BSE: 511185
RAJVI LOGITRADE LIMITED
Operates as a logistics solution provider based in Gandhidham, Gujarat, earning revenue primarily from transportation and logistics services. The business runs an asset-light fleet model: it does not own its commercial vehicles but leases them from related parties and other lessors — most recently 44 vehicles from Mr. Bhupendrasinh Dalpatsinh Rana at Rs. 15.4 lakh per month plus GST, and 3 vehicles from Rajvi Cargo Movers Pvt Ltd. The fleet is used to provide transport and allied services to customers, with related-party arrangements covering up to Rs. 20 crore per annum of fleet/equipment transfers and logistics services with RCC Limited. In March 2026 the company added a second line of business trading in metals and metal scrap, diversifying beyond pure logistics. Diesel, purchased from related party Rajvi Petroleum (capped at Rs. 9 crore for FY27), is the key input for running the fleet. For FY26, net sales from operations reached Rs. 9,568.75 lakhs, with profit after tax of Rs. 286.51 lakhs. Costs are dominated by other operating expenses (86.7% of revenue), which include vehicle lease rentals and fuel, while employee cost is just 3.4% and there is no material cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Logistics and transportation services, Trading of metals and metal scrap. Asset-light, services-led logistics provider that leases its fleet and earns thin margins (EBITDA margin ~6.2% in FY26).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 16 | 31 | 43 | 97 |
| EBITDA (ex other income) | 0 | 0 | 1 | 2 | 6 |
| margin % | 2.7 | 1.4 | 3.3 | 4.7 | 6.0 |
| Owners' profit | 0 | 0 | 1 | 1 | 3 |
| EPS, as reported (₹) | 2.62 | 1.79 | 7.69 | 10.94 | 7.16 |
| ROE % · ROCE % | (90.1) · (90.1) | (160.7) · (205.5) | 27.2 · 36.0 | 27.9 · 16.2 | 26.6 · 32.2 |
| Debt / equity (x) | (2.92) | (3.96) | 0.00 | 2.57 | 0.79 |
| Cash from operations | (0) | 0 | (2) | (7) | 8 |
| Capex | 0 | 0 | 0 | (3) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 21 | 22 | 17 | 26 | 31 | 22 | 23 |
| Profit before tax | 0 | 1 | 1 | 0 | 1 | 2 | 1 | 1 |
| Net profit | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| EPS (₹) | 3.32 | 4.79 | 4.82 | 0.79 | 2.51 | 3.60 | 0.73 | 0.85 |
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 | 33,496 | 27.4 | 2.48 | 16.9 | 4.6 | 5.6 | 7.2 | 23.1 |
| DELHIVERY LIMITED | 32,070 | 173.3 | 3.27 | 49.7 | 0.7 | 0.7 | — | 6.7 |
| SHADOWFAX TECHNOLOGIES L | 17,051 | 74.3 | 9.03 | 79.2 | 7.1 | 6.1 | — | 6.7 |
| BLUE DART EXPRESS LTD | 10,714 | 37.3 | 6.03 | 11.2 | 13.9 | 13.4 | 13.3 | 15.8 |
| TRANSPORT CORPN OF INDIA | 6,630 | 14.4 | 2.34 | 13.1 | 7.9 | 6.6 | 11.9 | 10.4 |
| VRL LOGISTICS LIMITED | 5,909 | 14.7 | 4.46 | — | — | — | — | 22.1 |
| TVS SUPPLY CHAIN SOL L | 5,173 | 80.3 | 2.51 | 7.3 | 5.7 | 4.8 | — | 6.7 |
| MAHINDRA LOGISTIC LIMITED | 4,180 | 55.6 | 3.39 | 10.9 | 4.6 | 4.5 | 16.5 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.8 | 15.5 | 15 of 51 | 72% |
| P/B | 4.0 | 1.4 | 36 of 41 | 13% |
| ROCE | 8.2 | 5.6 | 18 of 50 | 65% |
| ROE | 8.5 | 5.0 | 12 of 40 | 72% |
| Debt / Equity | 0.6 | 0.3 | 33 of 41 | 20% |
| EBITDA margin | 3.7 | 6.7 | 43 of 56 | 24% |
| Revenue growth | 33.6 | 12.6 | 14 of 43 | 69% |
| Profit growth | 306.6 | 78.2 | 5 of 36 | 89% |
| Market cap | 48 | 126 | 41 of 56 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · September quarter profit rises 17% to Rs 53.91 lakh | compliance | minimal | — | — |
| 5 Nov 2026 · Standalone Sep 2026 quarter revenue rises 35%, profit after tax jumps over fourfold | results | high | — | — |
| 5 Nov 2026 · Standalone Sep 2026 quarter: revenue Rs 2,278 lakh, up 35%; profit after tax Rs 54 lakh, up 307% | results | high | — | — |
| 28 Oct 2026 · Board meeting set for November 5 to approve September results | results | low | — | — |
| 27 Oct 2026 · Rajvi LogiTrade takes Rs 2.5 crore secured vehicle loan | credit debt | medium | — | — |
| 23 Oct 2026 · Corporate Identification Number changed after objectives amendment | compliance | minimal | — | — |
| 8 Oct 2026 · Compliance certificate for quarter ended 30 September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hrs after Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · MOA Objects Clause Altered to Add Salt and Petroleum Trading Businesses | general | medium | — | — |
| 17 Sept 2026 · All 5 resolutions passed at Rajvi Logitrade 39th AGM with near-unanimous support | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.