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Motilal Oswal Report
While VRL Logistics Ltd. faced growth challenges in the recent past (due to elections and driver shortages), volume growth could improve going forward. Volumes picked up in July 2024, and with good monsoons, the pickup in agricultural and textile commodities should boost improvement in volumes.
Further, with price hikes undertaken across commodities and customers, margins should also improve going forward.
We expect VRL Logistics to report an 11% volume compound annual growth rate over FY24-26, with faster addition of branches in the untapped regions. We anticipate VRL Logistics to deliver a revenue/Ebitda/profit after tax compound annual growth rate of 14%/18%/52% over FY24-26.
We reiterate our Buy rating with a revised target price of Rs 660 (based on 28 times FY26E earnings per share).
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