VRLLOG

VRL Logistics share price & financials

Price
₹240.01
Market cap
₹5.3k Cr
Sector
Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 05 Aug 2026

VRL Logistics Limited Q1 FY27

Revenue ₹885 cr +18%EBITDA ₹193 cr +22%EBITDA Margin 21.8% +1%PAT ₹81 cr +62%

What went well

  • Achieved highest ever profit of ₹81 crores for the quarter, a 62% YoY increase from ₹50 crores.
  • Revenue increased by 17.84% YoY to ₹885 crores from ₹751 crores.
  • EBITDA margin expanded by 70 bps YoY to 21.8% from 21.1%.

What to watch

  • Fuel procurement cost increased significantly from ₹83 to ₹94 per liter.
  • Sequential volume growth saw a 1.73% conflict due to seasonal demand moderation.
Read the full call →

What VRL Logistics Limited does

VRL Logistics is a B2B road goods-transport company and the largest owned-fleet operator in India's organized Less-Than-Truckload (LTL) segment, which involves aggregating and carrying consignments belonging to multiple customers in a single vehicle; it also runs a smaller Full-Truckload (FTL) business for dedicated single-customer loads. It operates an integrated hub-and-spoke network of company-owned branches and transshipment hubs across the country to collect, consolidate and deliver freight for a large base of diversified B2B customers. The company owns and maintains its own truck fleet through in-house vehicle-body design and dedicated maintenance facilities, procures diesel directly from refineries via its own fuel pumps at key locations, and runs a proprietary ERP with GPS vehicle tracking and e-way-bill/GST API integration. It was originally incorporated in 1983 as a goods-transport business and later hived off non-core activities (passenger travel, wind power) to focus solely on Goods Transportation.

Segments

  • LTL (Less-than-Truckload)
  • FTL (Full-Truckload)
  • Others
Market position
Largest owned-fleet organized player in India's B2B Less-Than-Truckload (LTL) goods transport segment
Owned fleet size
5,932 goods-transport vehicles (marketed as 5,900+, the largest owned fleet in the segment)
Branch network
1,293 branches across India (up from 1,253 in FY25)
Geographic footprint
Operations across 24 states and 4 union territories
Customer base
10 lakh+ GST-registered B2B customers
Employees
21,000+
Founded 1983Headquarters Hubballi, Karnataka Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 1 delivered 4 missed 8 open
  • Sustainable EBITDA Margin delivered said Q3 FY25 Promised: around 18% Q1 FY27: Q1 FY27 EBITDA margin was 21.8%, continuing to comfortably exceed the original 18% target.
  • FY26 Revenue Growth missed said Q3 FY25 Promised: 12%-13% Q1 FY27: Promise period FY26 has concluded. Final verdict is 'missed'.
  • FY27 Volume Growth revised up said Q1 FY26 Promised: 7% to 8% Q1 FY27: Achieved 8.98% YoY volume growth in Q1. Management revised full-year guidance upwards from 6-7% to 'around 8%'.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 18.1%, net profit up 62.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue799 825 809 744 797 −0%827 +0%853 +5%879 +18%
EBITDA133 166 187 152 151 +14%170 +2%177 −5%187 +23%
Net profit36 59 74 50 50 +39%65 +10%72 −3%81 +62%
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 +7.2% 1Y

₹240₹260₹280₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 19 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹269.05 on 10 Sept 2025 → ₹288.3. High ₹305.25 (11 Aug 2026), low ₹229.56 (20 Jul 2026).

How the price took the results

close before → close after

Q1 FY27
−0.4%
5 Aug
Q4 FY26
+0.7%
19 May
Q3 FY26
+2.1%
6 Feb
Q2 FY26
−3.8%
4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.7% a year over 3 years, FY23 to FY26. Operating margin widened to 20.2%.

Year endingFY23FY24FY25FY26
Revenue₹2.6k Cr₹2.9k Cr₹3.2k Cr₹3.2k Cr
Operating profit₹401 Cr₹393 Cr₹573 Cr₹650 Cr
Operating margin15.1%13.6%18.1%20.2%
Interest₹54 Cr₹78 Cr₹95 Cr₹95 Cr
Depreciation₹158 Cr₹216 Cr₹255 Cr₹262 Cr
Net profit₹322 Cr₹90 Cr₹182 Cr₹237 Cr
Net margin12.2%3.1%5.8%7.4%
Cash from operations₹318 Cr₹424 Cr₹555 Cr₹654 Cr
Free cash flow₹-90 Cr₹148 Cr₹125 Cr₹359 Cr
ROCE18.0%11.0%16.0%18.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹88 Cr₹88 Cr₹88 Cr₹87 Cr₹175 Cr₹175 Cr
Reserves₹509 Cr₹563 Cr₹888 Cr₹858 Cr₹921 Cr₹968 Cr
Borrowings₹422 Cr₹537 Cr₹720 Cr₹1.0k Cr₹1.1k Cr₹1.2k Cr
Other liabilities₹180 Cr₹192 Cr₹196 Cr₹232 Cr₹282 Cr₹309 Cr
Total liabilities₹1.2k Cr₹1.4k Cr₹1.9k Cr₹2.2k Cr₹2.5k Cr₹2.6k Cr
Fixed assets₹954 Cr₹1.1k Cr₹1.5k Cr₹1.9k Cr₹2.2k Cr₹2.3k Cr
Capital work in progress₹6 Cr₹35 Cr₹38 Cr₹24 Cr₹7 Cr₹22 Cr
Investments₹0 Cr₹0 Cr₹15 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹238 Cr₹247 Cr₹356 Cr₹290 Cr₹284 Cr₹278 Cr
Total assets₹1.2k Cr₹1.4k Cr₹1.9k Cr₹2.2k Cr₹2.5k Cr₹2.6k 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, FIIs trimmed −1.30 pp while the public added +0.94 pp. The shareholder count grew 23% to 80,971.

Promoters
60.2%
FIIs
2.7%
DIIs
24.9%
Public
12.2%

Since Jun 2025

  • FIIs −1.30 pp
  • Public +0.94 pp
  • DIIs +0.37 pp

How it drifted, 12 quarters

Over this window DIIs fell from 29.0% to 24.9% — −4.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.2%, FIIs 2.2%, DIIs 29.0%, Public 8.6%.Dec '23: Promoters 60.2%, FIIs 2.5%, DIIs 28.1%, Public 9.1%.Mar '24: Promoters 60.2%, FIIs 3.3%, DIIs 26.6%, Public 9.9%.Jun '24: Promoters 60.2%, FIIs 3.8%, DIIs 25.6%, Public 10.3%.Sep '24: Promoters 60.2%, FIIs 3.9%, DIIs 25.5%, Public 10.3%.Dec '24: Promoters 60.2%, FIIs 3.6%, DIIs 25.6%, Public 10.6%.Mar '25: Promoters 60.2%, FIIs 3.6%, DIIs 25.3%, Public 10.8%.Jun '25: Promoters 60.2%, FIIs 4.0%, DIIs 24.6%, Public 11.2%.Sep '25: Promoters 60.2%, FIIs 4.0%, DIIs 24.3%, Public 11.5%.Dec '25: Promoters 60.2%, FIIs 3.8%, DIIs 23.5%, Public 12.5%.Mar '26: Promoters 60.2%, FIIs 3.0%, DIIs 25.1%, Public 11.7%.Jun '26: Promoters 60.2%, FIIs 2.7%, DIIs 24.9%, Public 12.2%.

Who was buying across the market this quarter →

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.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of VRL Logistics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Anand Vijay Sankeshwar 31.43%unchanged
Vijay Basavanneppa Sankeshwar 28.33%unchanged
HDFC Small Cap Fund Mutual fund9.77%newly disclosed
UTI Aggressive Hybrid Fund Mutual fund3.23%+0.80 pp
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund3.11%unchanged
Bandhan Value Fund Mutual fund3.05%unchanged
SBI Multi Asset Allocation Fund Mutual fund2.71%unchanged
Canara Robeco Mutual Fund A/C Canara Robeco Small Mutual fund1.26%−0.32 pp
Vani Anand Sankeshwar 0.45%unchanged
Lalitha Vijay Sankeshwar 0.02%unchanged
Vaishnovi Sankeshwar 0.00%unchanged
Chandrakant B Patil 0.00%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.

Mutual funds in VRLLOG

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹781 Cr
6 schemes
Biggest holder
HDFC Small Cap Fund
₹383 Cr · 0.9% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹383 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹183 Crheld
SBI Multi Asset Allocation Fund SBI Mutual Fund₹144 Crheld
HDFC Dividend Yield Fund HDFC Mutual Fund₹36 Crheld
HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund₹30 Crheld
HDFC Transportation and Logistics Fund HDFC Mutual Fund₹5 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-16%
vs est. average cost
Held by funds
₹781 Cr
6 schemes · ≈ 13% of the company
Biggest holder
HDFC Small Cap Fund
₹383 Cr · 0.9% of that fund
Longest holder
Nippon India Multi Cap Fund
9y 1m · since Aug '17

Shares held by these funds +247%

Aug '23 2.79 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹288, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~8%. At that growth it is worth ₹232 — downside of 20%.

Growth the price implies
11.7% a year
for 7 years, fading to 4%
It has actually compounded at
7.5% a year
net profit, FY23–FY26 · EPS 7.6%
The gap
0.0 pp
-20% downside if it only repeats history
Price today ₹288.3 Value at the reference growth ₹231.6

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse VRL Logistics Limited

Guides on how to read this kind of business and the numbers that matter.