Bandhan Mutual Fund has significantly reduced its shareholding in VRL Logistics Limited through the disposal of 2,43,667 equity shares via open market transactions on February 10, 2026. The transaction has triggered mandatory disclosure requirements under SEBI regulations due to the substantial change in holding percentage.

Transaction Details and Regulatory Compliance

The share disposal has reduced Bandhan Mutual Fund's total holding in VRL Logistics from 5.0032% to 2.9635% of the company's paid-up capital. This represents a decrease of more than 2% from the last reported holding on March 26, 2021, necessitating disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pre and Post-Transaction Holdings

Before the disposal, Bandhan Mutual Fund held 54,27,911 shares representing 3.1028% of VRL Logistics' voting capital. Following the transaction, the fund's holding stands at 51,84,244 shares, equivalent to 2.9635% of the total share capital.

Scheme-wise Distribution

The disposal affected only one of Bandhan Mutual Fund's schemes, with the remaining four schemes maintaining their positions unchanged. Bandhan Small Cap Fund was the sole scheme involved in the transaction, reducing its holding from 5,77,911 shares to 3,34,244 shares.

Company Capital Structure

VRL Logistics Limited maintains an equity share capital of Rs. 1,74,93,69,900, consisting of equity shares with a face value of Rs. 10 each. The company's shares are listed on both BSE Limited and National Stock Exchange of India Limited. The capital structure remained unchanged following the transaction, with no dilutive securities or warrants affecting the total share count.

VRL Logistics has submitted the transcript of its Q3 FY26 earnings conference call to stock exchanges under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The earnings call was held on February 6, 2026, to discuss the company's financial and operational performance for the third quarter and nine months ended December 31, 2025.

Regulatory Compliance and Transcript Submission

The company submitted the earnings call transcript to BSE Limited and National Stock Exchange of India Limited on February 10, 2026, signed by Company Secretary and Compliance Officer Aniruddha Phadnavis. The transcript has been made available on the company's website for stakeholder access, maintaining transparency in investor communications.

Management Outlook and Volume Growth Expectations

During the earnings call, CFO Sunil Nalavadi outlined the company's growth strategy and volume expectations. The management expects sequential tonnage growth of 3% to 4% in Q4 FY26, with daily tonnage having crossed 10,900 tons during Q3. For the next financial year, the company anticipates approximately 10% to 11% volume growth, supported by new client additions and return of previously lost accounts.

Fleet Expansion and Capacity Enhancement

The company has placed orders for 500 new commercial vehicles to meet growing demand and replace older fleet. Out of these 500 vehicles, approximately 100 have already been delivered in January 2026. The new fleet comprises 20-tonne capacity vehicles, representing a 10% increase in overall capacity to match the expected volume growth.

Operational Performance and Network Expansion

The management highlighted strong operational metrics during the call. Realization per tonne stood at ₹8,117, reflecting a 10% year-on-year increase due to price hikes and discontinuation of low-margin contracts. The company operates through 1,250 branches and 50 trans-shipment hubs across 24 states and 5 union territories, with plans to expand through franchisee appointments.

Financial Guidance and Margin Outlook

For FY27, the management projects revenue of approximately ₹3,600 crores based on 11% revenue growth expectations. EBITDA margins are expected to be maintained at around 20% levels, translating to EBITDA of ₹730-740 crores. The company plans total capex of ₹350 crores for the next financial year, including ₹160-170 crores for fleet addition and similar amount for land and building acquisitions at strategic locations.

Source: VRL Logistics Q3 FY26 Earnings Call Transcript