NSE: MAHESHWARI
MAHESHWARI LOGISTICS LTD.
Operates across three lines of business — commodity trading, kraft paper manufacturing, and transportation & port services. Trading is the largest segment, contributing ₹682.81 crore (59.2% of segment revenue) in FY26, while the kraft paper manufacturing business brought in ₹338.40 crore (29.3%) and transportation & port services contributed ₹133.07 crore (11.5%). Total consolidated revenue for FY26 was ₹1,110.01 crore. Despite being smaller by revenue, the kraft paper manufacturing segment generated the highest segment EBIT at ₹36.30 crore, versus ₹20.00 crore from trading and ₹3.41 crore from transportation & port services. Materials are the largest input cost at 19.9% of revenue, with other operating expenses adding 11.3% and employee costs at just 2.0%. Depreciation is 1.6% of revenue and capex is 4.0%, reflecting a moderately asset-heavy operating profile. The company has a subsidiary, Vidhik Prints Private Limited, which recorded a qualified audit opinion on employee benefits compliance. Promoters collectively hold around 57% of the equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading Segment (59%), Manufacturing Kraft Paper (29%), Transportation & Port Service (12%). Diversified trading, manufacturing and logistics business with a moderate EBITDA margin (6.86% in FY26)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,035 | 1,149 | 1,048 | 973 | 1,110 |
| EBITDA (ex other income) | 52 | 50 | 54 | 69 | 70 |
| margin % | 5.0 | 4.4 | 5.2 | 7.0 | 6.3 |
| Owners' profit | 0 | 0 | 14 | 18 | 17 |
| EPS, as reported (₹) | 5.85 | 4.56 | 4.40 | 6.13 | 5.74 |
| ROE % · ROCE % | — · — | 8.1 · 15.3 | 7.6 · 16.1 | 9.2 · 18.3 | 7.8 · 21.2 |
| Debt / equity (x) | — | 1.15 | 1.37 | 1.33 | 1.26 |
| Cash from operations | 11 | 38 | 26 | 57 | 24 |
| Capex | (25) | (35) | (45) | (27) | (44) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 229 | 235 | 259 | 268 | 275 | 273 | 294 | 249 |
| Profit before tax | 6 | 6 | 10 | 6 | 6 | 6 | 6 | 5 |
| Net profit | 4 | 3 | 8 | 4 | 4 | 4 | 5 | 3 |
| EPS (₹) | 1.34 | 0.91 | 2.63 | 1.47 | 1.34 | 1.29 | 1.59 | 1.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading Segment | 683 | 59.2 |
| Transportation & Port Service | 133 | 11.5 |
| Manufacturing Kraft Paper | 338 | 29.3 |
| Total, before eliminations | 1,154 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.1 | 13.9 | 63 of 130 | 52% |
| P/B | 0.9 | 0.9 | 76 of 150 | 50% |
| ROCE | 8.5 | 2.1 | 39 of 177 | 78% |
| ROE | 7.8 | 2.3 | 41 of 158 | 75% |
| Debt / Equity | 1.3 | 0.1 | 133 of 154 | 14% |
| EBITDA margin | 7.1 | 4.5 | 55 of 137 | 60% |
| Revenue growth | (7.1) | (8.6) | 65 of 135 | 52% |
| Profit growth | (23.9) | 0.6 | 87 of 157 | 45% |
| Market cap | 207 | 21 | 22 of 179 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Maheshwari Logistics credit ratings reaffirmed by Infomerics | credit debt | medium | — | — |
| 8 Oct 2026 · Reg 74(5) Compliance: Regulation Not Applicable for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: all 4 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Re-appointment of Independent Director Mrs Punam Pushpkumar Dhoot for 2nd term | management changes | medium | — | — |
| 29 Sept 2026 · 20th AGM held; FY26 accounts adopted, directors re-appointed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper notice for 20th AGM and e-voting on Sep 29 | compliance | minimal | — | — |
| 2 Sept 2026 · AGM on Sept 29, 2026 - RPT approval of Rs 100 Cr, director re-appointments | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Rectified Newspaper Notice for 20th AGM Published | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper ads filed for 20th AGM on Sept 29; Gujarati version has errors | compliance | minimal | — | — |
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.