VRL Logistics FY26 Net Profit Rises; Concall Targets 6-7% Volume Growth in FY27

VRL Logistics reported its audited financial results for the quarter and year ended 31 March 2026, revealing a strong full-year performance with net profit and revenue both registering year-on-year growth. The Board of Directors approved the results at their meeting held on 18 May 2026, with statutory auditors Walker Chandioke & Co LLP issuing an unmodified audit opinion. The company also submitted its earnings presentation for Q4 FY26 to the exchanges on the same date. In a concall update, management has guided for 6-7% volume growth in FY27, backed by an aggressive branch expansion strategy.

Full-Year FY26 Performance

VRL Logistics delivered a robust annual performance, with revenue from operations rising to ₹3,221 crore in FY26 from ₹3,161 crore in FY25. Total income for the year stood at ₹3,245 crore compared to ₹3,185 crore in the previous year. Net profit for FY26 surged to ₹2,370 crore, a significant improvement from ₹1,830 crore in FY25, reflecting stronger operating leverage and cost management. Profit before tax for the full year climbed to ₹318 crore from ₹250 crore year-on-year.

Metric FY26 (Audited) FY25 (Audited) Revenue from Operations ₹3,221 crore ₹3,161 crore Total Income ₹3,245 crore ₹3,185 crore Total Expenses ₹2,927 crore ₹2,935 crore Profit Before Tax ₹318 crore ₹250 crore Net Profit ₹2,370 crore ₹1,830 crore Basic & Diluted EPS (₹) 13.54 10.46*

*Restated to reflect bonus share allotment.

Q4 FY26 Quarterly Highlights

For the quarter ended 31 March 2026, VRL Logistics reported revenue from operations of ₹853 crore, up from ₹809 crore in Q4 FY25. Net profit for the quarter came in at ₹72 crore compared to ₹74 crore in the corresponding quarter of the previous year. Profit before tax for Q4 FY26 stood at ₹98 crore versus ₹100 crore in Q4 FY25. Basic and diluted earnings per share for Q4 FY26 were ₹4.12, compared to ₹4.25 in Q4 FY25 (restated).

Metric Q4 FY26 Q3 FY26 Q4 FY25 Revenue from Operations ₹853 crore ₹827 crore ₹809 crore Total Income ₹859 crore ₹831 crore ₹812 crore Profit Before Tax ₹98 crore ₹84 crore ₹100 crore Net Profit ₹72 crore ₹65 crore ₹74 crore Basic & Diluted EPS (₹) 4.12 3.70 4.25*

*Restated to reflect bonus share allotment.

Management Outlook and Branch Expansion

Per the concall update, management has guided for 6-7% volume growth in FY27, underpinned by a targeted network expansion plan. The company opened 110 gross branches during FY26 and plans to add 100 net new branches in FY27, signalling continued investment in its distribution reach across India. The company operates as a single segment in goods transport and courier services, with all operations located within India.

Parameter FY26 (Actual) FY27 (Guidance) Gross Branches Opened 110 — Net New Branches Planned — 100 Volume Growth Guidance — 6-7%

Key Expense Trends

On the cost side, total expenses for FY26 declined marginally to ₹2,927 crore from ₹2,935 crore in FY25, despite revenue growth, indicating improved cost efficiency. Freight, handling and servicing costs fell to ₹1,922 crore from ₹1,998 crore year-on-year, while employee benefits expense rose to ₹587 crore from ₹545 crore. Depreciation and amortisation expense for FY26 was ₹261 crore versus ₹254 crore in FY25, and finance costs remained broadly stable at ₹95 crore compared to ₹95 crore.

Balance Sheet and Cash Flow

As at 31 March 2026, total assets stood at ₹2,605 crore compared to ₹2,586 crore a year earlier. Total equity increased to ₹1,142 crore from ₹1,085 crore, supported by the year's profitability. Net cash generated from operating activities for FY26 was ₹654 crore, up from ₹555 crore in FY25. Cash and cash equivalents at the end of the year stood at ₹15 crore, compared to ₹53 crore at the start of the year, reflecting higher capital expenditure and dividend outflows during the period.

Balance Sheet Metric 31.03.2026 (Audited) 31.03.2025 (Audited) Total Assets ₹2,605 crore ₹2,586 crore Total Equity ₹1,142 crore ₹1,085 crore Non-Current Liabilities ₹1,049 crore ₹1,108 crore Current Liabilities ₹414 crore ₹393 crore Cash & Cash Equivalents ₹15 crore ₹53 crore Net Cash from Operations ₹654 crore ₹555 crore

Bonus Share Issuance

During the year, the Board of Directors approved the issuance of bonus equity shares in the ratio of 1:1 by capitalising a sum not exceeding ₹875 crore from the company's eligible reserves. The bonus shares were allotted on 18 August 2025, increasing the paid-up equity share capital from 87.5 million shares of ₹10 each to 175 million shares of ₹10 each. Earnings per share figures for prior periods have been restated accordingly in compliance with Ind AS 33.

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