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Maheshwari Logistics Ltd

MAHESHWARI

NSE

₹69.65-2.90%19 Oct 2026

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Trading

Maheshwari Logistics Ltd

MAHESHWARI

NSE

₹69.65

-2.90%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Maheshwari Logistics Ltd is fundamentally a diversified industrial-services house built on the back of a four-decade family logistics legacy, now spanning manufacturing, trading, and transport. It began in 2008 with ten trucks, pivoted into kraft paper manufacturing in 2015 by taking over an existing unit in Vapi, and has since expanded into coal trading, commercial vehicle retail, and downstream packaging - each step adding a new layer on top of the last. The recurring approach is to take a position in a fragmented, working-capital-heavy market - paper, coal, or freight - and build an edge through in-house logistics, backward integration, or dealership exclusivity, so that one part of the business feeds the next.

Business segments

Four engines at different stages - a coal-and-petcoke trading cash cow, a recycled kraft-paper manufacturing profit engine, a logistics network that moves everything, and a young vehicle-and-tyre retail franchise - each built on the cash flows or capabilities of the one before.

1. Coal and pet-coke trading: the group’s largest revenue spinner

The company buys imported coal and domestic pet coke in bulk, screens it to customer specifications, and delivers it to factory gates - earning a margin on the spread while its own logistics arm does the heavy lifting.

Authorised-dealer advantage - MLL is an authorised dealer of Nayara Energy for pet coke and a preferred vendor for Reliance and Essar output, which gives it assured supply of a cost-effective coal substitute that cement and lime producers rely on.
Screening plant adds value - a dedicated coal screening plant in Vapi sorts imported and indigenous coal by grade and size, so small industrial buyers who lack their own processing capability get ready-to-use fuel delivered to their doorstep.
Logistics is the moat - because the company’s own transport fleet handles deliveries, it can offer timely, cost-advantaged supply that pure traders struggle to match, particularly to customers in paper, cement, chemicals, and textiles across Western India.
Scale with a caveat - installed trading capacity stood at roughly 632,000 metric tonnes in FY25, and the segment contributed about 58% of total revenue, but the business is working-capital intensive with bank borrowings running near 90% utilisation, making it sensitive to commodity-price swings and import-policy shifts.

2. Kraft paper manufacturing: the principal profit engine

The company turns 100% waste paper into recycled kraft paper at a single 45,000-square-metre plant in Vapi - a business that carries better margins than trading and feeds the corrugated-box industry.

Waste-to-value in-house - an internal team handles collection, segregation, and recycling of waste paper, which is mostly imported because India’s domestic recovery rate is only about 27% of consumption.
Scale and certification - the plant’s installed capacity reached roughly 94,000 metric tonnes in FY25, and it holds FSC chain-of-custody certification, signalling to buyers that the paper comes from responsibly managed recycling streams.
Cost-saving energy loop - a plastic boiler commissioned at the unit burns laminated films from cardboard waste, eliminating disposal costs and producing steam for the paper-making process, which cuts both fuel expense and production cost.
Fragmented market, rising imports - the Indian kraft paper market was about 11 million tonnes in 2024, but low entry barriers and a 68% surge in ASEAN imports over two years have squeezed pricing power for domestic mills.

3. Logistics and transportation: the backbone that moves everything

An asset-light surface-transport network that hauls bulk cargo for over 100 clients - including its own trading and manufacturing divisions - using a small owned fleet amplified by thousands of affiliated third-party trucks.

Aggregator model, not just a fleet - with 89 owned vehicles in FY24 and affiliations with more than 10,000 third-party vehicles, the company can scale capacity up or down without heavy capital expenditure, which is how it serves marquee cement and steel clients across Gujarat, Rajasthan, and beyond.
Cement corridor specialist - MLL is among the largest logistics providers to cement manufacturers in Gujarat and Rajasthan, moving imported coal from ports to plants for names like Ultratech, ACC, Ambuja, and JK Cement.
Dual-purpose network - the same fleet that earns third-party revenue also moves the company’s own kraft paper and traded coal, so utilisation stays high and the logistics arm becomes a shared cost advantage for the group’s other engines.
Western India footprint - six operational offices in Gujarat and Rajasthan anchor a network that handled roughly 1.14 million metric tonnes of installed capacity in FY25, operating in a road-transport market that carries about 60-66% of India’s cargo.

4. Commercial vehicle and tyre dealership: the young retail franchise

An authorised dealership for Mahindra & Mahindra trucks and buses, plus Apollo Tyres, covering South Gujarat - a new line that earns retail and service income and plugs into the group’s existing transport relationships.

Factory-backed territory - MLL was appointed by Mahindra’s Truck and Bus Division in January 2023 and by Apollo Tyres in April 2024 as an authorised dealer for sales and services in the South Gujarat region.
Early traction - in its debut year, the dealership won Mahindra’s Best Debutant Dealer award and the Highest HCV Sales award in its category, and it has already opened service stations at Mora near Hazira and at Chikhli.
Natural adjacency - the group’s decades of fleet-ownership experience and its network of third-party truckers create a ready customer base for commercial-vehicle sales and tyre replacements, making the dealership more than a standalone bet.

Group structure and partners

The parent company sits above two subsidiaries - one making mono cartons, the other running vehicle service centres - while key dealership agreements with Mahindra, Apollo, and Nayara Energy lock in territorial exclusivity.

Vidhik Prints Private Limited - incorporated in September 2022, this subsidiary manufactures mono cartons, extending the group downstream from kraft paper into finished packaging; MLL initially took a 51% stake and has since increased its holding.
Maheshwari Motor Service Private Limited - a wholly-owned subsidiary incorporated in January 2023 to handle automobile and commercial-vehicle repair, maintenance, and service-station operations, supporting the Mahindra and Apollo dealerships.
Promoter and audit structure - the group is promoted by the Maheshwari and Kabra families, with Varun Krishnavtar Kabra, Mukta Maheshwari, and Vinay Premnarayan Maheshwari as named promoters; both subsidiaries are audited by Mukesh Kumar Jain & Co. and are fully consolidated.

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

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Quarterly Results

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Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹207Cr

Close Price

₹70.10

Industry

Trading

Price To Earnings

13.15

Price To Sales

0.19

Revenue

₹1,091Cr

Rev Gr TTM

Revenue Growth TTM

10.05%

PAT Gr TTM

PAT Growth TTM

-16.09%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	240	277	261	250	229	235	259	268	275	273	294	249
Growth YoY Revenue Growth YoY%	-13.8	-10.3	-5.8	-7.8	-4.5	-14.9	-0.6	7.3	20.3	15.9	13.5	-7.1
Expenses ExpensesCr	225	264	247	236	213	216	240	250	259	255	276	232
Operating Profit Operating ProfitCr	14	13	13	14	16	20	19	18	17	18	18	17
OPM OPM%	6.0	4.7	5.1	5.8	6.9	8.3	7.3	6.6	6.0	6.5	6.2	6.7
Other Income Other IncomeCr	1	2	1	1	2	0	3	1	2	1	1	1
Interest Expense Interest ExpenseCr	6	7	8	8	8	9	8	9	9	8	9	8
Depreciation DepreciationCr	3	3	3	4	4	4	4	4	5	5	4	4
PBT PBTCr	6	5	3	4	6	6	10	6	6	6	6	5
Tax TaxCr	2	2	-1	0	2	3	1	2	2	2	0	2
PAT PATCr	4	3	3	4	4	3	8	4	4	4	5	3
Growth YoY PAT Growth YoY%	-8.0	15.2	-5.8	14.9	-6.2	-16.1	152.2	19.9	0.3	34.9	-36.0	-24.0
NPM NPM%	1.8	1.1	1.3	1.4	1.7	1.1	3.2	1.6	1.4	1.3	1.8	1.3
EPS EPS₹	1.3	1.2	1.1	1.3	1.3	0.9	2.6	1.5	1.3	1.3	1.6	1.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	240	277	261	250	229	235	259	268	275	273	294	249
Growth YoY Revenue Growth YoY%	-13.8	-10.3	-5.8	-7.8	-4.5	-14.9	-0.6	7.3	20.3	15.9	13.5	-7.1
Expenses ExpensesCr	225	264	247	236	213	216	240	250	259	255	276	232
Operating Profit Operating ProfitCr	14	13	13	14	16	20	19	18	17	18	18	17
OPM OPM%	6.0	4.7	5.1	5.8	6.9	8.3	7.3	6.6	6.0	6.5	6.2	6.7
Other Income Other IncomeCr	1	2	1	1	2	0	3	1	2	1	1	1
Interest Expense Interest ExpenseCr	6	7	8	8	8	9	8	9	9	8	9	8
Depreciation DepreciationCr	3	3	3	4	4	4	4	4	5	5	4	4
PBT PBTCr	6	5	3	4	6	6	10	6	6	6	6	5
Tax TaxCr	2	2	-1	0	2	3	1	2	2	2	0	2
PAT PATCr	4	3	3	4	4	3	8	4	4	4	5	3
Growth YoY PAT Growth YoY%	-8.0	15.2	-5.8	14.9	-6.2	-16.1	152.2	19.9	0.3	34.9	-36.0	-24.0
NPM NPM%	1.8	1.1	1.3	1.4	1.7	1.1	3.2	1.6	1.4	1.3	1.8	1.3
EPS EPS₹	1.3	1.2	1.1	1.3	1.3	0.9	2.6	1.5	1.3	1.3	1.6	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	870	1,037	760	676	1,035	1,149	1,048	973	1,110	1,091
Growth Revenue Growth%		19.2	-26.7	-11.0	53.0	11.0	-8.8	-7.1	14.1	10.1
Expenses ExpensesCr	835	991	709	633	983	1,099	994	905	1,040	1,022
Operating Profit Operating ProfitCr	35	46	51	43	52	50	54	69	70	69
OPM OPM%	4.0	4.5	6.7	6.4	5.0	4.4	5.2	7.0	6.3	6.3
Other Income Other IncomeCr	3	3	2	2	3	2	4	5	6	6
Interest Expense Interest ExpenseCr	13	18	21	19	19	22	28	32	35	35
Depreciation DepreciationCr	7	8	12	13	12	12	12	16	17	18
PBT PBTCr	18	23	20	13	24	18	18	25	24	22
Tax TaxCr	6	8	5	4	7	5	4	7	7	6
PAT PATCr	12	15	15	9	17	13	14	18	17	16
Growth PAT Growth%		29.4	-2.5	-36.8	84.7	-21.4	2.0	34.0	-7.2	-16.1
NPM NPM%	1.3	1.4	1.9	1.4	1.7	1.2	1.3	1.9	1.5	1.5
EPS EPS₹	7.9	5.0	5.0	3.1	5.8	4.6	4.5	6.1	5.7	5.3

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	870	1,037	760	676	1,035	1,149	1,048	973	1,110	1,091
Growth Revenue Growth%		19.2	-26.7	-11.0	53.0	11.0	-8.8	-7.1	14.1	10.1
Expenses ExpensesCr	835	991	709	633	983	1,099	994	905	1,040	1,022
Operating Profit Operating ProfitCr	35	46	51	43	52	50	54	69	70	69
OPM OPM%	4.0	4.5	6.7	6.4	5.0	4.4	5.2	7.0	6.3	6.3
Other Income Other IncomeCr	3	3	2	2	3	2	4	5	6	6
Interest Expense Interest ExpenseCr	13	18	21	19	19	22	28	32	35	35
Depreciation DepreciationCr	7	8	12	13	12	12	12	16	17	18
PBT PBTCr	18	23	20	13	24	18	18	25	24	22
Tax TaxCr	6	8	5	4	7	5	4	7	7	6
PAT PATCr	12	15	15	9	17	13	14	18	17	16
Growth PAT Growth%		29.4	-2.5	-36.8	84.7	-21.4	2.0	34.0	-7.2	-16.1
NPM NPM%	1.3	1.4	1.9	1.4	1.7	1.2	1.3	1.9	1.5	1.5
EPS EPS₹	7.9	5.0	5.0	3.1	5.8	4.6	4.5	6.1	5.7	5.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	30	30	30	30	30	30
Reserves ReservesCr	88	102	115	109	125	137	151	169	186
Current Liabilities Current LiabilitiesCr	168	179	147	139	175	212	259	330	371
Non Current Liabilities Non Current LiabilitiesCr	69	77	84	90	99	100	107	83	59
Total Liabilities Total LiabilitiesCr	340	373	361	368	429	479	547	613	648
Current Assets Current AssetsCr	257	216	223	243	278	312	346	398	444
Non Current Assets Non Current AssetsCr	83	157	139	125	151	167	201	215	205
Total Assets Total AssetsCr	340	373	361	368	429	479	547	613	648

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	30	30	30	30	30	30
Reserves ReservesCr	88	102	115	109	125	137	151	169	186
Current Liabilities Current LiabilitiesCr	168	179	147	139	175	212	259	330	371
Non Current Liabilities Non Current LiabilitiesCr	69	77	84	90	99	100	107	83	59
Total Liabilities Total LiabilitiesCr	340	373	361	368	429	479	547	613	648
Current Assets Current AssetsCr	257	216	223	243	278	312	346	398	444
Non Current Assets Non Current AssetsCr	83	157	139	125	151	167	201	215	205
Total Assets Total AssetsCr	340	373	361	368	429	479	547	613	648

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	63	31	47	11	38	6	57	24
Investing Cash Flow Investing Cash FlowCr	-49	-20	-6	-37	-31	-43	-26	-10
Financing Cash Flow Financing Cash FlowCr	-10	-13	-28	15	-7	23	-11	-28
Net Cash Flow Net Cash FlowCr	3	-2	13	-11	0	-14	21	-15
Free Cash Flow Free Cash FlowCr	14	12	44	-2	43	6	57	27
CFO To PAT CFO To PAT%	416.8	213.2	509.4	63.0	283.9	41.4	310.6	138.2
CFO To EBITDA CFO To EBITDA%	136.0	61.2	109.4	20.8	76.4	10.5	83.4	33.5

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	63	31	47	11	38	6	57	24
Investing Cash Flow Investing Cash FlowCr	-49	-20	-6	-37	-31	-43	-26	-10
Financing Cash Flow Financing Cash FlowCr	-10	-13	-28	15	-7	23	-11	-28
Net Cash Flow Net Cash FlowCr	3	-2	13	-11	0	-14	21	-15
Free Cash Flow Free Cash FlowCr	14	12	44	-2	43	6	57	27
CFO To PAT CFO To PAT%	416.8	213.2	509.4	63.0	283.9	41.4	310.6	138.2
CFO To EBITDA CFO To EBITDA%	136.0	61.2	109.4	20.8	76.4	10.5	83.4	33.5

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	262	318	208	221	308	236	182	164	128	207
Price To Earnings Price To Earnings	22.5	21.1	14.2	23.8	18.0	17.5	13.2	9.1	7.6	13.2
Price To Sales Price To Sales	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.2
Price To Book Price To Book	2.5	2.7	1.6	1.6	2.0	1.4	1.0	0.8	0.6	1.0
EV To EBITDA EV To EBITDA	10.3	9.2	6.4	7.7	9.0	8.5	7.9	6.0	5.6	6.9
Profitability Ratios Profitability Ratios
GPM GPM%	6.9	7.3	10.5	10.3	9.4	7.6	9.0	11.3	10.2	10.2
OPM OPM%	4.0	4.5	6.7	6.4	5.0	4.4	5.2	7.0	6.3	6.3
NPM NPM%	1.3	1.4	1.9	1.4	1.7	1.2	1.3	1.9	1.5	1.5
ROCE ROCE%	14.5	17.4	15.9	11.5	12.8	10.9	10.8	12.3	11.9	11.9
ROE ROE%	11.3	12.9	11.4	6.7	11.1	8.1	7.6	9.3	7.9	7.9
ROA ROA%	3.4	4.0	4.1	2.5	4.0	2.8	2.5	3.0	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	262	318	208	221	308	236	182	164	128	207
Price To Earnings Price To Earnings	22.5	21.1	14.2	23.8	18.0	17.5	13.2	9.1	7.6	13.2
Price To Sales Price To Sales	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.2
Price To Book Price To Book	2.5	2.7	1.6	1.6	2.0	1.4	1.0	0.8	0.6	1.0
EV To EBITDA EV To EBITDA	10.3	9.2	6.4	7.7	9.0	8.5	7.9	6.0	5.6	6.9
Profitability Ratios Profitability Ratios
GPM GPM%	6.9	7.3	10.5	10.3	9.4	7.6	9.0	11.3	10.2	10.2
OPM OPM%	4.0	4.5	6.7	6.4	5.0	4.4	5.2	7.0	6.3	6.3
NPM NPM%	1.3	1.4	1.9	1.4	1.7	1.2	1.3	1.9	1.5	1.5
ROCE ROCE%	14.5	17.4	15.9	11.5	12.8	10.9	10.8	12.3	11.9	11.9
ROE ROE%	11.3	12.9	11.4	6.7	11.1	8.1	7.6	9.3	7.9	7.9
ROA ROA%	3.4	4.0	4.1	2.5	4.0	2.8	2.5	3.0	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ZR2	ACETEC	AVIVA	MAHESHWARI	PARSHVA	SURANAT&P	WARDWIZFBL
Market CapitalizationMkt CapCr	215	213	209	207	207	206	206
Close PriceClose₹	135.00	130.00	64.19	70.10	203.00	15.20	8.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	52.33	37.90	8.41	13.15	845.83	6.85	44.44
Price To SalesPS		2.57	1.72	0.19	8.27	3.43	0.85
RevenueRevenueCr	0	83	122	1,091	25	60	242
Revenue Growth TTMRev Gr TTM%		17.8%	4,05,066.7%	10.1%	-1.2%	283.4%	129.5%
PAT Growth TTMPAT Gr TTM%		45.8%	1,277.3%	-16.1%	19.1%	25.4%	140.2%

	ZR2	ACETEC	AVIVA	MAHESHWARI	PARSHVA	SURANAT&P	WARDWIZFBL
Market CapitalizationMkt CapCr	215	213	209	207	207	206	206
Close PriceClose₹	135.00	130.00	64.19	70.10	203.00	15.20	8.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	52.33	37.90	8.41	13.15	845.83	6.85	44.44
Price To SalesPS		2.57	1.72	0.19	8.27	3.43	0.85
RevenueRevenueCr	0	83	122	1,091	25	60	242
Revenue Growth TTMRev Gr TTM%		17.8%	4,05,066.7%	10.1%	-1.2%	283.4%	129.5%
PAT Growth TTMPAT Gr TTM%		45.8%	1,277.3%	-16.1%	19.1%	25.4%	140.2%

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26