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Motilal Oswal Report
VRL Logistics Ltd.'s transition into a pure-play goods transport player, integration of additional branches, expansion of fleet capacity, growing customer base, and market share gains from less-organised competitors position the company favorably for a steady volume and sustainable earnings growth.
We expect VRL Logistics to report 14% volume compound annual growth rate over FY23-26, with faster addition of branches in untapped regions.
We anticipate the company to deliver a revenue/Ebitda/profit after tax compound annual growth rate of 16%/18%/23% over FY23-26.
We reiterate our 'Buy' rating with a target price of Rs 910 (based on 26 times FY26E earnings per share).
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