BSE: 526622
MFL INDIA LTD.
Provides transport and logistics services, classified by the exchange as a Logistics Solution Provider in the Services macro-sector. All FY26 revenue of Rs 66.03 crore comes from a single Transport Segment, with quarterly transport revenue rising from Rs 14.00 crore in Q1 FY26 to Rs 17.83 crore in Q3 FY26. The cost base is overwhelmingly dominated by other operating expenses at 98.0% of revenue, with employee cost at 1.7% and depreciation at 3.3%; capex for FY26 was Rs 4.01 crore. The company runs related-party transactions with Shri Krishan Aggregates and Artha Logistics, and has borrowings of about Rs 2,724 lakh including loans of Rs 2,300 lakh from managing director Anil Thukral. The balance sheet carries negative retained earnings and a negative debt-to-equity ratio of -20.07, with negative operating cash flow of Rs 290.11 lakh in H1 FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Transport Services (100%). Small, single-segment transport and logistics services company with negative net worth and related-party dependence
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16,49,009 | 2,51,234 | 14 | 52 | 66 |
| EBITDA (ex other income) | 2,99,688 | — | 0 | 1 | 0 |
| margin % | 18.2 | — | 0.6 | 2.5 | 0.3 |
| Owners' profit | 3,09,993 | — | 0 | (1) | 2 |
| EPS, as reported (₹) | 0.09 | 0.00 | 0.00 | 0.02 | 0.04 |
| ROE % · ROCE % | (241.9) · 43.4 | — · 355.8 | 0.8 · 0.0 | 29.8 · 1.2 | (131.1) · (8.2) |
| Debt / equity (x) | (5.85) | — | 29.70 | (6.33) | (20.07) |
| Cash from operations | 31,800 | 5,98,344 | (6) | 1 | (1) |
| Capex | 0 | — | (8) | (6) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 13 | 13 | 15 | 14 | 16 | 18 | 18 |
| Profit before tax | (0) | (0) | 0 | 1 | (3) | 1 | 0 | (0) |
| Net profit | (0) | (0) | 0 | (0) | (3) | 4 | 1 | (0) |
| EPS (₹) | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.11 | 0.02 | (0.01) |
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) | 3.3 | 15.6 | 3 of 51 | 96% |
| ROCE | (8.2) | 7.7 | 54 of 55 | 2% |
| EBITDA margin | 3.2 | 8.7 | 40 of 43 | 7% |
| Revenue growth | 19.0 | 9.5 | 15 of 42 | 66% |
| Profit growth | 13.7 | 22.5 | 20 of 35 | 44% |
| Market cap | 14 | 121 | 51 of 56 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · MFL India files Reg 74(5) certificate for September 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · MFL India appoints Secretarial Auditor for 5-year term | management changes | medium | — | — |
| 29 Sept 2026 · MFL India 43rd AGM: All 5 resolutions passed by shareholders | compliance | minimal | — | — |
| 29 Sept 2026 · 43rd AGM held on Sep 29, 2026; five resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · MFL India 43rd AGM held on Sep 29, 2026; all 5 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · MFL India submits newspaper clippings of 43rd AGM notice | compliance | minimal | — | — |
| 3 Sept 2026 · 43rd AGM notice on Sept 29, 2026; RPT approvals and capital reduction update | board shareholder meetings | low | — | — |
| 3 Sept 2026 · MFL India files FY25-26 Annual Report and 43rd AGM Notice | compliance | low | — | — |
| 1 Sept 2026 · MFL India board approves Director's Report, auditor changes, 43rd AGM on Sep 29 | 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.