VRL Logistics Q4 FY26: Higher Full-Year Margins, Volumes Rebuild After a Reset

Total income was INR 859 crore (up 6% YoY). EBITDA was INR 184 crore (down 3% YoY) with EBITDA margin of 21.4%. PAT was INR 72 crore (down 3% YoY).

FY26 total income was INR 3,245 crore (up 2% YoY). EBITDA increased to INR 674 crore (up 13% YoY) and EBITDA margin improved to 20.8% from 18.8%. PAT rose to INR 237 crore (up 29% YoY).

FY26 revenue mix was LTL 89.5%, FTL 8.7%, and Others 1.8% (as a percentage of total revenue).

FY26 tonnage declined 7% YoY to 3,956 thousand tons, while realisation per ton increased 10% YoY to INR 8,053. Q4FY26 tonnage increased 3% YoY and realisation per ton increased 3% YoY to INR 8,147.

Management guided FY27 tonnage growth of about 6% to 7% for the full year and capex of about INR 300 crore to INR 350 crore.

Net debt was reported at INR 440 crore as of March 31, 2026, versus INR 396 crore as of March 31, 2025.

Net cash from operating activities was INR 654 crore in FY26 versus INR 555 crore in FY25. Operating profit before working capital changes was INR 667 crore in FY26 versus INR 583 crore in FY25.