AVG LOGISTICS LIMITED

Provides integrated multi-modal logistics services that move goods by road and rail, run warehousing, cold chain and a new liquid logistics vertical for corporate clients across India. AVG Logistics's road fleet includes a cold chain business running 450 refrigerated vehicles out of 920 total, and it has begun rail-based liquid logistics with 180 ISO tank containers against a Vision 2030 target of ~1,800 tanks and 8–10 dedicated train rakes. Warehousing capacity is being expanded from 9 lakh sq ft to 15 lakh sq ft by FY27, and a 50:50 JV with Baidyanath Group called Carbonlite Logistics has been cleared to operate LNG-powered long-haul trucking. Customer wins include a 100-vehicle, 3-year (extendable to 5) dedicated supply contract with Haldiram across Maharashtra, Gujarat, Odisha, Chhattisgarh, Telangana, Andhra Pradesh and Karnataka; the first-in-India commercial deployment of 55-ton Tata Motors electric trucks at Tata Steel premises; a PepsiCo 3PL contract; a Maruti Suzuki rail partnership; Indian Railways contracts worth Rs 510 cr (including a 6-year PCET lease on the Agartala/Guwahati-Delhi/Ludhiana corridor); and a Nestle/Ashok Leyland green corridor programme. A 5-year liquor logistics contract signed in 2026 is expected to add roughly Rs 25 cr in FY27, scaling to ~Rs 100 cr from FY28, with management citing high regulatory entry barriers. The cost base is dominated by materials/freight at 71.3% of FY25 revenue, with employees at 4.2%, other opex at 7.2% and depreciation at 7.9%; capex was 6.9% of revenue in FY25 and ran at INR 60 cr+ in FY26 with INR 50 cr+ guided for FY27.