Risk-Reward favourable; Execution key

Research evidence excerpt

Risk-Reward favourable; Execution key

India | Transport & Logistics

Concor EquityJuneResearch21, 2026

COMPANY UPDATERisk-Reward favourable; Execution key

Since Jun-24, Concor underperformed NIFTY by 50% due to weak industry RATING BUY

growth /execution and, divestment plans losing momentum. The stock PRICE INR471.55^

trades at -1SD on valuation and doesn’t factor in any potential benefits from PRICE TARGET | % TO PT INR600 | +27%

Western Dedicated Freight Corridor (WDFC) connectivity to JNPT. Jun-26Q 52W HIGH-LOW INR629.25 - INR421.80

is expected to be weak, given a 5% YoY decline in Industry volume growth to FLOAT (%) | ADV MM (USD) 45.2% | 9.50

date, but we believe Concor is also a play on the potential easing of Middle MARKET CAP INR359.1B | $3.8B

East (ME) tensions. TICKER CCRI IN

^Prior trading day's closing price unless otherwise

noted.

Policy support key for Rail share improvement: Rail share at ports (rail coefficient) is driven by

haulage charge by Indian Railways (IR), diesel prices, and road capacity, in our view. FY12-15

saw 300bps share gains, with telescopic pricing offsetting 22–31% haulage hikes; diesel rose FY (Mar) CHANGE TO JEFe JEF vs CONS

35%. FY15-17 saw 210bps loss in share as haulage charge rose 27% while diesel prices 2027 2028 2027 2028

remained flat. In FY18-22, despite 50% diesel price increase and haulage charge discounts by REV NA NA -9% -5%

IR, share was flat due to ~50% highway expansion over FY14-22. FY22-26 saw 240 bps share EPS NA NA -14% -1%

loss as haulage charge discounts were withdrawn with additional surcharges amid soft diesel

prices. WDFC commissioning and initiatives such as Assured Transit Trains lend reliability, but 2027 (INR) Q1 Q2 Q3 Q4 FY

sustained gains will depend on stable, competitive pricing, in our view.