VRL LOGISTICS LIMITED

Operates a surface goods transport business in India using an owned fleet of about 6,000 vehicles running across 24 states and 4 union territories, served through a network of 1,293 branches. The vast majority of revenue comes from goods transport by road, which contributed 87.2% of segment revenue in the period disclosed, moving consignments for a customer base of over 10 lakh; textiles are the largest commodity vertical at 17-18% of tonnage and door-to-door deliveries account for 38-40% of volume. Bus operations and sale of power, which together made up about 12% of segment revenue, have been classified as discontinued and hived off to a promoter-owned entity. The cost base is dominated by other operating expenses (61.6% of revenue), primarily fuel, lorry hire and vehicle running costs, followed by employee costs at 18.2% and depreciation at 8.1%, with no material input costs. The business is asset-heavy: capex was 9.3% of revenue in FY26 (₹298 cr split between vehicles and land/buildings) and management has guided ₹300-350 cr for FY27, including 500 new vehicles and roughly 100 net new branches. EBITDA margin is held in the 20-21% band through selective route hikes, a fuel surcharge mechanism and exit from low-margin contracts.