Date AlCargo Logistics Share Price AlCargo Change % Annualized AllCargo Nifty 50 Nifty Change %

Mar-21 123.4 -4.19% -0.40 14,690.70 1.11%

Feb-21 128.8 -1.38% -0.15 14,529.15 6.56%
Jan-21 130.6 -2.36% -0.25 13,634.60 -2.48%
Dec-20 133.75 5.86% 0.98 13,981.75 7.81%
Nov-20 126.35 7.17% 1.30 12,968.95 11.39%
Oct-20 117.9 -5.19% -0.47 11,642.40 3.51%
Sep-20 124.35 7.06% 1.27 11,247.55 -1.23%
Aug-20 116.15 24.03% 12.25 11,387.50 2.84%
Jul-20 93.65 18.24% 6.47 11,073.45 7.49%
Jun-20 79.2 15.54% 4.66 10,302.10 7.53%
May-20 68.55 -8.84% -0.67 9,580.30 -2.84%
Apr-20 75.2 28.66% 19.57 9,859.90 14.68%
Mar-20 58.45 -46.20% -1.00 8,597.75 -23.25%
Feb-20 108.65 -3.59% -0.36 11,201.75 -6.36%
Jan-20 112.7 15.65% 4.72 11,962.10 -1.70%
Dec-19 97.45 4.50% 0.70 12,168.45 0.93%
Nov-19 93.25 -10.21% -0.73 12,056.05 1.50%
Oct-19 103.85 -2.94% -0.30 11,877.45 3.51%
Sep-19 107 18.10% 6.36 11,474.45 4.09%
Aug-19 90.6 -6.16% -0.53 11,023.25 -0.85%
Jul-19 96.55 -9.39% -0.69 11,118.00 -5.69%
Jun-19 106.55 -6.29% -0.54 11,788.85 -1.12%
May-19 113.7 5.52% 0.91 11,922.80 1.49%
Apr-19 107.75 -6.39% -0.55 11,748.15 1.07%
Mar-19 115.1 15.62% 4.71 11,623.90 7.70%
Feb-19 99.55 -4.33% -0.41 10,792.50 -0.36%
Jan-19 104.05 -2.72% -0.28 10,830.95 -0.29%
Dec-18 106.96 3.33% 0.48 10,862.55 -0.13%
Nov-18 103.51 3.65% 0.54 10,876.75 4.72%
Oct-18 99.86 -0.83% -0.10 10,386.60 -4.98%
Sep-18 100.7 -13.47% -0.82 10,930.45 -6.42%
Aug-18 116.37 -1.09% -0.12 11,680.50 2.85%
Jul-18 117.66 12.86% 3.27 11,356.50 5.99%
Jun-18 104.25 -15.20% -0.86 10,714.30 -0.20%
May-18 122.93 -10.80% -0.75 10,736.15 -0.03%
Apr-18 137.82 -5.03% -0.46 10,739.35 6.19%
Mar-18 145.11 -18.11% -0.91 10,113.70 -3.61%
Feb-18 177.2 -6.87% -0.57 10,492.85 -4.85%
Jan-18 190.26 -7.57% -0.61 11,027.70 4.72%
Dec-17 205.84 17.50% 5.93 10,530.70 2.97%
Nov-17 175.18 2.36% 0.32 10,226.55 -1.05%
Oct-17 171.14 1.88% 0.25 10,335.30 5.59%
Sep-17 167.98 1.70% 0.22 9,788.60 -1.30%
Aug-17 165.17 -2.36% -0.25 9,917.90 -1.58%
Jul-17 169.16 -0.06% -0.01 10,077.10 5.84%
Jun-17 169.26 -1.18% -0.13 9,520.90 -1.04%
May-17 171.28 -8.26% -0.64 9,621.25 3.41%
Apr-17 186.71 12.50% 3.11 9,304.05 1.42%
Mar-17 165.96 -1.06% -0.12 9,173.75 3.31%
Feb-17 167.73 -2.94% -0.30 8,879.60 3.72%
Jan-17 172.81 -2.53% -0.26 8,561.30 4.59%
Dec-16 177.3 1.27% 0.16 8,185.80 -0.47%
Nov-16 175.08 -5.98% -0.52 8,224.50 -4.65%
Oct-16 186.22 4.60% 0.72 8,625.70 0.17%
Sep-16 178.04 -2.27% -0.24 8,611.15 -1.99%
Aug-16 182.18 -12.56% -0.80 8,786.20 1.71%
Jul-16 208.35 15.87% 4.86 8,638.50 4.23%
Jun-16 179.81 13.19% 3.42 8,287.75 1.56%
May-16 158.86 4.57% 0.71 8,160.10 3.95%
Apr-16 151.91 0.72% 0.09 7,849.80 1.44%
Annualized Nifty Change Bond Yeild Price Bond yeild Change % 10 y bond yield
0.14 6.177 -0.01 6.88 GM
1.14 6.229 0.05 6.77 Share Price Variance
-0.26 5.949 0.01 6.68 Co Variance
1.47 5.894 0.00 6.45 Beta
2.65 5.911 0.01 6.33
0.51 5.881 -0.02 6.39 therefore, RM =
-0.14 6.015 -0.01 6.22 Beta Levered=
0.40 6.078 0.04 6.22 average Rf=
1.38 5.837 -0.01 6.20 Rm-Rf=
1.39 5.888 -0.02 6.05
-0.29 6.013 -0.02 6.02 cost of equity=
4.17 6.11 0.00 6.03 cost of debt=
-0.96 6.138 -0.04 6.18 cost of unlevered equity=
-0.55 6.371 -0.03 6.23
-0.19 6.599 0.01 5.95
0.12 6.554 0.01 5.89
0.20 6.46 -0.03 5.91
0.51 6.643 -0.01 5.88
0.62 6.695 0.02 6.02
-0.10 6.556 0.03 6.08
-0.50 6.369 -0.07 5.84
-0.13 6.879 -0.02 5.89
0.19 7.032 -0.05 6.01
0.14 7.414 0.01 6.11
1.44 7.346 -0.03 6.14
-0.04 7.591 0.01 6.37
-0.03 7.483 0.02 6.60
-0.02 7.37 -0.03 6.55
0.74 7.607 -0.03 6.46
-0.46 7.853 -0.02 6.64
-0.55 8.024 0.01 6.70
0.40 7.951 0.02 6.56
1.01 7.772 -0.02 6.37
-0.02 7.903 0.01 6.88
0.00 7.826 0.01 7.03
1.06 7.767 0.05 7.41
-0.36 7.398 -0.04 7.35
-0.45 7.726 0.04 7.59
0.74 7.43 0.01 7.48
0.42 7.326 0.04 7.37
-0.12 7.058 0.03 7.61
0.92 6.862 0.03 7.85
-0.15 6.663 0.02 8.02
-0.17 6.525 0.01 7.95
0.98 6.465 -0.01 7.77
-0.12 6.511 -0.02 7.90
0.50 6.661 -0.04 7.83
0.18 6.961 0.05 7.77
0.48 6.658 -0.03 7.40
0.55 6.87 0.07 7.73
0.71 6.407 -0.02 7.43
-0.05 6.512 0.04 7.33
-0.44 6.243 -0.09 7.06
0.02 6.885 -0.01 6.86
-0.21 6.958 -0.02 6.66
0.23 7.11 -0.01 6.53
0.64 7.163 -0.04 6.47
0.20 7.448 0.00 6.51
0.59 7.471 0.00 6.66
0.19 7.435 -0.0032 6.96
6.66
 Nifty AllCargo
0.136745073230839 -0.039385356207549
0.0028
0.0042
1.50887419384787
0.052459
13.67%
1.50887419384787
6.73%
6.94%

17.207%
10.48%
evered equity= 0.94756

CRP 2.18%
DRP 1.57%
Cost of Equity (CAPM)
risk free rate 6.732%
market rate (Nifty) 13.67% Dividends
Beta caculated (BL) 1.509 retention
ROE
Return on Equity (Re) 17.21% growth each year
GM of growth (average growth)

(dividend yield on internet is 1.03% based on share price of 631

Bu = BL/(1+(1-t)*(D/E))
Bu 0.9475575
(considering tax rate to be 25%)

Debt/Value
Gordon's method= D1/P0 + g g= retention rate*ROE Equity/value
Debt/Equity

D1 0.0
P0 170.4
r 10.04%
 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
0 0 0 0 0
100.00% 100.00% 100.00% 100.00% 100.00%
12.79% 8.65% 11.98% 10.27% 6.61%
12.79% 8.65% 11.98% 10.27% 6.61%
10.04%

03% based on share price of 631)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

0.245419507362918 0.1930846883 0.228534755436028 0.424651184964668 0.441291973984462
0.754580492637082 0.8069153117 0.771465244563972 0.575348815035332 0.558708026015538
0.325239665956954 0.2392874265 0.296234674272585 0.738076057284642 0.789843627505344
-2020 2021
Return on Equity (Re) 17.21% risk free rate 6.73%
Cost of debt (Rd) 10.48% market rate (Nifty) 13.67%
Debt/Value 0.44 Unlevered Beta 0.948
Equity/value 0.56 Business risk premium 6.58%
Debt/Equity 0.79 Financial risk premium 3.90%
Tax rate 25.00%
WACC 13.08%
Allcargo Logistics Limited (BSE:532749) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard  
Period Type: Annual  
Currency: Reported Currency  
Units: S&P Capital IQ (Default 
Source: Capital IQ & Proprietar  

Balance Sheet
Balance Sheet as of: Reclassified Restated
Mar-31-2017 Mar-31-2018 Mar-31-2019
Currency INR INR INR
ASSETS
Cash And Equivalents 1,691.7 2,342.2 1,895.2
Short Term Investments 75.8 97.6 506.0
Trading Asset Securities 851.5 1,106.3 251.1
Total Cash & ST Investments 2,619.0 3,546.1 2,652.3

Accounts Receivable 8,205.7 8,904.0 11,205.4

Other Receivables 313.3 375.9 228.6
Notes Receivable 212.1 389.4 419.9
Total Receivables 8,731.1 9,669.3 11,853.9

Inventory 101.4 95.8 88.8

Prepaid Exp. 436.2 518.1 599.1
Restricted Cash 99.3 - -
Other Current Assets 341.2 278.2 1,535.4
Total Current Assets 12,328.2 14,107.5 16,729.5

Gross Property, Plant & Equipment 14,454.2 14,809.1 17,871.2

Accumulated Depreciation (2,581.2) (3,834.2) (4,857.7)
Net Property, Plant & Equipment 11,873.0 10,974.9 13,013.5

Long-term Investments 2,057.8 2,143.7 2,142.7

Goodwill 2,603.6 2,880.0 2,850.1
Other Intangibles 1,205.1 1,393.4 1,311.2
Loans Receivable Long-Term 388.3 277.7 323.7
Deferred Tax Assets, LT 737.7 974.0 1,097.0
Deferred Charges, LT 92.2 88.0 82.4
Other Long-Term Assets 1,252.6 1,252.9 1,608.2
Total Assets 32,538.5 34,092.1 39,158.3

LIABILITIES
Accounts Payable 6,165.0 6,850.8 6,990.5
Accrued Exp. 1,625.4 1,809.7 2,434.9
Short-term Borrowings 1,746.8 1,120.6 1,189.2
Curr. Port. of LT Debt 748.0 918.8 1,012.0
Curr. Port. of Leases 14.5 1.6 -
Curr. Income Taxes Payable 147.3 111.2 166.0
Unearned Revenue, Current 121.9 320.9 2,818.6
Other Current Liabilities 366.8 316.0 196.2
Total Current Liabilities 10,935.7 11,449.6 14,807.4

Long-Term Debt 3,386.0 2,700.6 3,781.2

Long-Term Leases 1.1 - -
Pension & Other Post-Retire. Benefits 4.2 4.5 7.3
Def. Tax Liability, Non-Curr. 16.8 43.1 14.6
Other Non-Current Liabilities 65.3 78.8 353.0
Total Liabilities 14,409.1 14,276.6 18,963.5

Common Stock 491.4 491.4 491.4

Additional Paid In Capital 3,296.3 3,296.3 3,290.7
Retained Earnings 14,326.6 15,496.6 15,973.0
Treasury Stock - - -
Comprehensive Inc. and Other (192.1) 359.5 232.7
Total Common Equity 17,922.2 19,643.8 19,987.8

Minority Interest 207.2 171.7 207.0

Total Equity 18,129.4 19,815.5 20,194.8

Total Liabilities And Equity 32,538.5 34,092.1 39,158.3

Supplemental Items
Total Shares Out. on Filing Date 245.7 245.7 245.7
Total Shares Out. on Balance Sheet Date 245.7 245.7 245.7
Book Value/Share 72.94 79.95 81.35
Tangible Book Value 14,113.5 15,370.4 15,826.5
Tangible Book Value/Share 57.44 62.56 64.42
Total Debt 5,896.4 4,741.6 5,982.4
Net Debt 3,277.4 1,195.5 3,330.1
Debt Equiv. of Unfunded Proj. Benefit Obligation 11.0 14.0 12.2
Debt Equivalent Oper. Leases 7,537.6 7,312.8 7,728.8
Total Minority Interest 207.2 171.7 207.0
Equity Method Investments 2,056.8 2,139.0 2,137.1
Inventory Method FIFO FIFO FIFO
Finished Goods Inventory NA NA NA
Other Inventory Accounts 101.4 95.8 88.8
Land 1,921.9 1,921.9 3,296.5
Buildings 3,559.5 4,246.5 4,553.4
Machinery 8,278.2 8,209.4 8,037.4
Construction in Progress 364.9 97.3 1,645.2
Leasehold Improvements 267.0 273.6 292.5
Full Time Employees 4,423 4,488 4,881
Assets under Cap. Lease, Gross 62.7 60.4 46.2
Accum. Allowance for Doubtful Accts 641.8 952.1 824.7
Filing Date Aug-13-2018 Jul-12-2019 Aug-18-2020
Restatement Type RD NC RS
Calculation Type REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are AD
ce Sheet
Restatement: Latest Filings
Order: Latest on Right
Conversion: Historical
Decimals: Capital IQ (Default)

Reclassified
Mar-31-2020 Mar-31-2021
INR INR

2,492.8 3,068.4
792.6 704.4
70.5 311.4
3,355.9 4,084.2

14,524.7 25,988.1
494.2 159.6
570.2 667.6
15,589.1 26,815.3

77.6 97.1
773.2 1,075.8
- -
3,077.5 3,083.1
22,873.3 35,155.5

18,736.7 20,884.0
(5,359.5) (6,818.4)
13,377.2 14,065.6

5,027.1 2,930.8
3,364.6 5,664.3
1,867.3 5,336.3
491.8 986.3
1,219.7 1,921.7
2.1 0.5
4,913.7 8,541.1
53,136.8 74,602.1

8,527.3 13,888.6
2,377.6 4,202.0
4,395.1 6,911.8
1,617.3 3,458.1
616.8 602.6
195.4 961.1
3,098.1 4,470.8
703.6 2,248.0
21,531.2 36,743.0

7,966.7 7,166.9
1,437.4 2,514.3
7.1 122.9
127.4 1,470.8
343.9 435.1
31,413.7 48,453.0

491.4 491.4
 3,290.7 3,290.7
17,098.7 18,302.3
- -
576.2 751.0
21,457.0 22,835.4

266.1 3,313.7

21,723.1 26,149.1

53,136.8 74,602.1

245.7 245.7
245.7 245.7
87.33 92.94
16,225.1 11,834.8
66.04 48.17
16,033.3 20,653.7
12,677.4 16,569.5
9.2 89.6
2,627.2 6,389.6
266.1 3,313.7
4,133.7 2,534.2
FIFO FIFO
NA 38.9
77.6 59.6
1,793.4 2,188.9
4,656.8 5,270.3
7,259.5 8,395.4
2,689.8 1,678.6
311.4 292.3
1,025 932
NA NA
1,009.9 1,657.0
Sep-07-2021 Sep-07-2021
RD O
REP REP

ADRs, total share counts are ADR-equivalent.

Allcargo Logistics Limited (BSE:532749) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard  
Period Type: Annual  
Currency: Reported Currency  
Units: S&P Capital IQ (Default 
Source: Capital IQ & Proprietar  

Income Statement
Reclassified Reclassified Reclassified
For the Fiscal Period Ending 12 months 12 months 12 months
Mar-31-2017 Mar-31-2018 Mar-31-2019
Currency INR INR INR

Revenue 55,833.6 60,491.9 68,948.6

Other Revenue
Total Revenue 55,833.6 60,491.9 68,948.6

Cost Of Goods Sold 47,482.3 52,647.7 60,711.1

Gross Profit 8,351.3 7,844.2 8,237.5

Selling General & Admin Exp. 1,190.8 1,195.8 1,214.2

Provision for Bad Debts 41.7 - 136.7
R & D Exp. - - -
Depreciation & Amort. 1,645.1 1,574.5 1,540.3
Other Operating Expense/(Income) 2,451.9 2,796.3 2,401.9

Other Operating Exp., Total 5,329.5 5,566.6 5,293.1

Operating Income 3,021.8 2,277.6 2,944.4

Interest Expense (306.5) (299.1) (295.2)

Interest and Invest. Income 53.8 26.2 44.4
Net Interest Exp. (252.7) (272.9) (250.8)

Income/(Loss) from Affiliates 37.8 48.0 52.1

Currency Exchange Gains (Loss) 107.5 2.2 13.7
Other Non-Operating Inc. (Exp.) 73.6 73.4 35.7
EBT Excl. Unusual Items 2,988.0 2,128.3 2,795.1

Restructuring Charges - - -
Impairment of Goodwill - (68.6) -
Gain (Loss) On Sale Of Invest. 69.7 51.1 67.8
Gain (Loss) On Sale Of Assets 69.3 52.4 108.5
Asset Writedown - - -
Insurance Settlements - 77.7 -
Legal Settlements - - -
Other Unusual Items 27.2 11.3 49.4
EBT Incl. Unusual Items 3,154.2 2,252.2 3,020.8

Income Tax Expense 776.3 512.6 542.4

Earnings from Cont. Ops. 2,377.9 1,739.6 2,478.4

Earnings of Discontinued Ops. - - -

Extraord. Item & Account. Change - - -
Net Income to Company 2,377.9 1,739.6 2,478.4

Minority Int. in Earnings (59.7) (26.1) (58.8)

Net Income 2,318.2 1,713.5 2,419.6
me Statement
Restatement: Latest Filings
Order: Latest on Right
Conversion: Historical
Decimals: Capital IQ (Default)

Reclassified
12 months 12 months 12 months 12 months 12 months 12 months 12 months
Mar-31-2020 Mar-31-2021 March-31-2022 March-31-2023 March-31-2024 March-31-2025 March-31-2026
INR INR INR INR INR INR INR

73,462.4 104,981.0 125,977.20 151,172.64 181,407.17 217,688.60 261,226.32

- - - - -
73,462.4 104,981.0 125,977.2 151,172.6 181,407.2 217,688.6 261,226.3

64,928.3 94,065.7 110,859.94 133,031.92 159,638.31 191,565.97 229,879.16

8,534.1 10,915.3 15,117.3 18,140.7 21,768.9 26,122.6 31,347.2

592.8 915.9 1,415.1 2,186.4 3,378.1 5,219.2 5,741.2

54.0 41.7 50 50 50 50 50
- -- - - - -
2,299.9 3,044.9 4,031.23 5,337.05 7,065.86 9,354.69 12,384.93
2,814.2 3,619.4 4,162.31 4,786.66 5,504.65 6,330.35 7,279.91

5,760.9 7,621.9 9,658.6 12,360.1 15,998.6 20,954.3 25,456.0

2,773.2 3,293.4 5,458.6 5,780.6 5,770.3 5,168.3 5,891.2

(684.6) (1,356.2) (778.7) (939.8) (1,024.9) (914.5) (959.7)

129.2 111.9 95.2 112.1 106.4 104.5 107.7
(555.4) (1,244.3) (683.5) (827.7) (918.5) (809.9) (852.1)

60.7 170.0 198.06 230.75 268.84 313.22 364.93

7.4 38.1 19.7 21.7 26.5 22.7 23.6
81.3 148.5 88.5 106.1 114.4 103.0 107.8
2,367.2 2,405.7 5,081.4 5,311.5 5,261.5 4,797.3 5,535.5

(103.5) - - - - - -
- - - - - - -
35.9 13.9 - - - - -
94.2 90.6 - - - - -
- (977.6) - - - - -
- - - - - - -
- - - - - - -
660.6 58.2 - - - - -
3,054.4 1,590.8 5,081.4 5,311.5 5,261.5 4,797.3 5,535.5

711.0 639.7 1,270.36 1,327.87 1,315.38 1,199.33 1,383.87

2,343.4 951.1 3,811.1 3,983.6 3,946.1 3,598.0 4,151.6

- - - - - - -
- - - - - - -
2,343.4 951.1 3,811.1 3,983.6 3,946.1 3,598.0 4,151.6

(113.4) 777.9 (66.1) -79.43 -86.31 -77.28 -81.01

2,230.0 1,729.0 3,745.0 3,904.2 3,859.8 3,520.7 4,070.6
 Reclassifie Reclassifie Reclassifie
d d d Reclassified 12 months
12 months 12 months 12 months 12 months 12 months March-31-
Particulars Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 2022
INR INR INR INR INR INR
Earnings After Tax 2,318.2 1,713.5 2,419.6 2,230.0 1,729.0 3,745.0
Add: Depriciation 1,645.1 1,574.5 1,540.3 2,299.9 3,044.9 4,031.2
Net Income 3,963.3 3,288.0 3,959.9 4,529.9 4,773.9 7,776.2
CAPEX (1,387.4) (489.1) (3,638.0) (6,946.5) (2,033.4) (4,206.0)
Changes in Account Receivable (1,733.7) (265.2) (1,315.2) (1,840.3) (8,231.7) (3,795.7)
Changes in Account Payable 1,183.3 (239.6) 5,322.1 1,279.8 7,126.8 4,576.2
Changes in Operating Assets 73.3 28.0 (4,694.8) (1,214.0) (1,565.7) (2,491.5)

FCFFs 5,827.8 4,253.9 8,285.8 13,250.9 9,477.9 13,693.2

Discounted FCFFs 12,108.9

PV 71,434.9
Equity Value 283.4
12 months 12 months 12 months 12 months
March-31- March-31- March-31- March-31- Terminal
2023 2024 2025 2026 Year
INR INR INR INR INR
3,904.2 3,859.8 3,520.7 4,070.6
5,337.0 7,065.9 9,354.7 12,384.9
9,241.2 10,925.7 12,875.4 16,455.5
(4,395.3) (3,544.9) (4,048.7) (3,996.3)
(4,622.6) (5,550.0) (4,656.1) (4,942.9)
4,327.6 5,343.5 4,749.1 4,806.8
(1,757.1) (1,938.1) (2,062.2) (1,919.1)

15,688.6 16,615.1 18,893.3 22,507.1 24,765.9

12,268.4 11,489.7 11,553.6 12,171.1 11,843.1