Pranik Logistics Ltd. (PRANIK)
SME CapServices stocks · SME cap · NSE
Pranik Logistics is a B2B logistics company offering transportation and warehousing services. It operates with a mix of owned (150+ vehicles) and contractual (600+ vehicles) fleet, managing 17 lakh sq ft of leased warehousing space and 40+ hubs across multiple states including the Northeast.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +28% YoY · PAT +6% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹50.3 Cr | +28.5% | +10.1% |
| EBITDA | ₹4.6 Cr | +27.1% | +1.3% |
| Operating margin | 9.2% | -10 bps | -80 bps |
| PAT | ₹2 Cr | +5.7% | +0.5% |
| PAT margin | 4.0% | -88 bps | -39 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 51% YoY to 161 crores, but PAT increased minimally by 9% to 7.03 crores. This was attributed to a significant rise in depreciation (4.97 cr vs 2.80 cr) and increased expenses for capacity building. EPS grew from 5.85 to 6.39.
While revenue growth is strong, the disproportionately low PAT growth and declining EBITDA margins are concerning. Management's explanation for higher depreciation and B2B pricing pressure is noted. The significant increase in debtor days, despite management's claim of 90 days, suggests working capital strain. The 500 crore revenue target by 2030 requires sustained high growth.
Revenue by Vehicle Sourcing
Latest issuer-disclosed distribution across 2 reported categories.
Capacity Building & Expansion
Company is preparing for further expansions and capacity building for more growth in different states, enhancing ground team and manpower.
Warehousing & Hub Network Growth
Warehousing capacity increased to 17 lakh sq ft and operating 40 hubs, including new hubs with Flipkart and expansion into Northeast and Jharkhand.
Manpower Providing Services
Added manpower providing as an add-on service to existing logistics, targeting ~5% margin, not a new business line.
Vehicle Fleet Additions
Purchased few vehicles in H2 FY26, leading to higher depreciation. Planning more fleet additions if a long-term leasing deal is finalized.
Warehousing & Hub Expansion
Grew warehousing capacity to 17 lakh sq ft and operating 40 hubs. Started operations in Northeast (Guwahati, Itanagar) and parts of Jharkhand.
Fuel Price Pass-Through
Contracts clearly mention compensation for fuel price increases (e.g., every 3 rupees increase), resulting in zero impact on the company.
Expected Economic Boost in West Bengal
Expect more industries to come into West Bengal, giving a kick start and more ahead to running in terms of logistics services.
B2B Pricing Pressure
In B2B, with increased volumetric business, there is negotiation on price, meaning a 50% rise in revenue does not mean a 50% rise in PAT.
Weather Disruptions
Weather disruptions and flooding in West Bengal impacted Q3 FY26 turnover.
Increasing Debtor Days
Analyst calculates debtor days at 125 for FY26 (up from 106 in FY25), despite management's claim of 90 days, indicating potential working capital strain.
Declining Profitability
EBITDA margins declined from 11% to 9% YoY, and PAT growth is minimal despite significant revenue growth, partly due to B2B pricing and capacity expenses.
High Depreciation Impact
Depreciation rose significantly due to WDV method and new vehicle purchases, directly impacting reported PAT. Company is considering changing accounting policies.
Increased Debt Levels
Debt levels have increased due to asset purchases (vehicles) and working capital requirements, though management states assets increased in greater proportion.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing annual financial performance and growth trends. QoQ is relevant for understanding sequential momentum, especially regarding debtor days and the impact of seasonal factors like Q3 weather disruptions.
Revenue (FY26)
Total revenue stood at 161 crores, compared to 106 crores in the previous financial year.
PAT (FY26)
PAT was 7.03 crores, compared to 6.44 crores in the previous financial year.
Depreciation (FY26)
Depreciation rose to 4.97 crores, compared to 2.80 crores in the previous financial year, impacting PAT.
Owned Vehicle Utilization
Overall utilization of the 150 owned vehicles is close to 98.7%.
No Equity Raise Planned
Not planning to raise any equity as of now. Debt increase is due to asset purchases and CC limit collateral.
Targeting 500 Crore Top Line by 2030
The 500 crore top line target for 2030 stands intact, with the company aggressively working towards it and growing roughly 50% annually.
Considering Depreciation Policy Change
Company is planning to look into changing accounting policies for depreciation to level up disparity and provide better clarity.
Positive Growth Outlook
With the start of the year, management sees a very positive further growth, expecting to grow in a similar manner as last year.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Debtor Days | Analyst calculated 125 days (FY26), management claims 90 days. | Stabilization or reduction towards management's stated 90-day mark. Any further increase would signal worsening working capital management. |
| EBITDA Margin | 9% (FY26) down from 11% (FY25). | Reversal of the declining trend and expansion as scale increases, or further compression due to B2B pricing pressures. |
| Depreciation Policy Change | Company is planning to look into changing accounting policies. | Announcement and implementation of a new depreciation policy and its impact on reported PAT and financial clarity. |
| Revenue Growth towards 2030 Target | FY26 revenue 161 crores, target 500 crores by 2030. | Sustained annual growth of ~50% to meet the stated 500 crore top line target by 2030. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -9.5% / mo · MACD +
Technical chart
PRANIKdaily · 1Y · AUTO-1.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 59. Wait for confirmation.
- SMA20 falling (~10.5% over last month) — short-term momentum negative.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 45% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 71.9%.
- Valuation contributes 28/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 88th percentile within Services. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 73.8%. Key concern: ROCE trend is -6.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 88th pctile, median 66 · SME: 96th pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -6.2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 6.47
- P/B
- 1.03
- EV/EBITDA
- 4.25
- Market Cap
- 46.20Cr
Profitability
- ROE
- 17.00%
- ROCE
- 17.10%
- ROA
- 7.29%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 51.00%
- EPS 5Y
- 108.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 96.00%
Balance Sheet
- Debt/Equity
- 0.96
- Interest Coverage
- 5.33×
- Altman Z
- 3.54
- Book Value
- 40.80
Cash Flow
- FCF Yield
- 2.16%
- FCF Positive Y
- 4/5
- OCF
- 17.00 Cr
- EPS TTM
- 6.49
Shareholding
- Promoter Hold
- 73.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.