NSE: AVG · BSE: 543910
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Multi-modal transport (road and rail), Cold chain logistics, Warehousing, Liquid logistics, Liquor logistics, 3PL and dedicated contracts. Asset-heavy multi-modal logistics with long-term dedicated contracts and a shift toward rail and green-fuel fleets
Exhibit 1: Financial summary, FY23–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 427 | 480 | 552 |
| EBITDA (ex other income) | 75 | 98 | 96 |
| margin % | 17.5 | 20.4 | 17.3 |
| Owners' profit | 8 | 0 | 21 |
| EPS, as reported (₹) | 7.09 | 26.66 | 15.01 |
| ROE % · ROCE % | 9.3 · 15.7 | 16.0 · 21.1 | 8.6 · 15.5 |
| Debt / equity (x) | 1.25 | 0.44 | 0.44 |
| Cash from operations | 39 | 1 | 37 |
| Capex | 0 | (51) | (38) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123 | 138 | 142 | 148 | 125 | 143 | 134 | 132 |
| Profit before tax | 7 | 7 | 8 | 8 | 7 | 7 | 7 | 9 |
| Net profit | 5 | 5 | 6 | 5 | 5 | 5 | 5 | 6 |
| EPS (₹) | 3.81 | 3.94 | 3.81 | 3.68 | 3.29 | 3.37 | 3.59 | 4.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 33,054 | 26.5 | 2.53 | 14.0 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 29,729 | 317.6 | 3.07 | 30.3 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 16,698 | 103.8 | 9.57 | 66.2 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,817 | 37.7 | 6.09 | 11.4 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,731 | 14.7 | 2.58 | 12.1 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 5,583 | 86.6 | 2.71 | 6.8 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,965 | 18.6 | 4.35 | — | 20.7 | 14.5 | — | 21.9 |
| Afcom Holdings Limited | 3,955 | 20.5 | 8.66 | — | 26.7 | 20.2 | — | 41.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.4 | 15.7 | 15 of 51 | 72% |
| P/B | 1.2 | 1.6 | 15 of 40 | 64% |
| ROCE | 3.3 | 7.7 | 40 of 55 | 28% |
| ROE | 3.9 | 6.0 | 24 of 40 | 41% |
| Debt / Equity | 0.6 | 0.3 | 32 of 40 | 21% |
| EBITDA margin | 15.9 | 8.7 | 15 of 43 | 67% |
| Revenue growth | (10.3) | 9.5 | 36 of 42 | 15% |
| Profit growth | 23.5 | 22.5 | 17 of 35 | 53% |
| Market cap | 305 | 114 | 23 of 56 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · AVG Logistics files quarterly demat compliance certificate | compliance | minimal | — | — |
| 28 Sept 2026 · AVG Logistics: All 8 resolutions passed at 17th AGM, Re 1.2 dividend approved | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 25 Sept 2026 · AVG Logistics AGM held; Rs.1.2 dividend and ESOP 2026 approved | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Revised Annual Report for FY 2025-26 submitted | general | medium | — | — |
| 2 Sept 2026 · Newspaper publication of 17th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · AVG Logistics FY26 Annual Report: Revenue Rs 582 Cr, PAT Rs 26 Cr | compliance | minimal | — | — |
| 1 Sept 2026 · AVG Logistics 17th AGM on Sep 25; final dividend Rs 1.20 and capital hike | board shareholder meetings | low | — | — |
| 1 Sept 2026 · AVG Logistics 17th AGM notice; dividend Re 1.20, ESOP 2026, capital hike | board shareholder meetings | low | — | — |
| 29 Aug 2026 · AVG Logistics Q1 FY27 call transcript: revenue up 6%, PAT up 30% | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.