Maheshwari Logistics Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Transportation & Port Service: 38.4% • Trading in coal & papers & others: 37.6% • Manufacturing Kraft Paper: 24.0%
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
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.18x)
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.7x
CONS
- Recent results are weak - TTM profit is down 34.5% versus prior year
- Company has a low return on equity of 8.4% over last 3 years
- Company has a low return on capital employed of 11.7%
- Interest coverage is weak at 1.8x - earnings barely cover interest
- Company has delivered a poor profit growth of 3.6% over past five years
- Company has delivered a poor sales growth of 4.6% over past five years
* 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 |
| MAHESHWARI | 70.71 | 13.28 | 209.28 | 0.00 | 3.30 | -23.91 | 249.00 | -7.14 | 12.86 | 6.67 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 268 | 234 | 271 | 256 | 245 | 225 | 230 | 249 | 256 | 265 | 262 | 284 | 235 | |
| 254 | 221 | 259 | 243 | 231 | 209 | 212 | 232 | 239 | 250 | 244 | 268 | 231 | |
| Operating Profit | 13 | 14 | 12 | 13 | 14 | 16 | 18 | 17 | 17 | 15 | 17 | 15 | 4 |
| OPM % | 5.03% | 5.81% | 4.56% | 5.09% | 5.74% | 7.02% | 7.70% | 6.78% | 6.61% | 5.77% | 6.64% | 5.44% | 1.57% |
| 1 | 0 | 2 | 2 | 1 | 2 | 0 | 3 | 1 | 3 | 1 | 2 | 1 | |
| Interest | 7 | 6 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 8 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 5 | 5 | 4 | 3 | 4 | 6 | 6 | 7 | 6 | 6 | 6 | 4 | 5 |
| Tax % | 35.38% | 24.95% | 34.83% | -8.25% | 6.22% | 27.87% | 50.57% | 14.36% | 30.48% | 33.28% | 28.55% | 9.56% | 32.57% |
| Net Profit | 3 | 4 | 3 | 3 | 4 | 5 | 3 | 6 | 4 | 4 | 4 | 4 | 3 |
| 1.04 | 1.28 | 0.93 | 1.15 | 1.27 | 1.53 | 1.02 | 2.11 | 1.48 | 1.32 | 1.41 | 1.31 | 1.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 601 | 738 | 870 | 1,037 | 759 | 670 | 1,034 | 1,142 | 1,027 | 948 | 1,045 | |
| 577 | 710 | 835 | 991 | 707 | 627 | 983 | 1,092 | 978 | 884 | 993 | |
| Operating Profit | 23 | 28 | 35 | 46 | 51 | 43 | 52 | 50 | 49 | 65 | 52 |
| OPM % | 3.91% | 3.79% | 4.05% | 4.46% | 6.75% | 6.41% | 4.99% | 4.38% | 4.78% | 6.81% | 4.95% |
| 0 | 2 | 3 | 4 | 2 | 2 | 3 | 2 | 6 | 6 | 7 | |
| Interest | 11 | 9 | 13 | 18 | 22 | 20 | 19 | 23 | 26 | 31 | 33 |
| Depreciation | 2 | 5 | 7 | 8 | 12 | 13 | 12 | 12 | 12 | 15 | 17 |
| Profit before Tax | 10 | 16 | 18 | 23 | 20 | 13 | 24 | 18 | 17 | 24 | 21 |
| Tax % | 30.32% | 38.16% | 34.90% | 35.05% | 26.92% | 26.57% | 27.56% | 24.55% | 24.19% | 25.90% | 26.90% |
| Net Profit | 7 | 10 | 12 | 15 | 15 | 9 | 17 | 14 | 13 | 18 | 15 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.14 | 5.79 | 4.62 | 4.40 | 5.93 | — |
| Dividend Payout % | 0.00% | 0.00% | 12.71% | 11.78% | 0.00% | 15.94% | 8.63% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 5%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- 4%
- 3 Years:
- 1%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -7%
- 3 Years:
- 1%
- 1 Year:
- 13%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 9%
- 3 Years:
- 8%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 15 | 15 | 15 | 15 | 30 | 30 | 30 | 30 | 30 |
| 54 | 77 | 88 | 102 | 115 | 109 | 125 | 137 | 151 | 169 | |
| 59 | 74 | 121 | 122 | 132 | 124 | 150 | 179 | 204 | 220 | |
| Trade Payables | 93 | 158 | 85 | 89 | 68 | 69 | 78 | 80 | 86 | 111 |
| 7 | 18 | 37 | 46 | 34 | 36 | 48 | 49 | 63 | 58 | |
| Total Liabilities | 218 | 342 | 347 | 374 | 363 | 368 | 430 | 475 | 533 | 587 |
| 17 | 33 | 64 | 73 | 117 | 109 | 110 | 107 | 147 | 150 | |
| Capital Work in Progress | 2 | 0 | 5 | 38 | 1 | 3 | 13 | 36 | 16 | 19 |
| 0 | 0 | 0 | 3 | 2 | 2 | 2 | 5 | 6 | 6 | |
| 13 | 35 | 59 | 48 | 63 | 80 | 89 | 109 | 133 | 146 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 143 | 151 | |
| Cash & Bank | 14 | 6 | 13 | 15 | 13 | 27 | 16 | 16 | 1 | 22 |
| 171 | 267 | 206 | 197 | 167 | 147 | 199 | 202 | 88 | 93 | |
| Total Assets | 218 | 342 | 347 | 374 | 363 | 368 | 430 | 475 | 533 | 587 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | -20 | 10 | 70 | 34 | 51 | 17 | 42 | 1 | 57 | |
| Cash from Investing | -6 | -18 | -41 | -52 | -18 | -6 | -35 | -30 | -29 | -18 |
| Cash from Financing | 15 | 39 | 45 | -10 | -13 | -28 | 15 | -8 | 13 | -19 |
| 5 | -8 | 6 | 2 | -2 | 14 | -11 | 0 | -15 | 21 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Maheshwari Logistics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-02 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - Maheshwari Logistics Limited has informed the Exchange that Record date for the purpose of E-Voting is 22-Sep-2026.
2026-08-27 - Maheshwari Logistics Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.
2026-08-14 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Maheshwari Logistics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-20 - The Exchange had sought clarification from Maheshwari Logistics Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
News
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