VRL Logistics Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹220.22Overvalued by 24.58%vs CMP ₹292.00

P/E (19.1) × ROE (21.7%) × BV (₹65.30) × DY (1.71%)

₹166.89Overvalued by 42.85%vs CMP ₹292.00

MoS: -75% (Negative)Confidence: 66/100 (Moderate)Models: 1 Under, 9 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹239.07	21%	Over (-18.1%)
Graham Number	Earnings	₹141.67	15%	Over (-51.5%)
Earnings Power	Earnings	₹24.88	10%	Over (-91.5%)
DCF	Cash Flow	₹148.37	12%	Over (-49.2%)
Net Asset Value	Assets	₹65.39	7%	Over (-77.6%)
EV/EBITDA	Enterprise	₹407.68	8%	Under (+39.6%)
Dividend Discount	Dividends	₹126.18	8%	Over (-56.8%)
Earnings Yield	Earnings	₹136.60	7%	Over (-53.2%)
ROCE Capital	Returns	₹117.07	7%	Over (-59.9%)
Revenue Multiple	Revenue	₹180.84	5%	Over (-38.1%)
Consensus (10 models)		₹166.89	100%	Overvalued

Key Drivers: Wide model spread (₹25–₹408) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 8.6%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 3:55 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹3,161.00 Cr, versus ₹2,889.00 Cr in Mar 2024 (9.4% year on year). Net profit for Mar 2025 was ₹183.00 Cr, versus ₹89.00 Cr in Mar 2024 (105.6% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹555.00 Cr against net profit of ₹183.00 Cr. Cash flow covered 3.03 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹1,154.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

VRL Logistics Ltd scores 70/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health73/100 · Strong

ROCE 18.3% GoodROE 21.7% ExcellentD/E 0.41 ModerateInterest Coverage 6.3x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding down -1.31% (6mo) SellingDII holding up 0.64% MF buyingPromoter holding at 60.2% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 2.18x Cash-backed earningsOPM stable around 16% Steady

Quarterly Momentum70/100 · Strong

Revenue (4Q): 2% YoY FlatProfit (4Q): +84% YoY Strong

Industry Rank75/100 · Strong

P/E 19.1 vs industry 18.6 In-lineROCE 18.3% vs industry 11.6% Above peersROE 21.7% vs industry 10.7% Above peers3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 3:55 am

Market Cap	5,104 Cr.
Current Price	292
Intrinsic Value	₹166.89
High / Low	313/225
Stock P/E	19.1
Book Value	65.3
Dividend Yield	1.71 %
ROCE	18.3 %
ROE	21.7 %
Face Value	10.0
PEG Ratio	2.23

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for VRL Logistics Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
VRL Logistics Ltd	5,104 Cr.	292	313/225	19.1	65.3	1.71 %	18.3 %	21.7 %	10.0
Transport Corporation of India Ltd (TCI)	6,375 Cr.	830	1,245/797	14.0	334	1.21 %	19.4 %	19.2 %	2.00
Globe International Carriers Ltd	261 Cr.	23.3	52.4/15.6	26.2	8.76	0.00 %	15.9 %	12.5 %	5.00
Maheshwari Logistics Ltd	216 Cr.	72.8	76.8/39.0	14.2	72.6	0.00 %	12.0 %	7.26 %	10.0
Balurghat Technologies Ltd	21.8 Cr.	12.0	19.5/9.00	14.4	9.86	0.00 %	7.16 %	2.94 %	10.0
Industry Average	2,989.00 Cr	135.41		18.58	117.52	0.37%	11.62%	10.72%	8.70

All Competitor Stocks of VRL Logistics Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	682	698	674	709	737	768	727	799	825	809	744	797	827
Expenses	578	584	572	617	642	663	640	666	659	622	593	646	657
Operating Profit	103	114	102	92	94	105	87	133	166	187	152	151	170
OPM %	15%	16%	15%	13%	13%	14%	12%	17%	20%	23%	20%	19%	21%
Other Income	16	137	9	6	2	4	15	2	6	3	6	7	4
Interest	15	13	16	19	21	22	23	22	24	26	26	24	22
Depreciation	42	45	49	52	57	58	62	64	65	64	65	65	68
Profit before tax	62	192	46	27	19	29	18	49	83	100	67	69	84
Tax %	21%	-0%	26%	28%	27%	26%	24%	27%	29%	25%	26%	28%	23%
Net Profit	49	193	34	20	14	22	13	36	59	74	50	50	65
EPS in Rs	2.78	10.93	1.94	1.13	0.78	1.23	0.77	2.05	3.40	4.25	2.86	2.85	3.70

Last Updated: March 3, 2026, 1:48 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 10:46 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,494	1,673	1,723	1,803	1,922	2,110	2,119	1,763	2,164	2,649	2,889	3,161	3,177
Expenses	1,285	1,396	1,451	1,584	1,688	1,865	1,815	1,515	1,788	2,245	2,494	2,587	2,518
Operating Profit	209	277	272	220	235	245	303	248	376	404	394	574	659
OPM %	14%	17%	16%	12%	12%	12%	14%	14%	17%	15%	14%	18%	21%
Other Income	16	8	8	9	14	8	6	13	21	171	21	25	20
Interest	61	60	32	25	12	11	37	37	44	56	79	96	98
Depreciation	87	88	90	98	98	101	168	160	144	159	216	254	261
Profit before tax	77	138	158	105	139	140	104	64	209	360	121	250	320
Tax %	26%	34%	34%	33%	34%	35%	14%	29%	23%	10%	26%	27%
Net Profit	57	91	104	70	93	92	90	45	160	323	89	183	239
EPS in Rs	3.33	5.33	5.71	3.86	5.12	5.09	4.99	2.55	9.06	18.29	5.08	10.46	13.66
Dividend Payout %	60%	38%	44%	52%	0%	54%	70%	78%	44%	14%	0%	72%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	59.65%	14.29%	-32.69%	32.86%	-1.08%	-2.17%	-50.00%	255.56%	101.88%	-72.45%	105.62%
Change in YoY Net Profit Growth (%)	0.00%	-45.36%	-46.98%	65.55%	-33.93%	-1.10%	-47.83%	305.56%	-153.68%	-174.32%	178.06%

VRL Logistics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	8%
3 Years:	13%
TTM:	8%

Compounded Profit Growth
10 Years:	7%
5 Years:	14%
3 Years:	4%
TTM:	222%

Stock Price CAGR
10 Years:	3%
5 Years:	27%
3 Years:	-5%
1 Year:	-6%

Return on Equity
10 Years:	18%
5 Years:	20%
3 Years:	21%
Last Year:	17%

Last Updated: September 5, 2025, 1:51 pm

Balance Sheet

Last Updated: July 28, 2026, 5:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	86	91	91	90	90	90	88	88	88	87	87	175
Reserves	271	423	450	503	556	527	509	563	888	858	997	968
Borrowings	443	262	185	81	141	454	422	537	720	1,036	1,228	1,154
Other Liabilities	154	166	171	188	191	154	180	192	196	232	273	309
Total Liabilities	953	942	897	862	978	1,225	1,199	1,380	1,892	2,214	2,586	2,605
Fixed Assets	707	712	694	625	705	990	954	1,098	1,482	1,901	2,243	2,305
CWIP	9	16	2	8	42	4	6	35	38	24	15	22
Investments	0	3	0	0	0	0	0	0	15	0	0	0
Other Assets	237	211	201	230	231	230	238	247	356	290	328	278
Total Assets	953	942	897	862	978	1,225	1,199	1,380	1,892	2,214	2,586	2,605

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	235	264	198	205	192	257	272	371	318	424	555	654
Cash from Investing Activity +	-49	-107	-59	-44	-209	-119	-32	-180	-144	-243	-430	-294
Cash from Financing Activity +	-185	-155	-146	-154	11	-138	-234	-201	-171	-174	-90	-398
Net Cash Flow	2	2	-7	7	-6	0	6	-10	3	7	35	-38
Free Cash Flow	186	154	136	160	-19	137	239	190	-90	148	125	359
CFO/OP	95%	110%	99%	109%	100%	99%	115%	114%	100%	114%	105%	107%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	186.00	154.00	136.00	160.00	-19.00	137.00	239.00	190.00	-90.00	148.00	125.00	359.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	20	20	15	15	15	14	15	13	11	11	11	11
Inventory Days
Days Payable
Cash Conversion Cycle	20	20	15	15	15	14	15	13	11	11	11	11
Working Capital Days	-51	-37	-15	-10	-1	6	-15	-21	-18	-16	-25	-22
ROCE %	16%	24%	24%	17%	22%	21%	16%	10%	22%	18%	11%	16%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%	60.24%
FIIs	2.16%	2.51%	3.26%	3.83%	3.94%	3.65%	3.62%	3.98%	3.99%	3.75%	2.98%	2.68%
DIIs	29.02%	28.13%	26.57%	25.64%	25.47%	25.57%	25.33%	24.55%	24.28%	23.49%	25.05%	24.92%
Public	8.58%	9.11%	9.93%	10.28%	10.34%	10.55%	10.82%	11.22%	11.49%	12.52%	11.72%	12.16%
No. of Shareholders	58,239	58,744	62,997	64,835	64,718	65,426	65,767	65,729	78,887	85,289	79,810	80,971

Shareholding Pattern Chart

No. of Shareholders

VRL Logistics Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Nippon India Multi Cap Fund	5,440,092	0.26	137.73	5,427,538	2026-01-26 08:25:55	0.23%
Bandhan Value Fund	2,200,000	0.56	55.7	2,266,104	2026-01-26 07:39:09	-2.92%
Bandhan ELSS Tax Saver Fund	1,950,000	0.72	49.37	1,910,000	2026-02-22 11:45:42	2.09%
Aditya Birla Sun Life Value Fund	991,322	0.39	25.1	N/A	N/A	N/A
Bandhan Transportation and Logistics Fund	400,000	1.55	10.13	N/A	N/A	N/A
Aditya Birla Sun Life Special Opportunities Fund	336,200	0.83	8.51	N/A	N/A	N/A
Bandhan Small Cap Fund	334,244	0.03	8.46	655,308	2026-03-23 06:31:23	-48.99%
Aditya Birla Sun Life Infrastructure Fund	201,001	0.44	5.09	N/A	N/A	N/A
Aditya Birla Sun Life Retirement Fund - The 30s Plan	146,000	0.85	3.7	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	20.91	10.16	36.58	18.12	4.99
Diluted EPS (Rs.)	20.91	10.16	36.58	18.12	4.99
Cash EPS (Rs.)	49.91	34.87	54.60	37.14	23.19
Book Value[Excl.RevalReserv]/Share (Rs.)	123.99	108.13	110.46	73.76	67.59
Book Value[Incl.RevalReserv]/Share (Rs.)	123.99	108.13	110.46	73.76	67.59
Dividend / Share (Rs.)	15.00	0.00	5.00	8.00	4.00
Revenue From Operations / Share (Rs.)	361.38	330.25	299.80	270.95	199.55
PBDIT / Share (Rs.)	68.42	47.39	47.09	47.65	29.47
PBIT / Share (Rs.)	39.42	22.68	29.07	28.64	11.38
PBT / Share (Rs.)	28.58	13.83	22.92	23.76	7.21
Net Profit / Share (Rs.)	20.91	10.16	36.58	18.12	5.10
PBDIT Margin (%)	18.93	14.35	15.70	17.58	14.76
PBIT Margin (%)	10.90	6.86	9.69	10.56	5.70
PBT Margin (%)	7.90	4.18	7.64	8.76	3.61
Net Profit Margin (%)	5.78	3.07	12.20	6.68	2.55
Return on Networth / Equity (%)	16.86	9.39	33.12	24.57	7.54
Return on Capital Employeed (%)	15.71	10.85	16.19	22.68	10.69
Return On Assets (%)	7.07	4.01	17.08	11.59	3.76
Long Term Debt / Equity (X)	0.33	0.19	0.10	0.12	0.06
Total Debt / Equity (X)	0.41	0.29	0.18	0.22	0.17
Asset Turnover Ratio (%)	1.32	1.41	1.62	1.86	1.45
Current Ratio (X)	0.64	0.54	0.91	0.64	0.68
Quick Ratio (X)	0.53	0.43	0.73	0.47	0.52
Inventory Turnover Ratio (X)	75.18	0.00	0.00	0.00	0.00
Dividend Payout Ratio (NP) (%)	23.90	0.00	0.00	66.21	0.00
Dividend Payout Ratio (CP) (%)	10.01	0.00	0.00	32.30	0.00
Earning Retention Ratio (%)	76.10	0.00	0.00	33.79	0.00
Cash Earning Retention Ratio (%)	89.99	0.00	0.00	67.70	0.00
Interest Coverage Ratio (X)	6.31	5.32	7.66	9.77	7.07
Interest Coverage Ratio (Post Tax) (X)	2.93	2.14	4.06	4.72	2.22
Enterprise Value (Cr.)	4528.78	5039.61	5691.14	4495.81	2122.02
EV / Net Operating Revenue (X)	1.43	1.74	2.15	1.88	1.20
EV / EBITDA (X)	7.57	12.16	13.68	10.68	8.15
MarketCap / Net Operating Revenue (X)	1.31	1.65	2.11	1.82	1.16
Retention Ratios (%)	76.09	0.00	0.00	33.78	0.00
Price / BV (X)	3.81	5.05	5.73	6.70	3.41
Price / Net Operating Revenue (X)	1.31	1.65	2.11	1.82	1.16
EarningsYield	0.04	0.01	0.05	0.03	0.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of VRL Logistics Ltd and is it undervalued?

VRL Logistics Ltd: the stored intrinsic value estimate is ₹166.89, compared with a stored share price of ₹292.00. The model value is 42.8% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for VRL Logistics Ltd?

The stored share price is ₹292.00. Price-data record updated: 24 September 2026, 3:55 am +05:30. This is not a live quote. The stored 52-week high / low is 313/225; this is a rolling range, not a financial-year range.

How have VRL Logistics Ltd's revenue and profit changed?

Does VRL Logistics Ltd's profit convert into cash?

What should I check in VRL Logistics Ltd's balance sheet?

Reported borrowings were ₹1,154.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare VRL Logistics Ltd's P/E with other stocks?

The stored P/E is 19.10. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change VRL Logistics Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.