South Western Railway Freight Loading Rises 5.9% in September

South Western Railway (SWR) recorded its highest-ever September freight loading in 2026, moving 4.41 million tonnes of originating freight, up 5.9% from 4.17 million tonnes in September 2025. The increase was led by iron ore, pig iron and finished steel, and coal, with several other commodity categories also posting double-digit growth.

The freight performance came alongside stronger revenue across both freight and passenger services. SWR’s freight revenue rose 8.72% year-on-year to ₹465 crore in September, while total gross revenue increased 15.91% to ₹870 crore. The first six months of FY27 also remained positive, with cumulative freight loading rising 5.8% to 26.1 million tonnes.

Key takeaways

• SWR freight loading rose 5.9% YoY to 4.41 million tonnes in September.
• September freight loading was the railway zone’s highest for the month.
• Iron ore remained the largest freight category at 1.70 million tonnes.
• Pig iron and finished steel loading rose 24.4% to 1.127 million tonnes.
• Coal loading increased 20.8% to 0.90 million tonnes.
• Mineral oil loading jumped 79.3% to 0.217 million tonnes.
• Container traffic increased 31.3% to 0.105 million tonnes.
• September freight revenue rose 8.72% to ₹465 crore.
• SWR’s total September revenue rose 15.91% to ₹870 crore.
• April-September freight loading reached 26.1 million tonnes, up 5.8%.
• Cumulative gross revenue increased 4.91% to ₹4,730 crore.
• Passenger traffic also increased 6.83% in September to 1.5 crore.

SWR freight loading reaches 4.41 million tonnes

South Western Railway handled 4.41 million tonnes of originating freight in September 2026, compared with 4.17 million tonnes during the same month last year.

The 5.9% increase makes September 2026 the zone’s strongest September in terms of originating freight loading.

Originating freight refers to cargo loaded onto trains within the railway zone for transportation. It is an important operating indicator because it reflects the volume of goods being moved through the railway network and the demand generated by industries connected to that network.

The September performance was not dependent on one commodity alone.

Iron ore continued to account for the largest share, while steel and coal also recorded substantial volumes and faster growth rates. Other categories, including mineral oil, containers and cement, posted even stronger percentage increases.

Iron ore remains the largest freight commodity

Iron ore was the biggest contributor to SWR’s September freight volumes.

The zone loaded around 1.70 million tonnes of iron ore during the month, an increase of 4% from the year-earlier period.

Iron ore is particularly important for South Western Railway because the zone serves mineral-producing and industrial regions in southern and central India.

The commodity is closely connected with steel production and port logistics. Railways provide an efficient way to transport large volumes of bulk minerals over long distances, making iron ore one of the traditional pillars of Indian Railways’ freight business.

Although its growth rate was below that of several other categories, iron ore remained the single largest component of SWR’s September loading.

Steel freight grows 24.4%

Pig iron and finished steel recorded a much faster increase.

SWR loaded 1.127 million tonnes of pig iron and finished steel in September, representing 24.4% year-on-year growth.

The category therefore accounted for more than one million tonnes of the zone’s monthly freight loading.

Strong steel movement can be an indicator of activity across manufacturing, construction and infrastructure-linked supply chains because rail transportation is widely used to move raw materials and finished steel products.

The September increase also contributed significantly to the overall growth in SWR’s freight volumes.

Coal loading rises 20.8%

Coal was another major growth contributor.

SWR loaded 0.90 million tonnes of coal during September, up 20.8% from the previous year.

Coal remained smaller than iron ore in absolute terms but grew more than five times as quickly during the month.

The cumulative trend is also strong. Between April and September, SWR loaded 5.36 million tonnes of coal, representing an 11.4% year-on-year increase.

The growth reflects continued demand for rail transportation of coal, although zone-wide loading figures do not by themselves identify the final destination of the commodity.

That distinction matters when assessing individual ports or industrial corridors because SWR covers a broad geographic area.

Mineral oil and container traffic post sharp increases

Some of the fastest growth came from smaller freight categories.

Mineral oil loading increased 79.3% year-on-year to 0.217 million tonnes in September.

Container traffic increased 31.3% to 0.105 million tonnes, while cement loading increased 23.3% to 0.037 million tonnes.

These categories are much smaller than iron ore and steel in absolute volume, but their faster growth indicates that freight expansion is becoming somewhat more diversified.

Container traffic is particularly important because it can broaden the railway’s freight base beyond traditional bulk commodities.

A larger container share can help railways serve a wider range of manufactured and consumer goods, potentially reducing dependence on commodities such as coal and iron ore over time.

Foodgrain loading records the highest growth in the first half

Foodgrain volumes remain relatively small but recorded the highest percentage increase among the listed commodities during the April-September period.

SWR’s cumulative foodgrain loading increased 89.4% year-on-year to around 0.09 million tonnes.

The absolute volume is modest compared with iron ore, steel and coal, so its impact on total freight loading remains limited.

Nevertheless, the increase illustrates the breadth of commodity movement across the railway zone.

SWR September freight snapshot

Commodity	September 2026 loading	YoY growth
Iron ore	1.70 MT	4.0%
Pig iron & finished steel	1.127 MT	24.4%
Coal	0.90 MT	20.8%
Mineral oil	0.217 MT	79.3%
Containers	0.105 MT	31.3%
Cement	0.037 MT	23.3%
Foodgrains	0.007 MT	—
Total originating freight	4.41 MT	5.9%

Freight revenue grows faster than loading

SWR’s freight revenue increased 8.72% year-on-year to ₹465 crore in September.

That was faster than the 5.9% increase in freight loading.

The difference is important because freight earnings are influenced not only by tonnage but also by the commodity mix, distance travelled, tariffs and other operating factors.

Higher-value or longer-distance freight can generate more revenue per tonne than lower-rated cargo.

The September revenue performance therefore indicates that the increase in freight activity translated into a somewhat stronger increase in earnings.

For the April-September period, freight revenue reached ₹2,546 crore.

Total railway revenue rises 15.9%

Freight was not the only source of stronger revenue for SWR.

Total gross revenue rose to ₹870 crore in September, an increase of ₹119 crore or 15.91% from the year-earlier month.

Passenger revenue was particularly strong, rising 26.87% to ₹357.5 crore.

The figure exceeded SWR’s monthly passenger-revenue target by ₹36.96 crore, or 11.53%.

Passenger traffic increased 6.83% year-on-year to 1.5 crore passengers.

Other revenue streams also recorded growth.

Other coaching revenue increased 10.51% to ₹28.81 crore, while sundry revenue increased 24.14% to ₹18.87 crore. Parcel revenue rose 10.35% to ₹15.89 crore.

The broad-based revenue growth means SWR’s September improvement was not solely dependent on freight.

First-half freight loading rises 5.8%

The September performance contributed to a strong first half of FY27.

From April through September 2026, SWR’s originating freight loading reached 26.1 million tonnes, up 5.8% from the corresponding period of the previous year.

Iron ore accounted for 10.17 million tonnes during the six-month period, up 4.7%.

Pig iron and finished steel contributed 5.95 million tonnes, an increase of 10.5%, while coal loading rose 11.4% to 5.36 million tonnes.

Other goods increased 20% to 1.25 million tonnes.

Mineral oil loading rose 15.9% to 1.24 million tonnes, while container traffic increased 13.4% to about 0.55 million tonnes.

Cement loading increased 18.2% to 0.22 million tonnes.

The first-half data therefore shows that the September increase was part of a broader positive trend rather than an isolated monthly jump.

Cumulative revenue reaches ₹4,730 crore

SWR’s gross revenue for April-September reached ₹4,730 crore, up 4.91% from the corresponding period last year.

Passenger revenue was ₹1,904.1 crore, representing 15.43% growth.

Passenger traffic during the six-month period increased 4.78% to 9.2 crore.

Freight revenue remained the largest component among the major operating categories at ₹2,546 crore.

Parcel revenue increased 5.38% to ₹89.5 crore, while ticket-checking earnings rose 2.56% to ₹33.71 crore.

The combination of higher freight volumes and passenger earnings gives SWR a relatively broad revenue base.

What the freight numbers say about regional economic activity

Rail freight is closely linked to industrial and commercial activity.

Higher movement of iron ore and steel can reflect demand from the metals and manufacturing ecosystem. Coal movement is connected to power generation and industrial consumption, while containers can capture activity in a wider range of goods.

SWR’s September figures therefore provide one regional indicator of continued movement across several parts of India’s physical economy.

However, freight loading should not be treated as a standalone measure of economic growth.

Railway volumes can also be influenced by changes in logistics preferences, commodity routing, port activity, seasonal patterns, tariff structures and customer-specific contracts.

The most useful signal comes from looking at multiple commodities and comparing the monthly performance with cumulative trends.

In SWR’s case, both the monthly and six-month figures point in the same direction.

The rise of container freight is worth watching

One of the more strategically important numbers is the increase in container traffic.

Containerised rail freight allows the railway network to carry manufactured goods and other general cargo rather than relying primarily on bulk commodities.

SWR’s container loading increased 31.3% year-on-year in September and 13.4% during April-September.

The percentage growth is substantially faster than overall freight loading during the month.

If this trend continues, containerisation could gradually diversify SWR’s freight revenue base.

It could also improve railways’ ability to compete for cargo that might otherwise move by road.

For logistics operators, the economics depend on reliability, terminal access, first- and last-mile connectivity and transit time. Higher container volumes therefore require more than simply adding train capacity.

Passenger growth adds another layer to SWR’s performance

The September data also highlights strong passenger activity.

SWR carried 1.5 crore passengers during the month, 6.83% more than a year earlier.

For the April-September period, passenger traffic reached 9.2 crore, up 4.78%.

Passenger revenue grew substantially faster than passenger traffic, rising 15.43% cumulatively.

This could reflect changes in passenger mix, fares, route demand and other revenue factors.

For SWR, the simultaneous growth in passenger and freight activity creates a broader improvement in railway-zone performance.

It also highlights the challenge of managing capacity between passenger services and freight movement on a network where both compete for infrastructure and operating resources.

What to watch in the second half of FY27

The key question is whether SWR can maintain freight growth through the second half of the financial year.

Iron ore and steel will remain important because they represent a large portion of total loading.

Coal will also be worth monitoring because its 11.4% first-half growth has outpaced total freight growth.

Container traffic is another strategic indicator. Continued double-digit growth could help diversify the freight portfolio.

Revenue growth will be equally important.

If freight revenue continues growing faster than tonnage, it could indicate a favourable commodity mix or stronger revenue realisation. If the relationship reverses, the zone could see volume growth without equivalent earnings growth.

The Bigger Picture

South Western Railway’s September performance shows continued momentum in India’s rail-based freight economy.

The zone moved a record 4.41 million tonnes of originating freight during the month, with steel and coal recording double-digit growth and smaller categories such as mineral oil and containers expanding even faster. Freight revenue rose 8.72%, outpacing the increase in tonnage.

The more significant signal is that the September result sits within a broader six-month improvement. SWR loaded 26.1 million tonnes between April and September, up 5.8%, while gross revenue increased 4.91% to ₹4,730 crore.

The composition of that growth will matter going forward. Iron ore remains dominant, but stronger steel, coal, container and mineral-oil volumes suggest that SWR’s freight business is not relying on a single commodity.

Looking Ahead

SWR’s next challenge is to sustain freight growth while expanding higher-value and diversified cargo streams. Container traffic, in particular, could become increasingly important if railways can improve terminal connectivity and compete effectively with road transportation.

The broader performance will also depend on industrial demand, commodity production, port activity and passenger traffic during the second half of FY27. For now, the combination of record September freight loading, higher freight revenue and stronger passenger earnings points to a healthy first-half performance for South Western Railway.

FAQs

How much freight did South Western Railway load in September 2026?

South Western Railway loaded 4.41 million tonnes of originating freight in September 2026, up 5.9% from 4.17 million tonnes in September 2025.

Which commodity contributed the most to SWR freight loading?

Iron ore was the largest contributor at 1.70 million tonnes in September. Pig iron and finished steel followed at 1.127 million tonnes, while coal accounted for 0.90 million tonnes.

How much did SWR freight revenue grow?

Freight revenue increased 8.72% year-on-year to ₹465 crore in September 2026.

How did SWR perform during April-September?

SWR loaded 26.1 million tonnes of originating freight during April-September, up 5.8%. Gross revenue increased 4.91% to ₹4,730 crore, while passenger traffic rose 4.78% to 9.2 crore.