Allcargo Logistics Limited makes a corporate announcement

Implied current free-float market capitalization: approximately Rs 1,165 Crores.

Using the latest shareholding pattern shown for March 2026, promoter ownership was 40.28% and the non-promoter holding was approximately 59.72%; the category totals sum to 59.71% because of rounding. ^[1] Applying that float percentage to the exchange-reported market capitalization of Rs 1,950 Crores as of 8 September 2026 gives:

†The non-promoter category totals 59.71%; 59.72% is the complement of the reported 40.28% promoter holding. The result is therefore an estimate using public shareholding as the free-float proxy.

Alignment with BSE methodology

The BSE corporate-action notice confirms the demerger-related index changes and the addition of Allcargo Global to multiple BSE indices, but it does not publish the numerical free-float market-cap, trading-frequency, or turnover thresholds used in the index methodology. ^[2]

Accordingly:

• Float: A roughly 59.72% public float indicates that Allcargo is not a low-float company on the latest shareholding data.
• Free-float value: The implied float-adjusted market capitalization is approximately Rs 1,165 Crores.
• Liquidity test: A pass/fail conclusion cannot be established from the cited information because the relevant trading-frequency and average-traded-value data are not reported.
• Methodology caveat: BSE may use its own index review-date price, free-float classification and adjustment factor; therefore, Rs 1,164.54 Crores should not be treated as the official BSE index input without the applicable methodology sheet and review-date data.

Bottom line: the latest shareholding implies a substantial free float of about Rs 1,165 Crores, but the available announcement supports only the float calculation—not a definitive conclusion that Allcargo meets every specific BSE liquidity and index-eligibility threshold.

Verdict: On the latest comparable Q1 FY27 data, Allcargo Logistics is below the peer median on ROCE and above it on leverage. Its ROCE was 1.50% versus a peer median of 1.85%, while its Debt-to-Equity ratio was 0.18x versus approximately 0.07x. Allcargo therefore ranks in the lower half on current capital returns and has the highest reported Q1 leverage among the comparable companies.

Q1 FY27 comparison

Peer median excluding Allcargo and AGL: ROCE 1.85%, derived from TCI Express, Navkar, Gateway and RIIL ^{[5] [7] [9] [11]}. Debt-to-Equity 0.07x, derived from the same four peer observations ^{[6] [8] [10] [12]}.

FY26 annual context

The annual comparison is more useful for structural positioning:

• Allcargo’s FY26 consolidated ROCE was 1.70%, versus 13.40% for TCI Express, 3.10% for Navkar, 11.10% for Gateway and 2.90% for RIIL ^{[3] [5] [7] [9] [11]}. The median of these four available peer observations was 7.10%, placing Allcargo 5.40 percentage points below the peer median and lowest among the companies with reported ROCE.
• Allcargo’s FY26 consolidated Debt-to-Equity was 0.18x ^[4]. The directly reported peer median was approximately 0.07x, based on TCI Express, Navkar, Gateway and RIIL ^{[6] [8] [10] [12]}.
• AGL’s reported FY26 ratio is explicitly based on net debt/equity, at 0.42x, rather than the gross Debt-to-Equity definition used for the comparable KPI set ^[13]. It should therefore not be mixed directly into the gross-ratio median. Mechanically, AGL’s gross borrowings-to-equity ratio would be approximately 0.72x, derived from borrowings of 93,849 and equity of 1,29,548 in the same disclosure ^[13].

Index context: Allcargo’s low ROCE is more significant than its modest absolute leverage suggests. The balance sheet is less leveraged than AGL on a gross basis, but Allcargo’s 0.18x D/E is still roughly twice the directly reported peer median, while its annual ROCE is less than one-quarter of the peer median. The comparison is directional because Navkar’s ratios are standalone while most other observations are consolidated, and AGL’s annual ratio definition differs.

Current institutional ownership is 9.57% as of 31 March 2026, comprising 7.27% FPI/FII ownership and 2.30% domestic institutional ownership. In shares, this equals 10,88,84,660 FPI shares and 3,44,36,976 domestic-institutional shares. The 9.57% total is derived from the two reported categories. ^[14]

Four-quarter ownership trend

†Institutional ownership is calculated as FII/FPI plus DII. The historical source reports rounded FII/DII values; its reported Dec 2025 institutional-investor figure was 11.37%, hence minor rounding differences.

Read-through: ownership was broadly stable at about 11.1% through June–September 2025, increased marginally to roughly 11.4% in December as DII ownership rose by about 0.9 percentage points, and then fell to 9.57% by March 2026. From June 2025 to March 2026, total institutional ownership declined by approximately 1.5 pp, driven almost entirely by the fall in FII/FPI ownership from 8.8% to 7.27%; DII ownership ended the period essentially unchanged at 2.30%.

The key signal ahead of the rebalancing event is therefore not a sustained institutional build-up: the December DII-led improvement was reversed by March, leaving institutional ownership below its level in each of the preceding three quarters. The cited material does not specify the index-rebalancing date or provide a later quarter-end FII/DII split, so the latest precise company-reported snapshot is 31 March 2026.