moves on feeder route, because it is Indian Railways route.

So, that is the difference.

And the second thing is that, which is very important for you to understand, is that 25 tonne axle load wagon, that is high-capacity wagons that we are procuring, BLCS and BLSS.

These are the two type of wagon, which are having a 25 tonnes axle load.

That means they can carry a payload of 80 tonnes.

So, that cannot move on Indian Railways route and it cannot have a payload of 80 tonnes.

So, that restriction is there, whereas on DFC, 80 tonnes payload can move.

So, it will improve the double-stacking.

If I can carry more load on that wagon on DFC, because JNPA is pure DFC, there is no feeder route.

So, that advantage will be the second advantage.

So, these two advantages will see a distinct shift of traffic from road to rail.

Pulkit Patni

Okay.

Sir, lastly, which quarter should we see the impact of DFC come through for us?

Sanjay Swarup

It will be starting from the next financial year.

So, I am not an astrologer, I cannot predict that which quarter you will see the impact.

But definitely from Q1 of next FY, we should start seeing some difference.

Pulkit Patni

Fair point.

Thank you so much for taking these questions.

Sanjay Swarup

Thank you.

Container Corporation of India Limited January 30, 2026

Moderator · Conference Operator

Thank you.

The next question is from the line of Jayman Shah from Equirus Securities.

Please go ahead.

Jayman Shah

Yes.

Thanks for the opportunity.

I also just wanted one clarification.

The volume, growth guidance that we have given for the five-year timeline - four-year timeline, is it on the railing part or is it on the originating part?

Sanjay Swarup

I have given only for three-year time…

Jayman Shah

Yes, this is for the…

Sanjay Swarup

Yes, if you have listened carefully, first is 10 million TEUs which is on handling throughput.

Second is 75 million tonnes, which is on cargo movement, containerized cargo.

Third is Rs.

15,000 crores, which is on top line of revenue.

Jayman Shah

Got it.

Sir, if you can just provide me the originating volume for this particular quarter?

Sanjay Swarup

For this particular quarter, Q3?

Jayman Shah

Yes.

For EXIM and domestic.

Sanjay Swarup

Okay.

Originating volume for this quarter is EXIM, it is 564,324 TEUs; domestic is 120,817 TEUs; and total is 685,141 TEUs.

Jayman Shah

Sir, just wanted to understand one thing.

As you are highlighting clearly that we should be looking at the originating volume and net tonnes kilometers for revenue part and all those things.

Why we are not publishing the originating kilometers in the press release after the quarter ends and why we are only focusing on the handling volumes?

Because whenever we are asking the question on the realization, the first point is always that we should be looking at the originating volume.

Then why we are shying away from giving the originating volume growth and of course on the originating volume growth, what could be the market share that we have witnessed over nine months and for this particular quarter?

Sanjay Swarup

Okay, I have noted your request.

We will see.

Jayman Shah

And sir, what would be the market share for this particular quarter and for the nine months at the all India level?

Sanjay Swarup

I do not have the market share with me right now for this particular quarter.

For nine-month period, I can give you the market share, for EXIM, it is 53.8%; and domestic it is 55.88%.

Total is 54.35%.

Jayman Shah

And what could be the comparison for last nine months?

Container Corporation of India Limited January 30, 2026

Sanjay Swarup

Last financial year?

Jayman Shah

Nine months of FY 2025, yes, nine months of FY 2025.

Sanjay Swarup

Yes.

EXIM it is 55.28%; domestic 58.03%; total is 56.05%.

Jayman Shah

Yes.

Sir, my question would be on this that of course we are near to our target in terms of EXIM volume guidance.

We are little bit away from our domestic volume guidance and there has been reasons.

But why we are not taking any major steps to make sure that our market share does not fall?

We were at 75% a few years and 15 years back.

Now we are at 53% - 54%.

So, what kind of things which has happened over last decade, which has resulted in this kind of market share dip for us?

And what kind of market share we are expecting with this kind of 15,000 revenue that we are expecting?

Our market share is constant in that case.

We are increasing it or we are thinking that it might reduce further from here on?

Sanjay Swarup

See, fall in market share in every conference I am giving you the details, reasons are pretty obvious.

We are not picking up the low margin business, because we believe in giving good service to our customers while retaining our margins.

That is the primary reason.

To arrest this decline in market share and to increase our market share, our company is taking lot of steps.

Like we are focusing on multi modal logistic paths.

We are focusing on first mile, last mile transportation.

So, the projection that I have given for FY 2029, definitely it is going to increase our market share and take it between 65% to 70%.

Jayman Shah

Got it, sir.

If the comment of us is that we are not taking low margin contracts in this time, but if you see a margin pre-COVID, it used to be 25% - 26% excluding you can say other income part.

Whereas as of now, it is ranging in between 20% - 22%.

Of course, there has been an effect of LLF.

But apart from that, despite having the recent DFC getting operational to a larger extent, we are doing double-stacking on all these parts, we are doing so much of CAPEX.

Our margin has really not improved, of course, our revenue growth has been slow.

But on the margin part also, we are now taking no margin contract.

There has to be some, you can say, compensatory impact on the margin, but which has not been reflective over the last so many quarters.

Sanjay Swarup

If you compare pre-COVID and because there was a change in LLF payment to railway that is so more like CAPEX…

Jayman Shah

Excluding LLF also, there has been a bit of a dip in the margin.

Sanjay Swarup

Yes, 4 times it increased from Rs.

100 crores to Rs.

400 crores.

Jayman Shah

To Rs.

400 crores, yes.

Sanjay Swarup

And as far as the EBITDA margins are concerned, I have the numbers with me.

For Q3 of this financial year, we have achieved EBITDA margin of Rs.

601 crores, if you take other income Container Corporation of India Limited January 30, 2026 also, which is 25.1%.

And last Q3, last financial year, it was 24.2%.

So, there has been an improvement of around 100 basis points and I do not know from where you are getting the numbers.

There is an improvement of margin.

Similarly, for the period ending this financial year, this December, we are having a margin of Rs.

1,785.8 crores, which is 25.2%.

And last financial year, it was Rs.

1,753.7 crores, which is 25.4%.

So, percent wise, it is exactly the same, whereas money wise, it has increased.

So, in fact, we have improved our margins.

You please correct your numbers.

Jayman Shah

Sir, from the analyst point of view, we do not take other income into the margin, but if we exclude the other income, our margin was 22.2%, whereas this time, it is 22%.

Sanjay Swarup

I will request you to discuss it separately.

Jayman Shah

Sure.

Okay.

Thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Sumit Kishore from Axis Securities.

Please go ahead.

Sumit Kishore

Thanks for the opportunity.

Sir, we have been talking about bulk cement in tank containers for quite some time now.

So, what is the total number of tank containers that we have presently and what do you expect by the end of the financial year?

And if you were to utilize those tank containers reasonably well, what kind of volumes would you be able to handle in a quarter?

That is my first question.

Sanjay Swarup

We have as of now 300 tank containers of our own ownership.

Apart from that, one of our customer has also procured 200 tank containers, for which we have signed an agreement and he is using our services.

So, if we add these two numbers, 500 tank containers are already there in our circuit of bulk cement by tank containers.

Now, we are getting 100 containers around one rake every month.

So, we expect that by the end of the financial year, one rake in February, one rake in March.

200 more containers we will get.

And after that, every month, we will be getting 100 containers.

So, it depends on the actually lead like it depends, if the lead is between 700 kilometers to 1,000 kilometers from the origin point to the destination point, and turn around, we are now improving with every movement, because it is a new product, so in de-stuffing at some places, sometimes is being taken.

We are in touch with our customers, we are improving that and we hope that a very good impact will be visible in Q1 of the next financial year.

Sumit Kishore

What I am trying to if you quantify this, let us say you have four rakes also, and those rakes make, let us say for argument’s sake, 10 rakes I mean, we are still talking about what, 4x10x200 - 300 containers, so that would be how much as a percentage of your existing quarterly volumes in domestic.

Is it going to make a meaningful difference when you are doing already something like 350,000 in TEU in a quarter in domestic?

Container Corporation of India Limited January 30, 2026

Sanjay Swarup

So, at this moment of time, I do not have the numbers with me.

I will provide you later on.

Sumit Kishore

Sure.

Sir, my second question is, you mentioned in response to the first question that a net tonne kilometer would be the right parameter.

Could you provide us some sense of what has been done in the nine-month FY 2026 period in net tonne kilometer terms in EXIM and domestic, and please provide this on a recurring basis so that we can analyze your company properly.

Sanjay Swarup

So, I have noted your request.

We will definitely act on that.

Sumit Kishore

The last question is that of the 15% and you have given guidance of 20% on three years for domestic.

The first nine months is 13%.

What is so extraordinary that is going to happen in the fourth quarter that you will get to 20% growth, which will imply a very high growth for the fourth quarter?

And finally, on volumes on the 15% guidance for EXIM and 20% for domestic over the next three years.

For EXIM in particular, how much is the dividend you are expecting because of DFC commissioning?

If you were to segregate the benefit of DFC in that 15% figure, we will have to understand how much is going to be just DFC commissioning up to JNPT.

Thank you.

Sanjay Swarup

See, as far as the first question is concerned, in the domestic we are going to, we are getting good loading now in all the factors like cement, is there, and tiles are there, and other merchandise is there.

So, based on that, we are quite optimistic of achieving the target that we gave at the start of the financial year.

Now as far as the EXIM, more than 15% growth is there.

We have the numbers with us of what different parameters that I told you, but at this stage we cannot disclose those numbers to you.

Sumit Kishore

Sure.

Thank you and wish you all the best.

Moderator · Conference Operator

Thank you.

The next question is from the line of Priyankar Biswas from JM Financial.

Please go ahead.

Priyankar Biswas

Thanks, sir, for the opportunity.

Sir, I would like to ask more about the long-term guidance.

So, you said 10 million TEUs on handling this what we should expect in let us say FY 2029.

Now, can we get a similar assessment like in that should we assume that the originating also grows at the same level or should we assume like the originating goes at a lower level like what is your underlying assumption for it?

Sanjay Swarup

The originating definitely will grow, then only we will get more handling volumes, originating with…

Priyankar Biswas

No. Same levels or would it be somewhere lower or higher?

Try to assess that.

Sanjay Swarup

It will be on similar lines, of course.

Container Corporation of India Limited January 30, 2026

Priyankar Biswas

Okay.

Similarly, like the leads, because as you rightly said NTKM should be the parameter we should watch out.

So, in that what you are building, is there a lead improvement, because let us say we are connecting to JNPT and consequently the leads improve or are we saying this Rs.

150 billion revenue based on a leads which is similar to today’s level.

So, trying to assess that as well.

Sanjay Swarup

See, definitely there will be improvement in lead.

Because JNPT as I mentioned in my earlier answer is 1,500 kilometers from NCR to JNPT and EXIM, the average lead in this financial year till now has been 693 kilometers.

So, if we get a lot of business of 1,500 kilometers, definitely it will have a positive impact on lead.

So, lead will definitely improve.

Priyankar Biswas

So, can the lead be something like a 800 kilometers or something like based on like let us say the increase JNPT that is how let us say the mix improves.

So, would it be a right assessment?

Sanjay Swarup

I will not be making any speculation at this moment.

We will be present, so we can see what will be lead that we achieve.

It will gradually increase.

Priyankar Biswas

And sir, if I can just squeeze one more question in.

While you gave the movement of market shares in the key ports that is there, would you kindly share the rail coefficient in each of these ports and what it was, let us say, for the nine-month period last year?

That will help.

Sanjay Swarup

Yes.

I can tell you for three ports, JNPT, it is 15.57% in this FY; last year it was 15.7%.

In Mundra port, last year it was 23.9%; this year, it is 24.5%.

In Pipavav port, last year, it was 57.7%; this year, it is 57%, rail coefficient.

Priyankar Biswas

And would you be able to provide, since you give the market share movements, what it would be in absolute terms, like, let us say, JNPT, Mundra, and Pipavav?

That is my last question.

Sanjay Swarup

JNPT last year it was 58%, market share of CONCOR; this year it is 60%.

Mundra last year it was 38%; this year it is 36%.

Pipavav last year it was 48%; this year it is 49%.

Priyankar Biswas

Thank you so much, sir.

I wish you all the best.

Sanjay Swarup

Thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Mukesh Saraf from Avendus Spark.

Please go ahead.

Mukesh Saraf

Yes.

Thank you for the opportunity.

My first question is on the JNPT connectivity of DFC.

Currently, could you give us some sense on the opportunity size, say either in tonnage or in number of containers or the number of container equivalents, basically on the shipment that is happening by road, this light cargo that you mentioned between say the Northern Hinterland and JNPT, which eventually can shift to rail?

Container Corporation of India Limited January 30, 2026

Sanjay Swarup

See, that is a market intelligence information that I cannot share on this platform.

Mukesh Saraf

Just the opportunity size, I mean, the reason I am asking this question is there was an understanding that a lot of the cargo has already moved to the ports in Gujarat.

And secondly, a lot of JNPT, what is catering to now is more Central India and maybe Andhra Pradesh that kind of a market.

So, just trying to assess is there a large market from the Northern Hinterland into JNPT, which is moving by road?

Because all these years this is what we have been understanding that that cargo has already shifted to other ports.

Sanjay Swarup

See, whatever you have mentioned is partially correct.

It has shifted.

It was it has shifted, but now, it can come back also if there is efficiency in movement.

And shipping is a ever changing process.

Suppose a ship calls at JNPT first and in three days it goes to Mundra.

And in those three days, the cargo already comes to NCR.

So, as a consignee, what will you prefer?

What will be your preference?

Mukesh Saraf

All right, understood.

Sanjay Swarup

Will not you prefer that before the ship goes to Mundra, my container comes to my factory?

So, if those efficiencies are available, a lot of cargo can shift back to JNPT.

I am telling you a situation, which can happen.

Mukesh Saraf

Sure.

Got it.

And also, we have Varnama as a large trans-shipment hub, where we are taking a lot of the double-stacking cargo as close as possible to JNPT.

So in some form are not we already catering to that possible demand that will come up because of the DFC connectivity?

Sanjay Swarup

See Varnama, we started giving facility to double-stack to our NCR customers.

But Varnama we cannot run assured transit time train.

Assured transit time train, we can run only to JNPT because double-stacking and then changing it to single-stack.

Assured transit, we cannot give to our customers, that we can give only if we have direct connectivity to JNPT.

Mukesh Saraf

Got it.

And just lastly, because you had kind of outlined the CAPEX plan going up, would you be able to give some break-up of how much on rolling stock and how much on land for MMLPs?

Sanjay Swarup

Why do you want that?

We do not give such information.

Mukesh Saraf

Just help us understand the gestation period, sir.

I mean, if there is a lot of investment on land, probably the benefits of that would be slightly back ended.

So, just want to understand that.

Sanjay Swarup

See, infrastructure projects are long gestation period projects.

Suppose I created MMLP today, from tomorrow, I will start getting profits.

So, it takes some time.

Mukesh Saraf

Right.

Container Corporation of India Limited January 30, 2026

Sanjay Swarup

Normally, we share such information.

Mukesh Saraf

Got it.

Thank you.

Thanks a lot for this.

I will get back.

Moderator · Conference Operator

Thank you.

The next question is from the line of Sandesh Shetty from HSBC.

Please go ahead.

Sandesh Shetty

Hello.

Good afternoon, sir.

Sir, my first question is on the growth guidance that you have given.

Can you outline like the key factors driving both EXIM and domestic?

That would be first question.

Sanjay Swarup

See, Mr. Shetty, already I told in detail the growth drivers when I was mentioning the guidance.

But for your benefit, I will repeat it.

Sandesh Shetty

Thank you, sir.

Sanjay Swarup

For EXIM, growth driving factors will be the commissioning of Western DFC up to JNPT by March 2026.

And assured transit time train services between JNPA and NCR that we will be running.

Third is the double-stack trains to Jodhpur.

We are bringing Jodhpur on double-stack map in this financial year only.

Fourth is double-stack trains to the Ahmedabad area, where we are commissioning a terminal, which will be able to handle double-stack trains.

Next is the very good traffic we are hoping from our new terminals Jajpur, Kadakola and Mandalgarh, and Paradip also, which we have commissioned recently.

We have got customs notification for a few of them, so we will get good EXIM business at these terminals.

Then there is a very good potential for Nepal traffic that we will be getting that already we are getting a good business for Nepal from Visakhapatnam and some from Kolkata.

So, we are going to start the facility at Raxaul very soon, and Biratnagar also.

Customs has issued a notification, and we are going to generate good business for Nepal at all the three places.

Then I told that we are having a tie-up with all major shipping lines like MSC, Maersk, CMA, Hapag-Lloyd, etc. Then shipping sector, where already we have started our sending our containers to the Middle East and Far East also, very soon we are going to start.

We will consolidate these two sectors, which are going to give us good business, good volumes and good profit also.

These are the main factors which will drive the growth in EXIM.

As far as domestic is concerned, the primary will be the bulk cement and tank containers for which we have already signed an agreement with big players like UltraTech Cement, Adani Cement, My Home Cement and JK, apart from a few others.

Then we have tied up with big corporate customers like Vedanta, Jindal, Tata and Gas Authority and Petronet we are going to sign agreements.

So, these will be the additional growth drivers and normal business will continue.

So, all these factors will give a growth of more than 20% in domestic.

I hope you are satisfied.

Container Corporation of India Limited January 30, 2026

Sandesh Shetty

Yes.

Thank you, sir, for the detailed answer.

And sir, my second and last question is, sir even though there is improvement in EBITDA margin, if we see the segmental margins, there has been a decline both in EXIM and domestic.

Is it just attributed to depreciation or is there some other factor as well?

That would be my last question.

Thank you.

Sanjay Swarup

Yes.

Actually, primary reason is depreciation only and one more thing is the land license fees that I mentioned in my opening remarks.

In previous years, we had done some reversals and some adjustments and whatever land license fee we have shown this year is actual.

Normally, you may be observing that we pay around Rs.

450 crores to the railways.

So, up to Q3 already, we have paid Rs.

327 crores, which is in line with those calculations.

Sandesh Shetty

Thank you, sir.

Sanjay Swarup

Thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Ankita Shah from Elara Capital.

Please go ahead.

Ankita Shah

Hi.

Thank you for the opportunity.

Sir, this is on the guidance, so if we assume a risk of DFC getting delayed further, then in that scenario how much the growth guidance of 15% growth on the EXIM side and similarly, on growth on the domestic side, how much would that get lower in case if there is further delay in DFC that could happen?

That is the contingency risk that I was looking at.

Sanjay Swarup

See, actually, I have spoken to very senior officers of DFC myself now and they have assured me maybe before 31st March, maybe by February, they will be able to commission connection to JNPA.

So, I have no reasons to disbelieve that it will be extended beyond 31st March.

I am very, very confident and it will be a pleasant surprise to us also and to the trade also that DFC is commissioned before 31st March.

Ankita Shah

Okay.

And the increase in CAPEX number that you have mentioned from Rs.

860 crores to Rs.

1,000 crores this is for FY 2026 or from FY 2027 onwards?

Sanjay Swarup

It is for FY 2026 that BOD has yesterday revised the by 23% increase they have approved.

For FY 2027, I will be telling about CAPEX in my conference call at the end of Q4 results.

Ankita Shah

And what is this incremental amount for going towards?

Sanjay Swarup

This is primarily for containers and rolling stock.

Ankita Shah

Okay.

And sir, we were also planning increase in terminals.

I think 10 new terminals we were planning to add this year.

So, are we on track for that?

Container Corporation of India Limited January 30, 2026

Sanjay Swarup

Yes, yes, we are on track.

Already we have commissioned two terminals in this financial year and more terminals we are going to commission and they are in advanced stage.

So, we are quite on track.

Ankita Shah

Okay.

So this 10 will come over a period of time not in FY 2026 itself?

Sanjay Swarup

Yes, yes, they will come over a period of time not all in FY 2026.

Ankita Shah

Okay.

All right, sir.

Sanjay Swarup

Thank you.

Moderator · Conference Operator

Thank you.

As there are no further questions from the participants, I now hand the conference over to the management for closing comments.

Over to you, sir.

Sanjay Swarup

So, I do not have much to tell.

Already I have told you the company is standing on very strong fundamentals.

And we are increasing our CAPEX spend, creating more and more infrastructure.

So, we are quite confident that we are going to be on a very high growth path from now onwards and we can see the results in a positive manner very soon.

Thank you.

Moderator · Conference Operator

Thank you.

On behalf of DAM Capital Advisors Limited, that concludes this conference.

Thank you for joining us and you may now disconnect your line.

Thank you.

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Sr. No. Name Phone Company

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Kunal shah DAM Capital Advisors Ltd.

Management Container Corporation of India Ltd. Aakash Goyal Tara Capital Aakash Kumar Individual Investor Aarti ICICI Bank Abhishek Kumar Balyasny Aditya Mondal Individual Investor Aditya Mongia Kotak Securities Ajit Darda Individual Investor Akshata Thaker Asian Market Securities Akshay Sharma Abakkus Asset Managers Ali Khan Alpha Capital Ali Khan Nexa Alok D Motilal Oswal Amit Khurana Dolat Capital Anant Poddar Tripura Infra Developers Anish Rankawat Rankawat UTI MF Ankit Jain Mirae Asset Ankita Shah Elara Capital Anshul Agarwal Emkay Global Arshit S Axis Capital Arun Kumar AlphaStreet Aryan Mahadevan InVed Ashish Shah Millennium Capital Atul Kumar Salvation Captial Bharat Parekh CLSA Bharati C Sawant Dam Capital Advisors Ltd Bharti Sawant Mirae Asset Bianca Sayon Aiera Brijesh Gupta Tentancle Infoedge Solutions David Andersson Andersson Family Office David Yehuda S&P Global Deepak Krishnan Kotak Securities Deepak Kumar Fedelity Disha Ashika Institutional Equities Durgesh Shukla incred capital Dushant Arrorra Baroda bnp Gorav Narayan Seltora Guatam Vara Technology Harish Grover Individual Investor Harsh Dole Optivus Technologies Private Limited Harsh Jain SUD Life Insurance Harsh Shah SRE PMS Harshil Shah Philip Capital Het Patel Elara Capital Himani Negi District D Hritik Daman Bank Of America Jaiwant Shah SBI Life THANK YOU FOR BEING WITH US Participants List Total - 112 Participants including the Speakers.

January 30 , 2026 at -11:30 Hrs India Time Container Corporation of India Ltd Q3 FY26 Earnings Call Chorus Call India 05-02-2026 Page 1 Sr. No. Name Phone Company Janhavi Jain Axia India Jay Bhatia Joint Vision Jayman Shah Equirus Securities Private Limited Jegniesh M Individual Investor Jehangir Master NSFO Jinay Bhansali Motilal Oswal Kapil Agarwal Daksh and Assosiates Kartika ICICI Kaushal Chandarama Individual Investor Kiran K Bloomberg Koundinya Jefferies Krupa Shankar Avendus Spark Laxmi Narayan Ksema Wealth Pvt Ltd Lekha Badlani MC Research Lizian Maharana Tijori Finance M S Arun Capital Market Mani Kanthalia MK Investment MAnagers Manya Kakkar BoFA Sec Mehul Sawla RW Equitiy Mohit C Shubhlabh Research Mukesh Saraf Avendus Spark Neelotal Sahu JM Financial Nilesh Rai blue sapphire Paresh Dave ASK Hedge Solutions Pranali Patil Iden Investment Prithvi Ranga Avendus Spark Priyankar Biswas JM Financial Pulkit Patni Goldman Sachs Rachel Smith Aiera Rahil Bohra SBI Pension Fund Rahul Agarwal Bandan AMC Rajashi Mehta InCred Ratnakar Factset Rishab Gathan Alphasense Rohan Jain Nuvama Wealth Rohit Mishra Max Solution Rohit Ohri Progressive Share Brokers Pvt.

Ltd. Sandesh Shetty HSBC Saunak Mayani Individual Investor Saurabh Kachhawa Indusind General Insurance Sheena TRow Pribe Sheena Barbosa Individual Investor Shivaji Mehta Individual Investor Shivam Agarwal Motilal Oswal Shrey Mehta Goldman Sachs Shriram Rajaram Sampada Capital Shruti Vasani Individual Investor Subrotho Sarkar Mount Infra Global Private Limited Sumit Kishore Axis Securities Sunil Ragu Informist Media Suriya Kiran EQ India Advisors Tvisha Karma capital Udit Dhekale bank of america Urmil Dhiraj Shah Ageas Federal Life Insurance Urmil Shah Anvil Research Vaibhav Grag Vikas Portfolio Pvt Ltd Vibhav J.P.

Morgan Vikram Suryavanshi Philip Capital Vishnu Selvam UTI AMC Vivek MK Global Chorus Call India 05-02-2026 Page 2 Sr. No. Name Phone Company Vyom Chedda BT Group Yash Jain Dam Capital Advisors Ltd Yash Tanna iThought PMS Yogesh Patil LIC MF Chorus Call India 05-02-2026 Page 3