BSE: 543621
Cargosol Logistics Limited
Operates as a logistics solutions provider in India's transport services sector, generating revenue entirely through services with no materials cost in the mix. The cost structure is dominated by other operating expenses at 89.2% of revenue, with employee costs at 6.2% and capex at just 0.2%, indicating an asset-light service model. FY26 revenue stood at Rs 13,200.24 lakhs, up 18.8% from Rs 11,113.69 lakhs in FY25, while profit after tax fell to Rs 12.39 lakhs from Rs 57.75 lakhs and operating cash flow was negative Rs 115.19 lakhs. The business is consolidated with one subsidiary and two associates (associates contributed a net loss of Rs 87.51 lakhs). The board approved raising up to USD 15 million through Foreign Currency Convertible Bonds (FCCBs), with stated uses including global expansion, overseas market entry, and international acquisitions or capex. Promoter and Managing Director Roshan Rohira held 36.79% of equity as of 10 July 2026 after a small open-market purchase. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Logistics solutions. Asset-light, services-driven logistics business with negligible materials cost and minimal capex.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 170 | 114 | 132 | 111 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 4.79 | (4.18) | 0.06 | 0.29 |
| ROE % · ROCE % | — · 15.7 | — · (8.2) | — · 10.4 | — · 11.7 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (1) | (0) | 5 | (1) |
| Capex | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 72 | 61 | 52 | 71 | 61 | 47 | 64 |
| Profit before tax | 3 | 1 | 0 | (6) | (1) | 2 | 0 | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.00 | 1.45 | 0.59 | (4.77) | (0.83) | 0.89 | 0.20 | 0.49 |
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 | 31,836 | 25.5 | 2.44 | 13.5 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,831 | 308.0 | 2.98 | 29.4 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,055 | 106.0 | 9.77 | 67.6 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,159 | 35.4 | 5.72 | 10.7 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,668 | 14.5 | 2.56 | 12.0 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,919 | 76.3 | 2.39 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,707 | 17.6 | 4.12 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,257 | 115.0 | 3.55 | 10.9 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.8 | 15.6 | 40 of 51 | 22% |
| ROCE | 2.6 | 7.7 | 43 of 55 | 22% |
| Revenue growth | 22.2 | 9.5 | 14 of 42 | 68% |
| Market cap | 25 | 121 | 47 of 56 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to consider September 2026 quarter and half-year results | results | low | — | — |
| 16 Oct 2026 · Cargosol Logistics: Independent Director Mr. Mohammed Saifi resigns | management changes | medium | — | — |
| 13 Oct 2026 · Cargosol Logistics sets up wholly owned UK subsidiary | strategic transactions | medium | — | — |
| 6 Oct 2026 · Routine compliance filing on dematerialization of shares for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Cargosol Logistics appoints Mrs. Charmi Monil Shah as Independent Director | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closure for H2FY26 unaudited results | compliance | minimal | — | — |
| 2 Sept 2026 · Newspaper publication of 16th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Cargosol Logistics fixes AGM on Sep 24; book closure Sep 18-24 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · FY2026 annual report flags strong order book and seeks higher funding limits | general | medium | — | — |
| 1 Sept 2026 · AGM notice for FY26 with resolutions to raise investment, borrowing and RPT limits | board shareholder meetings | low | — | — |
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.