NSE: VRLLOG · BSE: 539118
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Goods transport (87%), Bus operations (discontinued) (12%), Sale of power (discontinued) (0%), Un-allocable revenue (1%). Asset-heavy surface logistics with an owned fleet and pan-India branch network
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,394 | 2,649 | 2,889 | 3,161 | 3,221 |
| EBITDA (ex other income) | 404 | 402 | 394 | 573 | 650 |
| margin % | 16.9 | 15.2 | 13.6 | 18.1 | 20.2 |
| Owners' profit | 160 | 323 | 89 | 183 | 237 |
| EPS, as reported (₹) | 18.12 | 36.58 | 10.16 | 20.91 | 13.54 |
| ROE % · ROCE % | 24.6 · 22.7 | 33.1 · 16.2 | 9.4 · 10.9 | 16.9 · 15.7 | 20.7 · 18.8 |
| Debt / equity (x) | 0.22 | 0.18 | 0.30 | 0.41 | 0.40 |
| Cash from operations | 371 | 318 | 424 | 558 | 654 |
| Capex | (193) | (412) | (285) | (449) | (299) |
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 | 799 | 825 | 809 | 744 | 797 | 827 | 853 | 879 |
| Profit before tax | 49 | 83 | 100 | 67 | 69 | 84 | 98 | 108 |
| Net profit | 36 | 59 | 74 | 50 | 50 | 65 | 72 | 81 |
| EPS (₹) | 4.09 | 6.79 | 8.49 | 5.72 | 2.85 | 3.70 | 4.12 | 4.60 |
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) | 17.6 | 15.6 | 28 of 51 | 46% |
| P/B | 4.1 | 1.6 | 36 of 40 | 10% |
| ROCE | 14.5 | 7.7 | 8 of 55 | 87% |
| ROE | 20.7 | 6.0 | 3 of 40 | 95% |
| Debt / Equity | 0.4 | 0.3 | 25 of 40 | 39% |
| EBITDA margin | 21.9 | 8.7 | 8 of 43 | 83% |
| Revenue growth | 18.1 | 9.5 | 17 of 42 | 61% |
| Profit growth | 60.9 | 22.5 | 10 of 35 | 74% |
| Market cap | 4707 | 121 | 7 of 56 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · VRL Logistics to discuss second-quarter and half-year results on November 5 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · VRL Logistics submits newspaper publication to NSE | compliance | minimal | — | — |
| 26 Oct 2026 · Buyback window opens for 875,000 VRL Logistics shares at Rs 320 | compliance | minimal | — | — |
| 24 Oct 2026 · Board meeting set for November 2, 2026 to approve quarterly results | results | low | — | — |
| 24 Oct 2026 · VRL Logistics issues letter of offer for Rs 320 per share buyback of 5% equity | corporate actions | high | — | — |
| 17 Oct 2026 · VRL Logistics revises buyback record date to October 22, 2026 | corporate actions | medium | — | — |
| 15 Oct 2026 · Buyback record date revised to October 22, 2026 | corporate actions | medium | — | — |
| 8 Oct 2026 · Non-Executive Director Ashok Shettar resigns citing professional commitments | management changes | medium | — | — |
| 8 Oct 2026 · VRL Logistics buyback of 87.5 lakh shares at Rs 320 approved by shareholders | corporate actions | high | — | — |
| 8 Oct 2026 · VRL Logistics announces Rs 280 crore share buyback at Rs 320 per share | corporate actions | high | — | — |
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.