Gati Shakti’s Rs 100 lakh crore pivot: 3 logistics stocks positioned for a multi-year cycle

The plan brings together seven key sectors: Railways, Roads, Ports, Waterways, Airports, Mass Transport, and Logistics Infrastructure onto an integrated platform. This alignment is expected to improve connectivity, reduce logistics costs, and remove long-standing inefficiencies that have held back supply chain performance.

The intent goes beyond just building assets. The initiative aims to foster value addition while lowering overall costs across the logistics ecosystem. At the same time, execution on the ground is beginning to reflect this shift.

The development of high-speed, large-capacity Dedicated Freight Corridors (DFCs) is expected to streamline freight movement and improve reliability. As these corridors expand, they are also likely to drive the creation of new industrial hubs and Gati Shakti Cargo Terminals.

Against this backdrop, this article examines 3 stocks that could benefit from this opportunity.

#1 Gateway Distriparks

Gateway Distriparks (GDL) is a leading integrated inter-modal logistics service provider in India. Together with its subsidiary, Snowman Logistics, the group provides a vast, end-to-end supply chain network that directly aligns with and supports the PM GatiShakti National Master Plan.

Why GDL’s 15-Year Ankleshwar Pact is a Moat, Not Just a Contract

GDL operates an asset-light business model focusing primarily on Inland Container Depots (ICDs) and Container Freight Stations (CFS). It operates a network of 10 owned container terminals located across India, including 5 ICDs (Garhi Harsaru, Faridabad, Ludhiana, Kashipur, and Viramgam) and 5 CFSs (Nhava Sheva, Chennai, Visakhapatnam, Krishnapatnam, and Kochi)

GDL also operates a massive fleet comprising 34 trainsets (operating on the pan-India Railways network) and over 560 tractor-trailers. Beyond transport, GDL provides warehousing, container handling, empty container storage, cargo consolidation, and customized value-added services such as garment-on-hanger and shrink-wrapping.

Gati Shakti Integration: Driving Efficiency via Multi-Modal Logistics

GDL’s strategic operations and expansions directly support Gati Shakti goals in several key ways. The government’s push for Multi-Modal Logistics Parks is a core component of the GatiShakti framework. This is designed to reduce freight costs and vehicle congestion by smoothly integrating various modes of transport.

In a major move supporting this policy, GDL signed an exclusive 15-year agreement in August 2025 to operate container train services at the 120-acre MMLP New Ankleshwar in Gujarat. This asset-light facility handles both EXIM (Export-Import) and domestic containers. Domestic services started in Q3FY26, while the EXIM operations are scheduled to begin in early FY27.

Western DFC Connectivity: Unlocking Industrial Hubs via New Ankleshwar

This train service directly links to the Western Dedicated Freight Corridor, improving logistics for surrounding industrial hubs like Bharuch, Dahej, and Hazira. GDL’s rail-linked Inland Container Depots are strategically aligned with the Western Dedicated Freight Corridor.

Additionally, the company recently acquired approximately 25 acres of land to build a new inland container depot near Pithampur, Indore. With an estimated capital expenditure of ₹150 crore, the facility will have a planned capacity of 120,000 twenty-foot equivalent units (TEUs) per year. This facility is expected to be fully operational within the next two years.

Fleet Modernization & Financial Performance: Scaling for FY2026-27 Growth

Looking ahead, to handle anticipated volume growth, the company is expanding its rail fleet. GDL will increase its total fleet to 37 rakes by May/June 2026. This involves purchasing 3 new high-capacity, high-speed rakes (to be delivered by May 2026) and swapping out 3 older leased models for newer high-capacity ones by 31 March 2026.

From a financial perspective, revenue grew by 46% year-on-year to ₹1,691 crore in 9MFY26. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) grew by 28% to ₹375 crore, while margins fell by 300 basis points to 22.2%. Net profit surged by 13% to ₹196 crore.

GDL Share Price

#2 TCI Express

TCI Express operates as a leading business-to-business (B2B) express cargo delivery company in India. It’s a multimodal logistics ecosystem, encompassing surface, air, and rail transportation, to provide time-definite delivery solutions.

Asset-Light Efficiency: Maintaining a Debt-Free Balance Sheet

TCI’s business model is asset-light, allowing the company to maintain high network utilization, strict cost discipline, and the flexibility to scale capacity. To maintain operational control and consistent service standards, TCI relies on a 100% company-owned network. This model supports a highly profitable, debt-free balance sheet.

The company’s sheer scale is supported by a massive infrastructure footprint. It has a network of company-owned branches (970) and sorting centers (28). TCI also boasts a dedicated fleet of over 5,500 containerized and GPS-enabled vehicles. Its fleet covers 60,000 delivery locations in over 200 countries and territories.

TCI Express: Can Premium Pharma Verticals Offset Surface Slowdown?

TCI Express differentiates its business through a range of specialized logistics offerings tailored to different transit needs, including surface express, domestic and international air express, e-commerce, and rail express.

The business targets the B2B sector, which accounts for 97% to 98% of its clientele, while B2C operations make up the remaining. TCI is strategically focused on high-value, low-volume cargo, catering to complex and high-growth sectors such as pharmaceuticals, automotive, engineering, telecommunications, defence, solar, electric vehicles, FMCG, textiles, and consumer electronics.

TCI Express supports the PM GatiShakti National Master Plan by operating in high-potential industrial corridors and logistics parks. The company facilitates the faster movement of high-value, time-critical cargo. This is a critical component of the realignment of manufacturing and supply chains under the PM GatiShakti framework.

This strategic alignment allows TCI Express to improve its geographical reach and significantly reduce transit times for its customers. TCI also supports the mission by actively expanding its multimodal logistics capabilities.

By integrating its surface, rail, and air express transportation networks, TCI creates a seamless logistics ecosystem that heavily complements the government’s focus on boosting connectivity across roads, railways, and ports. TCI Express also invests heavily in its own digital backbone and automation capabilities.

Digital Logistics: AI-Driven Routes and Automated Sorting

The company supports the data-driven goals of the Master Plan and the National Geospatial Mission. It deploys advanced API integrations, AI-based route optimization, fully automated sorting centers, and real-time GPS tracking for its containerized fleet. This ensures precise, time-definite deliveries while supporting smarter, data-driven supply chain decisions.

From a financial perspective, revenue (total income) grew by 1.2% year-on-year to ₹919.3 crore in 9MFY26. EBITDA fell by 0.3% to ₹109.0 crore, while margins fell by 10 basis points to 11.9%. Net profit fell by 1.4% to ₹69.1 crore. Subdued growth in Surface Express has been impacting its business.

FY27 Outlook: Can a 2% Price Hike Fuel a 20% Profit Rebound?

However, the company expects a strong rebound in its financial metrics. It is targeting a 15% volume growth for FY27. This is expected to be supported by an anticipated 2% price hike. TCI expects overall revenue growth of 17% to 18% and net profit growth of over 20% for FY27.

TCI Share Price

#3 Snowman Logistics

Snowman Logistics is India’s leading provider of integrated cold chain logistics and supply chain management services. Snowman operates the largest cold chain network in India, managing over 3 million square feet of land across 21 cities with 45 warehouses.

The Cold Chain Conundrum: Analyzing Snowman’s Path to 200,000 Pallets

While previously focused on frozen goods, Snowman has also integrated chilled and dry warehouses. This provides single-unit synergies for clients such as quick-service restaurants, quick commerce, and coffee chains. It operates a fleet of over 600 multi-temperature refrigerated trucks across the country.

The company is in a strong growth phase, aiming to increase its total capacity from 155,000 to 200,000 pallet positions over the next 2-3 years. To fuel this growth, Snowman intends to maintain an annual capital expenditure (capex) of ₹100 crore to ₹150 crore.

GatiShakti & Tech: From 3PL to AI-Driven 5PL Solutions

Snowman Logistics aligns its operations and growth strategies to support the broader goals of the PM GatiShakti National Master Plan. To this end, it directly supports this by pioneering end-to-end Third-Party (3PL) and Fifth-Party Logistics (5PL) services. This allows customers to completely outsource their supply chain management, reducing complexity and costs.

The National Master Plan aims to integrate digitisation to eliminate bottlenecks and increase transparency. To this end, Snowman implements AI-driven logistics optimization, automated warehousing, predictive analytics, and IoT-based real-time tracking to ensure complete end-to-end supply chain visibility.

To complement the government’s push for multimodal connectivity, Snowman is actively expanding its multimodal offerings and freight forwarding capabilities. This includes using air freight options and part-cargo consolidation to facilitate cost-effective, efficient domestic and cross-border trade.

Financial Audit: 11% Revenue Growth Meets Bottom-Line Pressure

From a financial perspective, revenue (total income) grew by 11% year-on-year to ₹465 crore in 9MFY26. EBITDA grew by 1% to ₹70 crore, while margins fell by 150 basis points to 15.0%. The company reported a net loss of ₹2.2 crore. A temporary decline in the transportation segment, driven by a shift in customer mix, has affected its business.

Snowman Share Price

The Competitive Landscape: Valuation vs. Fundamentals

TCI Express return ratios, including Return on Capital Employed (RoCE) and Return on Equity (RoE), are the strongest amongst the three, followed by Gateway Distriparks. Snowman’s return ratios are poor due to uneven growth metrics. Valuations, however, reflect a mixed picture.

All three companies are not only trading at a discount to the industry median EV/EBITDA but also to their own historical median multiple.

Peer Comparison (X)
Company	EV/EBITDA Multiple			Return Ratios
	Company	5Y Median	Industry	ROCE (%)	ROE (%)
Gateway Distripark	7.3	10.3	23.7	10.6	12.2
TCI Express	14.0	26.3		15.8	12.0
Snowman	10.7	11.8		4.3	1.3
source: screener.in (As of 29th April, 2026)

As execution gathers pace, GatiShakti is quietly reshaping India’s logistics backbone, creating structural tailwinds for integrated players across rail, road, and cold chain. The opportunity lies not just in volume growth, but in efficiency gains and network depth. Investors tracking this shift early may find themselves aligned with a long cycle of infrastructure-led value creation. Keep them on your watchlist to track how the opportunity unfolds.

Disclaimer:

Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data were unavailable have we used an alternative, widely accepted, and widely used source of information.

The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.

About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends. A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.

Disclosure: The writer and his dependents do not hold the stocks discussed in this article.

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