VRL Logistics Q2 FY27 results: net profit ₹183.49 crore vs ₹49.89 crore, revenue up 131.0%

How did VRL Logistics perform in Q2 FY27?

VRL Logistics reported standalone revenue of ₹1,841 crore for Q2 FY27, against ₹796.96 crore in Q2 FY26 and ₹878.84 crore in Q1 FY27. The corresponding increases were 131.0% year on year and 109.5% from the previous quarter. EBITDA was ₹407.53 crore, compared with ₹151.15 crore a year earlier and ₹186.58 crore in Q1 FY27, while the margin rose to 22.1% from 19.0% and 21.2%, respectively.

Profit before tax was ₹245.35 crore, against ₹69.12 crore in Q2 FY26 and ₹107.52 crore in Q1 FY27. After tax of ₹61.86 crore, net profit was ₹183.49 crore, compared with ₹49.89 crore a year earlier and ₹80.53 crore in the previous quarter. Basic EPS was ₹10.49, against ₹2.85 and ₹4.6, respectively; no exceptional item was reported. The earnings presentation also gave a revenue-from-operations figure for Q2 FY27, but this article uses the standalone result set supplied for the quarter.

What changed in VRL Logistics' costs and profit?

Total expenses were ₹1,606.07 crore, up ₹871.26 crore from ₹734.81 crore in Q2 FY26. Employee cost increased ₹165.82 crore to ₹312.91 crore, finance costs rose ₹22.39 crore to ₹46.63 crore, depreciation increased ₹61.45 crore to ₹126.21 crore, and other expenses climbed ₹621.60 crore to ₹1,120 crore. Other income rose ₹3.69 crore to ₹10.66 crore, while tax increased ₹42.63 crore to ₹61.86 crore; there was no exceptional item.

The earnings presentation attributed higher volumes and freight rates to the increase in margins. It stated that fuel-price escalation and the rationalisation of freight contracts led to freight-rate increases, while higher volumes and freight rates raised EBITDA. Employee cost as a percentage of revenue fell because of higher volumes and freight rates, and finance costs declined as a share of revenue because interest on lease liability was lower.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹2,961.29 crore, compared with ₹2,605.14 crore at 31 March 2026, and total equity was ₹1,324.01 crore against ₹1,142.44 crore. Borrowings increased to ₹630.1 crore from ₹455.69 crore, while cash and cash equivalents fell to ₹11.97 crore from ₹15.48 crore. Inventories were ₹41.97 crore, trade receivables ₹101.61 crore and trade payables ₹29.95 crore.

H1 FY27 operating cash flow was ₹362.49 crore, compared with ₹334.21 crore in H1 FY26. Investing cash flow was negative ₹440.5 crore against negative ₹43.06 crore, financing cash flow was ₹74.5 crore against negative ₹284.54 crore, and capital expenditure was ₹165.32 crore against ₹43.73 crore.

How has VRL Logistics done over the last 8 quarters?

Revenue rose year on year in each of the last four quarters. In the supplied quarterly trend, revenue reached ₹1,840.76 crore in Q2 FY27, compared with its earlier low of ₹744.34 crore in Q1 FY26. Profit was also at its highest point in the series, at ₹183.49 crore, versus ₹49.89 crore in Q2 FY26.

The EBITDA margin reached 22.1% in Q2 FY27, compared with its earlier low of 19.0% in Q2 FY26. The margin rose from 21.2% in Q1 FY27, while profit increased from ₹80.53 crore. The supplied series shows revenue and profit moving higher in the latest quarter after dipping earlier in FY26.

What else did the company announce?

The board approved the reviewed, unaudited financial results for the quarter and half-year ended 30 September 2026 on 2 November 2026. It also recommended the shareholders’ appointment of Chandrashekhar Joshi as a Non-Executive Director, subject to approval by postal ballot, and approved the notice for that ballot.

The same-day earnings presentation stated that the equity buyback had a total size of ₹280 crore at ₹320 per equity share, with the record date listed as 22 October 2026. Management later said the ₹280 crore buyback tender had closed and that bid settlement was scheduled for 9 November 2026.

What did VRL Logistics' management say?

Management said H2 FY27 tonnage growth was expected at 9–10%, compared with approximately 8% expected at the start of FY27. The CFO, Sunil Narawade, said the company had recorded around 9.5% tonnage growth in the first half and expected similar growth in the second half. Management also said 9–10% volume growth was achievable over the medium term.

Management identified fuel-price volatility, toll and employee-cost inflation, and competitive pricing as risks. It noted that contractual escalation passes fuel-cost changes through freight rates, but lower fuel prices can also reduce realisation. The company also said it expected ROE and ROCE of at least approximately 30% this year.

How did VRL Logistics shares react?

The filing was released after market hours. VRL Logistics rose 7.3% after five minutes, 9.1% after 15 minutes and 6.0% after 30 minutes from the price when the filing appeared. By the reaction day’s close, the stock was up 6.2% from its pre-results close of ₹279.05.

By the next day’s close, the stock was up 21.4% from the same pre-results close. The Logistics Solution Provider industry’s median move was 0.1% on the reaction day and 1.1% by the next day, while the Nifty Microcap 250 moved 0.3% and 2.4%, respectively. VRL Logistics exceeded the industry median by 6.0 percentage points on the reaction day and 20.3 percentage points by the next day’s close.

Earlier reaction-day moves were mixed: 3.7% on 4 August 2026, negative 1.3% on 18 May 2026, negative 1.7% on 5 February 2026, 0.4% on 3 November 2025, negative 6.8% on 6 August 2025, 4.5% on 21 May 2025, 10.4% on 5 February 2025 and negative 3.9% on 13 November 2024.

How did other Logistics Solution Provider companies do?

Twenty-four other Logistics Solution Provider companies had filed for the quarter as of 6 November 2026. Their median revenue growth was 13.9%, and all 24 grew more slowly than VRL Logistics; none grew faster. Of the 21 peers for which profit was compared, 16 reported higher profit.