Good morning, everyone, and welcome to the Q2 FY 2026 Earnings Call of Gujarat Pipavav Port Ltd. This is Manish Agnihotri, and along with me, we have Girish Aggarwal, Managing Director, and Santosh Breed, CFO. We will start the call with the opening remarks by Girish, and then we will open up the floor for Q&A. What is your issue?
Thank you. Good morning, everyone. The company delivered an extremely strong quarter. Our revenues for the quarter were higher by 32%. EBITDA was higher by 34%. Margins were higher by 100 basis points at 59%. EBIT for the quarter was higher by 41%, and net profit was higher by 74%. This includes an insurance recovery of INR 43 crores, excluding this like-for-like net profit year-on-year was higher by 38%. For the first half, our EBIT is overall higher now by 17%. Net profit is higher by 32% without the one-off insurance recovery. It's higher by 16%. Overall, an extremely strong quarter. Our volumes showed robust growth on the dry bulk, RoRo , and liquid side. Container was slightly muted. Overall, an extremely strong quarter. We expect the strong performance to continue through the rest of the year. Thank you.
The Board of Directors of the company also, just one more thing, declared an interim dividend of INR 5.40 per share.
Okay. So we are done with the opening remarks. We now open the floor for Q&A. Deepak, please go ahead with your question.
Yeah, hi. Good morning. Thank you very much for the remarks. I had a few questions. Firstly, with respect to the cargo-wise guidance and the EBIT guidance, which you gave last quarter, do those guidances still remain in place, or do you think that you need to revise them upwards given the strong performance which we saw for the bulk cargoes?
We do revise our EBIT outlook upwards from 5%- 7% to 12% - 15%.
Okay. And the cargo-wise outlook?
Yeah. I think overall, the dry bulk, I think, would increase by about 30%-40%. RoRo would continue to be growing at 20%-25%. Liquids at around 10% growth. Containers will be flat.
Okay. And if you could speak to us about the sustainability of these bulk volumes, which we saw, it was a very strong surge. I understand that some of it is because of the timing of the tenders. But do you think that these will taper back to the 500,000 level, which we typically saw in the previous quarters, or you think it could remain elevated for a quarter or two?
So we expect the bulk volumes to be elevated for this quarter and for the next quarter. After that, we'll see how the tenders go from the government on fertilizers.
Okay. And if you could also talk to us about the container recovery. We did not see - I mean, of course, the U.S. tariff probably had an impact. If you could speak to us about how much of an impact that had, and when do you actually expect the container volumes to bottom out or show any signs of positive growth? We've been seeing six quarters of year-on-year decline now. So how do you expect this?
Yeah, fair comment. Essentially, I think overall, first half, we are down by 5% on the container volume, largely down in this quarter. Last quarter was broadly flat. This quarter, we declined by 9%, essentially because of the U.S. tariffs, where we've seen significant degrowth in some of the services. I think broadly, we are now seeing some slight recovery. I expect container volumes to start to grow slightly in this quarter, flat to slightly grow in this quarter, and then the next quarter to have some recovery. Overall, this year, we should end at - 2% to 0% on containers.
Okay, and if you could also provide some color on the margins, because bulk is typically a margin-dilutive kind of cargo. I think this is what we've heard from you in the many quarters before, but given the significant surge in the bulk volumes, particularly the fertilizer volumes, margins have held up. Is it that the operating leverage is now too strong to offset any margin dilution from the cargo as such?
I mean, I think in general, overall, our EBITDA margins are at 59%. With this kind of volume, overall, for the year, we expect margins to be between 58% and 59%. So slightly still dilutive. We were at about 59.5%-ish percentage last year. So slightly dilutive. But we also expect to boost the overall bulk numbers because of the fact that the volumes are beyond our break-even volume. So they do contribute positively on the EBITDA margins and also EBIT margins.
Okay, and last question from me is about the realization range, which you provide every quarter. If you could rerun or if you have spoken about it, could you please repeat it and then cash the initial few comments?
Yep. So on the realization, the realization continues to remain same. So container is in the range of 9,500-10,500. For bulk, between 550-650 per metric ton. And for liquid, 550-600 per metric ton.
Okay. Thank you. That will be from me. I'll jump back in the queue.
Thank you.
Thank you. Neelotpal Sahu, please go ahead.
Hi, sir. Good morning. First of all, congratulations on a great set of numbers. My first question is on the. Can you hear me?
Just a minute. Hello? Can I hear you? Can you please mute?
Sorry. So first of all, congratulations on a great set of numbers. My first question is with respect to concession extension, if there is any update on that, especially with the recent MoU that we have done with GMB about the INR 17,000 crores of CapEx?
Yeah. So I think we very recently signed an MoU with GMB in presence of the Honorable CM and Robert Mærsk Uggla. So I think things are going in the right directions. Of course, the final decision and communication will come through GMB, and we will, of course, tell you when that happens. But at least at this point in time, things are moving in the right direction with zero red flags.
And any sense on the sort of terms of the renewal or any direction we are getting on the royalty rates?
No, no, no. We do not have any sense of any on the terms, etc., right? And it won't be correct, at least at this point in time, to talk about it.
Okay. Secondly, we have been growing by close to 20% in liquids. Is there any reason why we are guiding for a 10% growth for the full year? Are we seeing any downtick in volumes for the rest of the quarters?
Essentially, we are very, very close to our capacity. The challenge is that our capacities, which were 1.3-1.4 million, we've been kind of pushing the capacities up. But until our new liquid jetty comes, there's a finite capacity of the jetty. So I think our jetty can hold around 1.7. So our guidance is around 1.6-1.65 million metric tons. So we're very close to the overall capacity of the jetty. But I think liquids continue to be extremely strong for us. We expect not only this year, but over the next several years, liquids to deliver significant growth.
Understood. And my last question is, can you help us with the LPG volume share within liquid volumes?
Normally, of course, we don't split that between multiple liquid volumes. So I think I'm not able to give that split to you. But I can certainly share the bulk split if you're looking for that, the Dry Bulk volumes.
Sorry. Bulk split, we have.
No, sorry. Yeah.
Yeah. Bulk split, I think we have from the presentation. I was looking more from the sort of...
Yeah. So we don't really split the liquid volumes further into each commodity. So we're not able to share that.
Okay. Okay. Sure. Thank you. That's all from my side.
Thank you. Mr. Vipul Kumar Shah, please go ahead with your questions.
Yeah. Thanks for the opportunity, and congratulations for a very good set of numbers. So you have signed one contract or MoU with ONGC. Can you share what is that about and what type of revenue we can generate from that?
Yeah. So this is a contract, not an MoU. We have a five-year contract with ONGC to be their supply base or offshore supply base for their various oil fields in the Arabian Sea. This is their second supply base after their Nhava supply base for these oil fields in the Arabian Sea. We provide various services like marine storage facilities, etc., for ONGC. This is a five-year contract. I will not be able to share the revenue numbers with you on the same because that's commercial information.
Has it started?
Yes, it has started with effect from 1st of October.
So then why don't you share? I cannot...
This is confidential customer information.
Okay. Okay, sir. Thank you. And you have signed a INR 17,000 crore MoU with Gujarat Maritime Board. So it's a huge number. So what type of investments are going into this if you can share any details? Thank you.
Yeah. So the investments are around infrastructure development in the port of Pipavav. This would be around new liquid jetties, liquid bulk, container, RoRo, landside development, etc., etc. So it includes and encompasses a variety of infrastructure developments within the port.
Okay, but that will be spread over how many years, sir?
30 years.
30 years. Okay. Thank you.
Thank you, Mr. Shah. Bharanidhar, please go ahead with your questions.
Yeah. Am I audible?
Yes.
Yeah. So this MoU with GMB, so any idea when the construction would be complete from the jetty point of view for liquid , RoRo, especially containers, to comply or to fulfill this MoU?
Sorry. This is an MoU with GMB. This is not a binding contract with GMB. This is subject to concession extension. This spend will happen post the concession extension.
Understood. Okay. And coming to container volume performance, we have seen, of course, impact for us in the first half while competitors are showing growth in the same region. So can you give a color on the overall EXIM cargo volume growth in western hinterland in containers? And within that, what is the reason why we are regrowing if the Hinterland volumes are growing overall?
Yeah, so overall, I think Gujarat as a region grew by 6% for the quarter. I mean, this is July-September 2024, July-September 2025. We show a decline, essentially, because some of our services, which cater to the U.S. cargo, showed declines, and that was the large reason why we were unable to kind of grow. As we move forward, I think it looks like the tariff scene is bottoming out, and we do, I mean, we are hearing all positive feedback about the tariffs going away, and I expect, as we move forward, that volume to come back.
Any commodities that you can highlight because of the U.S. tariffs have seen lesser exports from this region?
Yeah. But in general, the government of India is also. I mean, there's news clearly that about 35% degrowth to America. I mean, you would have seen that, right? The U.S. exports have degrown by about 35%. It encompasses almost all commodities, including pharma, garments, textiles, etc. Sorry, fisheries as well. Yeah.
Understood. Coming to our bulk volumes, this quarter has seen good volumes on fertilizers. However, my sense is the government of India is also trying to substitute imports over the long term in fertilizers. So what is your sense how it will have an impact on our fertilizer volumes in the years to come?
I think you're absolutely right. The government is focused on Make in India, ensuring that we are on the urea front, right? This is specific to urea. I'm talking about not only other minerals, other things like DAP, MOP, etc., but on the urea front, the government is focused on ensuring that capacities in India increase. There is more production in India. Also, technology-wise, they're looking at urea technology to kind of ensure that the overall imports into India reduce. And I would argue that that will have an impact overall in terms of growth of the urea fertilizer in the coming years. So I would argue that you're right.
What percentage of our bulk fertilizer volume is urea, sir, excluding other?
We don't get into the split here.
Yes. Thank you so much.
Thank you. Mr. Rishabh Shah, please go ahead with your questions.
Yeah. Hello. I'm audible.
Yes.
So I'm a bit new to this business. I just wanted to know, how do you measure the efficiency in this business? How efficient are you from your competitors?
So I think without getting into a lot of details here, Rishabh, I think I would say, as per the World Bank Index, the CPPI, which is globally published across global ports, the latest report for 2025 suggests we are the third most efficient port in India after, I think, Nhava Sheva and Mundra.
But, sir, I was just going to be more detailed. How do you measure efficiency? What are the things you see to measure the efficiency in your business?
There are multiple aspects of efficiencies here, Rishabh. If you're specifically looking for something, I will be happy to answer. But having a conversation around efficiencies in this analyst call will be a little too difficult.
Okay. So I'll answer that separately. My next question is, in the new Europe service from Maersk Line, which we have started in 2018, it was the first connectivity to Europe since 2012. How has that worked out for us?
I'm unsure which service are you talking about, Rishabh. I am not handling any Europe service, Maersk Europe service out of Pipavav, at least.
Okay.
Do you have a name in mind of that service?
The Maersk service I'm talking about, Maersk Line.
Hello? I'm unsure what. Sorry, I can't understand. Which service are you talking about?
The Maersk Line.
Bharat Line?
Bharat Line?
I'm not handling any Bharat Line.
No, no, no. Well, I'll get back to you later on, sir. My next question is, in our RoRo business, have we onboarded any new customers?
Sorry, Rishabh. What are you saying?
In our RoRo business, have we onboarded any new customers?
Apart from whom? I mean, which customers do you consider old at this point in time, Rishabh?
Any new have you added in the recent times?
In this quarter? No.
No. Okay. Okay. Thank you.
Thank you. Aditya Mongia, please go ahead with your questions.
Thank you for the opportunity. Just wanted to get a better sense of, as you're talking about 30%-40% growth in bulk, which will make it closer to three million tons or so. Should one be thinking of this as a more structural story from here on, wherein growth, which in the past has been difficult to project, can one think through a structural story over here, or is it every quarter one has to take a sense of things and then think through?
I think specifically for this 3,000,000 , the larger story is the fertilizer, which is based on the government tenders. So I would still argue that we will continue to kind of monitor the situation. We believe the story is just not a one or two-quarter story. It's a little bit longer story, but it's not a multi-year story from a fertilizer import perspective that much I can say.
Okay. So in a sense, as of now, would you be thinking of adding capacities for this kind of commodity classes, or would you rather as of this day?
No, no. We have relevant and requisite capacity. So we don't expect to add any further capacity on the fertilizer front.
How much are you utilized on those capacities at this point of time?
At this point in time, 100%.
So as of now, going beyond 3 million tons on bulk, is this something that you constrain by capacity right now?
No. I talked about fertilizer, but on bulk, we can certainly continue to grow.
Understood. Also, just wanted to get a sense while you may not want to focus on certain contracts, but this liquid story, as you see through from a two-three-year perspective, yes, you're adding capacities. How do you see the buildup happening in terms of volumes in this space and business for you?
So yeah, I was not very clear. You are talking about which business line here?
The liquids line of business.
Yeah, yeah. So liquid, essentially, we expect our new jetty to come online end of 2026, November, December 2026. That adds about 3.2 million metric tons of capacity. So we do expect to kind of fill that capacity from 27 onwards over the next three to four years. So I mean, that's the kind of growth that we are expecting. The Kandla-Gorakhpur pipeline should be commissioned towards March, April next year, which gives us an outflow, I mean, an evacuation capacity of almost 1.5, additional 1.5 million metric tons for LPG. So I do believe that liquid is a strong structural growth story. There are also opportunities that we are now targeting on the petrol products side. But of course, the critical piece of infrastructure is that we need to go live on a liquid jetty, which we expect in December 26.
Got that. Also wanted to get a sense from you that obviously there is competition across your line items. Where do you see that the company is much better placed in terms of kind of gaining share? Would it be container, liquid, RoRo, or bulk? How would you think through your competitiveness versus other players?
Yeah. But in general, what's really, I mean, we are competitive across the board in all business fields. But if your specific question is on gaining market share, we're gaining market share largely on the liquids, RoRo, and the fertilizer business.
Okay. Those are my questions. Thank you for your response here.
Thank you. Deepak Maurya, please go ahead.
Yeah. Hi. Thank you for entertaining my follow-up. With respect to the realizations which you mentioned, it seems like for the container segment, there has been an uptick versus the previous two quarters. So has there been any price increase which you have taken? Because last two quarters, you guided for about not guided. You mentioned that the range was about 9,000-9,500. But this time, we are looking at 9,500-10,500. So has there been any price increase? What is driving this increase?
There was a price increase which was taken, actually effective January. So that's the price increase which was taken, which was around the 5% increase in the tariff. Typically, to translate those numbers into revenue, it was around 3%.
Okay. But this was already from the beginning of the year, right?
That's right.
Is it something which filtered through to this quarter a little more than the previous two quarters?
Not really. There would be some impact of some contracts which were revised, but nothing major to highlight here.
Okay. And if you could help us understand the CapEx for this year, I think you've spent about INR 700 million+ this first half. So how should we look at it for the full year? And if you could provide some color for the next year?
On the CapEx, of course, we have initiated our liquid berth project, right, as Girish mentioned. So there will be a major spend which will be happening from now till mid of next calendar year. So we will be spending, as we announced, that we'll be spending around INR 720 crores. So most of that will get spent in the first half of the calendar year. So I'm now speaking till June 2026. So there will be major spend there.
Okay. And just a clarification from Girish, you mentioned that for fertilizer, you are capped out in terms of the capacity, or did I hear it wrong?
No, you heard it right. I mean, the capacity for fertilizer for us is more defined by our bagging capacity as well as warehousing capacity. Largely, the evacuation capacity. So we are maxed out.
Okay, and if I have to look at it from a three-year perspective, which of these cargoes would you believe will be the driver for your earnings? Is it liquid because you're obviously having the liquid jetty capacity coming through from December 2026, but beyond the liquid capacity addition, inherently, do you see bulk or RoRo or container being one of these cargoes being much more dominant than the other?
So I would say three things that I will pick up: the container, RoRo, and liquid. These would be the three key drivers of our growth over the next three years.
Okay. Okay. Thank you very much. That's it from me. And have a good day.
Thank you. Priyankar, please go ahead with your questions.
Yeah. Good morning, sir. My first question to you is, what I see is that our container utilizations, container yard utilizations are still low. So in the CapEx plan that you are suggesting based on the MoU, it seems that there is a container yard expansion as well. So what sort of expansions are we thinking of, and what's the rationale behind it?
It's a little premature to talk about details of the INR 17,000 crore expansion. As I said, the INR 17,000 crore MoU is subject to concession extension. It is based on a master plan that will span the overall concession period. And we would decide how do we expand as we move forward. I think it is a little bit premature to get into details of the INR 17,000 crores.
Okay, sir. Understood. Also, what I understand, there were some news articles that Hindustan Zinc may be importing ammonia for its fertilizer factory that is being set up. So how should we look at, let's say, volume growth basis, let's say, new liquids like ammonia going forward? Because I understand there was also an MoU also signed by APM Terminals last year for green hydrogen as well some time back. So how should we look at that?
I think, as I was talking earlier to answering one of the questions, clearly, there's a stated policy of the Government of India to manufacture urea in-house as much as is possible, expand the capacities of in-house manufacturing of urea, and hence reduce the dependence of urea on other countries. But you're absolutely right. We believe that to manufacture urea, you would need to import other materials, especially liquids, ammonia being one of them, and others as a requirement to generate and manufacture urea. That is something that will happen. I believe there's a big opportunity in India in terms of growth on the liquid side. Significant growth on LPG is expected as we move forward under the Pradhan Mantri Ujjwala Yojana. We are already seeing it. It will only continue to go up over the next five, 10, at least 10 years, I think.
And so would the other liquids. So I think there is a huge opportunity. The consumption of the country is growing. Premiumization is increasing. I would just argue that as a country, we are on the cusp of great growth.
So, sir, would it be fair for me to say that in the long term, let's say, considering past participants' questions, so even if, let's say, urea imports were to eventually start falling, so should it be replaced by, let's say, increased ammonia imports, and we may benefit eventually in the long run?
Yeah. Also, again, I mean, over a period of time, urea is ammonia, is an end, right? So there is also P and K as minerals. As we move forward, farmers will also move towards the other minerals, which we do not manufacture. Some of them are actually mined, which we don't have mines of. So they will continue to grow. So, I mean, while there is over the next five or maybe even seven years, there will be decline in the urea imports. But there are other imports that will continue to grow. Today, most of the farmers are using urea. But that will also change. That will move to NPK. That will move to MOP, etc., etc.
Just last question, if I can squeeze in, would you comment on the RoRo outlook? So what I understand is it has been quite strong for the last couple of years. So how do you see the growth for, let's say, next two, three years in this segment based on whatever you are discussing with the customers? A growth range maybe.
I think roughly, if you were to look at a three-year horizon, we are looking at least a 20% CAGR growth over the next three years in total.
Sir, that's all from my side. Thank you so much.
Thank you. Koundinya, please go ahead with your questions.
Yeah. Hi, sir. Thanks for the opportunity. So firstly, with respect to the quarter on the EBITDA margin side, of course, you did mention a quarter being that cost-neutral breakeven ratio on the bulk volumes. So just trying to understand, is it also partly to do with the volume having higher fertilizer, or how should we read about this? Look at these margins on a sustainable basis from here?
Sorry, Koundinya, there is a lot of background. We can't understand your question.
Yeah, sir. So I was trying to ask, I mean, from a margin standpoint, right? If I want to look at it, you did speak about breakeven on the bulk side. But is it also partly to do with the volume mix by virtue of having higher fertilizer volumes? And therefore, how should we look at the sustainability of this trend?
Sure. You saw my email? I was calling you for sending the email.
I'm really sorry, Koundinya. I know you're trying, but there is a lot of background noise.
We just can't understand.
Okay. Is this better?
It is not.
Okay. I will fall back in the queue maybe.
Thank you. Mr. Kunal Tokas, please go ahead. Mr. Kunal Tokas?
No, I'm audible?
Yes, yes.
Okay. Am I clear?
Yeah, yeah. Please go ahead.
Okay. First area is, sir, out of the total land area in your concession, how much is utilized? How much is still vacant? Your vacant, but I mean, you can still build something over there.
You are asking how much of land is vacant in our concession?
Yeah.
I can say there is sufficient land available for expansion as a percentage, etc., is something that we don't get into.
All right. Next, you answered this already, but I missed it. Sorry for that. What was your guidance for RoRo?
20%-25% growth.
Okay. Next three, four years at least. And relatively, are your margins in RoRo better than other segments?
Relatively, are your margins in RoRo better than?
Other segments.
Yes.
Other.
Yes.
Yes. Okay. And another clarification, please. What was the evacuation capacity of the KG pipeline that you mentioned?
I think it's 1.5 million metric tons.
Million metric tons. Okay.
And the last question would be, other than LPG, what other liquids do you expect to contribute meaningfully for the next?
Petro products. Petroleum. Petro products as well as some chemicals.
Okay. All right. Thank you very much. Have a good day.
Thank you. Mr. Parimal Mithani, please go ahead. Mr. Parimal Mithani?
Yeah. So can you hear me? Is it clear?
Yes, yes. Please go ahead.
Yeah, sir. This is regarding the parent commitment in terms of you signed an MoU. I just wanted to know, sir, if you get the approval, will the CapEx be front-loaded in terms of Gujarat Pipavav, going ahead when you get it?
I would not like to get into the details of the MoU. As I said, I mean, it's premature to talk about that. I think the first step is to sign the first get into the next concession extension.
Okay. Okay. Thank you. That was my question. Thanks.
Thank you. Mr. Mayur, please go ahead. Mr. Mayur? Mr. Kunal Tokas, you still have some questions? You have raised your hand.
No, I forgot to do it.
Okay. Thank you. Mr. Mayur, do you have questions? Koundinya, please go ahead.
Yeah. Hi, sir. I hope I'm audible this time around. So my question is firstly on the quarter. So how should we look at sustainability of these container realizations going ahead? And also on the margin side, you did allude to the fact that you were able to break even on the bulk side. But is it also something to do with by virtue of having higher fertilizers? If my understanding is correct, they tend to have better margins. So that's the first question. The second question, I missed the part on Concession Agreement. If you can help us understand the current status and also is the MoU partly contingent on this Concession Agreement going ahead? What is the kind of feedback that you're hearing from GMB?
In terms of margins, Koundinya, we expect our margins to be in the range of 58%-59%. In terms of concession, the INR 17,000 crore, of course, is contingent on the concession extension. You asked about.
A couple of other things. A couple of other things that I asked about one, on how should we look at the container realization sustainability, and then the status of Concession Agreement, what is the feedback and where is it now? Because I missed that part when you were answering it.
Okay. Yeah, yeah, so container realization, yes, they're sustainable. In terms of concession extension, again, we're moving in the right direction. Of course, the final decision, we will only hear from GMB and the Government of Gujarat, and we'll, of course, let you know whenever that happens, but at least at this point in time, things are progressing in the right direction, and there are no red flags that we would like to call out. Yeah. Hopefully, that answers your question.
Sir, any timelines that you see with respect to the concession extension that you hear from Gujarat GMB when they want to do it or something like that?
We don't have any timeline at this point in time.
Sure, sir. Thank you very much and all the best.
Thank you. Thank you. Mr. Parimal Mithani, please go ahead.
Sir, thank you. And I'm audible now?
Yes, yes.
Yeah. Sir, you mentioned in your opening statement in terms of tariffs and bottlenecking, is it fair to say the worst is over in terms of whatever was supposed to happen in the last two quarters?
This is with respect to containers. I guess that's what you're asking, right?
Yes, sir. Yeah.
Yeah. I mean, in the current geopolitical environment, I would say yes. But how that changes tomorrow is very difficult to say. So I mean, we like to believe that we are seeing many positive statements on the tariff situation from multiple quarters. So we are hopeful that things will stabilize and get better for the country as a whole. And that would, of course, have a very positive impact on us as well.
And, sir, you continue to maintain your guidance, what you did in the last two calls, right, in terms of EBITDA and growth-wise?
We said our full year guidance is upwardly revised for EBIT to 12%-15%.
Okay. Thank you.
Thank you. Aditya Mongia, please go ahead with your question.
Yeah. Thanks for the follow-up. I just wanted to get a sense that while you're not giving the split between fertilizers of different kinds, DAPs or urea, how much would have been the growth in that fertilizer segment for you?
No. I mean, we don't see it that way. I mean, even in our internal management reports, we are looking at overall fertilizer.
Yeah. I mean, I'm asking this question because since you do not want to invest incrementally as of now in urea capacities, then the growth beyond 3 million tons is more a function of what are trends being seen elsewhere.
I didn't say I will not invest in the urea capacity. I'm saying overall fertilizer. I mean, it's the same. We have the same bagging plant, whether any types of urea there might be. The bagging machines are capable of handling any types of fertilizer, right? So the expansion will happen for all types of fertilizers and not only specific types of fertilizer.
Understood. So if you're not planning, a large part of your bulk portfolio is fertilizers, which as of now, the utilization rate is 100%. And so in that way, in the absence of capacity additions, this portfolio cannot meaningfully grow the fertilizer portfolio from here on. Is that what you're saying?
So you're right. I mean, in terms of fertilizer specifically, we are at the max capacity. But again, I mean, fertilizer as a business is dependent on government tenders. We do not expect the government tenders to continue with this kind of range forever, right? So there is no which ways that we intend to build peak capacity. We will always like to build which is an optimum capacity rather than peak capacity. However, the growth of bulk, I mean, fertilizer is a very strong mainstay, but there are other areas that we will continue to explore what the opportunity is.
Understood. Got that. And yeah, I understood. That's the only question I have. Thank you. Thank you.
Thank you. Mr. Parimal Mithani, please go ahead.
Thank you for the opportunity, sir. I would like to ask on a container front. Our market share has been declining continuously for the past couple of years. If you could mention the reason and when can we see the bounce back on the same?
Yeah. I think on the container side, you're right that we've been losing market. The latest this quarter performance is essentially because of the tariffs imposed by the United States. That has led to a reduction in our volumes on our westbound cargo or services. As I was suggesting, we are hearing news which are positive about the resolution of the tariff situation between India and the United States, and that will have a positive impact. We are also seeing some growth on our overall volumes on the Maersk side. And as we move forward, I believe we are only going to grow on the container side. This full year, our guidance is roughly -2% to 0% on the container volumes. But I think this tariff situation, as it gets resolved, we'll only see positive momentum on the growth in Pipavav on containers.
Thank you. And second is on the RoRo side, who are our customers? If you can name them.
Yeah. Maruti , Honda, these are the two main customers. There are some smaller customers, but these are the two main customers.
Third, on the CapEx upfront, you have mentioned that we are planning around INR 720 crore. I missed that part. If you could repeat.
Yeah. So we had announced a INR 700 crore expansion for the liquid jetty, which will get commissioned November, December 2026. Part of that INR 700 crores has been spent this year, but a majority of the INR 700 crores will be spent between January and June 2026.
Thank you.
Thank you. There are some questions on the chat, so maybe we'll try and answer that.
We'll read it out for you. The first is, could you please share the status on Concession Agreement and how the talks have progressed?
As I mentioned, this is a question from Mayur. Things are moving in the right direction. Of course, there are no final sort of commitments, etc., but I would say that there are no red flags either. We'll get back to you as and when we'll hear more from GMB and Government of Gujarat.
The next one is from Mr. Vipul Kumar Shah, who says, "Can you explain how RoRo services work and how do you charge the OEMs?
How RoRo services? I mean, essentially what we do from a RoRo perspective, a car OEM exports their cars. It includes movement of their cars from their factories into our port, storage of those cars in our port, PDI, what's called the pre-dispatch inspection of cars before they're exported out, and then stevedoring of those cars into a vessel, and of course then there is the ocean leg. So these are the various services that an automotive OEM has to go through from an export of car perspective. Out of these services, we provide the port infrastructure. Our partnership with NYK Automotives. They provide the PDI facility as well as potentially some parts of the movement of cars from the OEM factories to our ports, and of course the ocean leg is provided by multiple carriers, including NYK, MOL, etc. I hope that answers your question.
The next one is, what is our liquid capacity now? And post-expansion, what will be our capacity?
Our stated capacity for the jetty at this point in time is 2.2 million metric tons. Based on the mix of commodities that we handle and their throughput, we can handle anywhere between 1.6-1.7 million metric tons today. We will be adding 3.2 million metric tons of capacity when the new liquid jetty is commissioned.
Then the last one is from Bharanidhar. What is the percentage of container volumes contributed by Maersk?
Maersk is our largest customer and I would like to just state that without getting into a percentage cargo at a customer level.
What percentage of our containers EXIM is U.S.-dependent?
Yeah, so it's roughly about 10%-12%.
That's all we have on the chat. Mr. Parimal Mithani, do you still have some questions? Your hand is raised. We move to Mr. Kunal Tokas. Please go ahead.
Yes, sir. Just one question. The Pipavav Railway Corporation, right, is used mainly to transport containers, right?
Sorry, I missed that question, Kunal. Can you please repeat?
The Pipavav Railway Corporation, that is used to transport mainly containers, right?
No, no, no. So PRCL owns the line, the railway line between the Surendranagar node and the port. So all freight traffic that happens on that line is the revenue for PRCL. And we are moving bulk, liquids, containers, cars, all of them on rail.
Okay. So are there any capacity constraints on that line?
I don't know what you mean by capacity constraints, but.
I mean, the volume of cargo you can transport, maybe you have to add a parallel line or more value.
Overall, for the volume that we generate, no. But it is, at the end of the day, one single line. There are also passenger rails that fly on that. At times, it could be a possibility that the freight trains get deprioritized over passenger. But in general, at least if I look at the overall capacity and volume throughput of our port, that single line currently is sufficient to cater to our needs.
Okay. That answers your question, Mr. Kunal Tokas. Any last questions from anyone? Doesn't seem to be the case. So thank you very much for joining, and have a good day.
Thank you.
Thank you, everyone. Thank you.