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Swing Capital

VRL Logistics Ltd

NSE: VRLLOG BSE: 539118Energy

VRL Logistics Ltd is engaged in logistics services dealing mainly in domestic transportation of goods. Other businesses include bus operations, transport of passengers by air, sale of power and sale of certified emission reductions (CER) units generated from operation of wind mills. The operations of the Company are spread all over the country through various branches and transshipment hubs.(Source : 202003-01 Annual Report Page No:132)

₹243
52W: ₹225 — ₹325
PE 18 · Book ₹65.3 · +272% vs book
Market Cap₹4,270 Cr
Stock P/E18Price to Earnings
ROCE17.9%Return on Capital
ROE21.3%Return on Equity
Div. Yield3.09%Face Value ₹10

Weaknesses

  • −Stock is trading at 3.73 times its book value
  • −Company might be capitalizing the interest cost
  • −Promoter holding has decreased over last 3 years: -3.93%

Shareholding Pattern

Promoters60.24%
FIIs2.98%
DIIs25.05%
Public11.72%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.24%60.24%60.24%60.24%60.24%60.24%60.24%60.24%
FIIs3.83%3.94%▲0.13.65%▼0.33.62%▼0.03.98%▲0.43.99%▲0.03.75%▼0.22.98%▼0.8
DIIs25.64%25.47%▼0.225.57%▲0.125.33%▼0.224.55%▼0.824.28%▼0.323.49%▼0.825.05%▲1.6
Public10.28%10.34%▲0.110.55%▲0.210.82%▲0.311.22%▲0.411.49%▲0.312.52%▲1.011.72%▼0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales737768727799825809744797827853
Expenses642663640666659622593646657675
Operating Profit9410587133166187152151170177
OPM %13%14%12%17%20%23%20%19%21%21%
Net Profit14221336597450506572
EPS ₹0.781.230.772.053.44.252.862.853.74.12

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,221Cr, up 1.9% YoY. OPM at 20%.

Debt Position

Borrowings at ₹1,154Cr. Debt-to-equity ratio: 1.19x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹22Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 25.05% (-0.05pp change). FIIs: 2.98% (+0.80pp change). Promoters hold 60.24%.

Margin & Efficiency

ROCE declining from 24% (Mar 2015) to 18% (Mar 2026). Working capital days: -26.

Valuation

PE 18x with 17.9% ROCE. Price is 272% above book value of ₹65.3. Dividend yield: 3.09%.

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