Maheshwari Logistics Ltd.

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mlpl.bizBSE: -NSE: MAHESHWARI

Market Cap₹ 215 Cr.

Current Price

High / Low₹ 77 / 39

Stock P/E14.1

Book Value₹ 74

Price to Book0.83

Dividend Yield0.00 %

ROCE12.6 %

ROE9.3 %

Face Value₹ 10

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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 GENERATED

Services

Buy

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.

Confidence

72%

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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

ServicesLogisticsLogistics

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	CONCOR	505.00	30.97	38461.71	1.70	268.90	0.61	2159.76	0.28	13.63	20.41
2.	DELHIVERY	452.45	362.39	33896.06	0.00	31.91	-64.96	2930.73	27.76	2.97	4.75
3.	SHADOWFAX	249.80	131.20	14656.53	0.00	654.00	6732.86	13581.20	1806.32	11.58	6.76
4.	BLACKBUCK	573.35	61.87	10444.56	0.00	42.17	25.14	204.17	42.17	12.75	24.35
5.	TCI	873.80	14.70	6713.51	1.14	106.60	-0.56	1248.50	9.58	20.52	12.30
6.	TVSSCS	127.30	86.73	5616.78	0.00	22.48	-96.84	3335.22	28.66	11.51	6.75
7.	MAHLOG	409.20	105.57	4062.43	0.61	27.83	394.81	2002.88	23.29	10.40	5.76
8.	VRLLOG	231.45	19.23	4048.92	0.00	805.30	1509.31	8788.40	1080.70	26.47	21.23
9.	SINDHUTRAD	24.98	49.77	3851.74	0.00	38.74	-79.39	129.21	-21.85	12.80	45.34
10.	GATEWAY	53.92	11.03	2694.08	6.03	512.68	724.44	5492.97	897.94	17.99	21.31
11.	TCIEXP	551.45	25.71	2120.00	1.27	20.49	5.24	313.40	9.29	13.92	10.03
12.	MAHESHWARI	72.49	13.61	214.55	0.00	3.30	-23.91	249.00	-7.14	12.86	6.67

Detailed Comparison with:

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:: 0%
1 Year:: 21%

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.11	57.11	57.11	57.14	57.14	56.58	56.58	57.15	57.32
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	42.89	42.89	42.89	42.86	42.86	43.42	43.42	42.85	42.68

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Shareholders meeting

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

Copy of Newspaper Publication

2026-09-02 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-27

Record Date

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

Outcome of Board Meeting

2026-08-27 - Maheshwari Logistics Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Maheshwari Logistics Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Outcome of Board Meeting

2026-08-13 - Maheshwari Logistics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-20

Reply to Clarification- Financial results

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.

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