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VRL Logistics Ltd

VRLLOG

NSE

₹286.85+2.26%19 Oct 2026

Reports

Logistics Warehousing and Supply Chain

VRL Logistics Ltd

VRLLOG

NSE

₹286.85

+2.26%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Logistics Warehousing and Supply Chain

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

VRL Logistics is India’s largest organized player in Less-than-Truckload (LTL) logistics - the business of moving parcels and smaller freight that do not fill an entire truck - built on a philosophy of owning its vehicles and infrastructure rather than outsourcing. Founded in 1976 by Dr. Vijay Sankeshwar with a single truck on one route, the company has grown over five decades into a pan-India surface network of roughly 1,300 branches and 50 transhipment hubs, completing 50 years of service in FY26. The recurring approach that explains everything else is vertical integration: the company designs its own truck bodies, maintains its own fleet, runs its own fuel pumps, employs its own drivers, and operates its own IT systems - a deliberate choice to control costs, service quality, and asset life in an industry where most competitors rely on third parties.

Business segments

Two engines, one core - a dominant goods-transportation network that generates nearly all revenue, and a bus operation already sold to the promoters as part of a deliberate pivot to pure-play logistics.

1. Goods Transportation: the owned-asset LTL network

A hub-and-spoke network of roughly 1,300 branches and 50 transhipment hubs moves small-parcel consignments for over a million B2B customers, using a largely debt-free owned fleet that gives the company cost and service control no outsourced model can match.

Aggregates small parcels into full trucks - the business collects Less-than-Truckload consignments from a highly diversified base of manufacturers, wholesalers, and retailers, consolidates them at sorting hubs, and dispatches them to destination branches for delivery, so multiple customers share a single vehicle and the company earns freight on every kilo. LTL accounts for roughly 90% of segment revenue, with Full-Truckload and courier services making up the balance.
Owns the fleet, the drivers, and the workshop - the company operates 5,932 goods-transport vehicles with 81,700 tons of carrying capacity, and 77% of that fleet is debt-free while 14% is fully depreciated and still running. All drivers are on the company payroll with statutory benefits, and a centralized maintenance facility at Hubballi with in-house spare-parts inventory keeps vehicles on the road for up to 15 years - far longer than the industry norm - at significantly lower maintenance cost.
Designs its own trucks for higher payload - the company sources longer custom-made chassis from OEMs and fabricates lighter, longer bodies in-house, so each vehicle carries more cargo per trip than a standard outside truck. That structural payload advantage, combined with direct fuel procurement from refineries at roughly ₹7-8 per litre below retail price, makes it what management calls the lowest-cost operator in the segment.
Serves over a million customers, none bigger than 1% - the customer base spans textiles, agriculture, auto parts, pharma, FMCG, and two dozen other industries, with the top ten customers together contributing only 3% of revenue. Because no single client or commodity can hurt the business, the company has historically been able to pass fuel-cost increases through to customers via periodic freight-rate revisions.
Collects cash before it pays its bills - roughly 69% of revenue is collected on delivery (“To Pay”) with minimal credit days, and trade receivables turn over about 36 times a year, implying roughly ten days of sales outstanding - the lowest in the industry - while annual bad debts are under ₹5 lakh on a revenue base of several thousand crore.

2. Bus Operations: the divested passenger business

A fleet of 277 buses across five states was sold to a promoter-owned entity in January 2023, completing the company’s exit from non-core operations so management could focus entirely on goods transportation.

Operated intercity routes in southern and western India - the bus undertaking ran services across Karnataka, Maharashtra, Andhra Pradesh, Telangana, and Goa before the sale.
Sold as a going concern to the promoter group - the business was transferred via slump sale to Vijayanand Travels Private Limited, a newly incorporated entity controlled by the promoters, for ₹230 crore based on an independent valuation. Together with the earlier sale of the wind-power business, the divestitures brought in roughly ₹223 crore net of taxes and left the company as a pure-play goods-transport operator.

Group structure and partners

A family-led, single-entity company with no subsidiaries - the promoters hold 60% and a third generation entered the board in 2024 as part of a planned succession.

No holding company, no subsidiaries - VRL Logistics is a standalone operating entity with no associate companies or layered corporate structure.
Promoters own 60.24% - mutual funds hold another 24.34% and foreign portfolio investors just under 3%, with the balance held by the public.
Returned capital through two buybacks and a bonus - the company bought back shares in 2021 and 2023, and the board approved a 1:1 bonus on 4 July 2025 by capitalizing reserves, subject to shareholder approval.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹5,021Cr

Close Price

₹287.00

Industry

Logistics Warehousing and Supply Chain

Price To Earnings

18.80

Price To Sales

1.50

Revenue

₹3,356Cr

Rev Gr TTM

Revenue Growth TTM

5.59%

PAT Gr TTM

PAT Growth TTM

21.75%

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	709	737	768	727	799	825	809	744	797	827	853	879
Growth YoY Revenue Growth YoY%	8.4	8.1	10.1	7.9	12.7	12.0	5.3	2.4	-0.3	0.2	5.4	18.1
Expenses ExpensesCr	617	642	663	640	666	659	622	593	646	657	675	692
Operating Profit Operating ProfitCr	92	94	105	87	133	166	187	152	151	170	177	187
OPM OPM%	12.9	12.8	13.7	11.9	16.6	20.2	23.1	20.4	19.0	20.6	20.8	21.2
Other Income Other IncomeCr	6	2	4	15	3	6	3	6	7	4	6	6
Interest Expense Interest ExpenseCr	19	21	22	23	22	24	26	26	24	22	23	23
Depreciation DepreciationCr	52	57	58	62	64	65	64	65	65	68	64	62
PBT PBTCr	28	19	29	18	49	83	100	67	69	84	98	108
Tax TaxCr	8	5	8	4	13	24	25	17	19	19	26	27
PAT PATCr	20	14	22	13	36	59	74	50	50	65	72	81
Growth YoY PAT Growth YoY%	-37.4	-72.3	-88.8	-60.4	81.7	335.3	244.8	272.3	39.3	8.9	-2.9	60.9
NPM NPM%	2.8	1.9	2.8	1.9	4.5	7.2	9.2	6.7	6.3	7.8	8.5	9.2
EPS EPS₹	1.1	0.8	1.2	0.8	1.0	3.4	4.3	1.4	2.9	3.7	4.1	4.6

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	709	737	768	727	799	825	809	744	797	827	853	879
Growth YoY Revenue Growth YoY%	8.4	8.1	10.1	7.9	12.7	12.0	5.3	2.4	-0.3	0.2	5.4	18.1
Expenses ExpensesCr	617	642	663	640	666	659	622	593	646	657	675	692
Operating Profit Operating ProfitCr	92	94	105	87	133	166	187	152	151	170	177	187
OPM OPM%	12.9	12.8	13.7	11.9	16.6	20.2	23.1	20.4	19.0	20.6	20.8	21.2
Other Income Other IncomeCr	6	2	4	15	3	6	3	6	7	4	6	6
Interest Expense Interest ExpenseCr	19	21	22	23	22	24	26	26	24	22	23	23
Depreciation DepreciationCr	52	57	58	62	64	65	64	65	65	68	64	62
PBT PBTCr	28	19	29	18	49	83	100	67	69	84	98	108
Tax TaxCr	8	5	8	4	13	24	25	17	19	19	26	27
PAT PATCr	20	14	22	13	36	59	74	50	50	65	72	81
Growth YoY PAT Growth YoY%	-37.4	-72.3	-88.8	-60.4	81.7	335.3	244.8	272.3	39.3	8.9	-2.9	60.9
NPM NPM%	2.8	1.9	2.8	1.9	4.5	7.2	9.2	6.7	6.3	7.8	8.5	9.2
EPS EPS₹	1.1	0.8	1.2	0.8	1.0	3.4	4.3	1.4	2.9	3.7	4.1	4.6

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,723	1,803	1,922	2,110	2,119	1,763	2,164	2,649	2,889	3,161	3,221	3,356
Growth Revenue Growth%	3.0	4.7	6.6	9.7	0.4	-16.8	22.7	22.4	9.1	9.4	1.9	5.6
Expenses ExpensesCr	1,452	1,585	1,688	1,866	1,820	1,515	1,789	2,247	2,495	2,587	2,571	2,670
Operating Profit Operating ProfitCr	271	218	234	244	298	247	375	402	393	574	650	685
OPM OPM%	15.7	12.1	12.2	11.6	14.1	14.0	17.3	15.2	13.6	18.2	20.2	20.4
Other Income Other IncomeCr	9	9	14	8	10	13	17	14	22	24	24	23
Interest Expense Interest ExpenseCr	32	24	11	11	37	37	42	54	78	95	95	91
Depreciation DepreciationCr	90	98	98	101	168	160	145	159	216	254	261	259
PBT PBTCr	158	105	139	140	104	64	205	203	121	250	318	358
Tax TaxCr	54	35	47	49	14	19	49	36	32	67	81	91
PAT PATCr	104	70	93	92	90	45	156	166	89	183	237	267
Growth PAT Growth%	14.3	-32.4	31.4	-0.7	-2.0	-50.0	246.5	6.4	-46.4	105.4	29.5	21.8
NPM NPM%	6.0	3.9	4.8	4.4	4.3	2.6	7.2	6.3	3.1	5.8	7.3	8.0
EPS EPS₹	5.7	3.9	5.1	5.1	5.0	2.5	9.0	18.3	5.1	5.2	13.5	15.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,723	1,803	1,922	2,110	2,119	1,763	2,164	2,649	2,889	3,161	3,221	3,356
Growth Revenue Growth%	3.0	4.7	6.6	9.7	0.4	-16.8	22.7	22.4	9.1	9.4	1.9	5.6
Expenses ExpensesCr	1,452	1,585	1,688	1,866	1,820	1,515	1,789	2,247	2,495	2,587	2,571	2,670
Operating Profit Operating ProfitCr	271	218	234	244	298	247	375	402	393	574	650	685
OPM OPM%	15.7	12.1	12.2	11.6	14.1	14.0	17.3	15.2	13.6	18.2	20.2	20.4
Other Income Other IncomeCr	9	9	14	8	10	13	17	14	22	24	24	23
Interest Expense Interest ExpenseCr	32	24	11	11	37	37	42	54	78	95	95	91
Depreciation DepreciationCr	90	98	98	101	168	160	145	159	216	254	261	259
PBT PBTCr	158	105	139	140	104	64	205	203	121	250	318	358
Tax TaxCr	54	35	47	49	14	19	49	36	32	67	81	91
PAT PATCr	104	70	93	92	90	45	156	166	89	183	237	267
Growth PAT Growth%	14.3	-32.4	31.4	-0.7	-2.0	-50.0	246.5	6.4	-46.4	105.4	29.5	21.8
NPM NPM%	6.0	3.9	4.8	4.4	4.3	2.6	7.2	6.3	3.1	5.8	7.3	8.0
EPS EPS₹	5.7	3.9	5.1	5.1	5.0	2.5	9.0	18.3	5.1	5.2	13.5	15.3

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	91	91	90	90	90	88	88	88	87	87	175
Reserves ReservesCr	423	450	503	556	527	509	563	888	858	997	968
Current Liabilities Current LiabilitiesCr	207	187	160	124	253	259	265	306	386	393	414
Non Current Liabilities Non Current LiabilitiesCr	221	168	109	208	355	343	463	610	882	1,108	1,049
Total Liabilities Total LiabilitiesCr	942	897	862	978	1,225	1,199	1,380	1,892	2,214	2,586	2,605
Current Assets Current AssetsCr	156	150	171	172	182	177	171	279	209	246	204
Non Current Assets Non Current AssetsCr	785	747	691	806	1,044	1,022	1,209	1,613	2,005	2,340	2,401
Total Assets Total AssetsCr	942	897	862	978	1,225	1,199	1,380	1,892	2,214	2,586	2,605

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	91	91	90	90	90	88	88	88	87	87	175
Reserves ReservesCr	423	450	503	556	527	509	563	888	858	997	968
Current Liabilities Current LiabilitiesCr	207	187	160	124	253	259	265	306	386	393	414
Non Current Liabilities Non Current LiabilitiesCr	221	168	109	208	355	343	463	610	882	1,108	1,049
Total Liabilities Total LiabilitiesCr	942	897	862	978	1,225	1,199	1,380	1,892	2,214	2,586	2,605
Current Assets Current AssetsCr	156	150	171	172	182	177	171	279	209	246	204
Non Current Assets Non Current AssetsCr	785	747	691	806	1,044	1,022	1,209	1,613	2,005	2,340	2,401
Total Assets Total AssetsCr	942	897	862	978	1,225	1,199	1,380	1,892	2,214	2,586	2,605

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	264	198	205	192	257	272	371	318	424	555	654
Investing Cash Flow Investing Cash FlowCr	-107	-59	-44	-209	-119	-32	-180	-144	-243	-430	-294
Financing Cash Flow Financing Cash FlowCr	-155	-146	-154	11	-138	-234	-201	-171	-174	-90	-398
Net Cash Flow Net Cash FlowCr	2	-7	7	-6	0	6	-10	3	7	35	-38
Free Cash Flow Free Cash FlowCr	154	136	160	-19	137	239	190	-90	148	125	359
CFO To PAT CFO To PAT%	253.4	280.9	222.0	209.1	285.5	602.7	237.4	191.6	476.0	303.3	276.3
CFO To EBITDA CFO To EBITDA%	97.6	90.7	87.7	78.8	86.3	109.8	99.0	79.3	107.8	96.6	100.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	264	198	205	192	257	272	371	318	424	555	654
Investing Cash Flow Investing Cash FlowCr	-107	-59	-44	-209	-119	-32	-180	-144	-243	-430	-294
Financing Cash Flow Financing Cash FlowCr	-155	-146	-154	11	-138	-234	-201	-171	-174	-90	-398
Net Cash Flow Net Cash FlowCr	2	-7	7	-6	0	6	-10	3	7	35	-38
Free Cash Flow Free Cash FlowCr	154	136	160	-19	137	239	190	-90	148	125	359
CFO To PAT CFO To PAT%	253.4	280.9	222.0	209.1	285.5	602.7	237.4	191.6	476.0	303.3	276.3
CFO To EBITDA CFO To EBITDA%	97.6	90.7	87.7	78.8	86.3	109.8	99.0	79.3	107.8	96.6	100.6

Standalone

Financial Year	Mar 2016	Mar 2017	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	3,383	2,840	3,472	2,550	1,389	2,037	4,367	5,587	4,779	4,136	4,088	5,021
Price To Earnings Price To Earnings	32.5	40.3	37.5	27.8	15.4	45.2	27.3	17.3	53.8	22.6	17.3	18.8
Price To Sales Price To Sales	2.0	1.6	1.8	1.2	0.7	1.2	2.0	2.1	1.6	1.3	1.3	1.5
Price To Book Price To Book	6.6	5.3	5.8	4.0	2.3	3.4	6.7	5.7	5.0	3.8	3.6	4.4
EV To EBITDA EV To EBITDA	13.0	13.5	15.0	10.9	6.0	9.9	13.1	15.5	14.7	9.3	8.0	8.8
Profitability Ratios Profitability Ratios
GPM GPM%	31.1	28.1	31.4	30.1	33.4	33.0	34.5	32.1	31.9	36.8	40.3	40.3
OPM OPM%	15.7	12.1	12.2	11.6	14.1	14.0	17.3	15.2	13.6	18.2	20.2	20.4
NPM NPM%	6.0	3.9	4.8	4.4	4.3	2.6	7.2	6.3	3.1	5.8	7.3	8.0
ROCE ROCE%	27.9	19.5	22.8	19.5	13.5	9.9	20.8	15.2	10.0	14.9	18.0	18.0
ROE ROE%	20.3	13.0	15.6	14.2	14.6	7.5	24.0	17.0	9.4	16.9	20.7	20.7
ROA ROA%	11.1	7.9	10.7	9.4	7.4	3.8	11.3	8.8	4.0	7.1	9.1	9.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	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	3,383	2,840	3,472	2,550	1,389	2,037	4,367	5,587	4,779	4,136	4,088	5,021
Price To Earnings Price To Earnings	32.5	40.3	37.5	27.8	15.4	45.2	27.3	17.3	53.8	22.6	17.3	18.8
Price To Sales Price To Sales	2.0	1.6	1.8	1.2	0.7	1.2	2.0	2.1	1.6	1.3	1.3	1.5
Price To Book Price To Book	6.6	5.3	5.8	4.0	2.3	3.4	6.7	5.7	5.0	3.8	3.6	4.4
EV To EBITDA EV To EBITDA	13.0	13.5	15.0	10.9	6.0	9.9	13.1	15.5	14.7	9.3	8.0	8.8
Profitability Ratios Profitability Ratios
GPM GPM%	31.1	28.1	31.4	30.1	33.4	33.0	34.5	32.1	31.9	36.8	40.3	40.3
OPM OPM%	15.7	12.1	12.2	11.6	14.1	14.0	17.3	15.2	13.6	18.2	20.2	20.4
NPM NPM%	6.0	3.9	4.8	4.4	4.3	2.6	7.2	6.3	3.1	5.8	7.3	8.0
ROCE ROCE%	27.9	19.5	22.8	19.5	13.5	9.9	20.8	15.2	10.0	14.9	18.0	18.0
ROE ROE%	20.3	13.0	15.6	14.2	14.6	7.5	24.0	17.0	9.4	16.9	20.7	20.7
ROA ROA%	11.1	7.9	10.7	9.4	7.4	3.8	11.3	8.8	4.0	7.1	9.1	9.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DELHIVERY	TVSSCS	VRLLOG	MAHLOG	TCIEXP	ALLCARGO	NAVKARCORP
Market CapitalizationMkt CapCr	29,972	5,346	5,021	3,922	1,792	1,508	1,258
Close PriceClose₹	400.00	121.16	287.00	395.10	466.00	10.07	83.55
IndustryIndustry	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain
Price To EarningsPE	320.00	82.99	18.80	105.92	21.24	38.73	31.41
Price To SalesPS	2.69	0.46	1.50	0.53	1.42	0.71	1.70
RevenueRevenueCr	11,145	11,746	3,356	7,378	1,264	2,113	740
Revenue Growth TTMRev Gr TTM%	23.1%	16.9%	5.6%	16.9%	5.2%	5.3%	45.6%
PAT Growth TTMPAT Gr TTM%	-53.0%	26.4%	21.8%	251.3%	-0.6%	87.5%	234.2%

	DELHIVERY	TVSSCS	VRLLOG	MAHLOG	TCIEXP	ALLCARGO	NAVKARCORP
Market CapitalizationMkt CapCr	29,972	5,346	5,021	3,922	1,792	1,508	1,258
Close PriceClose₹	400.00	121.16	287.00	395.10	466.00	10.07	83.55
IndustryIndustry	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain	Logistics Warehousing and Supply Chain
Price To EarningsPE	320.00	82.99	18.80	105.92	21.24	38.73	31.41
Price To SalesPS	2.69	0.46	1.50	0.53	1.42	0.71	1.70
RevenueRevenueCr	11,145	11,746	3,356	7,378	1,264	2,113	740
Revenue Growth TTMRev Gr TTM%	23.1%	16.9%	5.6%	16.9%	5.2%	5.3%	45.6%
PAT Growth TTMPAT Gr TTM%	-53.0%	26.4%	21.8%	251.3%	-0.6%	87.5%	234.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT Transcript Summary

Mar 26

Result PPT Transcript Summary

Dec 25

Result