MAHESHWARI
Maheshwari Logistics financials
- Market cap
- ₹209 Cr
- Sector
- Diversified
What Maheshwari Logistics Limited does
Maheshwari Logistics runs three core lines: a logistics and transportation arm that moves bulk cargo including coal and petcoke using owned and attached vehicles; a trading business supplying non-coking coal and petcoke to industrial customers; and a kraft paper manufacturing unit that recycles waste paper into kraft paper at its Ambethi, Gujarat facility. It also operates a coal screening plant in Vapi that processes imported and indigenous coal to customer-specific sizing. In FY25 it entered auto distribution as an authorised Mahindra Truck & Bus dealer and increased its stake in Vidhik Prints, a mono-carton packaging manufacturer.
Segments
- Trading (non-coking coal & petcoke)
- Transportation & Port Services
- Manufacturing - Kraft Paper
- Main / Corporate
- Auto distribution (Mahindra Truck & Bus dealership)
- Packaging (Vidhik Prints stake)
- Installed capacity - Logistics Service
- 1,137,125 MT (FY25)
- Installed capacity - Coal & Petcoke Trade
- 632,284 MT (FY25)
- Installed capacity - Kraft Paper manufacturing
- 94,120 MT (FY25)
- Kraft paper manufacturing facility
- 45,000 sq. metres (Ambethi, Gujarat)
- Operational offices
- 6 (across Gujarat & Rajasthan)
- Coal screening plants
- 1 (Vapi, Gujarat)
Quarterly results
Q1 FY27: revenue down 7.1%, net profit down 24.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 229 | 235 | 259 | 268 | 275 +20% | 273 +16% | 294 +13% | 249 −7% |
| EBITDA | 16 | 20 | 19 | 18 | 17 +5% | 18 −9% | 18 −3% | 17 −7% |
| Net profit | 4 | 3 | 8 | 4 | 4 +1% | 4 +35% | 5 −36% | 3 −24% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +12.6% 1Y
1Y: ₹62.79 on 10 Sept 2025 → ₹70.71. High ₹74.96 (25 Aug 2026), low ₹39.69 (4 Mar 2026).
Financials, as filed
Revenue grew 2.9% a year over 2 years, FY24 to FY26. Operating margin widened to 6.3%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹973 Cr | ₹1.1k Cr |
| Operating profit | ₹54 Cr | ₹69 Cr | ₹70 Cr |
| Operating margin | 5.2% | 7.0% | 6.3% |
| Interest | ₹28 Cr | ₹33 Cr | ₹35 Cr |
| Depreciation | ₹12 Cr | ₹16 Cr | ₹17 Cr |
| Net profit | ₹14 Cr | ₹18 Cr | ₹17 Cr |
| Net margin | 1.3% | 1.9% | 1.5% |
| Cash from operations | ₹6 Cr | ₹57 Cr | ₹24 Cr |
| Free cash flow | ₹-38 Cr | ₹26 Cr | ₹12 Cr |
| ROCE | 11.0% | 13.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr |
| Reserves | ₹109 Cr | ₹125 Cr | ₹137 Cr | ₹151 Cr | ₹178 Cr | ₹186 Cr |
| Borrowings | ₹141 Cr | ₹177 Cr | ₹207 Cr | ₹248 Cr | ₹304 Cr | ₹276 Cr |
| Other liabilities | ₹88 Cr | ₹97 Cr | ₹106 Cr | ₹118 Cr | ₹139 Cr | ₹157 Cr |
| Total liabilities | ₹368 Cr | ₹429 Cr | ₹479 Cr | ₹547 Cr | ₹650 Cr | ₹648 Cr |
| Fixed assets | ₹109 Cr | ₹110 Cr | ₹107 Cr | ₹149 Cr | ₹185 Cr | ₹187 Cr |
| Capital work in progress | ₹5 Cr | ₹15 Cr | ₹37 Cr | ₹28 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹4 Cr | ₹2 Cr | ₹2 Cr |
| Other assets | ₹254 Cr | ₹304 Cr | ₹332 Cr | ₹366 Cr | ₹462 Cr | ₹460 Cr |
| Total assets | ₹368 Cr | ₹429 Cr | ₹479 Cr | ₹547 Cr | ₹650 Cr | ₹648 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.82 pp while others added +0.64 pp. The shareholder count shrank 16% to 10,768.
- Promoters
- 57.3%
- Public
- 40.8%
- Others
- 1.9%
Since Jun 2025
- Public −0.82 pp
- Others +0.64 pp
- Promoters +0.18 pp
How it drifted, 12 quarters
Over this window others went from 0.0% to 1.9% — +1.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 57.4%, Public 41.4%.Dec '23: Promoters 57.4%, Public 41.4%.Mar '24: Promoters 57.1%, Public 41.6%.Jun '24: Promoters 57.1%, Public 41.6%.Sep '24: Promoters 57.1%, Public 41.7%, Others 1.2%.Dec '24: Promoters 57.1%, Public 41.7%, Others 1.2%.Mar '25: Promoters 57.1%, Public 41.6%, Others 1.2%.Jun '25: Promoters 57.1%, Public 41.6%, Others 1.2%.Sep '25: Promoters 56.6%, Public 41.6%, Others 1.8%.Dec '25: Promoters 56.6%, Public 41.6%, Others 1.8%.Mar '26: Promoters 57.1%, Public 41.0%, Others 1.9%.Jun '26: Promoters 57.3%, Public 40.8%, Others 1.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Neeraj Maheshwari +0.15 pp 2.38% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Maheshwari Logistics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mukta Maheshwari | 19.82% | unchanged |
| Radhadevi Premnarayan Maheshwari | 11.66% | unchanged |
| Vinay Premnarayan Maheshwari | 10.66% | unchanged |
| Amit Kailashnarayan Maheshwari | 6.54% | unchanged |
| Maya Texturisers Private Limited | 6.20% | unchanged |
| Disha Resources Limited | 3.38% | unchanged |
| Manju A Maheshwari | 2.80% | unchanged |
| Neeraj Maheshwari | 2.38% | +0.15 pp |
| Mahima Vinaykumar Maheshwari | 1.81% | unchanged |
| Vapi Organic Chemicals Pvt Ltd | 1.45% | unchanged |
| Dineshkumar Sheshnarayan Maheshwari | 1.25% | unchanged |
| Rachana Amit Maheshwari | 0.41% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹71, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹93 — upside of 32%.
- Growth the price implies
- 7.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 11.6% a year
- net profit, FY24–FY26 · EPS 13.0%
- The gap
- -0.1 pp
- 32% downside if it only repeats history
Learn to analyse Maheshwari Logistics Limited
Guides on how to read this kind of business and the numbers that matter.