Buy Or Sell Opportunity • May 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₹246. The fair value is estimated to be ₹308, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Reported Earnings • May 19
Full year 2026 earnings released: EPS: ₹13.54 (vs ₹10.46 in FY 2025) Full year 2026 results: EPS: ₹13.54 (up from ₹10.46 in FY 2025). Revenue: ₹32.4b (up 2.4% from FY 2025). Net income: ₹2.37b (up 30% from FY 2025). Profit margin: 7.3% (up from 5.8% in FY 2025). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Feb 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 96% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (96% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 06
Third quarter 2026 earnings released: EPS: ₹3.70 (vs ₹3.40 in 3Q 2025) Third quarter 2026 results: EPS: ₹3.70 (up from ₹3.40 in 3Q 2025). Revenue: ₹8.31b (flat on 3Q 2025). Net income: ₹647.5m (up 9.0% from 3Q 2025). Profit margin: 7.8% (up from 7.2% in 3Q 2025). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 05
VRL Logistics Limited Declares Interim Dividend The Board of Directors of VRL Logistics Limited have declared an interim dividend of {INR 5 per equity share (face value of INR 10/- each). Reported Earnings • Nov 04
Second quarter 2026 earnings released: EPS: ₹2.85 (vs ₹2.05 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.85 (up from ₹2.05 in 2Q 2025). Revenue: ₹8.04b (flat on 2Q 2025). Net income: ₹498.9m (up 39% from 2Q 2025). Profit margin: 6.2% (up from 4.5% in 2Q 2025). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 108% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (108% net debt to equity). Dividend is not well covered by cash flows (161% cash payout ratio). Announcement • Aug 06
VRL Logistics Limited Approves Final Dividend for Financial Year 2024-25 VRL Logistics Limited at its AGM held on August 6, 2025 approved final dividend of INR 10 per equity share for financial year 2024-25. Upcoming Dividend • Jul 23
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 05 September 2025. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (1.6%). Reported Earnings • Jul 15
Full year 2025 earnings released: EPS: ₹20.91 (vs ₹10.18 in FY 2024) Full year 2025 results: EPS: ₹20.91 (up from ₹10.18 in FY 2024). Revenue: ₹31.7b (up 9.2% from FY 2024). Net income: ₹1.83b (up 105% from FY 2024). Profit margin: 5.8% (up from 3.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jul 14
VRL Logistics Limited, Annual General Meeting, Aug 06, 2025 VRL Logistics Limited, Annual General Meeting, Aug 06, 2025, at 13:00 Indian Standard Time. Location: rs no.351/1 varur, post chabbi, taluk hubballi, district dharwad, hubballi 581207, bengaluru India Price Target Changed • May 24
Price target increased by 8.4% to ₹687 Up from ₹634, the current price target is an average from 8 analysts. New target price is 19% above last closing price of ₹578. Stock is down 0.3% over the past year. The company is forecast to post earnings per share of ₹27.02 for next year compared to ₹20.91 last year. Reported Earnings • May 22
Full year 2025 earnings released: EPS: ₹20.91 (vs ₹10.18 in FY 2024) Full year 2025 results: EPS: ₹20.91 (up from ₹10.18 in FY 2024). Revenue: ₹31.9b (up 9.8% from FY 2024). Net income: ₹1.83b (up 105% from FY 2024). Profit margin: 5.7% (up from 3.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • May 12
VRL Logistics Limited to Report Q4, 2025 Results on May 21, 2025 VRL Logistics Limited announced that they will report Q4, 2025 results on May 21, 2025 Announcement • Feb 19
VRL Logistics Limited Announces Directorate Retirements VRL Logistics Limited announced that the term of appointment of two of Independent Directors, viz. Mr. Shankarasa Venkosa Ladwa and Dr. Anand Krishnarao Pandurangi stands completed as of February 18, 2025. They thereby cease being directors in the Company with effective from February 19, 2025. The Board of Directors and the Management of the Company wishes to place on record their sincere appreciation and gratitude to Mr. Shankarasa Venkosa Ladwa and Dr. Anand Krishnarao Pandurangi for their extensive contribution in the Board decisions and policy framework during their tenure in the Company over the years. Reason for change: Completion of tenure. New Risk • Feb 07
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: ₹6.79 (vs ₹1.56 in 3Q 2024) Third quarter 2025 results: EPS: ₹6.79 (up from ₹1.56 in 3Q 2024). Revenue: ₹8.31b (up 12% from 3Q 2024). Net income: ₹594.2m (up 335% from 3Q 2024). Profit margin: 7.2% (up from 1.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jan 21
VRL Logistics Limited to Report Q3, 2025 Results on Feb 05, 2025 VRL Logistics Limited announced that they will report Q3, 2025 results on Feb 05, 2025 Announcement • Jan 16
VRL Logistics Limited Announces Board Appointments, Effective 19 February, 2025 VRL Logistics Limited announced that Mr. Shankar Vasantrao Pinge, has been appointed as an Independent Director of the Company with effect from 19 February, 2025 pursuant to passing of special resolution through postal ballot (Fresh appointment). Mr. Shankar Vasantrao Pinge has completed graduation in Commerce in the year 1981 from Karnatak University, Dharwad. He is also a Member of The Institute of Chartered Accountants of India, New Delhi. He worked with State Bank of India from 1984 to 1989. He joined M/s. Saraf Associates, Chartered Accountants, Mumbai in the year 1989 after qualifying as a Chartered Accountant and was associated with the firm from 1989 to 2002 in different positions. He started his own practice in 2002 in the name of M/s. S. V. Pinge & Co. He has vast experience in the field of Taxation, Audit and Finance etc. and the Company can utilize his experience in formulating and strengthening internal controls and Internal Audit System etc. Dr. D. V. Guruprasad has been appointed as an Independent Director of the Company with effect from 19 February, 2025 pursuant to passing of special resolution through postal ballot (Fresh appointment). Dr. D. V. Guruprasad has completed his Graduation in B.Sc. from Bangalore University and he also did his Master degree in English Literature from Karnatak University, Dharwad. He joined Indian Police Service (IPS) in the year 1976. He was awarded Ph.D in English literature by the Gulbarga University on his thesis ‘The Letter in Indian Writing in English’ while he was serving as a Superintendent of Police. He served as Superintendent of Police (SP) in many districts of Karnataka and also served as a DGP of Gulbarga Range apart from being the Commissioner of Police at Hubli- Dharwad. He was one of the very few officers to head both the State CID and State Intelligence Wings. He worked as Intelligence Chief under three Chief Ministers of different Parties which is a rarity. He has also worked in the CISF at New Delhi and served as Addl. DGP, Recruitment and Training. He has undergone professional training in the UK and Israel. He has specialized in Security, Criminal investigation, and law and order. Problems related to children, women and senior citizens are his special interest and he steered the Gender Sensitization Project of Karnataka police for 3 years. He was closely associated with UNICEF. He has worked in several non- police organizations. He was Director, Traffic and Director Security and Vigilance of Karnataka State Road Transport Corporation. He was the Director and Head of the State Information Department. After his retirement from the IPS as DGP in 2011, he was the CEO of the M S Ramaiah group of institutions in Bangalore for 7 years and retired in 2018. He thereby has vast experience in the Road Transportation and Education industries. He was a visiting Professor of Criminology in Rani Channamma University, Belagavi. He regularly gives lectures in several Universities and training institutions. He is a recognized trainer of Government of India. He is an inspirational speaker and he also mentors aspirants for the prestigious Civil Services Examination conducted by the UPSC and several of his mentees have been selected for IAS/IPS in the recent years. He has authored ninety five books, both in Kannada and English and is a popular columnist for various newspapers and magazines. Announcement • Dec 12
VRL Logistics Limited Announces Retirement of Medha Pawar, Independent Director VRL Logistics Limited informed that the term of appointment of Mrs. Medha Pawar, Independent Director concluded on December 11, 2024. Her term of appointment was from December 12, 2019 till December 11, 2024. Consequent to her retirement, the composition of the Board and its Committees continues to be in compliance with the requirements of applicable laws. Upcoming Dividend • Nov 22
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 29 November 2024. Payment date: 06 December 2024. Trailing yield: 1.9%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹4.09 (vs ₹2.27 in 2Q 2024) Second quarter 2025 results: EPS: ₹4.09 (up from ₹2.27 in 2Q 2024). Revenue: ₹8.02b (up 12% from 2Q 2024). Net income: ₹358.2m (up 80% from 2Q 2024). Profit margin: 4.5% (up from 2.8% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Nov 13
VRL Logistics Limited Declares Interim Dividend, Payable on or Before 29 November 2024 VRL Logistics Limited at its board meeting held on November 13, 2024, the company declared an interim dividend of INR 5/- per equity share. As intimated earlier, Record date for the said purpose would be 22nd November 2024. The said Dividend would be paid on or before 29rh November 2024. Announcement • Nov 04
VRL Logistics Limited to Report Q2, 2025 Results on Nov 13, 2024 VRL Logistics Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹611, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 13x in the Transportation industry in Asia. Total returns to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,127 per share. New Risk • Aug 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). Announcement • Jul 22
VRL Logistics Limited to Report Q1, 2025 Results on Aug 05, 2024 VRL Logistics Limited announced that they will report Q1, 2025 results on Aug 05, 2024 Buy Or Sell Opportunity • Jul 19
Now 20% undervalued Over the last 90 days, the stock has risen 1.5% to ₹565. The fair value is estimated to be ₹710, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 9.2%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. Announcement • Jul 12
VRL Logistics Limited, Annual General Meeting, Aug 05, 2024 VRL Logistics Limited, Annual General Meeting, Aug 05, 2024, at 13:00 Indian Standard Time. Location: rs no.351/1, varur, post chabbi, taluk hubballi, district dharwad, hubballi - 581 207., hubballi India Reported Earnings • Jul 12
Full year 2024 earnings released: EPS: ₹10.18 (vs ₹18.81 in FY 2023) Full year 2024 results: EPS: ₹10.18 (down from ₹18.81 in FY 2023). Revenue: ₹29.0b (up 9.3% from FY 2023). Net income: ₹890.6m (down 46% from FY 2023). Profit margin: 3.1% (down from 6.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.1% Last year net profit margin: 6.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • May 21
Full year 2024 earnings released: EPS: ₹10.18 (vs ₹18.81 in FY 2023) Full year 2024 results: EPS: ₹10.18 (down from ₹18.81 in FY 2023). Revenue: ₹29.1b (up 9.6% from FY 2023). Net income: ₹890.6m (down 46% from FY 2023). Profit margin: 3.1% (down from 6.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 11
VRL Logistics Limited to Report Q4, 2024 Results on May 20, 2024 VRL Logistics Limited announced that they will report Q4, 2024 results at 12:08 PM, Indian Standard Time on May 20, 2024 Price Target Changed • Mar 13
Price target decreased by 7.6% to ₹724 Down from ₹783, the current price target is an average from 9 analysts. New target price is 37% above last closing price of ₹528. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₹11.36 for next year compared to ₹18.81 last year. Price Target Changed • Feb 07
Price target decreased by 8.5% to ₹738 Down from ₹806, the current price target is an average from 9 analysts. New target price is 9.8% above last closing price of ₹672. Stock is up 31% over the past year. The company is forecast to post earnings per share of ₹13.23 for next year compared to ₹18.81 last year. New Risk • Feb 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 98% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (98% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Feb 06
Third quarter 2024 earnings released: EPS: ₹1.56 (vs ₹4.28 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.56 (down from ₹4.28 in 3Q 2023). Revenue: ₹7.39b (up 7.7% from 3Q 2023). Net income: ₹136.5m (down 64% from 3Q 2023). Profit margin: 1.8% (down from 5.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 05
Now 22% undervalued Over the last 90 days, the stock has risen 5.0% to ₹710. The fair value is estimated to be ₹906, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Announcement • Jan 25
VRL Logistics Limited to Report Q3, 2024 Results on Feb 05, 2024 VRL Logistics Limited announced that they will report Q3, 2024 results on Feb 05, 2024 Announcement • Jan 19
VRL Logistics Limited Announces Management Appointments VRL Logistics Limited announced that Mr. Shiva Sankeshwar (DIN: 09236519), has been appointed as a Non-Executive Director of the Company w.e.f. 18th January 2024 upon passing of resolution through postal ballot. Mrs. Shailaja Ambli (DIN: 10393506), has been appointed as an Independent Director of the Company for a period of five years w.e.f. 18th January 2024 upon passing of special resolution through postal ballot. Mr. Virupaxagouda Patil (DIN: 10395538), has been appointed as an Independent Director of the Company for a period of five years w.e.f. 1st April 2024 upon passing of special resolution through postal ballot. Mr. Vinay Javali (DIN: 00589315), has been appointed as an Independent Director of the Company for a period of five years w.e.f. 1st April 2024 upon passing of special resolution through postal ballot. Mr. Shiva Sankeshwar, a graduate from R V College of Engineering, Bengaluru is a third generation entrepreneur aiming to carry forward the legacy of his illustrious grandfather and father. The Nomination and Remuneration Committee recommended the appointment of Mr. Shiva Sankeshwar as a Director with a view to develop third generation leadership as a part of succession plan and bank upon the new age/modern thinking and technical expertise of Mr. Shiva Sankeshwar. Mrs. Shailaja Ambli completed Science graduation from Karnatak University, Dharwad in the year 1977. She later completed B.Ed and M.Ed in year 1979 and 1980 respectively and was recipient of the coveted State Award in B.Ed. & M.Ed. owing to her securing First rank and Gold Medals in both these examinations. She received numerous awards including the prestigious Wrangler D.C. Pawate Diamond Jubilee Celebration Award. She was bestowed with the Karnatak University fund prize & UGC fellowship for undertaking Research in the field of Education and awarded Ph.D. in year 1992. She has also completed M.A. in Sociology in year 1992. She started her career as a Teacher Educator at Shree Damodar D.Ed. Training College, Margoa, Goa in year 1984 and later on was promoted and served as Research Officer with the Goa Board of Secondary & Higher Secondary Education for 27 years in year 1989. She was deputed by the Goa Board, Government of Goa and Government of India for the British Technical Co-operation Training Programme at the University of Cambridge, Local Examination Syndicate United Kingdom on Education Assessment in the year 1993. Mr. Virupaxagouda Patil has completed Graduation in Commerce and Law from Karnatak University, Dharwad and he also completed Post Graduate Diploma in Computer Application. He is an Advocate practicing over the last four decades. He served as a Legal Advisor for many Nationalized and Private sector Banks. He also served as the President of District Consumer Redressal Forum for Kodagu District of Karnataka and has also acted as a District Arbitrator for Co- operatives and Societies. He is an accredited Notary too. He has vast experience in Law and Commerce. The Company would be benefited from his appointment as an Independent Director. Mr. Vinay Javali has completed Mechanical Engineering in 1980 from B.V.B College Engineering and Technology, Hubballi. He belongs to a prominent textile business family from North Karnataka. Supporting his family business, he simultaneously pursued his interest in automobile industry and joined TVS Group to get special training in automobile service and repair. He set up his own business under the name M/s Auto Reconditioners and subsequently M/s Auto Scan Center, both establishments being the leading multi brand automobile car service and spare parts centres. He has widely traveled to several countries like United Kingdom, Italy, Switzerland, United States of America etc. to explore and gather experience in the automobile spares and services fields and adopt the best business practices for his business. Mr. Vinay Javali has been socially active since young age and served many social organizations such as LEO Club, Jain Millan, Jain Digambar Samaj, Rotary Club, etc. At present he is President of the Hubballi Automobile Dealers Association and Vice President of B V B College of Engineering and Technology Alumni Association Hubballi. He served Karnataka Chamber of Commerce and Industry, since long as a Managing Committee Member and also currently is the President thereof. He is a sports enthusiast and has represented his University and State in Badminton. Buying Opportunity • Dec 20
Now 21% undervalued Over the last 90 days, the stock is up 5.1%. The fair value is estimated to be ₹945, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 28% per annum over the same time period. Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: ₹2.27 (vs ₹3.56 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.27 (down from ₹3.56 in 2Q 2023). Revenue: ₹7.15b (down 2.1% from 2Q 2023). Net income: ₹199.2m (down 37% from 2Q 2023). Profit margin: 2.8% (down from 4.3% in 2Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
Vrl Logistics Limited Announces the Resignation of Smriti Bellad as Independent Director VRL Logistics Limited announced that the term of appointment of Mrs. Smriti Bellad, Independent Director concludes effective from November 3, 2023. Her term of appointment was from November 3, 2018 till November 2, 2023. Consequent to her retirement, the composition of the Board and its Committees continue to be in compliance with the requirements of applicable laws. Announcement • Oct 28
VRL Logistics Limited to Report Q2, 2024 Results on Nov 06, 2023 VRL Logistics Limited announced that they will report Q2, 2024 results on Nov 06, 2023 New Risk • Aug 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 71% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (71% net debt to equity). Paying a dividend despite having no free cash flows. Announcement • Aug 08
VRL Logistics Limited Appoints Shantilal D. Jain as an Independent Director VRL Logistics Limited announced the based on the recommendations of the Nomination and Remuneration Committee and Board of Directors of the Company, the shareholders of the Company at the 40th Annual General meeting have appointed Mr. Shantilal D. Jain (DIN: 00571902) as an Independent Director of the Company to hold office with effect from 7th August 2023 for a period of 5 years. Mr. Shantilal D. Jain is not related to any of the Directors financially, or otherwise. Mr. Shantilal Jain is a Practicing Chartered Accountant with an experience of more than 3 plus decades in the field of Taxation, Accounting, Audit etc., with a reputed well established firm in Hubballi in the name of M/s. D. Shantilal Jain & Co. He was the Chairman of Hubballi Branch of SIRC of ICAI in the year 1992-93 and was the Director of Institute of Business Management & Research (IBMR) educational institutions at Hubballi, Bengaluru, Ahmedabad and Gurgaon. He has several other achievements and accolades to his name. Announcement • Jul 29
VRL Logistics Limited to Report Q1, 2024 Results on Aug 07, 2023 VRL Logistics Limited announced that they will report Q1, 2024 results on Aug 07, 2023 Upcoming Dividend • Jul 24
Upcoming dividend of ₹5.00 per share at 0.7% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 24 August 2023. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.5%). Reported Earnings • Jul 14
Full year 2023 earnings released: EPS: ₹18.81 (vs ₹17.68 in FY 2022) Full year 2023 results: EPS: ₹18.81 (up from ₹17.68 in FY 2022). Revenue: ₹26.6b (up 22% from FY 2022). Net income: ₹1.66b (up 6.4% from FY 2022). Profit margin: 6.2% (down from 7.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
VRL Logistics Limited, Annual General Meeting, Aug 07, 2023 VRL Logistics Limited, Annual General Meeting, Aug 07, 2023, at 12:30 Indian Standard Time. Location: Registered Office situated at RS No.351/1 Varur, Post Chabbi, Taluk Hubballi, District Dharwad, Hubballi 581 207 (18th KM, NH-4, Bengaluru Bengaluru Karnataka India Agenda: To receive, consider and adopt the audited financial accounts as at 31st March 2023 and the reports of the Board of Directors and Auditors thereon; to declare Final Dividend of `5/- per equity share for the year ended on 31st March 2023; to appoint Director in the place of Mr. L R Bhat (DIN: 01875068) who retires by rotation and being eligible, offers himself for re-appointment; to appoint Director in the place of Dr. Ashok Shettar (DIN: 07038714) who retires by rotation and being eligible, offers himself for re-appointment; and to discuss other matters. Announcement • Jul 11
VRL Logistics Limited Proposes Final Dividend for the Year Ended March 31, 2023, Payable on or Before August 24, 2023 VRL Logistics Limited at its AGM to be held on August 7, 2023, proposed to declare Final Dividend of INR 5.00 per equity share for the year ended on March 31, 2023 with July 31, 2023 as the record date and the payment of the said dividend would be made on or before August 24, 2023. Price Target Changed • May 23
Price target increased by 9.3% to ₹782 Up from ₹715, the current price target is an average from 6 analysts. New target price is 12% above last closing price of ₹698. Stock is up 15% over the past year. The company is forecast to post earnings per share of ₹25.46 for next year compared to ₹18.80 last year. Announcement • May 21
VRL Logistics Limited Recommends Final Dividend for the Financial Year Ended March 31, 2023 VRL Logistics Limited at its board meeting held on May 20, 2023, recommended a final dividend at a rate of INR 5 per equity share (face value of INR 10 each) for the financial year ended March 31, 2023, subject to approval of shareholders at the ensuing Annual General Meeting of the Company. The dividend would be paid within 30 days from the date of declaration at the said ensuing Annual General Meeting. Reported Earnings • May 21
Full year 2023 earnings released: EPS: ₹18.80 (vs ₹18.12 in FY 2022) Full year 2023 results: EPS: ₹18.80 (up from ₹18.12 in FY 2022). Revenue: ₹26.6b (up 11% from FY 2022). Net income: ₹1.66b (up 3.8% from FY 2022). Profit margin: 6.2% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 64% per year. Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: ₹4.28 (vs ₹6.85 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.28 (down from ₹6.85 in 3Q 2022). Revenue: ₹6.86b (up 1.1% from 3Q 2022). Net income: ₹377.6m (down 38% from 3Q 2022). Profit margin: 5.5% (down from 8.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jan 23
VRL Logistics Limited to Report Q3, 2023 Results on Jan 30, 2023 VRL Logistics Limited announced that they will report Q3, 2023 results on Jan 30, 2023 Price Target Changed • Dec 19
Price target decreased to ₹719 Down from ₹774, the current price target is an average from 5 analysts. New target price is 27% above last closing price of ₹567. Stock is up 38% over the past year. The company posted earnings per share of ₹18.12 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. Independent Director Gurudas Narekuli was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹3.56 (vs ₹5.60 in 2Q 2022) Second quarter 2023 results: EPS: ₹3.56 (down from ₹5.60 in 2Q 2022). Revenue: ₹7.33b (up 15% from 2Q 2022). Net income: ₹314.6m (down 36% from 2Q 2022). Profit margin: 4.3% (down from 7.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 31
Price target increased to ₹749 Up from ₹678, the current price target is provided by 1 analyst. New target price is 21% above last closing price of ₹622. Stock is up 99% over the past year. The company posted earnings per share of ₹18.12 last year. Reported Earnings • Jul 20
Full year 2022 earnings released: EPS: ₹18.12 (vs ₹4.99 in FY 2021) Full year 2022 results: EPS: ₹18.12 (up from ₹4.99 in FY 2021). Revenue: ₹23.9b (up 36% from FY 2021). Net income: ₹1.60b (up 255% from FY 2021). Profit margin: 6.7% (up from 2.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 31
Full year 2022 earnings released: EPS: ₹18.12 (vs ₹4.99 in FY 2021) Full year 2022 results: EPS: ₹18.12 (up from ₹4.99 in FY 2021). Revenue: ₹23.9b (up 36% from FY 2021). Net income: ₹1.60b (up 255% from FY 2021). Profit margin: 6.7% (up from 2.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 30
Price target increased to ₹662 Up from ₹573, the current price target is provided by 1 analyst. New target price is 7.4% above last closing price of ₹616. Stock is up 139% over the past year. The company posted earnings per share of ₹4.99 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. Independent Director Gurudas Narekuli was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₹620, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 32x in the Transportation industry in India. Total returns to shareholders of 146% over the past three years. Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹6.85 (up from ₹4.40 in 3Q 2021). Revenue: ₹6.83b (up 21% from 3Q 2021). Net income: ₹604.9m (up 52% from 3Q 2021). Profit margin: 8.9% (up from 7.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Independent Director Gurudas Narekuli was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. Independent Director Gurudas Narekuli was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Second quarter 2022 earnings released: EPS ₹5.60 (vs ₹3.42 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹6.36b (up 45% from 2Q 2021). Net income: ₹494.8m (up 60% from 2Q 2021). Profit margin: 7.8% (up from 7.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Price Target Changed • Oct 20
Price target increased to ₹365 Up from ₹341, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹382. Stock is up 148% over the past year. The company posted earnings per share of ₹4.99 last year. Price Target Changed • Oct 04
Price target increased to ₹350 Up from ₹321, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹366. Stock is up 120% over the past year. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 16% share price gain to ₹399, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 23x in the Transportation industry in India. Total returns to shareholders of 51% over the past three years. 
