### **Company Overview** Maheshwari Logistics Limited (MLL), incorporated in 2006 and headquartered in Vapi, Gujarat, is a diversified conglomerate operating across **logistics, non-coking coal & petcoke trading, kraft paper manufacturing, and paper trading**. Promoted by the Kabra & Maheshwari family, the company has evolved from a regional logistics player into an integrated industrial services provider with pan-India ambitions. MLL is listed on the **NSE Main Board**, having migrated from the NSE Emerge platform in 2019. The company is led by **Mr. Neeraj Maheshwari**, Chairman and Managing Director, supported by an experienced management team. --- ### **Business Segments & Operations** #### **1. Kraft Paper Manufacturing** - MLL operates a **45,000 sq. meter kraft paper manufacturing facility in Ambethi, Vapi, Gujarat**. - The plant has an annual production capacity of **100,000 metric tons**, ranking among India’s significant recycled paper producers. - Uses **100% recycled wastepaper** sourced through an **in-house supply chain** with collection centers in Gujarat and Maharashtra. - In FY24, the Paper segment contributed **26.92% of total revenue**. - Excess waste paper is sold to other manufacturers, creating a **dual revenue stream**. - Key applications: packaging for e-commerce, F&B, pharmaceuticals, and industrial bundling. **Recent Developments (2025):** - Commissioned a **plastic boiler** that converts laminated film waste into steam for manufacturing, reducing fuel costs and eliminating waste disposal expenses. - Plans underway to expand into **value-added paper varieties**, enhancing profitability and product differentiation. #### **2. Coal & Petcoke Trading** - A dominant segment, accounting for **60.20% of FY24 revenue**. - Operates a **coal screening and grading plant in Vapi**, customizing coal as per customer specifications. - Imports coal through western Indian ports; sources petcoke domestically from Reliance and Essar. - Authorized dealer for **Nayara Energy (petcoke)**. - Supplies coal, lignite, and petcoke to industries including cement, steel, paper, chemicals, and fertilizers. - Serves SME/MSME sectors by offering cost-effective, doorstep delivery with end-to-end logistics support. **Volume & Market Position:** - Supplied over **5.15 lakh tons of coal & petcoke in 2021**, with consistent growth post-pandemic. - Viewed as a resilient and high-margin business due to sustained industrial energy demand. #### **3. Logistics & Transportation** - Core service offering across **full truckload (FTL) transport** for bulk cargo. - Revenue contribution: **12.88% in FY24**. - Operates in Gujarat, Rajasthan, Maharashtra, Karnataka, Kerala, and parts of Uttar Pradesh. - Serves marquee clients including **Ultratech Cement, ACC, Ambuja Cement, Essar Steel, Ghadi Detergent, and Gayatrishakti Paper**. - Fleet consists of **89 owned vehicles (as of Mar 2024)** with access to over **10,000 outsourced vehicles**, making MLL one of the **largest fleet aggregators in Western India**. - Follows an **asset-light model**, minimizing capex and enhancing scalability. **Logistics Network:** - **10–12 operational offices** across Gujarat and Rajasthan. - Offers tech-enabled services with GPS tracking, fleet management systems, and digital dispatch for improved efficiency. **Expansion:** - Strategic entry into **steel and textiles logistics** (planned 2022–2025). - Geographic outreach expansion planned to capture higher market share. #### **4. Strategic Diversifications & New Ventures** - **Automotive OEM Partnerships:** - Appointed **authorized dealer for Mahindra & Mahindra’s Truck & Bus Division** in South Gujarat (since 2023). - Recognized as **‘Best Debutant Dealer’** in FY23 and received **"Highest HCV Sales in 1500–3000 TIV" award in 2025**. - Also holds franchise for **Apollo Tyres** in Southern Gujarat, distributing tyres, tubes, and flaps. - Established **M&M service centers in Mora (Surat) and Chikhli (Navsari)** with plans for a multi-location service chain. - **Investment in Packaging:** - Increased stake in **Vidhik Prints Private Limited**, a mono-carton manufacturer. - Fully integrated; enables synergies across packaging value chain and vertical integration for kraft paper sales. - Strengthens foothold in growing packaging market driven by e-commerce. --- ### **Operational Strengths** | **Factor** | **Details** | |----------|-----------| | **Integrated Model** | End-to-end services from raw material sourcing (waste paper) to manufacturing, logistics, and distribution. | | **Asset-Light Logistics** | Utilizes third-party fleet (~10,000+ vehicles), reducing fixed costs and enabling flexible scaling. | | **In-House Energy & Cost Efficiency** | Owns a **4.5 MW captive power plant** and **plastic boiler**, cutting energy and fuel expenses. | | **Sustainability Focus** | 100% recycled paper production, reduced carbon footprint, and waste-to-energy initiatives enhance ESG credentials. | | **Digitalization** | Invests in GPS, telemetry, and fleet management tools to improve fleet utilization and delivery reliability. | | **Client Relationships** | Long-term contracts with major industrial clients ensure stable cash flows and collaborative growth. | --- ### **Financial & Operational Highlights** - **Revenue (FY23):** Crossed **₹1,000 crore** with healthy operating cash flows despite macro challenges. - **Segment Revenue (FY24):** - Coal & Trading: 60.20% - Paper: 26.92% - Logistics: 12.88% - **Kraft Paper Production (FY24):** 90,800 MT, nearly at full capacity. - **Working Capital Dependency:** High utilization (~90%) of cash credit limits, indicating strong reliance on bank financing for day-to-day operations. - **Capital Employed (Mar 2022):** ₹2,543 crore - **Fixed Assets (Mar 2022):** ₹1,224 crore --- ### **Recognitions & Awards (2025)** - **"Strong Commitment to Transport Safety"** – Awarded by **Grasim Industries** at Transport Meet 2025. - **"Highest HCV Sales in 1500–3000 TIV Category"** – Awarded by **Mahindra Truck & Bus Division**. - **"Best Debutant Dealer"** – Mahindra & Mahindra (FY23), reaffirmed by continued performance in 2025. --- ### **Growth Drivers** 1. **Infrastructure & Industrial Expansion:** Rising demand for coal, petcoke, and bulk logistics across western India. 2. **E-commerce Boom:** Fuels demand for kraft paper and corrugated packaging. 3. **Government Sustainability Push:** Favors recycled paper and cleaner fuels. 4. **Digital Supply Chains:** MLL’s investments in tracking and fleet optimization enhance competitiveness. 5. **Vertical Integration:** Control over waste paper supply, manufacturing, and distribution strengthens margins. 6. **OEM Partnerships:** Expansion into vehicle sales and after-sales services offers new revenue streams.