Rapid Multimodal Logistics Limited reported a 39% year-on-year increase in revenue for FY26, reaching ₹1,301.9 crore. Despite the strong top-line growth, net profit for the period declined by 17% to ₹18.86 crore, reflecting higher operational costs and working capital pressures.

The company submitted its sixth annual report for the financial year ended March 31, 2026, on September 5, 2026. The filing highlights continued expansion in its integrated logistics solutions across road, rail, and coastal shipments.

Financial Performance

Revenue from operations grew significantly from ₹1,029.9 crore in FY25 to ₹1,301.9 crore in FY26. This growth was accompanied by a rise in total expenses, which increased from ₹1,000.5 crore to ₹1,407.2 crore. The cost of services provided rose by 41% to ₹1,366.4 crore, slightly outpacing revenue growth and compressing margins.

Other income increased to ₹22.9 crore from ₹8.3 crore in the previous year, primarily driven by interest income. However, this was insufficient to offset the decline in operating profitability. Profit before tax fell to ₹25.27 crore from ₹30.26 crore.

What the Numbers Show

A key divergence in the financials is the expansion of trade receivables relative to revenue. Trade receivables grew by 25% to ₹150.9 crore, while revenue grew by 39%. This suggests that while sales volumes increased, collection efficiency may have lagged, tying up more cash in outstanding invoices. Additionally, unbilled revenue stood at ₹23.5 crore, up from ₹13.7 crore in FY25, indicating a larger portion of services rendered but not yet invoiced at year-end.

Balance Sheet and Cash Flow

The company maintained a debt-free balance sheet with no short-term or long-term borrowings. Shareholders' funds increased to ₹161.1 crore from ₹142.3 crore. Current assets stood at ₹218.0 crore, against current liabilities of ₹59.7 crore, resulting in a current ratio of 3.65, down from 4.31 in FY25.

Cash flows from operating activities turned positive, generating ₹25.7 crore compared to an outflow of ₹90.1 crore in FY25. This improvement was driven by better management of trade payables, which increased by ₹19.0 crore. However, investing activities consumed ₹248.1 crore, largely due to fixed deposits and other investments.

Corporate Governance

The Board of Directors remains unchanged, with Narayan Agarwal serving as Managing Director. The company held four board meetings during the year, with full attendance from all directors. The Audit Committee also met four times. No dividends were declared or proposed for FY26.

The company continues to operate as a single business segment focused on multimodal logistics. It reported no related-party transactions on a non-arm's length basis. Statutory auditors Jay Gupta & Associates issued an unqualified opinion on the financial statements.

Rapid Multimodal Logistics reported a 38.9% rise in revenue from operations to ₹14,301.93 lakh for the financial year ended March 31, 2026, compared to ₹10,299.33 lakh in the previous year. Net profit for the year stood at ₹188.57 lakh, a decrease from ₹226.40 lakh in FY25. The company’s total income for the year reached ₹14,324.80 lakh, while total expenses amounted to ₹14,072.10 lakh.

The Board of Directors, in a meeting held on May 30, 2026, approved the audited financial results for the half-year and year ended March 31, 2026. The results were accompanied by an unmodified opinion from the Statutory Auditors, M/s Jay Gupta & Associates. The meeting also saw the appointment of Mr. Sanjay Kumar as the Internal Auditor and M/s. Mamta Binani & Associates as the Secretarial Auditors for the financial year 2026-27.

For the half-year ended March 31, 2026, the company recorded a revenue from operations of ₹7,332.84 lakh and a net profit of ₹141.23 lakh. This represents an increase from the revenue of ₹5,920.82 lakh and net profit of ₹98.71 lakh reported in the corresponding period of the previous year. The basic earnings per share (EPS) for the year ended March 31, 2026, was reported at ₹4.95, down from ₹5.69 in the prior year.

The statement of assets and liabilities as of March 31, 2026, showed total assets of ₹2,227.29 lakh, up from ₹1,860.94 lakh in the previous year. Trade receivables increased to ₹1,509.09 lakh from ₹1,205.83 lakh, while cash and cash equivalents decreased to ₹172.50 lakh from ₹398.77 lakh. Total equity stood at ₹1,611.09 lakh, compared to ₹1,422.52 lakh in the prior year.

The audited cash flow statement indicated a net decrease in cash and cash equivalents of ₹226.27 lakh for the year. Cash flow from operating activities was positive at ₹25.67 lakh, while investing activities resulted in a net outflow of ₹248.08 lakh. The company reported no cash flow from financing activities during the current year, compared to a net inflow of ₹516.16 lakh in the previous year which included proceeds from an equity issue.

Financial Performance for FY26