VRL Logistics Ltd4:56 pm IST
VRL Logistics Limited — Investor Summary for FY2025-26 (43rd AGM)
Financial performance
- Revenue from operations: ₹3,24,478 lakh; up 1.9% YoY.
- EBITDA: ₹67,389 lakh; margin 20.77%.
- PBT: ₹31,788 lakh; PAT: ₹23,683 lakh; PAT up 29%.
- EPS: ₹13.54; restated after bonus issue.
- Interim dividend: ₹5 per share; no final dividend for FY26.
- Bonus issue 1:1; paid-up capital: ₹174,936,990 shares; promoters 60.24%.
- Net debt: ₹44,021 lakh; net worth ₹114,244 lakh; gearing 39%.
- ROCE: 24.56%; ROE: 21.27%.
- Operating cash flow ₹65,437 lakh; capex ₹29,862 lakh; dividend outflow ₹17,491 lakh.
- ICRA upgrade: long-term rating to A+ Positive.
- Branch network expanded to 1,293; 97 new branches added.
- Fleet: 5,932 owned vehicles; capacity 81,700 tonnes; 216 trailers.
Operations & growth
- FY26 revenue growth driven by rate rationalization; exited low-margin businesses.
- Fuel cost share declined to 24.91% of revenue (from 27.32%).
- Lorry hire costs fell to 4.80% of revenue.
- Geography: Domestic revenue ₹3,20,377 lakh; India-only operations; no exports.
- Tonnage: daily average above 11,500 tonnes in Q4 FY26.
- CAPEX: ₹29,862 lakh invested in fleet and premises.
- Fleet efficiency improved; ~14% of fleet fully depreciated; ~77% debt-free.
- 57+ key projects underpinning expansion and service quality improvements.
Capital structure & dividends
- Equity share capital after bonus: ₹174.94 crore; 174,936,990 shares.
- Promoters: Vijay Sankeshwar 28.33%; Anand Sankeshwar 31.43%.
- Interim dividend paid: ₹5 per share; no final dividend for FY26.
- Total equity: ₹114,244 lakh; net debt: ₹44,021 lakh; gearing 39%.
- Assets pledged as security: total secured borrowings collateral ₹70,779 lakh.
- Credit rating uplift: ICRA upgraded to A+ Positive outlook.
Governance & compliance
- Board: 12 directors; 6 independent; 1 independent woman; 3 promoters.
- Board meetings: 5; Audit Committee: 6; Nomination & Remuneration: 3; CSR: 3.
- Independent Director meeting held on 5 Feb 2026.
- Executive remuneration total ₹882.04 lakh; non-executive sitting fees plus ₹1,072.64 lakh.
- Statutory & secretarial audits: no qualifications; MR-3 secretarial audit; compliance certificate issued.
- AGM held as scheduled; e-voting facility provided; dividends per SEBI LODR compliance.
Dividend policy & shareholder info
- Dividend policy aligned with statutory norms; ordinary course of business.
- Shareholding pattern: Promoters (60.24%), Mutual Funds, individuals, FPIs.
- Top holders include Vijay Sankeshwar (28.33%) and Anand Sankeshwar (31.43%).
- All shares are in demat form; ISIN INE366I01010.
Corporate social responsibility & ESG
- CSR spend: ₹441.46 lakh; 2% base: ₹404.90 lakh; excess ₹47.67 lakh carried forward.
- Beneficiaries: Education, healthcare, rural development, nutrition, sports, environment, women upliftment.
- Carbon credits held: 74,047 certified credits; monetization planned when opportune.
- ESG initiatives: BS-VI fleet, EVs (12 autos, 19 EScooters), rooftop solar, LED lighting.
- Water management: rainwater harvesting, wastewater reuse; Varur facility uses bacteria-based water treatment.
- Waste management: E-waste, batteries, and other waste recycled via licensed channels.
Risks, outlook & industry context
- Road-dominated logistics with 60-65% modal share; policy shifts impact freight rates.
- Driver shortage remains a key risk; VRL supports drivers with benefits and training.
- Vehicle scrappage policy: aging fleet challenges; 814 vehicles >15 years; replacement planned.
- Tax/levy/regulatory changes may affect cost structure; ongoing monitoring by management.
- Outlook: network expansion and freight-rate optimization to sustain margin growth.
Audits, controls & risk management
- Internal controls robust; Ind AS 116 lease accounting with ROU assets and lease liabilities.
- Audit Committee reviews governance, internal controls, related party transactions.
- No material fraud reported; independent auditor’s report unqualified.
- Management maintains risk management framework; quarterly reviews by Audit Committee.