Ritco Logistics profit falls 89% despite 22% revenue growth

Ritco Logistics Limited reported consolidated profit for the period of Rs 1.02 crore for the quarter ended 30 September 2026, down 89% from Rs 9.33 crore a year earlier, although revenue from operations rose 22% to Rs 439.06 crore. Total expenses increased by Rs 88.00 crore, exceeding the Rs 79.96 crore rise in total income.

What did Ritco Logistics report for the September quarter?

Ritco Logistics reported Rs 439.06 crore in revenue from operations for the quarter ended 30 September 2026, compared with Rs 360.38 crore in the quarter ended 30 September 2025. Other income rose to Rs 2.68 crore from Rs 1.39 crore, taking total income to Rs 441.74 crore from Rs 361.77 crore.

Profit before tax fell to Rs 5.62 crore from Rs 13.65 crore, while profit for the period fell to Rs 1.02 crore from Rs 9.33 crore. The company reported no exceptional items in either September quarter, so profit before tax was Rs 5.62 crore before and after exceptional items in the latest period.

Basic and diluted earnings per equity share were Rs 1.41 in the September 2026 quarter, compared with Rs 3.26 a year earlier. Paid-up equity share capital remained Rs 28.62 crore, based on equity shares with a face value of Rs 10 each.

Which costs changed at Ritco Logistics during the quarter?

Ritco Logistics’ cost of service rose to Rs 387.07 crore in the September 2026 quarter from Rs 317.31 crore a year earlier, an increase of Rs 69.76 crore. This was the largest expense line within total expenses of Rs 436.12 crore, compared with total expenses of Rs 348.12 crore in the prior-year quarter.

Employee benefit expenses increased to Rs 17.75 crore from Rs 10.51 crore, finance costs rose to Rs 8.72 crore from Rs 6.30 crore, and depreciation expense increased to Rs 11.37 crore from Rs 7.29 crore. Other expenses also rose, reaching Rs 11.21 crore from Rs 6.71 crore.

The four cost lines other than service costs increased by a combined Rs 23.24 crore year on year, while total income increased by Rs 79.96 crore. The resulting gap between total income and total expenses narrowed to Rs 5.62 crore from Rs 13.65 crore before tax.

Ritco Logistics’ consolidated results are presented as one reportable segment because the company said it does not have more than one reportable segment under Indian Accounting Standard 108. The consolidated statement includes Logro Sourcing Private Limited and Trucksup Solutions Private Limited, which is a wholly owned subsidiary of Logro Sourcing Private Limited.

How did Ritco Logistics perform in the first half?

Ritco Logistics reported revenue from operations of Rs 804.18 crore for the half year ended 30 September 2026, up from Rs 714.71 crore in the corresponding half year ended 30 September 2025. Total income rose to Rs 808.52 crore from Rs 717.46 crore, including other income of Rs 4.35 crore against Rs 2.74 crore.

Profit before tax for the six-month period fell to Rs 12.53 crore from Rs 27.00 crore, while profit for the period declined to Rs 4.50 crore from Rs 18.28 crore. Total expenses increased by Rs 105.53 crore to Rs 795.99 crore, exceeding the Rs 91.06 crore increase in total income.

Cost of service for the half year rose to Rs 705.20 crore from Rs 630.44 crore, while employee benefit expenses increased to Rs 34.24 crore from Rs 20.97 crore. Finance costs were Rs 15.24 crore against Rs 12.98 crore, and depreciation was Rs 21.51 crore against Rs 13.80 crore.

Basic and diluted earnings per equity share for the half year were Rs 3.34, compared with Rs 6.40 in the corresponding period a year earlier. The Board approved the consolidated results on 13 November 2026, after review and recommendation by the Audit Committee.

What do Ritco Logistics’ balance sheet and cash flows show?

Ritco Logistics reported total assets of Rs 983.43 crore at 30 September 2026, compared with Rs 862.28 crore at 31 March 2026. Property, plant and equipment increased to Rs 237.34 crore from Rs 206.11 crore, while trade receivables increased to Rs 553.45 crore from Rs 495.11 crore.

Cash and cash equivalents fell to Rs 8.61 crore at 30 September 2026 from Rs 17.94 crore at 31 March 2026. The six-month cash flow statement recorded Rs 22.92 crore used in operating activities, including a Rs 58.33 crore increase in trade receivables, and Rs 85.38 crore used in investing activities.

Ritco Logistics spent Rs 53.07 crore on property, plant and equipment in investing activities during the half year. Financing activities provided Rs 98.97 crore, including Rs 45.29 crore in proceeds from long-term borrowings and Rs 76.01 crore in net proceeds from preference shares.

Trucksup Solutions Private Limited issued and allotted 15,65,200 compulsory convertible preference shares during the half year, at an issue price of Rs 500 per share including a Rs 490 securities premium per share. The issue aggregated Rs 78.26 crore, and the filing states that the shares are convertible into equity shares of the subsidiary under their issue terms and applicable law.

Conclusion

Ritco Logistics increased consolidated revenue in both the September 2026 quarter and the first half, but reported earnings declined as expenses rose faster than income. The quarterly comparison shows Rs 79.96 crore of additional total income against a Rs 88.00 crore increase in total expenses, reducing profit before tax to Rs 5.62 crore and profit for the period to Rs 1.02 crore.

The next disclosures can show whether cost of service, employee expenses, finance costs and depreciation continue to rise relative to revenue, and whether the Rs 553.45 crore receivables balance affects operating cash flow. The filing also identifies the Rs 78.26 crore compulsory convertible preference-share issue by Trucksup Solutions Private Limited, with conversion occurring under the terms and conditions of that issue.