AVG Logistics Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Logistics business: 100.0%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has a healthy return on capital (ROCE) of 21.0%
- Institutional investors have been accumulating - FII+DII up 12.3pp
- Stock looks reasonably valued - P/E of 12.5 is below its historical median
- Attractively priced for its growth - PEG of 0.3
CONS
- Promoter holding has decreased over last 2 years: -11.5pp
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 70.9% year on year
- Equity base is being diluted - shares outstanding up 27.9%
- Though reporting repeated profits, the company pays out little dividend (7.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONCOR | 499.80 | 30.65 | 38065.66 | 1.72 | 268.90 | 0.61 | 2159.76 | 0.28 | 13.63 | 20.41 |
| DELHIVERY | 438.60 | 351.36 | 32864.05 | 0.00 | 31.91 | -64.96 | 2930.73 | 27.76 | 2.97 | 4.75 |
| SHADOWFAX | 253.25 | 133.05 | 14862.94 | 0.00 | 654.00 | 6732.86 | 13581.20 | 1806.32 | 11.58 | 6.76 |
| BLACKBUCK | 629.05 | 67.88 | 11459.23 | 0.00 | 42.17 | 25.14 | 204.17 | 42.17 | 12.75 | 24.35 |
| TCI | 859.95 | 14.47 | 6607.09 | 1.16 | 106.60 | -0.56 | 1248.50 | 9.58 | 20.52 | 12.30 |
| TVSSCS | 130.35 | 88.81 | 5751.35 | 0.00 | 22.48 | -96.84 | 3335.22 | 28.66 | 11.51 | 6.75 |
| VRLLOG | 231.45 | 18.88 | 4048.92 | 0.00 | 805.30 | 1509.31 | 8788.40 | 1080.70 | 26.47 | 21.23 |
| MAHLOG | 396.65 | 102.33 | 3937.84 | 0.63 | 27.83 | 394.81 | 2002.88 | 23.29 | 10.40 | 5.76 |
| SINDHUTRAD | 24.08 | 47.98 | 3712.96 | 0.00 | 38.74 | -79.39 | 129.21 | -21.85 | 12.80 | 45.34 |
| GATEWAY | 53.34 | 10.91 | 2665.10 | 6.09 | 512.68 | 724.44 | 5492.97 | 897.94 | 17.99 | 21.31 |
| TCIEXP | 513.50 | 23.94 | 1974.11 | 1.36 | 20.49 | 5.24 | 313.40 | 9.29 | 13.92 | 10.03 |
| AVG | 180.80 | 12.23 | 338.24 | 0.64 | 6.46 | 29.77 | 132.48 | 5.96 | 16.36 | 14.70 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 100 | 117 | 125 | 137 | 123 | 138 | 142 | 147 | 124 | 143 | 134 | 177 | 131 | |
| 82 | 97 | 102 | 116 | 100 | 115 | 117 | 124 | 101 | 119 | 108 | 143 | 124 | |
| Operating Profit | 19 | 21 | 23 | 21 | 23 | 23 | 26 | 24 | 23 | 24 | 26 | 34 | 7 |
| OPM % | 18.50% | 17.75% | 18.23% | 15.54% | 18.58% | 16.80% | 18.02% | 16.00% | 18.77% | 16.84% | 19.33% | 19.35% | 5.03% |
| 0 | 1 | 0 | 24 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | 0 | 2 | |
| Interest | 7 | 7 | 7 | 7 | 7 | 7 | 6 | 6 | 6 | 8 | 8 | 9 | 7 |
| Depreciation | 9 | 10 | 10 | 10 | 10 | 11 | 12 | 10 | 11 | 12 | 12 | 12 | 6 |
| Profit before Tax | 3 | 5 | 7 | 29 | 7 | 7 | 8 | 8 | 7 | 7 | 7 | 14 | 8 |
| Tax % | 21.51% | 37.47% | 32.48% | 19.47% | 21.43% | 23.90% | 30.59% | 30.88% | 28.96% | 22.73% | 23.97% | 22.18% | 26.98% |
| Net Profit | 2 | 3 | 4 | 23 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 11 | 6 |
| 1.77 | 2.48 | 3.80 | 9.42 | 3.78 | 3.92 | 3.79 | 3.70 | 3.26 | 3.34 | 3.56 | 7.06 | 3.78 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 195 | 227 | 313 | 322 | 333 | 432 | 427 | 480 | 551 | 578 | 584 | |
| 178 | 202 | 289 | 298 | 319 | 390 | 352 | 395 | 455 | 470 | 493 | |
| Operating Profit | 17 | 25 | 25 | 24 | 15 | 41 | 76 | 85 | 96 | 108 | 91 |
| OPM % | 8.59% | 10.85% | 7.89% | 7.46% | 4.44% | 9.54% | 17.70% | 17.71% | 17.40% | 18.67% | 15.52% |
| 0 | 0 | 5 | 2 | 2 | 1 | 3 | 25 | 3 | 4 | 5 | |
| Interest | 6 | 7 | 9 | 10 | 13 | 23 | 31 | 29 | 26 | 31 | 31 |
| Depreciation | 5 | 6 | 8 | 9 | 7 | 18 | 36 | 38 | 43 | 46 | 41 |
| Profit before Tax | 6 | 12 | 13 | 6 | -2 | 1 | 11 | 43 | 29 | 34 | 35 |
| Tax % | 30.78% | 37.25% | 24.51% | 29.56% | 25.29% | -7.61% | 29.64% | 23.57% | 26.97% | 24.04% | 23.75% |
| Net Profit | 4 | 8 | 10 | 4 | -2 | 1 | 8 | 33 | 21 | 26 | 27 |
| EPS | 10.46 | 10.47 | 9.97 | 4.35 | -1.58 | 0.78 | 6.68 | 23.96 | 14.13 | 17.23 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.97% | 5.01% | 8.49% | 6.96% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 12%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 21%
- 5 Years:
- —
- 3 Years:
- 49%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- -10%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 11%
- 3 Years:
- 15%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 7 | 10 | 10 | 12 | 12 | 12 | 14 | 15 | 15 |
| 18 | 22 | 59 | 63 | 67 | 70 | 77 | 173 | 227 | 256 | |
| 45 | 52 | 76 | 82 | 109 | 269 | 245 | 183 | 163 | 173 | |
| Trade Payables | 7 | 8 | 10 | 27 | 17 | 28 | 23 | 14 | 17 | 16 |
| 10 | 15 | 27 | 32 | 24 | 42 | 46 | 65 | 73 | 85 | |
| Total Liabilities | 84 | 105 | 182 | 215 | 229 | 420 | 402 | 448 | 496 | 546 |
| 21 | 22 | 37 | 39 | 64 | 238 | 216 | 197 | 183 | 162 | |
| Capital Work in Progress | 0 | 4 | 8 | 16 | 2 | 0 | 2 | 0 | 8 | 20 |
| 0 | 2 | 10 | 10 | 10 | 10 | 10 | 10 | 11 | 13 | |
| 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 162 | 204 | 235 | |
| Cash & Bank | 2 | 2 | 2 | 6 | 6 | 5 | 2 | 9 | 8 | 8 |
| 60 | 76 | 124 | 143 | 147 | 167 | 171 | 69 | 80 | 107 | |
| Total Assets | 84 | 105 | 182 | 215 | 229 | 420 | 402 | 448 | 496 | 546 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 15 | -0 | 27 | -1 | 33 | 33 | -1 | 9 | 49 | |
| Cash from Investing | -9 | -10 | -38 | -17 | -16 | -24 | -16 | -35 | -34 | -74 |
| Cash from Financing | 3 | -1 | 45 | -3 | 22 | -6 | -24 | 37 | 24 | 25 |
| 2 | 1 | 1 | 1 | -0 | -1 | -1 | 0 | -0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - AVG Logistics Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - AVG Logistics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-29 - AVG Logistics Limited has informed the Exchange about Transcript
2026-08-26 - AVG Logistics Limited has informed the Exchange about Link of Recording
2026-08-22 - AVG Logistics Limited has informed the Exchange about Schedule of meet
2026-08-17 - AVG Logistics Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.
2026-08-15 - AVG Logistics Limited has informed the Exchange about Copy of Newspaper Publication for Unaudited Financial Results for Quarter ended June 30, 2026
2026-08-14 - AVG Logistics Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Press Release for the Financial results for Q1 FY2026-27".
2026-08-14 - AVG Logistics Limited has informed the Exchange about approval of AVG Logistics Employee Stock Option Scheme 2026
News
Recent coverage and analyst commentary for AVG
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AVG Logistics Ltd.
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