Logistics Solution Provider industry

86 companies · ₹1.4 L cr · 27 with AI deep dives · Q1FY27 report

Fuel pass-through lag and the West Asia EXIM slump squeeze Q1 margins as domestic volumes keep compounding

In downturnmargin has fallen for 3 quarters to 11.1% and revenue is shrinking

Revenue YoY: -4.9%
EBITDA margin: 11.1%; +210bps YoY
Price, 1 year: -22.1%; 32% of names up
P/E vs own 5y: -10.4%; 30.1x now

Exhibit 1The quarter in numbers

constant panel of 19 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	17,178 cr	16,566 cr	+3.7%	18,061 cr	-4.9%	18,565 cr	-7.5%
EBITDA margin	11.1%	11.4%	-30bps	9.0%	+210bps	12.1%	-100bps

Revenue

Jun 26: 17,178 cr
Mar 26: 16,566 cr
QoQ: +3.7%
Jun 25: 18,061 cr
YoY: -4.9%
Peak: 18,565 cr
vs peak: -7.5%

EBITDA margin

Jun 26: 11.1%
Mar 26: 11.4%
QoQ: -30bps
Jun 25: 9.0%

Sept 26: 3 of 27 reported so far, so it is not in the trend above.

Breadth: 81% of 21 companies grew revenue year on year (was 74% a quarter earlier) and 57% expanded margin (was 68%).

Exhibit 2What it costs

22.53x - 76.69x across the panel today

The median name trades at 30.1x, -10.4% against this industry's own 5-year median of 33.6x, and -41.6% against its own peak of 51.6x.

Exhibit 3Structure

₹1.4 L cr

Container Corporation Of India Ltd is 21.7% of this industry by market cap. The top 5 are 65.1% and the top 10 are 81.4%.

mid 4small 14micro 6827 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 30.12x, 5y ROCE above its median of 11.97%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (25 of 86)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Container Corporation Of India Ltd	₹31,303 cr	25.2x	13.5x	12.8%	21.5%	+0.3%	Unlock
Delhivery Ltd	₹28,166 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindFuel cost spike with a 1-2 month or longer pass-through lag hits Q1 margins9 managements

Diesel and ATF rose from mid-May. Contract surcharge mechanisms reprice with a lag, so Q1 absorbed the cost and recovery shifts into Q2-Q3. VRL's average diesel cost rose from ₹83…

TCIEXP (Q1FY27): “So in this quarter, only June month is having positive impact and this will be showing in…”

headwind8 managements tailwind8 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account →

AppendixThe other 61 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sindhu Trade Links Ltd	₹3,375 cr	36.6x	51.2x	4.5%	3.7%	-21.8%	Unlock