Ritco Q2 revenue rises 19% as consolidated profit falls 89%

Ritco Logistics Limited reported standalone total income of Rs 428.97 crore in Q2 FY27, up 19.20% year-on-year, while consolidated net profit fell 89.06% to Rs 1.02 crore as higher employee costs accompanied expansion at its digital subsidiary, TrucksUp. The unaudited results cover the quarter ended September 30, 2026.

What drove Ritco's standalone revenue growth in Q2 FY27?

Ritco's standalone total income rose to Rs 428.97 crore in Q2 FY27 from Rs 358.92 crore in Q1 FY27 and Rs 359.87 crore in Q2 FY26. That represented growth of 19.52% quarter-on-quarter and 19.20% year-on-year, driven by the ramp-up of newly awarded contracts in polymers, steel, building materials and infrastructure-linked movements.

The Rs 69.10 crore year-on-year increase in standalone income came alongside higher utilisation across Ritco's multimodal transport and warehousing network. During the quarter, the company added mandates spanning polymers, steel and metals, ceramics, energy, glass, automotive, paper and packaging, and fly-ash logistics, extending its industrial-sector coverage.

Ritco identified its mandate from HPCL Rajasthan Refinery Limited for pan-India distribution of polymer granules from Pachpadra, Rajasthan, as a major Q2 FY27 contract win. It also disclosed a long-term petrochemical transportation contract, new assignments in steel and building materials, a fly-ash transportation mandate and warehousing contracts for petrochemical customers in Gujarat.

How did Ritco's standalone profit change in Q2 FY27?

Ritco's standalone profit measures increased in Q2 FY27, with EBITDA reaching Rs 34.14 crore and net profit rising to Rs 13.62 crore. EBITDA, or earnings before interest, tax, depreciation and amortisation, was 13.65% above Rs 30.04 crore in Q1 FY27 and 18.95% higher than Rs 28.70 crore in Q2 FY26.

Profit before tax increased to Rs 18.22 crore from Rs 15.38 crore in the preceding quarter and Rs 16.99 crore a year earlier. Ritco attributed the EBITDA movement to operating efficiency and a favourable freight and route mix, while saying that Q2 FY27 profit growth was achieved after absorbing higher depreciation arising from fleet additions.

Standalone net profit rose 14.17% quarter-on-quarter from Rs 11.93 crore and 7.50% year-on-year from Rs 12.67 crore. Ritco said higher accruals are expected to support operating cash-flow generation and further improve its balance-sheet position, which is a company expectation rather than a reported Q2 FY27 cash-flow result.

Why did Ritco's consolidated net profit decline in Q2 FY27?

Ritco's consolidated net profit declined to Rs 1.02 crore in Q2 FY27 because costs associated with TrucksUp's expansion rose faster than group-level earnings. Net profit was down 70.61% from Rs 3.47 crore in Q1 FY27 and 89.06% from Rs 9.32 crore in Q2 FY26.

Consolidated total income nonetheless increased 20.43% sequentially to Rs 441.73 crore from Rs 366.79 crore, and was 22.10% above Rs 361.77 crore in Q2 FY26. Ritco said the digital business contributed an increasing share of incremental revenue, creating a difference between the group's reported revenue growth and its reduced consolidated profit.

Consolidated EBITDA rose 5.16% quarter-on-quarter to Rs 23.03 crore from Rs 21.90 crore, but fell 10.94% from Rs 25.86 crore a year earlier. The company attributed the year-on-year EBITDA decline primarily to a Rs 7.24 crore increase in employee benefit expenses as TrucksUp expanded its team, network and service verticals.

Consolidated profit before tax was Rs 5.62 crore, down 18.79% from Rs 6.92 crore in Q1 FY27 and 58.83% from Rs 13.65 crore in Q2 FY26. Management described higher spending on people, technology and assets at TrucksUp as front-loaded investment in the platform, rather than a change in the profitability of Ritco's core logistics business.

How quickly is Ritco's TrucksUp platform growing?

Ritco's step-down subsidiary, TrucksUp Solutions Private Limited, recorded total income of Rs 13.12 crore in Q2 FY27, up 59.61% from Rs 8.22 crore in Q1 FY27 and 480.53% from Rs 2.26 crore in Q2 FY26. Ritco linked the increase to scaling in financial-services and marketplace verticals, including FASTag, fuel cards, insurance and load matching.

TrucksUp issued more than 23,500 FASTags between July and September 2026, and FASTag gross merchandise value, or GMV, exceeded Rs 126 crore. Its Smart Fuel service handled more than 1,050 kilolitres of fuelling, while the Load Board generated transaction value exceeding Rs 2.75 crore and the Services vertical generated more than Rs 5 lakh.

Vehicle-financing disbursements exceeded Rs 11.50 crore in the quarter, and TrucksUp installed more than 2,500 global positioning system, or GPS, units. The platform was active across more than 17,000 PIN codes, while Ritco said TrucksUp closed an aggregate fund raise of Rs 78.26 crore at a post-money enterprise valuation of Rs 403.26 crore.

Ritco also reported 4.5 lakh square feet of warehousing capacity under management, supported by its contract-logistics base. During Q2 FY27, TrucksUp appointed Ajay Devgn as brand ambassador and ran Google, Meta and on-ground campaigns, part of the brand-building activity that management has linked to the platform's investment phase.

Conclusion

Ritco's Q2 FY27 results show expanding logistics volumes and higher standalone earnings alongside reduced consolidated profit. Standalone income increased by Rs 69.10 crore year-on-year to Rs 428.97 crore and net profit reached Rs 13.62 crore, while the Rs 7.24 crore increase in consolidated employee benefit expenses coincided with consolidated net profit of Rs 1.02 crore.

For the balance of FY27, management says its priorities are to convert the expanded order book into sustained volumes, improve asset productivity through AI-led monitoring and a flexible fleet model, scale warehousing with transportation, and bring TrucksUp to profitability as it grows. Progress on the HRRL polymer distribution mandate, the wider contract pipeline and TrucksUp's path to profitability are the disclosed developments to watch next.