Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Logistics - Warehousing/Supply Chain Stocks in India

Logistics - Warehousing/Supply Chain: TVS Supply Chain Solutions Ltd owns the largest revenue base; Delhivery Ltd has the fastest current growth.

Nifty Logistics - Warehousing/Supply Chain Index — Constituents & Performance

The Logistics - Warehousing/Supply Chain companies below are the listed Indian Logistics - Warehousing/Supply Chain universe this page tracks — the same constituent set people search for as the Nifty Logistics - Warehousing/Supply Chain index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Logistics - Warehousing/Supply Chain moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 36% behind NIFTY 500. Earnings across its companies grew 21% on average over the last four reported quarters.

FADING · −1 in 4w~Fundamentals up, price down2 of 8 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑1w · 5/8 >200d (+1) · 2/8 lead (−1) · EPS 3/7↑

200300202620252024202320222021 209335 TRAILING 12-MONTH EPS · 100 AT THE START0100Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingDec 2023 · trailing 12-month earnings per share at 90, against 100 at the start · no comparable year yet · 4 reportingMar 2024 · trailing 12-month earnings per share at 63, against 100 at the start · down 72.2% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 48, against 100 at the start · down 77.6% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 42, against 100 at the start · down 71.2% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 34, against 100 at the start · down 62.0% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 47, against 100 at the start · down 45.1% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 51, against 100 at the start · down 23.8% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 39, against 100 at the start · up 30.9% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 36, against 100 at the start · up 83.4% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 40, against 100 at the start · down 6.4% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two40 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200300202620252024202320222021 209335 TRAILING 12-MONTH EPS · 100 AT THE START0100Mar 24Mar 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingDec 2023 · trailing 12-month earnings per share at 90, against 100 at the start · no comparable year yet · 4 reportingMar 2024 · trailing 12-month earnings per share at 63, against 100 at the start · down 72.2% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 48, against 100 at the start · down 77.6% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 42, against 100 at the start · down 71.2% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 34, against 100 at the start · down 62.0% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 47, against 100 at the start · down 45.1% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 51, against 100 at the start · down 23.8% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 39, against 100 at the start · up 30.9% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 36, against 100 at the start · up 83.4% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 40, against 100 at the start · down 6.4% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two40No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Logistics - Warehousing/Supply Chain, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy NarrowHow much of the sector is participating, how recently, and whether the movers score well.
Together2 of 8 stocks moving
Fresh1 crossed in the last 4 weeks
Backed by scoresmovers score +3 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 1/20
Mid 1/3+1
Small 0/3−2

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 8 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Logistics - Warehousing/Supply Chain outperforming NIFTY 500?

The 52-week comparison of Logistics - Warehousing/Supply Chain against NIFTY 500 is not available from the current market series. 3 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Delhivery Ltd is the strongest against the sector itself at +13.7%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
3/8Stocks leading NIFTY 500
2/8Stocks leading sector

Sector metric: 15.1 as of 2026-07-19 · NARROWING · rising.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 3 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. TVS Supply Chain Solutions Ltd leads with revenue of ₹11,003 crore, based on 8 of 8 comparable companies through Mar 2026. Delhivery Ltd has the fastest current revenue growth at 17.6%, across 8 of 8 comparable companies.

Is the Logistics - Warehousing/Supply Chain sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Logistics - Warehousing/Supply Chain company is largest by revenue?

TVS Supply Chain Solutions Ltd leads with revenue of ₹11,003 crore, based on 8 of 8 comparable companies through Mar 2026.

Which Logistics - Warehousing/Supply Chain company is growing fastest?

Delhivery Ltd has the fastest current revenue growth at 17.6%, across 8 of 8 comparable companies.

Which Logistics - Warehousing/Supply Chain company has the strongest 4-Factor Sector Score?

VRL Logistics Ltd ranks first at 54.6/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Logistics - Warehousing/Supply Chain company reports the most CAPEX?

Delhivery Ltd reports the largest latest CAPEX at ₹158 crore, with 2 of 8 companies comparable.

Which Logistics - Warehousing/Supply Chain company has the least gross debt?

TCI Express Ltd has the lowest comparable gross debt at ₹63 crore. TVS Supply Chain Solutions Ltd has the highest at ₹2,755 crore.

Which Logistics - Warehousing/Supply Chain company has the lowest comparable PEG?

VRL Logistics Ltd has the lowest comparable Guarded PEG at 2.39, among 2 of 8 companies that pass the metric’s comparability rules.

How much history does this Logistics - Warehousing/Supply Chain comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
8
complete canonical membership
Combined market value
₹54.4K Cr
Delhivery Ltd
Revenue growing
7/8
positive TTM year-on-year growth
Beating NIFTY 500
3/8
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
VRL Logistics Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 95.6% evidence confidence.
TCI Express Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. VRL Logistics Ltd · VRLLOG

54.6/100 · Mixed-positive evidence · 96% evidence

Exact sum: 20.5 + 18.4 + 11.4 + 4.3 = 54.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.5/35Growth & earnings

Revenue 1.9% · PAT 30.2% · OPM change -2 pp

88% evidence

18.4/25Capital efficiency

ROCE 18.3% · debt/equity 1.01×

100% evidence

11.4/20Valuation

P/E 17.6× · PEG 2.39

100% evidence

4.3/20Relative strength

RS sector -9.3% · RS bench -12.8% · 1Y -27%

100% evidence

2. Navkar Corporation Ltd · NAVKARCORP

50.9/100 · Thin evidence · provisional · 53% evidence

Exact sum: 20.4 + 12.8 + 10.5 + 7.2 = 50.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

20.4/35Growth & earnings

Revenue 14.4% · PAT -2.2% · OPM change —

22% evidence

12.8/25Capital efficiency

ROCE 6.9% · debt/equity 0.09×

84% evidence

10.5/20Valuation

P/E 17× · PEG —

50% evidence

7.2/20Relative strength

RS sector -10.7% · RS bench -1% · 1Y -18%

70% evidence

3. TCI Express Ltd · TCIEXP

50.5/100 · Mixed-positive evidence · 77% evidence

Exact sum: 14.1 + 16.6 + 14.1 + 5.7 = 50.5

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

14.1/35Growth & earnings

Revenue 2.5% · PAT -4.7% · OPM change 1 pp

83% evidence

16.6/25Capital efficiency

ROCE 13.8% · debt/equity 0.08×

95% evidence

14.1/20Valuation

P/E 26.1× · PEG —

50% evidence

5.7/20Relative strength

RS sector -14% · RS bench -2% · 1Y -21.7%

70% evidence

4. Mahindra Logistics Ltd · MAHLOG

50.5/100 · Mixed-positive evidence · 68% evidence

Exact sum: 19.2 + 9.3 + 9.8 + 12.2 = 50.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.2/35Growth & earnings

Revenue 16.9% · PAT 100% · OPM change 1 pp

71% evidence

9.3/25Capital efficiency

ROCE 7.4% · debt/equity 0.55×

80% evidence

9.8/20Valuation

P/E 105× · PEG —

15% evidence

12.2/20Relative strength

RS sector 12.6% · RS bench 8.5% · 1Y 3%

100% evidence

5. TVS Supply Chain Solutions Ltd · TVSSCS

48.7/100 · Mixed-negative evidence · 62% evidence

Exact sum: 18 + 8.3 + 10.2 + 12.2 = 48.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.0/35Growth & earnings

Revenue 10.1% · PAT 100% · OPM change 0 pp

62% evidence

8.3/25Capital efficiency

ROCE 10.1% · debt/equity 1.35×

95% evidence

10.2/20Valuation

P/E 31.6× · PEG —

15% evidence

12.2/20Relative strength

RS sector -5% · RS bench 12.6% · 1Y 0.9%

70% evidence

6. Delhivery Ltd · DELHIVERY

48.4/100 · Mixed-negative evidence · 89% evidence

Exact sum: 20.5 + 8.3 + 3.9 + 15.7 = 48.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.5/35Growth & earnings

Revenue 17.6% · PAT -5.6% · OPM change 3 pp

88% evidence

8.3/25Capital efficiency

ROCE 2.8% · debt/equity 0.15×

100% evidence

3.9/20Valuation

P/E 194× · PEG 3.8

65% evidence

15.7/20Relative strength

RS sector 13.7% · RS bench 9.4% · 1Y 15.7%

100% evidence

7. Snowman Logistics Ltd · SNOWMAN

37.8/100 · Mixed-negative evidence · 76% evidence

Exact sum: 11.8 + 12.1 + 9.4 + 4.5 = 37.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.8/35Growth & earnings

Revenue 9.4% · PAT -42% · OPM change -0.8 pp

83% evidence

12.1/25Capital efficiency

ROCE 3.8% · debt/equity 0.78×

95% evidence

9.4/20Valuation

P/E 144× · PEG —

15% evidence

4.5/20Relative strength

RS sector -10.4% · RS bench -14.5% · 1Y -36.6%

100% evidence

8. Allcargo Logistics Ltd · ALLCARGO

31.3/100 · Adverse evidence · 70% evidence

Exact sum: 11.4 + 8.4 + 8.5 + 3 = 31.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.4/35Growth & earnings

Revenue -61% · PAT -48.6% · OPM change 4 pp

83% evidence

8.4/25Capital efficiency

ROCE 2% · debt/equity 1.21×

95% evidence

8.5/20Valuation

P/E 241× · PEG —

15% evidence

3.0/20Relative strength

RS sector -18% · RS bench -23.3% · 1Y -38.1%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

TVS Supply Chain Solutions Ltd has the highest Revenue among the 8 Logistics - Warehousing/Supply Chain companies compared here, at ₹11,003 crore. Delhivery Ltd is next at ₹10,508 crore. Delhivery Ltd has the highest Revenue growth at 17.6%, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: TVS Supply Chain Solutions Ltd is the scale leader at ₹11,003 crore, 4.7% ahead of Delhivery Ltd. Delhivery Ltd's growth is 17.6% from a ₹10,508 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderTVS Supply Chain Solutions Ltd · ₹11,003 crore
Gap4.7% versus #2 · Delhivery Ltd
Persistence8/8 recent comparable periods
Coverage8/8 companies · 112 observations

Investor read: TVS Supply Chain Solutions Ltd is the scale benchmark; Delhivery Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: TVS Supply Chain Solutions Ltd's growth falls below Delhivery Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1TVS Supply Chain Solutions Ltd TVSSCS₹11.0K Cr
2Delhivery Ltd DELHIVERY₹10.5K Cr
3Mahindra Logistics Ltd MAHLOG₹7.4K Cr
4VRL Logistics Ltd VRLLOG₹3.2K Cr
5Allcargo Logistics Ltd ALLCARGO⚠ unverified₹2.1K Cr
Revenue growthfastest growers
1Delhivery Ltd DELHIVERY18%
2Mahindra Logistics Ltd MAHLOG17%
3Navkar Corporation Ltd NAVKARCORP⚠ unverified14%
4TVS Supply Chain Solutions Ltd TVSSCS10%
5Snowman Logistics Ltd SNOWMAN9.4%
Revenue · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
TVS Supply Chain Solutions Ltd TVSSCS₹3.0K Cr21%Mar 2026
Delhivery Ltd DELHIVERY₹2.9K Cr30%Mar 2026
Mahindra Logistics Ltd MAHLOG₹2.0K Cr23%Jun 2026
VRL Logistics Ltd VRLLOG₹853 Cr5.4%Mar 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified₹514 Cr0.2%Mar 2026
TCI Express Ltd TCIEXP⚠ unverified₹328 Cr6.8%Mar 2026
Snowman Logistics Ltd SNOWMAN₹142 Cr3.9%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

—
—
—
—
—
₹4.1K Cr
₹3.4K Cr
₹3.3K Cr
₹3.3K Cr
₹3.2K Cr
₹3.3K Cr
₹3.8K Cr
₹483 Cr
₹519 Cr
₹513 Cr
₹491 Cr
₹537 Cr
₹516 Cr
₹514 Cr
—

Delhivery Ltd · DELHIVERY

₹1.5K Cr
₹2.0K Cr
₹2.1K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹2.2K Cr
₹2.1K Cr
₹2.2K Cr
₹2.2K Cr
₹2.4K Cr
₹2.2K Cr
₹2.3K Cr
₹2.6K Cr
₹2.8K Cr
₹2.9K Cr
—

Mahindra Logistics Ltd · MAHLOG

—
—
—
—
—
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
₹1.4K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.9K Cr
₹1.8K Cr
₹2.0K Cr

Snowman Logistics Ltd · SNOWMAN

—
—
—
—
—
₹109 Cr
₹112 Cr
₹129 Cr
₹124 Cr
₹124 Cr
₹127 Cr
₹140 Cr
₹143 Cr
₹132 Cr
₹137 Cr
₹163 Cr
₹156 Cr
₹144 Cr
₹142 Cr
—

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
₹326 Cr
₹305 Cr
₹320 Cr
₹312 Cr
₹317 Cr
₹293 Cr
₹312 Cr
₹296 Cr
₹307 Cr
₹287 Cr
₹309 Cr
₹314 Cr
₹328 Cr
—

TVS Supply Chain Solutions Ltd · TVSSCS

₹2.1K Cr
₹2.5K Cr
₹2.6K Cr
₹2.7K Cr
₹448 Cr
₹2.4K Cr
₹2.3K Cr
₹2.3K Cr
₹2.3K Cr
₹2.2K Cr
₹2.4K Cr
₹2.5K Cr
₹2.5K Cr
₹2.4K Cr
₹2.5K Cr
₹2.6K Cr
₹2.7K Cr
₹2.7K Cr
₹3.0K Cr
—

VRL Logistics Ltd · VRLLOG

₹636 Cr
₹678 Cr
—
₹720 Cr
₹733 Cr
₹682 Cr
₹698 Cr
₹674 Cr
₹709 Cr
₹737 Cr
₹768 Cr
₹727 Cr
₹799 Cr
₹825 Cr
₹809 Cr
₹744 Cr
₹797 Cr
₹827 Cr
₹853 Cr
—

Revenue growth · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

—
—
—
—
—
—
—
—
—
-22%
-1.4%
15%
-85%
-84%
-85%
-87%
11%
-0.6%
0.2%
—

Delhivery Ltd · DELHIVERY

—
—
—
32%
20%
-8.6%
-10%
11%
8.1%
20%
12%
13%
13%
8.4%
5.6%
5.6%
17%
18%
30%
—

Mahindra Logistics Ltd · MAHLOG

—
—
—
—
—
—
—
—
—
5.1%
14%
9.8%
11%
14%
8.2%
14%
11%
19%
14%
23%

Snowman Logistics Ltd · SNOWMAN

—
—
—
—
—
—
—
—
—
13%
13%
8.9%
16%
6.3%
8.3%
16%
8.5%
9.0%
3.9%
—

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
—
—
—
—
-2.8%
-3.9%
-2.5%
-5.1%
-3.2%
-2.1%
-1.0%
6.1%
6.8%
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
26%
-79%
-3.4%
-9.1%
-14%
405%
-6.4%
4.5%
11%
11%
10%
3.0%
2.1%
6.0%
11%
21%
—

VRL Logistics Ltd · VRLLOG

—
—
—
74%
15%
0.6%
—
-6.4%
-3.3%
8.1%
10%
7.9%
13%
12%
5.3%
2.3%
-0.3%
0.2%
5.4%
—
02 · compare level, then change

Operating Economics & Margin Trend

Navkar Corporation Ltd has the highest OPM among the 8 Logistics - Warehousing/Supply Chain companies compared here, at 35%. VRL Logistics Ltd is next at 21%. Allcargo Logistics Ltd has the highest Margin change at +4 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Navkar Corporation Ltd leads opm at 35%; Allcargo Logistics Ltd leads margin change at +4 percentage points.

LeaderNavkar Corporation Ltd · 35%
Gap66.7% versus #2 · VRL Logistics Ltd
PersistenceNot enough history
Coverage8/8 companies · 134 observations

Investor read: Navkar Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Navkar Corporation Ltd NAVKARCORP⚠ unverified35%
2VRL Logistics Ltd VRLLOG21%
3Snowman Logistics Ltd SNOWMAN17%
4Allcargo Logistics Ltd ALLCARGO⚠ unverified12%
5TCI Express Ltd TCIEXP⚠ unverified10%
Margin changefastest expanders
1Allcargo Logistics Ltd ALLCARGO⚠ unverified+4.0 pp
2Delhivery Ltd DELHIVERY+3.0 pp
3Mahindra Logistics Ltd MAHLOG+1.0 pp
4TCI Express Ltd TCIEXP⚠ unverified+1.0 pp
5TVS Supply Chain Solutions Ltd TVSSCS0.0 pp
Operating margin · company comparison
8/8 level · 7/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
VRL Logistics Ltd VRLLOG21%−2.0 ppMar 2026
Snowman Logistics Ltd SNOWMAN17%−0.8 ppMar 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified12%+4.0 ppMar 2026
TCI Express Ltd TCIEXP⚠ unverified10%+1.0 ppMar 2026
Delhivery Ltd DELHIVERY8.0%+3.0 ppMar 2026
TVS Supply Chain Solutions Ltd TVSSCS7.0%0.0 ppMar 2026
Mahindra Logistics Ltd MAHLOG6.0%+1.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

7.3%
7.8%
7.1%
6.6%
7.4%
6.0%
4.0%
4.0%
4.0%
3.0%
3.0%
3.0%
10%
12%
8.0%
10%
12%
12%
12%
—

Delhivery Ltd · DELHIVERY

-35%
2.7%
2.9%
-15%
-7.7%
-4.0%
1.0%
-1.0%
-1.0%
5.0%
2.0%
4.0%
2.0%
4.0%
5.0%
6.0%
3.0%
7.0%
8.0%
—

Mahindra Logistics Ltd · MAHLOG

4.5%
4.0%
4.7%
5.5%
5.1%
4.7%
5.0%
5.0%
4.0%
4.0%
4.0%
5.0%
4.0%
5.0%
5.0%
5.0%
5.0%
5.0%
6.0%
6.0%

Snowman Logistics Ltd · SNOWMAN

26%
25%
22%
23%
21%
22%
19%
19%
19%
21%
21%
17%
15%
15%
18%
15%
13%
16%
17%
—

TCI Express Ltd · TCIEXP⚠ unverified

17%
16%
17%
15%
17%
15%
17%
15%
16%
15%
14%
11%
12%
10%
9.0%
10%
11%
10%
10%
—

TVS Supply Chain Solutions Ltd · TVSSCS

6.3%
2.2%
2.3%
5.9%
-5.0%
7.0%
7.0%
7.0%
8.0%
7.0%
7.0%
7.0%
8.0%
6.0%
7.0%
7.0%
7.0%
8.0%
7.0%
—

VRL Logistics Ltd · VRLLOG

18%
20%
19%
15%
14%
15%
16%
15%
13%
13%
14%
12%
17%
20%
23%
20%
19%
21%
21%
—

Margin change · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

+0.3 pp
+2.4 pp
+1.4 pp
+0.3 pp
+0.1 pp
−1.8 pp
−3.1 pp
−2.6 pp
−3.4 pp
−3.0 pp
−1.0 pp
−1.0 pp
+6.0 pp
+9.0 pp
+5.0 pp
+7.0 pp
+2.0 pp
0.0 pp
+4.0 pp
—

Delhivery Ltd · DELHIVERY

—
—
+5.2 pp
−9.1 pp
+26.9 pp
−6.7 pp
−1.9 pp
+13.6 pp
+6.7 pp
+9.0 pp
+1.0 pp
+5.0 pp
+3.0 pp
−1.0 pp
+3.0 pp
+2.0 pp
+1.0 pp
+3.0 pp
+3.0 pp
—

Mahindra Logistics Ltd · MAHLOG

+0.1 pp
−1.1 pp
−0.0 pp
+0.9 pp
+0.6 pp
+0.7 pp
+0.3 pp
−0.5 pp
−1.1 pp
−0.7 pp
−1.0 pp
0.0 pp
0.0 pp
+1.0 pp
+1.0 pp
0.0 pp
+1.0 pp
0.0 pp
+1.0 pp
+1.0 pp

Snowman Logistics Ltd · SNOWMAN

+0.0 pp
−2.6 pp
−4.5 pp
−2.5 pp
−4.4 pp
−3.2 pp
−2.4 pp
−4.2 pp
−1.9 pp
−0.5 pp
+2.0 pp
−2.1 pp
−4.0 pp
−6.2 pp
−3.8 pp
−1.8 pp
−2.5 pp
+0.9 pp
−0.8 pp
—

TCI Express Ltd · TCIEXP⚠ unverified

+1.3 pp
−0.8 pp
−2.6 pp
+0.3 pp
+0.1 pp
−1.8 pp
+0.2 pp
+0.3 pp
−0.6 pp
+0.3 pp
−3.0 pp
−4.0 pp
−4.0 pp
−5.0 pp
−5.0 pp
−1.0 pp
−1.0 pp
0.0 pp
+1.0 pp
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
+4.2 pp
−11.3 pp
+4.8 pp
+4.7 pp
+1.1 pp
+13.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
−1.0 pp
0.0 pp
0.0 pp
−1.0 pp
+2.0 pp
0.0 pp
—

VRL Logistics Ltd · VRLLOG

−2.0 pp
+2.0 pp
+3.4 pp
+6.2 pp
−3.6 pp
−4.5 pp
−3.4 pp
+0.1 pp
−1.2 pp
−2.0 pp
−2.0 pp
−3.0 pp
+4.0 pp
+7.0 pp
+9.0 pp
+8.0 pp
+2.0 pp
+1.0 pp
−2.0 pp
—
03 · compare level, then change

Profit Scale & Acceleration

VRL Logistics Ltd has the highest Net profit among the 8 Logistics - Warehousing/Supply Chain companies compared here, at ₹237 crore. Delhivery Ltd is next at ₹153 crore. The same company also holds the highest Profit growth, at 30.2%. 8 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: VRL Logistics Ltd leads with ₹237 crore of TTM profit, 54.9% above Delhivery Ltd. VRL Logistics Ltd shows 30.2% growth from a ₹237 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderVRL Logistics Ltd · ₹237 crore
Gap54.9% versus #2 · Delhivery Ltd
Persistence6/8 recent comparable periods
Coverage8/8 companies · 112 observations

Investor read: VRL Logistics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1VRL Logistics Ltd VRLLOG₹237 Cr
2Delhivery Ltd DELHIVERY₹153 Cr
3TVS Supply Chain Solutions Ltd TVSSCS₹116 Cr
4Navkar Corporation Ltd NAVKARCORP⚠ unverified₹90 Cr
5TCI Express Ltd TCIEXP⚠ unverified₹81 Cr
Profit growthfastest growers
1VRL Logistics Ltd VRLLOG30%
2TCI Express Ltd TCIEXP⚠ unverified-4.7%
3Delhivery Ltd DELHIVERY-5.6%
4Snowman Logistics Ltd SNOWMAN-42%
5Allcargo Logistics Ltd ALLCARGO⚠ unverified-49%
Net profit · company comparison
8/8 level · 5/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Delhivery Ltd DELHIVERY₹72 Cr-1.4%Mar 2026
VRL Logistics Ltd VRLLOG₹72 Cr-2.7%Mar 2026
Mahindra Logistics Ltd MAHLOG₹28 Cr-1,632%Jun 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified₹20 Cr-20%Mar 2026
TVS Supply Chain Solutions Ltd TVSSCS₹18 Cr45%Mar 2026
TCI Express Ltd TCIEXP⚠ unverified₹16 Cr-16%Mar 2026
Snowman Logistics Ltd SNOWMAN₹6 Cr42%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

—
—
—
—
—
₹146 Cr
₹52 Cr
₹119 Cr
₹16 Cr
₹17 Cr
₹-12 Cr
₹4 Cr
₹14 Cr
₹-6 Cr
₹25 Cr
₹-12 Cr
₹9 Cr
₹2 Cr
₹20 Cr
—

Delhivery Ltd · DELHIVERY

₹-635 Cr
₹-127 Cr
₹-120 Cr
₹-399 Cr
₹-254 Cr
₹-196 Cr
₹-159 Cr
₹-89 Cr
₹-103 Cr
₹12 Cr
₹-68 Cr
₹54 Cr
₹10 Cr
₹25 Cr
₹73 Cr
₹91 Cr
₹-50 Cr
₹40 Cr
₹72 Cr
—

Mahindra Logistics Ltd · MAHLOG

—
—
—
—
—
₹1 Cr
₹-1 Cr
₹-8 Cr
₹-16 Cr
₹-17 Cr
₹-12 Cr
₹-8 Cr
₹-10 Cr
₹-7 Cr
₹-5 Cr
₹-9 Cr
₹-8 Cr
₹6 Cr
₹22 Cr
₹28 Cr

Snowman Logistics Ltd · SNOWMAN

—
—
—
—
—
₹4 Cr
₹5 Cr
₹3 Cr
₹3 Cr
₹4 Cr
₹2 Cr
₹2 Cr
₹1 Cr
₹-1 Cr
₹4 Cr
₹3 Cr
₹-3 Cr
₹-2 Cr
₹6 Cr
—

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
₹38 Cr
₹32 Cr
₹36 Cr
₹32 Cr
₹32 Cr
₹22 Cr
₹25 Cr
₹19 Cr
₹19 Cr
₹19 Cr
₹24 Cr
₹22 Cr
₹16 Cr
—

TVS Supply Chain Solutions Ltd · TVSSCS

₹-29 Cr
₹-5 Cr
₹18 Cr
₹-2 Cr
₹-53 Cr
₹16 Cr
₹-12 Cr
₹-65 Cr
₹-41 Cr
₹10 Cr
₹5 Cr
₹7 Cr
₹11 Cr
₹-24 Cr
₹-4 Cr
₹71 Cr
₹16 Cr
₹11 Cr
₹18 Cr
—

VRL Logistics Ltd · VRLLOG

₹49 Cr
₹60 Cr
—
₹49 Cr
₹31 Cr
₹49 Cr
₹193 Cr
₹34 Cr
₹20 Cr
₹14 Cr
₹22 Cr
₹13 Cr
₹36 Cr
₹59 Cr
₹74 Cr
₹50 Cr
₹50 Cr
₹65 Cr
₹72 Cr
—

Profit growth · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

—
—
—
—
—
—
—
—
—
-88%
-123%
-97%
-13%
-135%
—
-400%
-36%
—
-20%
—

Delhivery Ltd · DELHIVERY

—
—
—
—
—
—
—
—
—
—
—
—
—
108%
—
69%
-600%
60%
-1.4%
—

Mahindra Logistics Ltd · MAHLOG

—
—
—
—
—
—
—
—
—
-1,632%
—
—
—
—
—
—
—
—
—
—

Snowman Logistics Ltd · SNOWMAN

—
—
—
—
—
—
—
—
—
14%
-58%
-47%
-79%
-114%
81%
42%
-577%
—
42%
—

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
—
—
—
—
-16%
-31%
-31%
-41%
-41%
-14%
-4.0%
16%
-16%
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
—
—
—
-167%
—
—
-38%
—
—
—
-340%
-180%
914%
45%
—
—
—

VRL Logistics Ltd · VRLLOG

—
—
—
—
-37%
-18%
—
-31%
-35%
-71%
-89%
-62%
80%
321%
236%
285%
39%
10%
-2.7%
—
04 · compare level, then change

Capacity Spending & Returns On It

Delhivery Ltd has the highest CAPEX among the 8 Logistics - Warehousing/Supply Chain companies compared here, at ₹158 crore. TVS Supply Chain Solutions Ltd is next at ₹17 crore. The same company also holds the highest CAPEX intensity, at 7.6%. 2 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Delhivery Ltd reports ₹158 crore of CAPEX; Delhivery Ltd has the highest covered intensity at 7.6%. Coverage is only 2 of 8 companies and 7 reported observations, so this is partial evidence—not a complete sector rank.

LeaderDelhivery Ltd · ₹158 crore
Gap829.4% versus #2 · TVS Supply Chain Solutions Ltd
Persistence3/3 recent comparable periods
Coverage2/8 companies · 7 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Delhivery Ltd DELHIVERY₹158 Cr
2TVS Supply Chain Solutions Ltd TVSSCS₹17 Cr
CAPEX intensityhighest reinvestment intensity
1Delhivery Ltd DELHIVERY7.6%
2TVS Supply Chain Solutions Ltd TVSSCS0.7%
Capital expenditure · company comparison
2/8 level · 2/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Mahindra Logistics Ltd (MAHLOG) — its two data sources disagree by up to 38% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
Delhivery Ltd DELHIVERY₹158 Cr7.6%Mar 2026
TVS Supply Chain Solutions Ltd TVSSCS₹17 Cr0.7%Mar 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Delhivery Ltd · DELHIVERY

₹128 Cr
₹389 Cr
₹158 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

TVS Supply Chain Solutions Ltd · TVSSCS

₹27 Cr
₹24 Cr
₹38 Cr
—
—
₹17 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—

CAPEX intensity · reported quarter history

Delhivery Ltd · DELHIVERY

8.5%
20%
7.6%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

TVS Supply Chain Solutions Ltd · TVSSCS

1.3%
1.0%
1.5%
—
—
0.7%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
8/8 capacity base · 8/8 OCF · 8/8 CAPEX · 8/8 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

₹1.6K Cr
₹1.6K Cr
₹1.8K Cr
₹2.2K Cr
₹3.2K Cr
₹3.5K Cr
₹2.1K Cr
₹2.9K Cr
₹2.7K Cr
₹786 Cr

Delhivery Ltd · DELHIVERY

—
—
₹489 Cr
₹776 Cr
₹1.1K Cr
₹3.1K Cr
₹3.0K Cr
₹3.4K Cr
₹3.9K Cr
₹5.4K Cr

Mahindra Logistics Ltd · MAHLOG

₹63 Cr
₹67 Cr
₹74 Cr
₹246 Cr
₹364 Cr
₹515 Cr
₹834 Cr
₹852 Cr
₹976 Cr
₹1.2K Cr

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

₹1.7K Cr
—
—
—
—
—
—
—
—
—

Snowman Logistics Ltd · SNOWMAN

₹453 Cr
₹445 Cr
₹413 Cr
₹507 Cr
₹481 Cr
₹545 Cr
₹525 Cr
₹539 Cr
₹555 Cr
₹563 Cr

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
₹435 Cr
₹468 Cr
₹477 Cr
₹576 Cr

TVS Supply Chain Solutions Ltd · TVSSCS

—
₹199 Cr
₹2.0K Cr
₹2.0K Cr
₹2.0K Cr
₹2.2K Cr
₹2.3K Cr
₹2.4K Cr
₹2.2K Cr
₹2.9K Cr

VRL Logistics Ltd · VRLLOG

₹696 Cr
₹633 Cr
₹747 Cr
₹994 Cr
₹960 Cr
₹1.1K Cr
₹1.5K Cr
₹1.9K Cr
₹2.3K Cr
₹2.3K Cr

Operating cash flow · fiscal-year history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

₹359 Cr
₹308 Cr
₹324 Cr
₹319 Cr
₹330 Cr
₹850 Cr
₹1.6K Cr
₹-146 Cr
₹261 Cr
₹315 Cr

Delhivery Ltd · DELHIVERY

—
—
₹-243 Cr
₹-634 Cr
₹5 Cr
₹-241 Cr
₹-30 Cr
₹472 Cr
₹567 Cr
₹911 Cr

Mahindra Logistics Ltd · MAHLOG

₹-34 Cr
₹12 Cr
₹95 Cr
₹85 Cr
₹294 Cr
₹191 Cr
₹119 Cr
₹227 Cr
₹343 Cr
₹254 Cr

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

₹108 Cr
—
—
—
—
₹125 Cr
₹126 Cr
₹62 Cr
₹84 Cr
₹77 Cr

Snowman Logistics Ltd · SNOWMAN

₹49 Cr
₹37 Cr
₹53 Cr
₹56 Cr
₹71 Cr
₹69 Cr
₹86 Cr
₹88 Cr
₹65 Cr
₹98 Cr

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
₹128 Cr
₹147 Cr
₹136 Cr
₹118 Cr
₹101 Cr

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
₹372 Cr
₹190 Cr
₹712 Cr
₹601 Cr
₹734 Cr
₹128 Cr
₹672 Cr
₹746 Cr

VRL Logistics Ltd · VRLLOG

₹198 Cr
₹205 Cr
₹192 Cr
₹257 Cr
₹272 Cr
₹371 Cr
₹318 Cr
₹424 Cr
₹555 Cr
₹654 Cr

CAPEX · reported cash flow · fiscal-year history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

₹152 Cr
₹114 Cr
₹348 Cr
₹707 Cr
₹1.2K Cr
₹565 Cr
₹-1.1K Cr
₹1.1K Cr
₹293 Cr
₹-1.8K Cr

Delhivery Ltd · DELHIVERY

—
—
—
₹543 Cr
₹709 Cr
₹2.6K Cr
₹737 Cr
₹1.1K Cr
₹1.1K Cr
₹2.2K Cr

Mahindra Logistics Ltd · MAHLOG

₹25 Cr
₹24 Cr
₹29 Cr
₹245 Cr
₹208 Cr
₹293 Cr
₹509 Cr
₹227 Cr
₹350 Cr
₹473 Cr

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

₹285 Cr
—
—
—
—
—
—
—
—
—

Snowman Logistics Ltd · SNOWMAN

₹24 Cr
₹32 Cr
₹9 Cr
₹145 Cr
₹23 Cr
₹115 Cr
₹32 Cr
₹73 Cr
₹79 Cr
₹76 Cr

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
—
₹52 Cr
₹31 Cr
₹125 Cr

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
₹2.3K Cr
₹441 Cr
₹417 Cr
₹611 Cr
₹680 Cr
₹588 Cr
₹429 Cr
₹1.2K Cr

VRL Logistics Ltd · VRLLOG

₹66 Cr
₹35 Cr
₹215 Cr
₹415 Cr
₹126 Cr
₹317 Cr
₹546 Cr
₹621 Cr
₹587 Cr
₹330 Cr

Free cash flow · fiscal-year history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

₹207 Cr
₹194 Cr
₹-24 Cr
₹-388 Cr
₹-907 Cr
₹285 Cr
₹2.7K Cr
₹-1.3K Cr
₹-32 Cr
₹2.1K Cr

Delhivery Ltd · DELHIVERY

—
—
—
₹-1.2K Cr
₹-704 Cr
₹-2.8K Cr
₹-767 Cr
₹-615 Cr
₹-505 Cr
₹-1.3K Cr

Mahindra Logistics Ltd · MAHLOG

₹-59 Cr
₹-12 Cr
₹66 Cr
₹-160 Cr
₹86 Cr
₹-102 Cr
₹-390 Cr
₹0 Cr
₹-7 Cr
₹-219 Cr

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

₹-177 Cr
—
—
—
—
—
—
—
—
—

Snowman Logistics Ltd · SNOWMAN

₹25 Cr
₹5 Cr
₹44 Cr
₹-89 Cr
₹48 Cr
₹-46 Cr
₹54 Cr
₹15 Cr
₹-14 Cr
₹22 Cr

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
—
—
—
₹84 Cr
₹87 Cr
₹-24 Cr

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
₹-1.9K Cr
₹-251 Cr
₹295 Cr
₹-10 Cr
₹54 Cr
₹-460 Cr
₹243 Cr
₹-451 Cr

VRL Logistics Ltd · VRLLOG

₹132 Cr
₹170 Cr
₹-23 Cr
₹-158 Cr
₹146 Cr
₹54 Cr
₹-228 Cr
₹-197 Cr
₹-32 Cr
₹324 Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

TCI Express Ltd has the lowest Gross debt among the 8 Logistics - Warehousing/Supply Chain companies compared here, at ₹63 crore. Navkar Corporation Ltd is next at ₹177 crore. Delhivery Ltd has the lowest Net debt at ₹519 crore net cash, so level and change sit with different companies.

What the numbers say: Delhivery Ltd has the clearest covered balance-sheet capacity with ₹519 crore net cash and gross debt of ₹1,463 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderTCI Express Ltd · ₹63 crore
Gap64.4% versus #2 · Navkar Corporation Ltd
Persistence8/8 recent comparable periods
Coverage8/8 companies · 125 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1TCI Express Ltd TCIEXP⚠ unverified₹63 Cr
2Navkar Corporation Ltd NAVKARCORP⚠ unverified₹177 Cr
3Snowman Logistics Ltd SNOWMAN₹312 Cr
4Mahindra Logistics Ltd MAHLOG₹650 Cr
5Allcargo Logistics Ltd ALLCARGO⚠ unverified₹693 Cr
Net debtlowest net debt
1Delhivery Ltd DELHIVERY₹-519 Cr
2TCI Express Ltd TCIEXP⚠ unverified₹-74 Cr
3Navkar Corporation Ltd NAVKARCORP⚠ unverified₹158 Cr
4Allcargo Logistics Ltd ALLCARGO⚠ unverified₹562 Cr
5VRL Logistics Ltd VRLLOG₹1.1K Cr
Debt and balance-sheet capacity · company comparison
8/8 level · 6/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
TVS Supply Chain Solutions Ltd TVSSCS₹2.8K Cr₹2.0K CrMar 2026
Delhivery Ltd DELHIVERY₹1.5K Cr₹-519 CrMar 2026
VRL Logistics Ltd VRLLOG₹1.2K Cr₹1.1K CrMar 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified₹693 Cr₹562 CrMar 2026
Mahindra Logistics Ltd MAHLOG₹650 Cr—Jun 2026
Snowman Logistics Ltd SNOWMAN₹312 Cr—Mar 2026
Navkar Corporation Ltd NAVKARCORP⚠ unverified₹177 Cr₹158 CrJun 2026
TCI Express Ltd TCIEXP⚠ unverified₹63 Cr₹-74 CrMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

₹2.2K Cr
₹2.2K Cr
₹2.3K Cr
₹2.3K Cr
₹1.9K Cr
₹1.9K Cr
₹1.2K Cr
₹1.2K Cr
₹1.7K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹2.2K Cr
₹2.2K Cr
₹2.0K Cr
₹2.0K Cr
₹674 Cr
₹674 Cr
₹693 Cr
—

Delhivery Ltd · DELHIVERY

—
₹1.3K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹923 Cr
₹923 Cr
₹913 Cr
₹913 Cr
₹1.2K Cr
₹1.2K Cr
₹1.4K Cr
₹1.4K Cr
₹1.4K Cr
₹1.4K Cr
₹1.6K Cr
₹1.6K Cr
₹1.5K Cr
—

Mahindra Logistics Ltd · MAHLOG

—
—
₹402 Cr
—
—
—
₹834 Cr
—
—
—
₹739 Cr
—
—
—
₹869 Cr
—
₹676 Cr
—
₹650 Cr
—

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

₹717 Cr
₹717 Cr
₹709 Cr
₹713 Cr
₹457 Cr
₹457 Cr
₹44 Cr
₹44 Cr
₹175 Cr
₹175 Cr
₹219 Cr
₹220 Cr
₹212 Cr
₹212 Cr
₹168 Cr
₹168 Cr
₹177 Cr
₹177 Cr
₹177 Cr
₹177 Cr

Snowman Logistics Ltd · SNOWMAN

—
—
₹265 Cr
—
—
—
₹258 Cr
—
—
—
₹278 Cr
—
—
—
₹307 Cr
—
₹326 Cr
—
₹312 Cr
—

TCI Express Ltd · TCIEXP⚠ unverified

₹2 Cr
₹2 Cr
₹1 Cr
₹1 Cr
₹8 Cr
₹8 Cr
₹7 Cr
₹7 Cr
₹11 Cr
₹11 Cr
₹10 Cr
₹10 Cr
₹9 Cr
₹9 Cr
₹10 Cr
₹10 Cr
₹14 Cr
₹14 Cr
₹63 Cr
—

TVS Supply Chain Solutions Ltd · TVSSCS

₹2.7K Cr
—
₹3.0K Cr
₹3.0K Cr
₹2.8K Cr
₹3.1K Cr
₹3.3K Cr
₹3.3K Cr
₹2.2K Cr
₹2.2K Cr
₹2.2K Cr
₹2.2K Cr
₹2.2K Cr
₹2.2K Cr
₹2.1K Cr
₹2.1K Cr
₹2.2K Cr
₹2.2K Cr
₹2.8K Cr
—

VRL Logistics Ltd · VRLLOG

₹446 Cr
₹446 Cr
₹537 Cr
₹537 Cr
₹698 Cr
₹698 Cr
₹720 Cr
₹720 Cr
₹907 Cr
₹907 Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.2K Cr
₹1.2K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
—

Net debt · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

₹1.7K Cr
₹1.7K Cr
₹1.5K Cr
₹1.5K Cr
₹850 Cr
₹850 Cr
₹-273 Cr
₹-299 Cr
₹988 Cr
₹988 Cr
₹1.3K Cr
₹1.3K Cr
₹1.4K Cr
₹1.4K Cr
₹1.3K Cr
₹1.3K Cr
₹522 Cr
₹522 Cr
₹562 Cr
—

Delhivery Ltd · DELHIVERY

—
₹-921 Cr
₹-665 Cr
₹-588 Cr
₹-1.8K Cr
₹-1.8K Cr
₹-3.8K Cr
₹-1.2K Cr
₹-1.4K Cr
₹-1.4K Cr
₹-2.8K Cr
₹-1.0K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-2.4K Cr
₹-1.5K Cr
₹-242 Cr
₹-242 Cr
₹-519 Cr
—

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

₹659 Cr
₹659 Cr
₹706 Cr
₹710 Cr
₹447 Cr
₹447 Cr
₹-47 Cr
₹-47 Cr
₹159 Cr
₹159 Cr
₹214 Cr
₹215 Cr
₹210 Cr
₹210 Cr
₹164 Cr
₹164 Cr
₹172 Cr
₹172 Cr
₹158 Cr
₹158 Cr

TCI Express Ltd · TCIEXP⚠ unverified

₹-81 Cr
₹-81 Cr
₹-102 Cr
₹-102 Cr
₹-75 Cr
₹-75 Cr
₹-39 Cr
₹-39 Cr
₹-48 Cr
₹-48 Cr
₹-97 Cr
₹-97 Cr
₹-105 Cr
₹-105 Cr
₹-145 Cr
₹-150 Cr
₹-148 Cr
₹-148 Cr
₹-74 Cr
—

TVS Supply Chain Solutions Ltd · TVSSCS

₹2.3K Cr
—
₹1.9K Cr
₹1.9K Cr
₹2.1K Cr
₹2.2K Cr
₹2.2K Cr
₹2.2K Cr
₹1.1K Cr
₹1.1K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.5K Cr
₹1.5K Cr
₹1.4K Cr
₹1.4K Cr
₹2.0K Cr
—

VRL Logistics Ltd · VRLLOG

₹410 Cr
₹410 Cr
₹523 Cr
₹523 Cr
₹686 Cr
₹686 Cr
₹693 Cr
₹693 Cr
₹895 Cr
₹895 Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.2K Cr
₹1.2K Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
—
06 · compare level, then change

Return On Capital Employed

VRL Logistics Ltd has the highest ROCE among the 8 Logistics - Warehousing/Supply Chain companies compared here, at 18.3%. TCI Express Ltd is next at 13.8%. Navkar Corporation Ltd has the highest ROCE change at +5.1 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: VRL Logistics Ltd leads ROCE at 18.3%, 4.5 percentage points above TCI Express Ltd. Navkar Corporation Ltd has the strongest latest improvement at +5.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderVRL Logistics Ltd · 18.3%
Gap32.6% versus #2 · TCI Express Ltd
Persistence5/8 recent comparable periods
Coverage8/8 companies · 83 observations

Investor read: VRL Logistics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1VRL Logistics Ltd VRLLOG18%
2TCI Express Ltd TCIEXP⚠ unverified14%
3TVS Supply Chain Solutions Ltd TVSSCS10%
4Mahindra Logistics Ltd MAHLOG7.4%
5Navkar Corporation Ltd NAVKARCORP⚠ unverified6.9%
ROCE changefastest improvers
1Navkar Corporation Ltd NAVKARCORP⚠ unverified+5.1 pp
2VRL Logistics Ltd VRLLOG+4.1 pp
3TVS Supply Chain Solutions Ltd TVSSCS+2.2 pp
4Delhivery Ltd DELHIVERY+1.0 pp
5Mahindra Logistics Ltd MAHLOG+1.0 pp
Return on capital · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Mahindra Logistics Ltd (MAHLOG) — its two data sources disagree by up to 38% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
VRL Logistics Ltd VRLLOG19%+4.1 ppMar 2026
TCI Express Ltd TCIEXP⚠ unverified12%−1.9 ppMar 2026
TVS Supply Chain Solutions Ltd TVSSCS7.3%+2.2 ppMar 2026
Navkar Corporation Ltd NAVKARCORP⚠ unverified3.1%+5.1 ppJun 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified1.0%−1.6 ppMar 2026
Delhivery Ltd DELHIVERY-0.5%+1.0 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

14%
—
—
—
21%
—
24%
—
8.3%
7.7%
7.5%
3.8%
1.7%
2.4%
2.6%
1.6%
1.6%
1.5%
1.0%
—

Delhivery Ltd · DELHIVERY

—
-11%
-11%
—
-10%
—
-13%
—
-8.6%
-2.7%
-5.9%
0.0%
-3.1%
1.3%
-1.5%
3.2%
-1.5%
2.7%
-0.5%
—

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

5.7%
—
—
—
5.8%
—
4.7%
—
1.3%
—
1.2%
—
0.4%
—
-2.0%
—
-0.8%
—
3.1%
—

TCI Express Ltd · TCIEXP⚠ unverified

35%
—
31%
—
30%
—
30%
—
27%
29%
24%
24%
19%
18%
13%
15%
12%
14%
12%
—

TVS Supply Chain Solutions Ltd · TVSSCS

3.2%
—
7.0%
—
7.7%
7.1%
—
3.7%
3.5%
4.6%
4.6%
6.4%
4.7%
6.1%
5.1%
9.5%
6.2%
10%
7.3%
—

VRL Logistics Ltd · VRLLOG

20%
—
—
—
17%
—
17%
—
15%
24%
11%
10%
9.7%
15%
15%
20%
20%
21%
19%
—

ROCE change · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

—
—
—
—
+6.3 pp
—
—
—
−12.2 pp
—
−16.8 pp
—
−6.6 pp
−5.3 pp
−4.9 pp
−2.2 pp
−0.1 pp
−0.9 pp
−1.6 pp
—

Delhivery Ltd · DELHIVERY

—
—
—
—
—
—
−1.3 pp
—
+1.6 pp
—
+6.7 pp
—
+5.5 pp
+4.0 pp
+4.4 pp
+3.2 pp
+1.6 pp
+1.4 pp
+1.0 pp
—

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

—
—
—
—
+0.1 pp
—
—
—
−4.5 pp
—
−3.5 pp
—
−0.9 pp
—
−3.2 pp
—
−1.2 pp
—
+5.1 pp
—

TCI Express Ltd · TCIEXP⚠ unverified

—
—
—
—
−4.4 pp
—
−1.1 pp
—
−3.5 pp
—
−6.0 pp
—
−8.3 pp
−10.5 pp
−10.3 pp
−9.3 pp
−6.8 pp
−4.1 pp
−1.9 pp
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
—
+4.5 pp
—
—
—
−4.2 pp
−2.5 pp
—
+2.7 pp
+1.2 pp
+1.5 pp
+0.5 pp
+3.1 pp
+1.5 pp
+4.1 pp
+2.2 pp
—

VRL Logistics Ltd · VRLLOG

—
—
—
—
−2.5 pp
—
—
—
−2.7 pp
—
−6.6 pp
—
−4.9 pp
−8.8 pp
+4.5 pp
+9.3 pp
+9.8 pp
+5.7 pp
+4.1 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

VRL Logistics Ltd has the lowest Guarded PEG among the 8 Logistics - Warehousing/Supply Chain companies compared here, at 2.39×. Delhivery Ltd is next at 3.8×. Navkar Corporation Ltd has the lowest P/E at 17×, so level and change sit with different companies. 2 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: VRL Logistics Ltd has the lowest comparable Guarded PEG at 2.39×, 37.1% below Delhivery Ltd. Only 2 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderVRL Logistics Ltd · 2.39×
Gap37.1% versus #2 · Delhivery Ltd
Persistence0/8 recent comparable periods
Coverage2/8 companies · 4 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1VRL Logistics Ltd VRLLOG2.4
2Delhivery Ltd DELHIVERY3.8
P/Elowest P/E
1Navkar Corporation Ltd NAVKARCORP⚠ unverified17.0
2VRL Logistics Ltd VRLLOG17.6
3TCI Express Ltd TCIEXP⚠ unverified26.1
4TVS Supply Chain Solutions Ltd TVSSCS31.6
5Mahindra Logistics Ltd MAHLOG105.0
Valuation · company comparison
2/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Delhivery Ltd DELHIVERY3.8177.8Mar 2026
VRL Logistics Ltd VRLLOG2.418.0Mar 2026
TVS Supply Chain Solutions Ltd TVSSCS—26.8Mar 2026
Mahindra Logistics Ltd MAHLOG—809.0Jun 2026
TCI Express Ltd TCIEXP⚠ unverified—21.0Mar 2026
Navkar Corporation Ltd NAVKARCORP⚠ unverified—17.7Jun 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified—21.4Mar 2026
Snowman Logistics Ltd SNOWMAN—224.6Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Delhivery Ltd · DELHIVERY

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.8
—
—

VRL Logistics Ltd · VRLLOG

—
0.6
—
—
—
0.6
2.4
—
—
—
—
—
—
—
—
—
—
—
—
—

P/E · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

10.9
8.8
3.7
2.2
2.8
2.8
3.0
4.0
5.2
9.2
15.6
22.7
22.6
64.3
55.3
24.8
37.4
29.7
21.4
—

Delhivery Ltd · DELHIVERY

—
—
—
—
—
—
—
—
—
-84.3
—
-280.5
4,033.3
835.5
463.8
170.1
166.6
218.9
177.8
—

Mahindra Logistics Ltd · MAHLOG

127.0
148.3
161.6
221.5
168.8
129.7
92.6
131.3
822.9
809.0
—
—
—
—
—
—
—
—
—
—

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

6.7
6.8
5.4
7.6
9.1
10.1
8.5
8.8
9.7
16.4
14.7
17.9
20.8
26.0
16.5
17.8
19.2
16.3
12.7
17.7

Snowman Logistics Ltd · SNOWMAN

—
337.5
359.4
257.0
201.7
122.3
66.7
57.3
56.7
69.8
78.0
102.5
126.4
135.2
186.5
179.3
136.0
237.0
224.6
—

TCI Express Ltd · TCIEXP⚠ unverified

44.3
62.9
51.0
45.1
50.8
50.5
41.1
43.2
39.9
37.8
28.3
35.6
35.1
28.6
24.0
34.6
33.4
27.1
21.0
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
—
—
—
—
—
718.5
712.8
-67.2
-273.8
302.2
264.8
211.2
119.7
48.5
40.0
26.8
—

VRL Logistics Ltd · VRLLOG

34.0
31.7
29.3
34.1
27.7
27.2
35.5
38.0
38.9
44.5
37.8
55.6
72.7
53.2
31.8
27.4
21.6
19.8
18.0
—
08 · compare level, then change

Enterprise Value & Book Value

TVS Supply Chain Solutions Ltd has the lowest EV/EBITDA among the 8 Logistics - Warehousing/Supply Chain companies compared here, at 5.9×. Allcargo Logistics Ltd is next at 6.5×. Navkar Corporation Ltd has the lowest P/BV at 1.03×, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: TVS Supply Chain Solutions Ltd leads ev/ebitda at 5.9×; Navkar Corporation Ltd leads p/bv at 1.03×.

LeaderTVS Supply Chain Solutions Ltd · 5.9×
Gap9.2% versus #2 · Allcargo Logistics Ltd
Persistence0/8 recent comparable periods
Coverage8/8 companies · 138 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1TVS Supply Chain Solutions Ltd TVSSCS5.9
2Allcargo Logistics Ltd ALLCARGO⚠ unverified6.5
3VRL Logistics Ltd VRLLOG7.9
4Snowman Logistics Ltd SNOWMAN9.1
5Mahindra Logistics Ltd MAHLOG10.4
P/BVlowest P/BV
1Navkar Corporation Ltd NAVKARCORP⚠ unverified1.0
2Snowman Logistics Ltd SNOWMAN1.5
3Allcargo Logistics Ltd ALLCARGO⚠ unverified2.1
4TCI Express Ltd TCIEXP⚠ unverified2.6
5TVS Supply Chain Solutions Ltd TVSSCS2.9
Enterprise and book valuation · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Delhivery Ltd DELHIVERY34.33.4Mar 2026
Navkar Corporation Ltd NAVKARCORP⚠ unverified13.01.1Jun 2026
TCI Express Ltd TCIEXP⚠ unverified12.72.2Mar 2026
Mahindra Logistics Ltd MAHLOG10.43.1Jun 2026
Snowman Logistics Ltd SNOWMAN9.11.3Mar 2026
VRL Logistics Ltd VRLLOG7.93.9Mar 2026
Allcargo Logistics Ltd ALLCARGO⚠ unverified6.51.3Mar 2026
TVS Supply Chain Solutions Ltd TVSSCS5.92.1Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

4.2
4.2
2.9
2.3
2.2
2.2
2.8
3.4
2.3
5.2
5.9
3.6
6.8
7.2
6.3
7.7
10.4
8.3
6.5
—

Delhivery Ltd · DELHIVERY

—
—
—
—
—
—
—
—
190.0
100.0
65.5
50.7
46.6
34.7
27.0
35.6
38.6
36.0
34.3
—

Mahindra Logistics Ltd · MAHLOG

34.0
31.4
21.4
20.1
22.6
20.0
13.1
13.5
15.1
15.5
17.1
21.8
21.0
16.9
11.4
12.9
13.6
11.1
10.9
10.4

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

6.4
6.5
5.7
7.0
7.9
8.5
7.5
7.7
8.2
12.2
11.2
13.2
14.9
18.0
12.3
13.1
13.9
12.2
10.1
13.0

Snowman Logistics Ltd · SNOWMAN

13.1
12.4
10.2
8.2
11.1
10.7
8.7
10.4
10.9
13.1
14.4
14.4
15.7
14.3
10.6
13.8
12.6
10.8
9.1
—

TCI Express Ltd · TCIEXP⚠ unverified

32.7
46.6
36.8
32.4
36.4
36.0
29.2
29.8
27.5
26.1
19.2
24.0
23.5
18.8
15.3
21.5
20.5
16.4
12.7
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
—
—
—
—
—
15.2
13.0
10.8
13.5
13.8
12.8
9.8
10.4
7.7
6.8
5.9
—

VRL Logistics Ltd · VRLLOG

11.5
11.8
11.8
14.0
13.4
12.6
14.6
16.2
16.1
17.5
13.5
13.4
14.7
12.4
9.9
10.1
9.0
8.4
7.9
—

P/BV · reported quarter history

Allcargo Logistics Ltd · ALLCARGO⚠ unverified

0.7
1.0
0.8
0.8
0.8
0.7
0.8
0.8
0.8
1.1
1.0
0.7
0.9
0.7
0.4
0.5
0.5
1.2
1.3
—

Delhivery Ltd · DELHIVERY

—
—
—
6.2
4.5
2.6
2.5
3.0
3.3
3.1
3.6
3.2
3.5
2.8
2.0
3.1
3.5
3.2
3.4
—

Mahindra Logistics Ltd · MAHLOG

11.5
10.8
7.1
6.8
8.4
8.1
5.8
6.3
6.2
6.7
7.1
9.6
9.1
7.7
5.2
7.0
7.8
2.8
3.0
3.1

Navkar Corporation Ltd · NAVKARCORP⚠ unverified

0.4
0.4
0.3
0.5
0.6
0.6
0.5
0.6
0.6
1.0
0.9
1.1
1.3
1.6
1.0
1.1
1.2
1.0
0.8
1.1

Snowman Logistics Ltd · SNOWMAN

1.7
1.6
1.3
1.0
1.5
1.5
1.3
1.8
2.0
2.6
3.0
3.1
3.4
3.0
1.9
2.4
2.2
1.7
1.3
—

TCI Express Ltd · TCIEXP⚠ unverified

12.2
17.5
12.3
11.5
12.1
11.8
9.6
10.1
9.3
8.0
5.9
7.8
6.1
4.3
3.1
4.2
3.6
2.8
2.2
—

TVS Supply Chain Solutions Ltd · TVSSCS

—
—
—
—
—
—
—
—
5.2
4.8
3.8
4.4
4.8
4.2
2.9
3.3
3.0
2.4
2.1
—

VRL Logistics Ltd · VRLLOG

5.7
6.3
6.7
8.7
7.4
6.5
8.6
9.7
6.5
7.4
5.3
5.1
5.2
4.5
4.2
5.3
4.4
4.2
3.9
—
09 · let price answer last

Market action

Delhivery Ltd has the strongest one-year price move in Logistics - Warehousing/Supply Chain at +15.7%. TVS Supply Chain Solutions Ltd leads on Mansfield relative strength against NIFTY at +12.6%. 3 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Logistics - Warehousing/Supply Chain comparison names 7 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 3 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
  • 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
  • Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 8 companies in the canonical Logistics - Warehousing/Supply Chain membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Delhivery Ltd DELHIVERY21/26 WEEKS₹34.6K Cr₹4632026-07-19Mar 2026Cross-checked
TVS Supply Chain Solutions Ltd TVSSCSAHEAD22/26 WEEKS₹5.9K Cr₹1332026-07-19Mar 2026Cross-checked
VRL Logistics Ltd VRLLOGLAGGING, FUNDAMENTALS UP₹4.3K Cr₹2432026-07-19Mar 2026Cross-checked
Mahindra Logistics Ltd MAHLOG₹4.1K Cr₹4162026-07-19Jun 2026Second feed withheld
TCI Express Ltd TCIEXPAHEAD⚠ unverified₹2.2K Cr₹5612026-07-19Mar 2026Includes unverified figures
Navkar Corporation Ltd NAVKARCORP⚠ unverified₹1.5K Cr₹1022026-07-19Jun 2026Includes unverified figures
Allcargo Logistics Ltd ALLCARGO⚠ unverified₹1.2K Cr₹8.12026-07-19Mar 2026Includes unverified figures
Snowman Logistics Ltd SNOWMAN₹608 Cr₹36.42026-07-19Mar 2026Primary source only
How each company's sources stand: 3 of 8 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 1 of 8 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Mahindra Logistics Ltd (MAHLOG) — its two data sources disagree by up to 38% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 Logistics - Warehousing/Supply Chain companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing3 cross-checked · 4 unverified · 1 withheld, of 8 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Logistics - Warehousing/Supply Chain company comparison FAQs

These 18 answers restate the Logistics - Warehousing/Supply Chain comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Logistics - Warehousing/Supply Chain index?

The Nifty Logistics - Warehousing/Supply Chain index tracks India's listed Logistics - Warehousing/Supply Chain companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Logistics - Warehousing/Supply Chain sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Logistics - Warehousing/Supply Chain stocks in India?

Ranked by this page's four-factor score, VRL Logistics Ltd places first among 8 listed Logistics - Warehousing/Supply Chain companies, followed by Navkar Corporation Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Logistics - Warehousing/Supply Chain stocks are listed in India?

This comparison covers 8 listed Logistics - Warehousing/Supply Chain companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Logistics - Warehousing/Supply Chain company is the biggest?

TVS Supply Chain Solutions Ltd is the largest, with trailing-twelve-month revenue of ₹11,003 crore, ahead of Delhivery Ltd at ₹10,508 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

Which Logistics - Warehousing/Supply Chain company is growing fastest?

Delhivery Ltd has the fastest revenue growth at 17.6% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Logistics - Warehousing/Supply Chain company has the best profit margins?

Navkar Corporation Ltd has the highest operating margin at 35%, from 8 of 8 comparable companies. Allcargo Logistics Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Logistics - Warehousing/Supply Chain company makes the most profit?

VRL Logistics Ltd earns the most, at ₹237 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. VRL Logistics Ltd has the fastest profit growth at 30.2%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Logistics - Warehousing/Supply Chain company earns the highest return on capital?

VRL Logistics Ltd leads on return on capital employed at 18.3%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Logistics - Warehousing/Supply Chain stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — VRL Logistics Ltd screens cheapest at 2.39×. Only 2 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Logistics - Warehousing/Supply Chain company has the strongest balance sheet?

TCI Express Ltd carries the lowest comparable gross debt at ₹63 crore, from 8 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Logistics - Warehousing/Supply Chain stock has the strongest price momentum?

TVS Supply Chain Solutions Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Logistics - Warehousing/Supply Chain company scores highest for research priority?

VRL Logistics Ltd scores 54.6 out of 100 with 95.6% evidence confidence, from 20.5 points on growth and earnings, 18.4 on capital efficiency, 11.4 on valuation and 4.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Logistics - Warehousing/Supply Chain companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Logistics - Warehousing/Supply Chain sector?

The 8 Logistics - Warehousing/Supply Chain companies on this page carry ₹54,414 crore of combined market value. Delhivery Ltd is the largest at ₹34,648 crore, about 64% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Logistics - Warehousing/Supply Chain sector's P/E ratio?

The median price-to-earnings ratio across the 8 Logistics - Warehousing/Supply Chain companies on this page is 105×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Logistics - Warehousing/Supply Chain sector performing?

3 of the 8 covered Logistics - Warehousing/Supply Chain companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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