VRL Logistics (VRLLOG) Q4 25/26 earnings summary

Executive summary

• Celebrated 50 years in logistics, operating 6,000 owned vehicles across 24 states and 4 union territories with a 1,300 branch network and over 1 million customers.

• Revenue grew 6% YoY in Q4 FY26 and 2% for the full year, driven by improved customer volumes and higher realizations.

• EBITDA margin for FY26 improved to 20.8% from 18.8% in FY25, reflecting better pricing and operational efficiency.

• Net profit for FY26 rose 29% YoY to ₹237 crore, with PAT margin increasing to 7.3%.

• Audited financial results for FY26 were approved with an unmodified audit opinion; all operations and assets are in India.

Financial highlights

• Q4 FY26 total income: INR 859 crore, up 6% YoY and 3% sequentially; Q4 EBITDA margin: 21.4%.

• FY26 total income: INR 3,245 crore; EBITDA margin: 20.8%, up 190 bps YoY; net profit: INR 237 crore, up 29% YoY.

• Revenue from operations for FY26 was ₹322,111 lakhs, up from ₹316,095 lakhs YoY; net profit for FY26 was ₹23,683 lakhs.

• Cash flow from operations: INR 668 crore, up from INR 583 crore last year; cash flow from operations before working capital changes improved to ₹667 crore.

• Net debt increased to ₹440 crore as of March 2026, up from ₹396 crore in March 2025.

Outlook and guidance

• Expecting 6%-7% volume growth for FY27, with 2% sequential quarterly growth.

• EBITDA margin guidance maintained at 20%-21% despite fuel cost volatility, with price increases being passed to customers.

• CapEx planned at INR 300-350 crore for FY27, focused on vehicles and land/building for network expansion.

• Net addition of 100 branches expected in FY27; focus on intensified marketing and strategic expansion in untapped geographies.

• The audit report confirms the company’s ability to continue as a going concern, with no material uncertainties identified.