AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 8 Oct - Mr. Ashok Shettar resigned as Non-Executive Director effective October 7, 2026, citing professional commitments.
Source: Bse
VRL Logistics Limited (VRLLOG)
Small CapServices stocks · Small cap · NSE
VRL Logistics Limited is an organized less-than-truckload (LTL) logistics service provider in India with an owned-asset operating model, a pan-India branch network, and an in-house fleet serving diverse B2B industry segments.
Data qualityFresh enough for analysisQuote updated 07 Nov, 04:48 am ISTDetails
Quote07 Nov, 04:48 am IST
Base fundamentals02 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result02 Nov, 04:25 pm IST
Score07 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 16.1 (n=147)
Technical timing lens
Trend score and candlestick chart
62BullishMACD + · near 52W high
Stock trend: 62
Sector RS: —
Services FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
VRLLOGW candles · FIT view+31.0%Latest close ₹339.05 on 2026-11-02
Bar
+30.4%
RSI
70
MACD hist
2.19
52W pos
93%
2026-11-02O ₹260.10H ₹348.00L ₹260.00C ₹339.05Vol 2.7Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VRLLOGNifty 500
- VRLLOG
- +19.1%
- Nifty 500
- -1.1%
- Vs Nifty 500
- +20.3 pp
Chart stats
6 Nov 2026- From 52W high
- -2.6%
- 52W range position
- 93%
- ATR (14)
- 5.2%
- Volume vs 20D
- 2.95x
- Avg traded value
- ₹45.8 Cr
- 20D price channel
- ₹247.6 - ₹348
₹348
₹225 - ₹348
₹17.5
Latest completed session
20-session average
71.4% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +131.0% · PAT +267.0% YoY
Technical
Bullish62
Price trend and sector-relative-strength timing.
Valuation
Legacy model+38.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +131% YoY · PAT +267% YoY · margin expansion · +109% QoQ · operating leverage
Filed 02 Nov 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,840.8 Cr | +131.0% | +109.5% |
| EBITDA | ₹407.5 Cr | +169.9% | +118.4% |
| Operating margin | 22.1% | +314 bps | +91 bps |
| PAT | ₹183.5 Cr | +267.0% | +127.8% |
| PAT margin | 10.0% | +370 bps | +81 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.17
- P/B
- 4.36
- EV/EBITDA
- 6.50
- Market Cap
- 4877.33Cr
Profitability
- ROE
- 21.70%
- ROCE
- 18.30%
- ROA
- 10.25%
- Dividend Y
- 1.75%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 1.01
- Interest Coverage
- 7.53×
- Altman Z
- 4.88
- Book Value
- 65.30
Cash Flow
- FCF Yield
- 7.23%
- FCF Positive Y
- 11/5
- OCF
- 654.00 Cr
- EPS TTM
- 22.92
Shareholding
- Promoter Hold
- 60.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 7/11/2026
Revenue
₹ CrLatest: 3,521+9.3% vs prev
Net Profit
₹ CrLatest: 237+29.5% vs prev
Return on Equity
%Latest: 20.7+22.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Weekly technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 70.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.7% over last month) — short-term momentum positive.
- RSI(14) at 70 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
78
RS percentile
Stage 2 UptrendNew S2
1M return
+9.6%
3M return
+12.0%
6M return
+18.1%
1Y return
+12.0%
RS 1D
-4
RS 20D
+9
Sector rank
#12
Industry rank
#35
Stage evidence
- Price is 18.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
02 Nov 2026
S2 age
4 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
264 observations
05 Nov 2026Value 117.12-7.47%
RS vs Nifty 500117
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation11/30
Growth19/25
Quality15/20
Balance Sheet8/15
Cash Flow10/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 7.2%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 38.8%.
Main drags
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Quality is weaker at 15/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
12.2
PB
4.4
EV/EBITDA
6.5
ROE
21.7%
ROCE
18.3%
FCF Yield
7.2%
Debt/Equity
1.0
MoS
+38.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 1.0, so downturn resilience matters.
Score movement
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.
Stored run: 07 Nov 2026
v4.3-runtime-valuation
Final score
68
Previous: 71 (-3)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+38.8%
Previous: +43.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
07 Nov 2026
v4.3-runtime-valuation
70
70
70
70
70
70
74
74
74
68
71
71
Factor attribution
Valuation
11-3
was 14
Modelled fair value
Graham Number
₹183.51
-84.8% MoS
Growth-justified P/E
24.1
Growth-justified Value
₹553.52
+38.8% MoS
PEG
0.30
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TCI
Small
Transport Corporation of India Limited
Logistics
match 94
65
14.7
19.2%
+40%
UNDERVALUED
SBC
Small
SBC Exports Limited
Logistics
match 92
37
82.3
37.2%
-241%
WATCHLIST
ORBTEXP
Small
Orbit Exports Limited
Logistics
match 89
67
13.3
11.3%
+48%
UNDERVALUED
SNOWMAN
Small
Snowman Logistics Limited
Logistics
match 87
47
88.7
0.9%
-156%
FAIR VALUE
SCILAL
Small
Shipping Corporation of India Land and Assets Limited
Logistics
match 87
20
45.1
1.0%
-587%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-28T15:12:54.129Z
Management commentary snapshot
VRL Logistics reported its highest-ever Q1 profit after tax of Rs. 81 Cr for Q1FY27, up 61% YoY, driven by 9% volume growth and a 9% freight realization increase.
The asset-right business model continues to deliver high cash flows and improved margins. The realization hikes successfully absorbed higher fuel costs, while debt levels reduced sequentially and a share buyback was announced.
Current business mix
Sales Mix by Segment
Latest issuer-disclosed distribution across 3 reported categories.
LTL90.1%
FTL8.3%
Others1.6%
Growth engines
Branch Network Expansion
POSITIVEExpanded geographic footprint by adding 16 new branches in Q1FY27, taking the total branch count to 1,302.
Mass Marketing Initiatives
POSITIVEIntensified marketing efforts in established and new branches to improve volumes and secure profitable freight contracts.
Capacity and execution
Fleet Capacity Expansion
POSITIVENumber of GT vehicles increased from 5,932 in FY26 to 5,981 in Q1FY27, with 107 new vehicles added and 58 scrapped.
Property Acquisitions
POSITIVEPurchased properties at Vijayawada and Nagpur to support future expansion plans.
Tailwinds
Freight Rate Revisions
POSITIVEFreight rate hikes implemented to counter fuel price escalation, resulting in higher realizations.
Headwinds
Diesel Price Volatility
NEGATIVEAverage procuring cost per litre of diesel increased from Rs. 83.09 in Q1FY26 to Rs. 93.73 in Q1FY27, alongside the discontinuation of direct bulk purchases.
Risk radar
Geopolitical Volatility
CAUTIONPotential for geopolitical developments to cause volatility in fuel rates and other input costs.
Seasonal Demand Fluctuations
CAUTIONSequential volume contraction of 2% QoQ observed in Q1FY27 due to seasonal demand moderation.
Management accountability
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.
Analyst reading lens
Compare BOTH
Year-over-year comparison captures annual volume expansion and structural margin gains, while quarter-over-quarter comparison is necessary to assess sequential demand moderation and diesel price cost pressures.
Sector KPIs management disclosed
Total Tonnage Handled
POSITIVETonnage increased 9% YoY to 1,019 thousand tons in Q1FY27, though down 2% QoQ from 1,037 thousand tons in Q4FY26 due to seasonal demand moderation.
Realisation per Ton
POSITIVERealisation per ton reached Rs. 8,546 in Q1FY27, representing a 9% increase YoY and a 5% increase QoQ following freight rate hikes.
EBITDA Margin
POSITIVEEBITDA margin stood at 21.8% in Q1FY27 compared to 21.1% in Q1FY26 and 21.4% in Q4FY26.
Net Debt
POSITIVENet debt decreased to Rs. 391 crores as of June 30, 2026, compared to Rs. 440 crores as of March 31, 2026.
Management forward view
Share Buyback Proposal
POSITIVEBoard approved a share buyback of up to 8,750,000 equity shares (5% of paid-up capital) at Rs. 320 per share for an aggregate consideration not exceeding Rs. 280 crores.
Credit Rating Upgrade
POSITIVELong-term ICRA credit rating improved from A+ (stable) to A+ (positive).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt | Rs. 391 Crores | Sustained debt reduction and cash flow generation against ongoing capital expenditure and share buyback outflows. |
| Tonnage and Realisation | 1,019k tons and Rs. 8,546/ton | Ability to maintain volume growth momentum while sustaining freight realizations amidst fuel price fluctuations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 93rd percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
117 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Services: 93rd pctile, median 66 · Small: 92nd pctile, median 66
Evidence depth
Financial-only
117 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
69
acceptable · leverage and solvency
Discipline
76
strong · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 60.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.9%.
- ▸11 years of positive FCF.
Trust risks
- ▸Debt/equity is 1.01.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching VRL Logistics Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares 17 Oct - VRL Logistics revised buyback record date to October 22, 2026, with corrigendum published.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Oct - Intimation to the shareholders for transfer of shares to the IEPF Authority.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Pursuant to regulation 30 of the SEBI LODR) Regulations 2015 and further to our submission of postal ballot notice on September 1, 2026, we enclose …
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - VRL Logistics to attend 1x1 investor meetings in Singapore on 7-9 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - In accordance with Regulation 30(6) of the SEBI (LODR) Regulations 2015, please find schedule of Investor meeting proposed to be held
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Aug - VRL Logistics schedules a one-on-one virtual investor meeting on 24 August 2026 with AMS Opportunities Fund.
Source: Bse
Annual reportJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul - Further to our submission of Notice of 43rd Annual General meeting and Annual Report for FY 2025-26 vide our communication dated 12th July 2026, we …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Jul - Dear Sir, In compliance with the provision of Regulations 30 and 47 of the SEBI(LODR) Regulations, 2015, please find enclosed the followings - 1) Copies …
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 12 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.