Good a ernoon, ladies and gentlemen. On behalf of the Capsight
Advisors team, I welcome you all to the H1FY27 post- Earnings
conference call of Shree Vasu Logis cs Limited. Today on the call from
the management, we have with us Mr. Atul Garg, Managing Director,
Mr. Newaj Patel, Chief Financial Officer, and Mrs. Monali Makhija,
Company Secretary and Compliance Officer. As a disclaimer, I would
like to inform all of you that this call may contain forward-looking
statements, which may involve risk and uncertain es. Please note that
all par cipant lines will be in listen-only mode, and there'll be an
opportunity for you to ask ques ons a er the opening remarks. Also,
ensure that you raise hands to get in line for your ques ons. Further, a
reminder that this call is being recorded. I would now request the
management to brief us about the business and financial performance
for the period ended September 2027, post which we will open the
floor for Q&A. Over to you, Atul Sir.
Good a ernoon, everyone, and thank you for joining the Shree Vasu
Logis cs Earnings call for the half year ended 30th September 2026. I
am joined by our Chief Financial Officer, Newaj Patel, and Company
Secretary, Monali Makhija.
So, for those who are new to our story, we began in Raipur in 1987 as
FMCG distributors. Today, we are a listed logis cs company with 3
revenue streams, third-party logis cs, part PTL transporta on, which is
called secondary transporta on, and warehouse leasing. Our 3PL
business covers CNF and depot opera ons, in-plant logis cs, secondary
transporta on, infrastructure for e-commerce and quick commerce.
Transporta on combines our own fleet with partner vehicles, and
leasing adds steady annuity-style income. We operate in 16 states and
1 union territory, and in 43 ci es, with 2.6 million square feet of
warehousing space, 100-plus owned vehicles, and more than 10,000
trained employees, serving over 136 enterprise clients.
All of this runs on a technology stack we built and owned, which
powers our zero phone call opera ons.
I will move on to give you a brief on our half-yearly on our audited
Limited reviewed financials. H1FY27 versus H1FY26. Turning to results,
I am pleased to report a strong first half, with growth in both turnover
and earnings. All figures are standalone. For H1, FY27 revenue from
opera ons was 144.98 crores, up 37.2% from 105.7 crores in H1FY26.
EBITDA rose 38.6% to 37.2 crores from 26 crores, with the margin at
25.7% against 24.6%. Profit a er tax grew 171% to 8.4 crores, from 3.1
crores, and earnings per share were 7.25 against 2.68. Q1FY27 versus
Q1 FY26. Looking at the quarters, Q1 set the pace. Compared with Q1
FY26, Revenue rose 30% to 64.8 crores, from 49.8 crores, EBITDA rose
34% to 16.7 crores, from 12.4 crores. And profit a er tax rose 74% to
3.3 crores from 1.9 crores.
Page 2 of 5
Shree Vasu Logis cs Limited
H1 FY27 Post Earnings Conference Call
05 November 2026
Moderator:
Rajkumari Duggad:
Atul Garg:
Moderator:
Rajkumari Duggad:
Atul Garg:
Q2FY27 versus Q2FY26. Q2 carried the momentum forward. Revenue
was 80.2 crores, up 43.2% from 56 crores in Q2 FY26. EBITDA was 20.5
crores against 13.6 crores, and profit a er tax was 5.1 crores against
1.2 crores.
Q2FY27 versus Q1 FY27. Within the half, Q2 also improved on Q1.
Revenue grew 23.9% sequen ally from 64.8 crores. EBITDA moved to
20.5 crores from 16.7 crores, with the margin at 25.6% against 25.8%,
and profit a er tax moved to 5.1 crores from 3.3 crores.
So, the things that drove this performance was our strong order book
for new clients, and at the same me, we strengthened our execu on
part by adding strong leaders in our company.
We have been ge ng repe ve business from our current clients in
the new territories. Also, we were able to turn around the new
business that we started last year.
On the upcoming quarters, we would like to inform that our client base
con nues to broaden with new clients adding up con nuously
alongside repeat business ge ng generated from our clients in new
territories. Now, we are opera onal all across India with proper
regional team setups. And we'll be further scaling up in all zones in
coming months.
Looking ahead, our strategy is very clear. We aim to scale up our
warehousing footprints across High-demand zones, adopt advanced
supply chain automa on, and deepen our rela onships with marquee
enterprise clients. With our customer-first approach and professional
leadership team, we are confident in delivering sustained long-term
value to all our stakeholders.
Thank you once again for your con nued partnership and confidence
in Sri Vasu Logis cs. We are now ready to take your ques ons.
I will now hand over the floor to the moderator for ques on and
answer sessions.
Thank you. Thank you, sir. We'll now begin with the Q&A session. Let
us wait for 2 minutes as the queue gets formed.
I would request a endees to raise hands, whosoever have any queries,
please.
Yep. Now, I think the first ques on is from Rajkumari Duggad. Yes.
Hello, hi sir, I'm Rajkumari, Individual Investor. I have a couple of
ques ons to ask. The first ques on is, how concentrated is the client
work? How has that changed, and what is the renewable and chill-on
experience with the Z clients?
I think the voice is very low, Rajkumari.
Can you please repeat the ques on?
Am I audible now?
It's be er.
Page 3 of 5
Shree Vasu Logis cs Limited
H1 FY27 Post Earnings Conference Call
05 November 2026
Rajkumari Duggad:
Atul Garg:
Rajkumari Duggad:
Atul Garg:
Rajkumari Duggad:
Moderator:
Moderator:
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
My ques on is, how concentrated is the client go? How has it changed,
and what is the renewal and churn experience with legacy clients?
Client book is well threaded, and we have almost, like, 136 clients we
are working with, out of which around 30% business comes from top
20 clients. So, technically speaking, we are not dependent on any, one
or two clients. We have clients like Dabur, Parley, JK Tyres, for which we
are working in mul ple loca ons. And, the kind of business we are into,
it's a long-term partnership, so normally, it doesn't depend on any kind
of renewal ac vity, because we are holding crores of stock for them.
Yes, sir, and my second ques on is. Are you evalua ng any acquisi on,
and how do you view inorganic growth against the greenfield capacity,
given your leverage?
So we are open to acquisi on offers, but as of now, a lot of organic
growth is coming in for us, so we are focusing on that.
Okay. Thank you so much, sir.
Okay, next ques on is from, I think that Q…
Sir, I see there are no other ques ons from par cipants, so we'll wait
for another 2 minutes to see if there are any queries. Okay, there is a
new par cipant, his name is unknown, so we'll allow him to ask the
ques on. Yes.
Hello? Good a ernoon. My ques on is, what share of your 750 vehicles
is owned versus a ached or higher? What is the u liza on? And what
is the fleet moderniza on in the EV plan?
So basically, what we do is we, send all these stocks to various
distributors on behalf of our clients. So, we are using mul ple modes.
So, we have our own, own fleet of around, 125. So, that we are using
so that the market doesn't blackmail us. Then we have market hired
vehicles, which we hire directly from the market on day-to-day basis.
Then, third mode is the contract transporters, where we use them for
sending small part loads, and the fourth is couriers. So, at mes where
the parcel loads are very small, we are sending stocks through courier
also.
Okay, and what are your EV plans?
So, we have started deploying EVs, but as of now, the overall acquisi on
cost and running cost is higher than the normal vehicles available in the
market. So, we are going slow on that.
Okay, so not in short term, right?
No, so we don't think so because everything is back-to-back costbacked for us. So, agar clients running costs or acquisi on costs. So, we
may shi to it. it's always a compara ve cost analysis. Based on that,
we take the decision.
Yes. and, next one is, what are, your insurance covers and synchronizes
and, claim experiences?
In respect to the vehicles.
Page 4 of 5
Shree Vasu Logis cs Limited
H1 FY27 Post Earnings Conference Call
05 November 2026
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
Zoom user:
Atul Garg:
Moderator:
Moderator:
Atul Garg:
Yes
So we hardly have, all across India, whatever business we are doing,
one or two such incidents happen during the year. Because of some
unavoidable, instances?
Is it, yes.
Yeah, circumstances. Apart from that, we don't have any such major
issues around this.
Okay, okay, is there any GST demand on that, insurance claims, or
something?
No.
Okay.
Because it's, the client's invoice is there, the material which we are
carrying, it is client's invoice, it is not our invoice. So then depending
on which client's stock got accidented, they have their own, survey
policy insurance, guy appointed. They come and do all the formali es.
Yes, yes. Yeah, right Thank you.
Thank you.
We'll wait for another minute. There are no further hands raised, so if
there are no ques ons, then we can move on to close the call.
Sir, there are no further ques ons. I think we'll go ahead to conclude
the call.
Thank you, management. Ladies and gentlemen. This concludes the
H1FI27 post- Earnings conference call of Shree Vasu Logis cs Limited.
You may now disconnect. Thank you, and have a pleasant day.
Thank you so much.
Page 5 of 5
