VRL Logistics (VRLLOG) Q2 26/27 earnings summary

Executive summary

• Q2FY27 total income was ₹966.6 Cr, up 20% YoY; EBITDA rose 43% to ₹225.6 Cr and PAT rose 106% to ₹103.0 Cr.

• H1FY27 total income was ₹1,851.4 Cr, up 19% YoY; EBITDA increased 32% to ₹418.2 Cr and PAT increased 84% to ₹183.5 Cr.

• Higher tonnage and freight realizations supported margin expansion; H1 net debt declined to ₹337 Cr, with 44 net branches added.

Financial highlights

• Q2FY27 revenue from operations was ₹961.9 Cr, up 21% YoY and 9% QoQ; H1FY27 revenue was ₹1,840.8 Cr, up 19% YoY.

• Q2FY27 EBIT was ₹161.8 Cr, up 73% YoY, and PBT was ₹137.8 Cr, up 99%; H1 EBIT was ₹292.0 Cr, up 56%, and PBT was ₹245.4 Cr, up 80%.

• Q2FY27 PAT was ₹103.0 Cr versus ₹49.9 Cr; H1 PAT was ₹183.5 Cr versus ₹99.9 Cr. Q2 and H1 EPS were ₹5.89 and ₹10.49, respectively.

• H1 cash generated from operations before working-capital changes was ₹415.7 Cr versus ₹314.1 Cr; net cash from operating activities was ₹362.5 Cr.

• H1 total expenses were ₹1,606.07 Cr versus ₹1,418.41 Cr in H1FY26.

Outlook and guidance

• Tonnage growth of 9%-10% is expected in H2 and described as achievable over the medium term.

• Revenue growth of 10%-12% is expected next year if realizations do not change; management indicated EBITDA margins of 21%-22% are sustainable.

• H2 CapEx is expected at ₹150-160 Cr; longer-term annual CapEx is expected at ₹250-300 Cr, subject to cash flows and debt structure.

• Growth priorities include profitable freight contracts, network expansion in untapped and northern geographies, and fleet additions matched to demand; October tonnage grew 20%+ YoY.