VRL Logistics FY26 Net Profit Rises 29%; Targets 6-7% FY27 Volume Growth

VRL Logistics reported its audited financial results for the quarter and year ended 31 March 2026, revealing a strong full-year performance with net profit and revenue both registering year-on-year growth. The Board of Directors approved the results at their meeting held on 18 May 2026, with statutory auditors Walker Chandioke & Co LLP issuing an unmodified audit opinion. The company also submitted its earnings presentation for Q4 FY26 to the exchanges on the same date. In a concall update, management has guided for 6-7% volume growth in FY27, backed by an aggressive branch expansion strategy.

Full-Year FY26 Performance

VRL Logistics delivered a robust annual performance, with revenue from operations rising to INR3,221 crore in FY26 from INR3,161 crore in FY25. Total income for the year stood at INR3,245 crore compared to INR3,185 crore in the previous year. Net profit for FY26 surged to INR237 crore, a significant improvement from INR183 crore in FY25, reflecting stronger operating leverage and cost management. Profit before tax for the full year climbed to INR318 crore from INR250 crore year-on-year.

Metric	FY26 (Audited)	FY25 (Audited)
Revenue from Operations	INR3,221 crore	INR3,161 crore
Total Income	INR3,245 crore	INR3,185 crore
Total Expenses	INR2,927 crore	INR2,935 crore
Profit Before Tax	INR318 crore	INR250 crore
Net Profit	INR237 crore	INR183 crore
Basic & Diluted EPS (INR)	13.54	10.46*

*Restated to reflect bonus share allotment.

Q4 FY26 Quarterly Highlights

For the quarter ended 31 March 2026, VRL Logistics reported revenue from operations of INR853 crore, up from INR809 crore in Q4 FY25. Net profit for the quarter came in at INR72 crore compared to INR74 crore in the corresponding quarter of the previous year. Profit before tax for Q4 FY26 stood at INR98 crore versus INR100 crore in Q4 FY25. Basic and diluted earnings per share for Q4 FY26 were INR4.12, compared to INR4.25 in Q4 FY25 (restated).

Metric	Q4 FY26	Q3 FY26	Q4 FY25
Revenue from Operations	INR853 crore	INR827 crore	INR809 crore
Total Income	INR859 crore	INR831 crore	INR812 crore
Profit Before Tax	INR98 crore	INR84 crore	INR100 crore
Net Profit	INR72 crore	INR65 crore	INR74 crore
Basic & Diluted EPS (INR)	4.12	3.70	4.25*

*Restated to reflect bonus share allotment.

Management Outlook and Branch Expansion

Per the concall update, management has guided for 6-7% volume growth in FY27, underpinned by a targeted network expansion plan. The company opened 110 gross branches during FY26 and plans to add 100 net new branches in FY27, signalling continued investment in its distribution reach across India. The company operates as a single segment in goods transport and courier services, with all operations located within India.

Parameter	FY26 (Actual)	FY27 (Guidance)
Gross Branches Opened	110	—
Net New Branches Planned	—	100
Volume Growth Guidance	—	6-7%

Key Expense Trends

On the cost side, total expenses for FY26 declined marginally to INR2,927 crore from INR2,935 crore in FY25, despite revenue growth, indicating improved cost efficiency. Freight, handling and servicing costs fell to INR1,922 crore from INR1,998 crore year-on-year, while employee benefits expense rose to INR587 crore from INR545 crore. Depreciation and amortisation expense for FY26 was INR261 crore versus INR254 crore in FY25, and finance costs remained broadly stable at INR95 crore compared to INR95 crore.

Balance Sheet and Cash Flow

As at 31 March 2026, total assets stood at INR2,605 crore compared to INR2,586 crore a year earlier. Total equity increased to INR1,142 crore from INR1,085 crore, supported by the year's profitability. Net cash generated from operating activities for FY26 was INR668 crore, up from INR583 crore in FY25. Cash and cash equivalents at the end of the year stood at INR15 crore, compared to INR53 crore at the start of the year, reflecting higher capital expenditure and dividend outflows during the period.

Balance Sheet Metric	31.03.2026 (Audited)	31.03.2025 (Audited)
Total Assets	INR2,605 crore	INR2,586 crore
Total Equity	INR1,142 crore	INR1,085 crore
Non-Current Liabilities	INR1,049 crore	INR1,108 crore
Current Liabilities	INR414 crore	INR393 crore
Cash & Cash Equivalents	INR15 crore	INR53 crore
Net Cash from Operations	INR668 crore	INR583 crore

Bonus Share Issuance

During the year, the Board of Directors approved the issuance of bonus equity shares in the ratio of 1:1 by capitalising a sum not exceeding INR875 crore from the company's eligible reserves. The bonus shares were allotted on 18 August 2025, increasing the paid-up equity share capital from 87.5 million shares of INR10 each to 175 million shares of INR10 each. Earnings per share figures for prior periods have been restated accordingly in compliance with Ind AS 33.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.73%	-2.26%	-4.32%	-10.62%	-17.67%	+91.51%

VRL Logistics Limited has announced the availability of the audio recording for its earnings call discussing the audited financial results for the quarter and year ended March 31, 2026. The conference call was originally scheduled for May 19, 2026, at 10:30 AM IST. The disclosure regarding the recording was made in accordance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conference Call Details

The meeting was hosted by Motilal Oswal Investment Services to review the audited financial results. The discussion was led by Mr. Sunil Nalavadi, Chief Financial Officer of the company.

Parameter	Details
Date	May 19, 2026
Time	10:30 AM IST
Host	Motilal Oswal Investment Services
Presenter	Mr. Sunil Nalavadi, Chief Financial Officer
Agenda	Audited Financial Results for Q4 and FY26

Access to Recording

The audio recording of the earnings call is now available for investors and analysts. Participants can access the recording through the official link provided by the company. The filing was signed by Aniruddha Phadnavis, Company Secretary and Compliance Officer, from Hubballi, dated May 19, 2026.