VRL Logistics
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VRL Logistics (VRLLOG) investor relations material

VRL Logistics Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary6 Feb, 2026

Executive summary

  • Q3 FY26 total income was INR 831 crore, flat year-on-year and up 3% sequentially, driven by improved realizations, new client additions, and return of lost accounts.

  • Profit after tax for Q3 was INR 65 crore, up 9% year-on-year and 30% sequentially, aided by lower interest costs.

  • EBITDA margin for Q3 FY26 improved to 20.9%, up 20 bps year-on-year, supported by higher realization and cost control.

  • Interim dividend of INR 5 per share was approved.

  • Unaudited financial results for the quarter and nine months ended 31 December 2025 were approved, with independent auditor review confirming no material misstatements.

Financial highlights

  • Q3 FY26 EBITDA at INR 174 crore, up 1% year-on-year; 9M FY26 EBITDA at INR 490 crore, up 20% year-on-year.

  • Realization per ton increased 10% year-on-year in Q3 FY26; tonnage declined 9% year-on-year due to exit from low-margin business.

  • Net debt reduced to INR 272 crore as of December 2025, down from INR 304 crore in September 2025 and INR 470 crore a year earlier.

  • Fuel cost as a percentage of income fell to 24.8% in Q3 and ~25% in 9M FY26 from higher levels a year earlier.

  • Revenue from operations for the quarter ended 31 December 2025 was INR 82,696.23 lakhs, nearly flat year-over-year.

Outlook and guidance

  • Expecting 3-4% sequential tonnage growth in Q4 and 10-11% tonnage and revenue growth in FY27, targeting revenue of INR 3,600 crore and EBITDA of INR 730-740 crore.

  • Realization per ton to remain stable at current levels; no further price hikes planned unless cost structure changes.

  • CapEx for FY27 projected at INR 350 crore, including INR 160-170 crore for 500 new vehicles and similar amount for land/building purchases.

  • Focus on intensified marketing and strategic expansion in untapped geographies to drive volume growth.

  • No incremental financial impact expected from the new Labour Codes as per current assessment; company will monitor for future regulatory changes.

Post-bonus share dividend policy outlook?
New Labour Code: What specific impacts are monitored?
Drivers of 9M PBT growth despite flat Q3 revenue?
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Q4 25/2618 May, 2026
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