NSE: RITCO · BSE: 542383
RITCO LOGISTICS LIMITED
Provides B2B road-logistics and supply-chain services under 1–3 year contracts for petrochemical, industrial and infrastructure clients including Reliance, ONGC, GAIL, MRPL, Indian Oil, HPCL, OPAL, MEIL, RINL, Pidilite, BHEL and Mitsubishi. Runs an asset-light model: only about 300–350 trucks are owned (kept for tender eligibility), with around 30,000 vendor trucks handling most movements. The largest vertical is petrochemical logistics, which management says contributes 42–44% of revenue and in which it claims the leading share of India's market; other work spans infrastructure (steel, cement, solar, fly ash), 10 leased warehouses for Reliance, MRPL, Indian Oil and Mitsubishi, and an emerging multimodal road-rail line management targets at 30% of volume within three years. A digital arm called TrucksUp runs an aggregator platform with 3,68,000 trucks, 3 lakh+ app downloads and 30,000+ business associates, monetising through FASTag (over Rs 80 crore in GMV by June 2026, with 10% month-on-month growth), fuel-card tie-ups with HPCL and IOCL, insurance, financing referrals and a used-truck marketplace (TrucksHub). TrucksUp posted Rs 1.75 crore of revenue in Q1 FY26 with an Rs 15 crore FY26 target, while consolidated FY26 revenue was Rs 1,499 crore. The dominant cost line is freight paid to truck operators, booked as materials at 88.5% of revenue; employee cost is 3.2% and FY26 EBITDA margin was 6.98%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Petrochemical logistics, Infrastructure and industrial logistics, Warehousing and 3PL, TrucksUp digital platform, Multimodal (road-rail). Asset-light, B2B road logistics with growing digital aggregator and multimodal ambitions.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 751 | 933 | 1,190 | 1,499 |
| EBITDA (ex other income) | 52 | 75 | 90 | 98 |
| margin % | 7.0 | 8.0 | 7.5 | 6.6 |
| Owners' profit | 24 | 33 | 42 | 36 |
| EPS, as reported (₹) | 9.94 | 13.34 | 14.99 | 12.59 |
| ROE % · ROCE % | 16.4 · 29.7 | 17.8 · 28.2 | 12.7 · 19.2 | 8.9 · 15.7 |
| Debt / equity (x) | 1.39 | 1.41 | 0.98 | 1.31 |
| Cash from operations | 10 | 15 | (16) | (33) |
| Capex | (21) | (39) | (99) | (91) |
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 | 279 | 313 | 345 | 354 | 360 | 393 | 392 | 365 |
| Profit before tax | 14 | 15 | 16 | 13 | 14 | 15 | 6 | 7 |
| Net profit | 10 | 10 | 11 | 9 | 9 | 10 | 4 | 3 |
| EPS (₹) | 3.99 | 3.81 | 4.24 | 3.13 | 3.26 | 3.37 | 1.96 | 1.92 |
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) | 25.8 | 15.7 | 36 of 51 | 30% |
| P/B | 2.2 | 1.6 | 27 of 40 | 33% |
| ROCE | 10.1 | 7.7 | 22 of 55 | 61% |
| ROE | 8.9 | 6.0 | 15 of 40 | 64% |
| Debt / Equity | 1.3 | 0.3 | 39 of 40 | 3% |
| EBITDA margin | 6.5 | 8.7 | 30 of 43 | 31% |
| Revenue growth | 3.0 | 9.5 | 28 of 42 | 34% |
| Profit growth | (61.2) | 22.5 | 32 of 35 | 9% |
| Market cap | 777 | 114 | 17 of 56 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 2 Oct 2026 · 25th AGM results: All 3 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 2 Oct 2026 · AGM 2026 results: All 3 resolutions passed with 100% approval | compliance | minimal | — | — |
| 1 Oct 2026 · 25th AGM held; 3 resolutions including director appointment | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure from 1 October 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Ritco Logistics bags orders worth Rs 388 cr in Aug, led by Rs 334 cr HRRL contract | business updates | medium | — | — |
| 4 Sept 2026 · Newspaper Advertisement Published for 25th AGM | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY 2025-26 with revenue up 24.88% | results | high | — | — |
| 3 Sept 2026 · 25th AGM on 30 Sep 2026 via VC; book closure 24 to 30 Sep | compliance | minimal | — | — |
| 3 Sept 2026 · Ritco Logistics 25th AGM notice on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Record date for 25th AGM voting set as 23 Sep 2026 | corporate actions | 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.