Aegis Logistics Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Aegis Logistics Ltd trades at ₹1,349, in a confirmed uptrend and 5 weeks into that stage. That is +64.2% against its own 200-day average. It sits at 100% of a 52-week range of ₹588 to ₹1,349. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 19 straight weeks.

Today the stock is in a confirmed uptrend — week 5 of stage 2, confirmed. At ₹1,349 it trades +64.2% versus its 200-day average and sits at 100% of its 52-week range (₹588–₹1,349).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,229% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 19 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 88th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Aegis Logistics Ltd trades at 54.5× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 37.5×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 54.5× is at the pricey end of its own range (88th percentile), against a long-run median of 37.5× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +35.4% against a +82.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +33.3%/yr price move, ~+30.9%/yr came from earnings growth and ~+2.4 pp from the multiple (expanding); over 10y, of the +27.2%/yr price move, ~+21.7%/yr came from earnings growth and ~+5.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 26% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Aegis Logistics Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 13.0% is below the 15% bar this page requires to call it Consistent. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

63.4/100 — rank 3 of 18 in Logistics · 79% evidence confidence

Aegis Logistics Ltd scores 63.4 out of 100 against the 18 companies it is compared with in Logistics, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.3 + 15.4 + 6.7 + 20 = 63.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Aegis Logistics Ltd reported ₹2,594 Cr of revenue in the Mar 26 quarter, +52.1% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.2% a year. The last full year, FY26, came in at ₹8,333 Cr. The last four reported quarters add to ₹8,332 Cr.

Aegis Logistics Ltd reported ₹2,594 Cr of revenue in the Mar 26 quarter, +52.1% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.2% a year. The last full year, FY26, came in at ₹8,333 Cr. The last four reported quarters add to ₹8,332 Cr.

FY26 revenue came in at ₹8,333 Cr (+23.2% on the year), capping 10 years at 14.2% compound. The latest quarter (Mar 26) printed ₹2,594 Cr, +52.1% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +22.9% growth against the decade's 14.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +23.2% over the last 4 quarters against +8.7%/yr over the last 8 — accelerating; TTM profit +40.5% vs +28.3%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 24.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Aegis Logistics Ltd's operating margin is 24.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 2.0% to 17.0%. The current quarter is running above every full year in that window.

Aegis Logistics Ltd's operating margin is 24.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 2.0% to 17.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 24.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.0%–17.0%, and FY26's 17.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.1 pp year on year while gross margin went +0.5 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +43.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Aegis Logistics Ltd earned ₹455 Cr of net profit in the Mar 26 quarter, +43.1% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹1,107 Cr. The 10-year compound rate is 24.3%. That is 17.5% of the quarter's revenue. The same quarter a year earlier earned ₹318 Cr.

Aegis Logistics Ltd earned ₹455 Cr of net profit in the Mar 26 quarter, +43.1% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹1,107 Cr. The 10-year compound rate is 24.3%. That is 17.5% of the quarter's revenue. The same quarter a year earlier earned ₹318 Cr.

Mar 26 profit was ₹455 Cr, +43.1% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹1,107 Cr (+40.7%), and the 10-year compound rate is 24.3%.

Why profit moved: revenue contributed +52.1% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +40.0% vs revenue +22.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 126% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 126% of Aegis Logistics Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,028 Cr of operating cash against ₹1,107 Cr of profit. After ₹932 Cr of capital spending, ₹1,096 Cr was left as free cash.

FY26: operating cash of ₹2,028 Cr against reported profit of ₹1,107 Cr, leaving free cash of ₹1,096 Cr after ₹932 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 126% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 126%: the cash cycle tightened 18 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 7.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹3,540 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Aegis Logistics Ltd's cash conversion cycle runs −12 days in FY26, down from 6 days in FY21. Capital spending ran ₹3,540 Cr over the last 3 years. At FY26 sales of ₹8,333 Cr each day of that cycle holds about ₹22.8 Cr, so roughly ₹−274 Cr sits inside the business at any moment.

FY26: debtors at 21 days, inventory at 7 days — roughly 0.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −12 days, tighter than FY21's 6.

The full loop: cash goes out to suppliers and production on day 0; stock waits 7 days to sell; customers pay about 21 days after that; and suppliers themselves are paid at 40 days — netting out to the −12-day cycle.

In money terms: at FY26 sales of ₹8,333 Cr, each day of the cycle holds about ₹22.8 Cr — so the −12-day loop keeps roughly ₹−274 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹3,540 Cr over the last 3 fiscal years against ₹486 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹764 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 13%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Aegis Logistics Ltd earns a ROCE of 13% in FY26. That is up from a trough of 13% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 13.3% net margin on 0.58× asset turns.

FY26 ROCE is 13%, recovered from a FY20 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 13.3% net margin × 0.58× asset turns × 2.36× balance-sheet leverage ≈ 18.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 26% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.69.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Aegis Logistics Ltd carries ₹4,150 Cr of borrowings against ₹6,055 Cr of equity in FY26, a debt-to-equity of 0.69. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹734 Cr to ₹4,150 Cr. Capital spending ran ₹3,540 Cr across the last 3 of those years.

FY26: borrowings of ₹4,150 Cr against equity of ₹6,055 Cr — a debt-to-equity of 0.69. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹734 Cr to ₹4,150 Cr while capital spending ran ₹3,540 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 26% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 3.1 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 3.1 points of Aegis Logistics Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 3.6% of the company. Foreign institutions moved +1.9 points over the same window, to 19.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −3.1 points over 8 quarters to 3.6%; Foreign institutions: +1.9 points over 8 quarters to 19.5%; Promoters: +0.0 points over 8 quarters to 58.1%.

Why the register moved: rotation — foreign institutions +1.9 points against domestic institutions −3.1 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Aegis Logistics Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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