💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 14.93% YoY to INR 551.52 Cr in FY2025, driven by expansion in multimodal logistics, warehousing, and cold chain transportation. Revenue in FY2024 was INR 479.89 Cr.

Geographic Revenue Split

The company maintains a pan-India presence catering to more than 300 locations, providing a diversified geographic footprint across the domestic market.

Profitability Margins

PBT margin improved by 118 bps to 4.77% in FY2025 (INR 26.33 Cr) from 3.59% in FY2024. However, PAT margin moderated to 3.87% (INR 21.33 Cr) from 6.65% in FY2024 due to a one-time exceptional gain of INR 18.82 Cr from investment sales in the previous year.

EBITDA Margin

EBITDA margin stood at 17.33% in FY2025, a marginal decline of 12 bps from 17.45% in FY2024. EBITDA increased 14.13% YoY to INR 95.57 Cr, reflecting operational effectiveness and asset utilization.

Capital Expenditure

The company added 88 new fleet vehicles in FY2025 to expand capacity. Planned capex includes investments in ISO Tanks, Cold chain vehicles, EV, and LNG vehicles to meet customer demand.

Credit Rating & Borrowing

Long-term rating was upgraded to IVR BBB+/Stable and short-term rating to IVR A2 in December 2025. Interest coverage stood at 2.98 times and DSCR at 2.05 times as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Fuel (Diesel, LNG, CNG) represents the primary operational cost, though specific percentage of total cost is not disclosed.

Import Sources

Not disclosed in available documents; procurement is primarily domestic for fuel and vehicle parts.

Capacity Expansion

Added 88 new vehicles in FY2025. Future expansion focuses on specialized fleet including ISO Tanks, Cold chain, and green energy vehicles (EV/LNG).

Raw Material Costs

Fuel costs are managed through a fuel surcharge system and frequent freight rate revisions to offset volatility and maintain margins.

Manufacturing Efficiency

EBITDA margins remained range-bound between 17.48% and 17.55% historically, indicating stable operational efficiency.

Logistics & Distribution

Distribution is managed through an integrated platform covering transportation, warehousing, cold-chain, and 3PL solutions.

📈 Strategic Growth

Expected Growth Rate

10%+

Growth Strategy

Growth will be achieved through a blend of organic expansion, sector diversification into Liquid Logistics and ISO-tank container services, and strategic acquisitions. The company is also expanding its green fleet (EV/LNG) and multimodal rail-based movement.

Products & Services

Multimodal transportation, rail cargo movement, warehousing, cold-chain logistics, 3PL solutions, and Liquid Logistics.

Brand Portfolio

AVG Logistics

New Products/Services

Entry into Liquid Logistics and ISO-tank container services to diversify revenue streams and enhance customer engagement.

Market Expansion

Expansion into new verticals and increasing reliance on rail-based movement to strengthen cost efficiency and ESG positioning.

Market Share & Ranking

Not disclosed in available documents; operates in a highly fragmented and competitive industry.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated multimodal logistics and green energy (EV/LNG) to improve cost efficiency and meet ESG standards.

Competitive Landscape

Highly fragmented with intense competition from large established players, global operators, and small unorganized entities.

Competitive Moat

Moat is built on an integrated logistics platform, 30+ years of promoter experience, and long-term relationships with a reputed, diversified client base.

Macro Economic Sensitivity

Highly sensitive to domestic and global manufacturing/industrial activities and trade volumes.

Consumer Behavior

Increasing demand for end-to-end supply chain solutions and temperature-controlled transportation in the pharma and food sectors.

Geopolitical Risks

Global protectionism and supply chain disruptions could affect import-export-linked freight volumes.

⚖️ Regulatory & Governance

Industry Regulations

Exposed to stringent emission standards and regulatory standards for fleet operators; complies with all relevant environmental laws.

Environmental Compliance

Committed to sustainable practices including developing eco-friendly vehicles (EV/LNG) and conducting regular audits to ensure regulatory adherence.

⚠️ Risk Analysis

Key Uncertainties

Fuel price volatility and high collection periods leading to working capital intensity are the primary business risks.

Geographic Concentration Risk

Low geographic risk due to a pan-India network covering 300+ locations.

Third Party Dependencies

Relies on a mix of owned and hired vehicles; high utilization of working capital limits indicates dependency on bank financing.

Technology Obsolescence Risk

Mitigated by continuous investment in AI-driven planning, data analytics, and advanced information security policies.

Credit & Counterparty Risk

Promoter Asha Gupta pledged 6,00,000 shares as a margin call and a total of 9,67,157 shares, indicating potential counterparty risk related to promoter financing.