# Logistics - Warehousing/Supply Chain — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Logistics - Warehousing/Supply Chain has underperformed NIFTY 500 by 13.6% over 52 weeks and 0.7% over 13 weeks. 3 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself. TVS Supply Chain Solutions Ltd leads with revenue of ₹11,003 crore, based on 8 of 8 comparable companies through Mar 2026.

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

Logistics - Warehousing/Supply Chain has underperformed NIFTY 500 by 13.6% over 52 weeks and 0.7% over 13 weeks. 3 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself.

### 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 57/100 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.

## Sector relative strength

Logistics - Warehousing/Supply Chain has underperformed NIFTY 500 by 13.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.7%. 3 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Mahindra Logistics Ltd is the strongest against the sector itself at +20.7%.

13-week sector return versus NIFTY 500: 0.7%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 3/8
Stocks leading sector: 2/8

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

Companies: 8
Combined market value: ₹54.4K Cr

## 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.

1. VRL Logistics Ltd (VRLLOG): 57/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 20.5/35 | Capital efficiency 18.4/25 | Valuation 11.4/20 | Relative strength 6.7/20
   - Exact sum: 20.5 + 18.4 + 11.4 + 6.7 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Mahindra Logistics Ltd (MAHLOG): 52/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 19.2/35 | Capital efficiency 9.3/25 | Valuation 9.8/20 | Relative strength 14.0/20
   - Exact sum: 19.2 + 9.3 + 9.8 + 14 = 52.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Navkar Corporation Ltd (NAVKARCORP): 52/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 20.4/35 | Capital efficiency 12.8/25 | Valuation 10.5/20 | Relative strength 8.0/20
   - Exact sum: 20.4 + 12.8 + 10.5 + 8 = 51.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. TCI Express Ltd (TCIEXP): 50/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 14.1/35 | Capital efficiency 16.6/25 | Valuation 14.1/20 | Relative strength 5.5/20
   - Exact sum: 14.1 + 16.6 + 14.1 + 5.5 = 50.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. TVS Supply Chain Solutions Ltd (TVSSCS): 47/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 18.0/35 | Capital efficiency 8.3/25 | Valuation 10.2/20 | Relative strength 10.9/20
   - Exact sum: 18 + 8.3 + 10.2 + 10.9 = 47.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Delhivery Ltd (DELHIVERY): 45/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 20.5/35 | Capital efficiency 8.3/25 | Valuation 3.9/20 | Relative strength 12.2/20
   - Exact sum: 20.5 + 8.3 + 3.9 + 12.2 = 44.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Snowman Logistics Ltd (SNOWMAN): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.8/35 | Capital efficiency 12.1/25 | Valuation 9.4/20 | Relative strength 2.6/20
   - Exact sum: 11.8 + 12.1 + 9.4 + 2.6 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Allcargo Logistics Ltd (ALLCARGO): 31/100 — Adverse evidence; evidence 70%
   - Growth & earnings 11.4/35 | Capital efficiency 8.4/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: TVS Supply Chain Solutions Ltd · ₹11,003 crore | 4.7% versus #2 · Delhivery Ltd | 8/8 recent comparable periods | 8/8 companies · 112 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. TVS Supply Chain Solutions Ltd (TVSSCS): ₹11.0K Cr
2. Delhivery Ltd (DELHIVERY): ₹10.5K Cr
3. Mahindra Logistics Ltd (MAHLOG): ₹7.4K Cr
4. VRL Logistics Ltd (VRLLOG): ₹3.2K Cr
5. Allcargo Logistics Ltd (ALLCARGO): ₹2.1K Cr

### Revenue growth — fastest growers
1. Delhivery Ltd (DELHIVERY): 18%
2. Mahindra Logistics Ltd (MAHLOG): 17%
3. Navkar Corporation Ltd (NAVKARCORP): 14%
4. TVS Supply Chain Solutions Ltd (TVSSCS): 10%
5. Snowman Logistics Ltd (SNOWMAN): 9.4%

### 20-quarter Revenue history
- DELHIVERY: Sep 2021 ₹1.5K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- TVSSCS: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- VRLLOG: Sep 2021 ₹636 Cr | Dec 2021 ₹678 Cr | Mar 2022 — | Jun 2022 ₹720 Cr | Sep 2022 ₹733 Cr | Dec 2022 ₹682 Cr | Mar 2023 ₹698 Cr | Jun 2023 ₹674 Cr | Sep 2023 ₹709 Cr | Dec 2023 ₹737 Cr | Mar 2024 ₹768 Cr | Jun 2024 ₹727 Cr | Sep 2024 ₹799 Cr | Dec 2024 ₹825 Cr | Mar 2025 ₹809 Cr | Jun 2025 ₹744 Cr | Sep 2025 ₹797 Cr | Dec 2025 ₹827 Cr | Mar 2026 ₹853 Cr | Jun 2026 —
- MAHLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹2.0K Cr
- TCIEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹326 Cr | Jun 2023 ₹305 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹312 Cr | Mar 2024 ₹317 Cr | Jun 2024 ₹293 Cr | Sep 2024 ₹312 Cr | Dec 2024 ₹296 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹287 Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹328 Cr | Jun 2026 —
- ALLCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.1K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹483 Cr | Dec 2024 ₹519 Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹491 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹516 Cr | Mar 2026 ₹514 Cr | Jun 2026 —
- SNOWMAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹109 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹142 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 20% | Dec 2022 -8.6% | Mar 2023 -10% | Jun 2023 11% | Sep 2023 8.1% | Dec 2023 20% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 8.4% | Mar 2025 5.6% | Jun 2025 5.6% | Sep 2025 17% | Dec 2025 18% | Mar 2026 30% | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -79% | Dec 2022 -3.4% | Mar 2023 -9.1% | Jun 2023 -14% | Sep 2023 405% | Dec 2023 -6.4% | Mar 2024 4.5% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 3.0% | Jun 2025 2.1% | Sep 2025 6.0% | Dec 2025 11% | Mar 2026 21% | Jun 2026 —
- VRLLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 15% | Dec 2022 0.6% | Mar 2023 — | Jun 2023 -6.4% | Sep 2023 -3.3% | Dec 2023 8.1% | Mar 2024 10% | Jun 2024 7.9% | Sep 2024 13% | Dec 2024 12% | Mar 2025 5.3% | Jun 2025 2.3% | Sep 2025 -0.3% | Dec 2025 0.2% | Mar 2026 5.4% | Jun 2026 —
- MAHLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.1% | Mar 2024 14% | Jun 2024 9.8% | Sep 2024 11% | Dec 2024 14% | Mar 2025 8.2% | Jun 2025 14% | Sep 2025 11% | Dec 2025 19% | Mar 2026 14% | Jun 2026 23%
- TCIEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -2.8% | Jun 2024 -3.9% | Sep 2024 -2.5% | Dec 2024 -5.1% | Mar 2025 -3.2% | Jun 2025 -2.1% | Sep 2025 -1.0% | Dec 2025 6.1% | Mar 2026 6.8% | Jun 2026 —
- ALLCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 -1.4% | Jun 2024 15% | Sep 2024 -85% | Dec 2024 -84% | Mar 2025 -85% | Jun 2025 -87% | Sep 2025 11% | Dec 2025 -0.6% | Mar 2026 0.2% | Jun 2026 —
- SNOWMAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 13% | Jun 2024 8.9% | Sep 2024 16% | Dec 2024 6.3% | Mar 2025 8.3% | Jun 2025 16% | Sep 2025 8.5% | Dec 2025 9.0% | Mar 2026 3.9% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Navkar Corporation Ltd · 35% | 66.7% versus #2 · VRL Logistics Ltd | Not enough history | 8/8 companies · 134 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Navkar Corporation Ltd (NAVKARCORP): 35%
2. VRL Logistics Ltd (VRLLOG): 21%
3. Snowman Logistics Ltd (SNOWMAN): 17%
4. Allcargo Logistics Ltd (ALLCARGO): 12%
5. TCI Express Ltd (TCIEXP): 10%

### Margin change — fastest expanders
1. Allcargo Logistics Ltd (ALLCARGO): +4.0 pp
2. Delhivery Ltd (DELHIVERY): +3.0 pp
3. Mahindra Logistics Ltd (MAHLOG): +1.0 pp
4. TCI Express Ltd (TCIEXP): +1.0 pp
5. TVS Supply Chain Solutions Ltd (TVSSCS): 0.0 pp

### 20-quarter OPM history
- DELHIVERY: Sep 2021 -35% | Dec 2021 2.7% | Mar 2022 2.9% | Jun 2022 -15% | Sep 2022 -7.7% | Dec 2022 -4.0% | Mar 2023 1.0% | Jun 2023 -1.0% | Sep 2023 -1.0% | Dec 2023 5.0% | Mar 2024 2.0% | Jun 2024 4.0% | Sep 2024 2.0% | Dec 2024 4.0% | Mar 2025 5.0% | Jun 2025 6.0% | Sep 2025 3.0% | Dec 2025 7.0% | Mar 2026 8.0% | Jun 2026 —
- TVSSCS: Sep 2021 6.3% | Dec 2021 2.2% | Mar 2022 2.3% | Jun 2022 5.9% | Sep 2022 -5.0% | Dec 2022 7.0% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 6.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 —
- VRLLOG: Sep 2021 18% | Dec 2021 20% | Mar 2022 19% | Jun 2022 15% | Sep 2022 14% | Dec 2022 15% | Mar 2023 16% | Jun 2023 15% | Sep 2023 13% | Dec 2023 13% | Mar 2024 14% | Jun 2024 12% | Sep 2024 17% | Dec 2024 20% | Mar 2025 23% | Jun 2025 20% | Sep 2025 19% | Dec 2025 21% | Mar 2026 21% | Jun 2026 —
- MAHLOG: Sep 2021 4.5% | Dec 2021 4.0% | Mar 2022 4.7% | Jun 2022 5.5% | Sep 2022 5.1% | Dec 2022 4.7% | Mar 2023 5.0% | Jun 2023 5.0% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 5.0% | Sep 2024 4.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 5.0% | Mar 2026 6.0% | Jun 2026 6.0%
- TCIEXP: Sep 2021 17% | Dec 2021 16% | Mar 2022 17% | Jun 2022 15% | Sep 2022 17% | Dec 2022 15% | Mar 2023 17% | Jun 2023 15% | Sep 2023 16% | Dec 2023 15% | Mar 2024 14% | Jun 2024 11% | Sep 2024 12% | Dec 2024 10% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 11% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —
- ALLCARGO: Sep 2021 7.3% | Dec 2021 7.8% | Mar 2022 7.1% | Jun 2022 6.6% | Sep 2022 7.4% | Dec 2022 6.0% | Mar 2023 4.0% | Jun 2023 4.0% | Sep 2023 4.0% | Dec 2023 3.0% | Mar 2024 3.0% | Jun 2024 3.0% | Sep 2024 10% | Dec 2024 12% | Mar 2025 8.0% | Jun 2025 10% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- SNOWMAN: Sep 2021 26% | Dec 2021 25% | Mar 2022 22% | Jun 2022 23% | Sep 2022 21% | Dec 2022 22% | Mar 2023 19% | Jun 2023 19% | Sep 2023 19% | Dec 2023 21% | Mar 2024 21% | Jun 2024 17% | Sep 2024 15% | Dec 2024 15% | Mar 2025 18% | Jun 2025 15% | Sep 2025 13% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —

### 20-quarter Margin change history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 +5.2 pp | Jun 2022 −9.1 pp | Sep 2022 +26.9 pp | Dec 2022 −6.7 pp | Mar 2023 −1.9 pp | Jun 2023 +13.6 pp | Sep 2023 +6.7 pp | Dec 2023 +9.0 pp | Mar 2024 +1.0 pp | Jun 2024 +5.0 pp | Sep 2024 +3.0 pp | Dec 2024 −1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.2 pp | Sep 2022 −11.3 pp | Dec 2022 +4.8 pp | Mar 2023 +4.7 pp | Jun 2023 +1.1 pp | Sep 2023 +13.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- VRLLOG: Sep 2021 −2.0 pp | Dec 2021 +2.0 pp | Mar 2022 +3.4 pp | Jun 2022 +6.2 pp | Sep 2022 −3.6 pp | Dec 2022 −4.5 pp | Mar 2023 −3.4 pp | Jun 2023 +0.1 pp | Sep 2023 −1.2 pp | Dec 2023 −2.0 pp | Mar 2024 −2.0 pp | Jun 2024 −3.0 pp | Sep 2024 +4.0 pp | Dec 2024 +7.0 pp | Mar 2025 +9.0 pp | Jun 2025 +8.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- MAHLOG: Sep 2021 +0.1 pp | Dec 2021 −1.1 pp | Mar 2022 −0.0 pp | Jun 2022 +0.9 pp | Sep 2022 +0.6 pp | Dec 2022 +0.7 pp | Mar 2023 +0.3 pp | Jun 2023 −0.5 pp | Sep 2023 −1.1 pp | Dec 2023 −0.7 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 +1.0 pp
- TCIEXP: Sep 2021 +1.3 pp | Dec 2021 −0.8 pp | Mar 2022 −2.6 pp | Jun 2022 +0.3 pp | Sep 2022 +0.1 pp | Dec 2022 −1.8 pp | Mar 2023 +0.2 pp | Jun 2023 +0.3 pp | Sep 2023 −0.6 pp | Dec 2023 +0.3 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 −5.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ALLCARGO: Sep 2021 +0.3 pp | Dec 2021 +2.4 pp | Mar 2022 +1.4 pp | Jun 2022 +0.3 pp | Sep 2022 +0.1 pp | Dec 2022 −1.8 pp | Mar 2023 −3.1 pp | Jun 2023 −2.6 pp | Sep 2023 −3.4 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +6.0 pp | Dec 2024 +9.0 pp | Mar 2025 +5.0 pp | Jun 2025 +7.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- SNOWMAN: Sep 2021 +0.0 pp | Dec 2021 −2.6 pp | Mar 2022 −4.5 pp | Jun 2022 −2.5 pp | Sep 2022 −4.4 pp | Dec 2022 −3.2 pp | Mar 2023 −2.4 pp | Jun 2023 −4.2 pp | Sep 2023 −1.9 pp | Dec 2023 −0.5 pp | Mar 2024 +2.0 pp | Jun 2024 −2.1 pp | Sep 2024 −4.0 pp | Dec 2024 −6.2 pp | Mar 2025 −3.8 pp | Jun 2025 −1.8 pp | Sep 2025 −2.5 pp | Dec 2025 +0.9 pp | Mar 2026 −0.8 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: VRL Logistics Ltd · ₹237 crore | 54.9% versus #2 · Delhivery Ltd | 6/8 recent comparable periods | 8/8 companies · 112 observations

Definition: 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 profit — largest
1. VRL Logistics Ltd (VRLLOG): ₹237 Cr
2. Delhivery Ltd (DELHIVERY): ₹153 Cr
3. TVS Supply Chain Solutions Ltd (TVSSCS): ₹116 Cr
4. Navkar Corporation Ltd (NAVKARCORP): ₹90 Cr
5. TCI Express Ltd (TCIEXP): ₹81 Cr

### Profit growth — fastest growers
1. VRL Logistics Ltd (VRLLOG): 30%
2. TCI Express Ltd (TCIEXP): -4.7%
3. Delhivery Ltd (DELHIVERY): -5.6%
4. Snowman Logistics Ltd (SNOWMAN): -42%
5. Allcargo Logistics Ltd (ALLCARGO): -49%

### 20-quarter Net profit history
- DELHIVERY: Sep 2021 ₹-635 Cr | Dec 2021 ₹-127 Cr | Mar 2022 ₹-120 Cr | Jun 2022 ₹-399 Cr | Sep 2022 ₹-254 Cr | Dec 2022 ₹-196 Cr | Mar 2023 ₹-159 Cr | Jun 2023 ₹-89 Cr | Sep 2023 ₹-103 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹-68 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- TVSSCS: Sep 2021 ₹-29 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-53 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-65 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- VRLLOG: Sep 2021 ₹49 Cr | Dec 2021 ₹60 Cr | Mar 2022 — | Jun 2022 ₹49 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- MAHLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹28 Cr
- TCIEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹38 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- ALLCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹146 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- SNOWMAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter Profit growth history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 108% | Mar 2025 — | Jun 2025 69% | Sep 2025 -600% | Dec 2025 60% | Mar 2026 -1.4% | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -167% | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -340% | Mar 2025 -180% | Jun 2025 914% | Sep 2025 45% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VRLLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -37% | Dec 2022 -18% | Mar 2023 — | Jun 2023 -31% | Sep 2023 -35% | Dec 2023 -71% | Mar 2024 -89% | Jun 2024 -62% | Sep 2024 80% | Dec 2024 321% | Mar 2025 236% | Jun 2025 285% | Sep 2025 39% | Dec 2025 10% | Mar 2026 -2.7% | Jun 2026 —
- MAHLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,632% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TCIEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -16% | Jun 2024 -31% | Sep 2024 -31% | Dec 2024 -41% | Mar 2025 -41% | Jun 2025 -14% | Sep 2025 -4.0% | Dec 2025 16% | Mar 2026 -16% | Jun 2026 —
- ALLCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -88% | Mar 2024 -123% | Jun 2024 -97% | Sep 2024 -13% | Dec 2024 -135% | Mar 2025 — | Jun 2025 -400% | Sep 2025 -36% | Dec 2025 — | Mar 2026 -20% | Jun 2026 —
- SNOWMAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -58% | Jun 2024 -47% | Sep 2024 -79% | Dec 2024 -114% | Mar 2025 81% | Jun 2025 42% | Sep 2025 -577% | Dec 2025 — | Mar 2026 42% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Delhivery Ltd · ₹158 crore | 829.4% versus #2 · TVS Supply Chain Solutions Ltd | 3/3 recent comparable periods | 2/8 companies · 7 observations

Definition: 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.

### CAPEX — largest spenders
1. Delhivery Ltd (DELHIVERY): ₹158 Cr
2. TVS Supply Chain Solutions Ltd (TVSSCS): ₹17 Cr

### CAPEX intensity — highest reinvestment intensity
1. Delhivery Ltd (DELHIVERY): 7.6%
2. TVS Supply Chain Solutions Ltd (TVSSCS): 0.7%

### 20-quarter CAPEX history
- DELHIVERY: Sep 2021 ₹128 Cr | Dec 2021 ₹389 Cr | Mar 2022 ₹158 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TVSSCS: Sep 2021 ₹27 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹38 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- DELHIVERY: Sep 2021 8.5% | Dec 2021 20% | Mar 2022 7.6% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TVSSCS: Sep 2021 1.3% | Dec 2021 1.0% | Mar 2022 1.5% | Jun 2022 — | Sep 2022 — | Dec 2022 0.7% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: TCI Express Ltd · ₹63 crore | 64.4% versus #2 · Navkar Corporation Ltd | 8/8 recent comparable periods | 8/8 companies · 125 observations

Definition: 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 debt — lowest gross debt
1. TCI Express Ltd (TCIEXP): ₹63 Cr
2. Navkar Corporation Ltd (NAVKARCORP): ₹177 Cr
3. Snowman Logistics Ltd (SNOWMAN): ₹312 Cr
4. Mahindra Logistics Ltd (MAHLOG): ₹650 Cr
5. Allcargo Logistics Ltd (ALLCARGO): ₹693 Cr

### Net debt — lowest net debt
1. Delhivery Ltd (DELHIVERY): ₹-519 Cr
2. TCI Express Ltd (TCIEXP): ₹-74 Cr
3. Navkar Corporation Ltd (NAVKARCORP): ₹158 Cr
4. Allcargo Logistics Ltd (ALLCARGO): ₹562 Cr
5. VRL Logistics Ltd (VRLLOG): ₹1.1K Cr

### 20-quarter Gross debt history
- DELHIVERY: Sep 2021 — | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹923 Cr | Jun 2023 ₹923 Cr | Sep 2023 ₹913 Cr | Dec 2023 ₹913 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TVSSCS: Sep 2021 ₹2.7K Cr | Dec 2021 — | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- VRLLOG: Sep 2021 ₹446 Cr | Dec 2021 ₹446 Cr | Mar 2022 ₹537 Cr | Jun 2022 ₹537 Cr | Sep 2022 ₹698 Cr | Dec 2022 ₹698 Cr | Mar 2023 ₹720 Cr | Jun 2023 ₹720 Cr | Sep 2023 ₹907 Cr | Dec 2023 ₹907 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MAHLOG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹402 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹834 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹739 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹869 Cr | Jun 2025 — | Sep 2025 ₹676 Cr | Dec 2025 — | Mar 2026 ₹650 Cr | Jun 2026 —
- TCIEXP: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- NAVKARCORP: Sep 2021 ₹717 Cr | Dec 2021 ₹717 Cr | Mar 2022 ₹709 Cr | Jun 2022 ₹713 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹457 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹219 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹177 Cr | Jun 2026 ₹177 Cr
- ALLCARGO: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹674 Cr | Dec 2025 ₹674 Cr | Mar 2026 ₹693 Cr | Jun 2026 —
- SNOWMAN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹265 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹258 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹278 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹307 Cr | Jun 2025 — | Sep 2025 ₹326 Cr | Dec 2025 — | Mar 2026 ₹312 Cr | Jun 2026 —

### 20-quarter Net debt history
- DELHIVERY: Sep 2021 — | Dec 2021 ₹-921 Cr | Mar 2022 ₹-665 Cr | Jun 2022 ₹-588 Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-1.8K Cr | Mar 2023 ₹-3.8K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-2.8K Cr | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-2.4K Cr | Jun 2025 ₹-1.5K Cr | Sep 2025 ₹-242 Cr | Dec 2025 ₹-242 Cr | Mar 2026 ₹-519 Cr | Jun 2026 —
- TVSSCS: Sep 2021 ₹2.3K Cr | Dec 2021 — | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- VRLLOG: Sep 2021 ₹410 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹523 Cr | Jun 2022 ₹523 Cr | Sep 2022 ₹686 Cr | Dec 2022 ₹686 Cr | Mar 2023 ₹693 Cr | Jun 2023 ₹693 Cr | Sep 2023 ₹895 Cr | Dec 2023 ₹895 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- TCIEXP: Sep 2021 ₹-81 Cr | Dec 2021 ₹-81 Cr | Mar 2022 ₹-102 Cr | Jun 2022 ₹-102 Cr | Sep 2022 ₹-75 Cr | Dec 2022 ₹-75 Cr | Mar 2023 ₹-39 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-48 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹-97 Cr | Jun 2024 ₹-97 Cr | Sep 2024 ₹-105 Cr | Dec 2024 ₹-105 Cr | Mar 2025 ₹-145 Cr | Jun 2025 ₹-150 Cr | Sep 2025 ₹-148 Cr | Dec 2025 ₹-148 Cr | Mar 2026 ₹-74 Cr | Jun 2026 —
- NAVKARCORP: Sep 2021 ₹659 Cr | Dec 2021 ₹659 Cr | Mar 2022 ₹706 Cr | Jun 2022 ₹710 Cr | Sep 2022 ₹447 Cr | Dec 2022 ₹447 Cr | Mar 2023 ₹-47 Cr | Jun 2023 ₹-47 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹158 Cr | Jun 2026 ₹158 Cr
- ALLCARGO: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹850 Cr | Dec 2022 ₹850 Cr | Mar 2023 ₹-273 Cr | Jun 2023 ₹-299 Cr | Sep 2023 ₹988 Cr | Dec 2023 ₹988 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹522 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹562 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: VRL Logistics Ltd · 18.3% | 32.6% versus #2 · TCI Express Ltd | 5/8 recent comparable periods | 8/8 companies · 83 observations

Definition: 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.

### ROCE — highest
1. VRL Logistics Ltd (VRLLOG): 18%
2. TCI Express Ltd (TCIEXP): 14%
3. TVS Supply Chain Solutions Ltd (TVSSCS): 10%
4. Mahindra Logistics Ltd (MAHLOG): 7.4%
5. Navkar Corporation Ltd (NAVKARCORP): 6.9%

### ROCE change — fastest improvers
1. Navkar Corporation Ltd (NAVKARCORP): +5.1 pp
2. VRL Logistics Ltd (VRLLOG): +4.1 pp
3. TVS Supply Chain Solutions Ltd (TVSSCS): +2.2 pp
4. Delhivery Ltd (DELHIVERY): +1.0 pp
5. Mahindra Logistics Ltd (MAHLOG): +1.0 pp

### 20-quarter ROCE history
- DELHIVERY: Sep 2021 — | Dec 2021 -11% | Mar 2022 -11% | Jun 2022 — | Sep 2022 -10% | Dec 2022 — | Mar 2023 -13% | Jun 2023 — | Sep 2023 -8.6% | Dec 2023 -2.7% | Mar 2024 -5.9% | Jun 2024 0.0% | Sep 2024 -3.1% | Dec 2024 1.3% | Mar 2025 -1.5% | Jun 2025 3.2% | Sep 2025 -1.5% | Dec 2025 2.7% | Mar 2026 -0.5% | Jun 2026 —
- TVSSCS: Sep 2021 3.2% | Dec 2021 — | Mar 2022 7.0% | Jun 2022 — | Sep 2022 7.7% | Dec 2022 7.1% | Mar 2023 — | Jun 2023 3.7% | Sep 2023 3.5% | Dec 2023 4.6% | Mar 2024 4.6% | Jun 2024 6.4% | Sep 2024 4.7% | Dec 2024 6.1% | Mar 2025 5.1% | Jun 2025 9.5% | Sep 2025 6.2% | Dec 2025 10% | Mar 2026 7.3% | Jun 2026 —
- VRLLOG: Sep 2021 20% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 15% | Dec 2023 24% | Mar 2024 11% | Jun 2024 10% | Sep 2024 9.7% | Dec 2024 15% | Mar 2025 15% | Jun 2025 20% | Sep 2025 20% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- TCIEXP: Sep 2021 35% | Dec 2021 — | Mar 2022 31% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 27% | Dec 2023 29% | Mar 2024 24% | Jun 2024 24% | Sep 2024 19% | Dec 2024 18% | Mar 2025 13% | Jun 2025 15% | Sep 2025 12% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- NAVKARCORP: Sep 2021 5.7% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 4.7% | Jun 2023 — | Sep 2023 1.3% | Dec 2023 — | Mar 2024 1.2% | Jun 2024 — | Sep 2024 0.4% | Dec 2024 — | Mar 2025 -2.0% | Jun 2025 — | Sep 2025 -0.8% | Dec 2025 — | Mar 2026 3.1% | Jun 2026 —
- ALLCARGO: Sep 2021 14% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 8.3% | Dec 2023 7.7% | Mar 2024 7.5% | Jun 2024 3.8% | Sep 2024 1.7% | Dec 2024 2.4% | Mar 2025 2.6% | Jun 2025 1.6% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 1.0% | Jun 2026 —

### 20-quarter ROCE change history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 — | Sep 2024 +5.5 pp | Dec 2024 +4.0 pp | Mar 2025 +4.4 pp | Jun 2025 +3.2 pp | Sep 2025 +1.6 pp | Dec 2025 +1.4 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −4.2 pp | Dec 2023 −2.5 pp | Mar 2024 — | Jun 2024 +2.7 pp | Sep 2024 +1.2 pp | Dec 2024 +1.5 pp | Mar 2025 +0.5 pp | Jun 2025 +3.1 pp | Sep 2025 +1.5 pp | Dec 2025 +4.1 pp | Mar 2026 +2.2 pp | Jun 2026 —
- VRLLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −2.7 pp | Dec 2023 — | Mar 2024 −6.6 pp | Jun 2024 — | Sep 2024 −4.9 pp | Dec 2024 −8.8 pp | Mar 2025 +4.5 pp | Jun 2025 +9.3 pp | Sep 2025 +9.8 pp | Dec 2025 +5.7 pp | Mar 2026 +4.1 pp | Jun 2026 —
- TCIEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 — | Mar 2023 −1.1 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 — | Mar 2024 −6.0 pp | Jun 2024 — | Sep 2024 −8.3 pp | Dec 2024 −10.5 pp | Mar 2025 −10.3 pp | Jun 2025 −9.3 pp | Sep 2025 −6.8 pp | Dec 2025 −4.1 pp | Mar 2026 −1.9 pp | Jun 2026 —
- NAVKARCORP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −4.5 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 — | Mar 2025 −3.2 pp | Jun 2025 — | Sep 2025 −1.2 pp | Dec 2025 — | Mar 2026 +5.1 pp | Jun 2026 —
- ALLCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.3 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −12.2 pp | Dec 2023 — | Mar 2024 −16.8 pp | Jun 2024 — | Sep 2024 −6.6 pp | Dec 2024 −5.3 pp | Mar 2025 −4.9 pp | Jun 2025 −2.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.9 pp | Mar 2026 −1.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: VRL Logistics Ltd · 2.39× | 37.1% versus #2 · Delhivery Ltd | 0/8 recent comparable periods | 2/8 companies · 4 observations

Definition: 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 PEG — lowest PEG
1. VRL Logistics Ltd (VRLLOG): 2.4
2. Delhivery Ltd (DELHIVERY): 3.8

### P/E — lowest P/E
1. Navkar Corporation Ltd (NAVKARCORP): 17.0
2. VRL Logistics Ltd (VRLLOG): 17.6
3. TCI Express Ltd (TCIEXP): 26.1
4. TVS Supply Chain Solutions Ltd (TVSSCS): 31.6
5. Mahindra Logistics Ltd (MAHLOG): 105.0

### 20-quarter Guarded PEG history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.8 | Mar 2026 — | Jun 2026 —
- VRLLOG: Sep 2021 — | Dec 2021 0.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 2.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -84.3 | Mar 2024 — | Jun 2024 -280.5 | Sep 2024 4,033.3 | Dec 2024 835.5 | Mar 2025 463.8 | Jun 2025 170.1 | Sep 2025 166.6 | Dec 2025 218.9 | Mar 2026 177.8 | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 718.5 | Dec 2023 712.8 | Mar 2024 -67.2 | Jun 2024 -273.8 | Sep 2024 302.2 | Dec 2024 264.8 | Mar 2025 211.2 | Jun 2025 119.7 | Sep 2025 48.5 | Dec 2025 40.0 | Mar 2026 26.8 | Jun 2026 —
- VRLLOG: Sep 2021 34.0 | Dec 2021 31.7 | Mar 2022 29.3 | Jun 2022 34.1 | Sep 2022 27.7 | Dec 2022 27.2 | Mar 2023 35.5 | Jun 2023 38.0 | Sep 2023 38.9 | Dec 2023 44.5 | Mar 2024 37.8 | Jun 2024 55.6 | Sep 2024 72.7 | Dec 2024 53.2 | Mar 2025 31.8 | Jun 2025 27.4 | Sep 2025 21.6 | Dec 2025 19.8 | Mar 2026 18.0 | Jun 2026 —
- MAHLOG: Sep 2021 127.0 | Dec 2021 148.3 | Mar 2022 161.6 | Jun 2022 221.5 | Sep 2022 168.8 | Dec 2022 129.7 | Mar 2023 92.6 | Jun 2023 131.3 | Sep 2023 822.9 | Dec 2023 809.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TCIEXP: Sep 2021 44.3 | Dec 2021 62.9 | Mar 2022 51.0 | Jun 2022 45.1 | Sep 2022 50.8 | Dec 2022 50.5 | Mar 2023 41.1 | Jun 2023 43.2 | Sep 2023 39.9 | Dec 2023 37.8 | Mar 2024 28.3 | Jun 2024 35.6 | Sep 2024 35.1 | Dec 2024 28.6 | Mar 2025 24.0 | Jun 2025 34.6 | Sep 2025 33.4 | Dec 2025 27.1 | Mar 2026 21.0 | Jun 2026 —
- NAVKARCORP: Sep 2021 6.7 | Dec 2021 6.8 | Mar 2022 5.4 | Jun 2022 7.6 | Sep 2022 9.1 | Dec 2022 10.1 | Mar 2023 8.5 | Jun 2023 8.8 | Sep 2023 9.7 | Dec 2023 16.4 | Mar 2024 14.7 | Jun 2024 17.9 | Sep 2024 20.8 | Dec 2024 26.0 | Mar 2025 16.5 | Jun 2025 17.8 | Sep 2025 19.2 | Dec 2025 16.3 | Mar 2026 12.7 | Jun 2026 17.7
- ALLCARGO: Sep 2021 10.9 | Dec 2021 8.8 | Mar 2022 3.7 | Jun 2022 2.2 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 3.0 | Jun 2023 4.0 | Sep 2023 5.2 | Dec 2023 9.2 | Mar 2024 15.6 | Jun 2024 22.7 | Sep 2024 22.6 | Dec 2024 64.3 | Mar 2025 55.3 | Jun 2025 24.8 | Sep 2025 37.4 | Dec 2025 29.7 | Mar 2026 21.4 | Jun 2026 —
- SNOWMAN: Sep 2021 — | Dec 2021 337.5 | Mar 2022 359.4 | Jun 2022 257.0 | Sep 2022 201.7 | Dec 2022 122.3 | Mar 2023 66.7 | Jun 2023 57.3 | Sep 2023 56.7 | Dec 2023 69.8 | Mar 2024 78.0 | Jun 2024 102.5 | Sep 2024 126.4 | Dec 2024 135.2 | Mar 2025 186.5 | Jun 2025 179.3 | Sep 2025 136.0 | Dec 2025 237.0 | Mar 2026 224.6 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: TVS Supply Chain Solutions Ltd · 5.9× | 9.2% versus #2 · Allcargo Logistics Ltd | 0/8 recent comparable periods | 8/8 companies · 138 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. TVS Supply Chain Solutions Ltd (TVSSCS): 5.9
2. Allcargo Logistics Ltd (ALLCARGO): 6.5
3. VRL Logistics Ltd (VRLLOG): 7.9
4. Snowman Logistics Ltd (SNOWMAN): 9.1
5. Mahindra Logistics Ltd (MAHLOG): 10.4

### P/BV — lowest P/BV
1. Navkar Corporation Ltd (NAVKARCORP): 1.0
2. Snowman Logistics Ltd (SNOWMAN): 1.5
3. Allcargo Logistics Ltd (ALLCARGO): 2.1
4. TCI Express Ltd (TCIEXP): 2.6
5. TVS Supply Chain Solutions Ltd (TVSSCS): 2.9

### 20-quarter EV/EBITDA history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 190.0 | Dec 2023 100.0 | Mar 2024 65.5 | Jun 2024 50.7 | Sep 2024 46.6 | Dec 2024 34.7 | Mar 2025 27.0 | Jun 2025 35.6 | Sep 2025 38.6 | Dec 2025 36.0 | Mar 2026 34.3 | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15.2 | Dec 2023 13.0 | Mar 2024 10.8 | Jun 2024 13.5 | Sep 2024 13.8 | Dec 2024 12.8 | Mar 2025 9.8 | Jun 2025 10.4 | Sep 2025 7.7 | Dec 2025 6.8 | Mar 2026 5.9 | Jun 2026 —
- VRLLOG: Sep 2021 11.5 | Dec 2021 11.8 | Mar 2022 11.8 | Jun 2022 14.0 | Sep 2022 13.4 | Dec 2022 12.6 | Mar 2023 14.6 | Jun 2023 16.2 | Sep 2023 16.1 | Dec 2023 17.5 | Mar 2024 13.5 | Jun 2024 13.4 | Sep 2024 14.7 | Dec 2024 12.4 | Mar 2025 9.9 | Jun 2025 10.1 | Sep 2025 9.0 | Dec 2025 8.4 | Mar 2026 7.9 | Jun 2026 —
- MAHLOG: Sep 2021 34.0 | Dec 2021 31.4 | Mar 2022 21.4 | Jun 2022 20.1 | Sep 2022 22.6 | Dec 2022 20.0 | Mar 2023 13.1 | Jun 2023 13.5 | Sep 2023 15.1 | Dec 2023 15.5 | Mar 2024 17.1 | Jun 2024 21.8 | Sep 2024 21.0 | Dec 2024 16.9 | Mar 2025 11.4 | Jun 2025 12.9 | Sep 2025 13.6 | Dec 2025 11.1 | Mar 2026 10.9 | Jun 2026 10.4
- TCIEXP: Sep 2021 32.7 | Dec 2021 46.6 | Mar 2022 36.8 | Jun 2022 32.4 | Sep 2022 36.4 | Dec 2022 36.0 | Mar 2023 29.2 | Jun 2023 29.8 | Sep 2023 27.5 | Dec 2023 26.1 | Mar 2024 19.2 | Jun 2024 24.0 | Sep 2024 23.5 | Dec 2024 18.8 | Mar 2025 15.3 | Jun 2025 21.5 | Sep 2025 20.5 | Dec 2025 16.4 | Mar 2026 12.7 | Jun 2026 —
- NAVKARCORP: Sep 2021 6.4 | Dec 2021 6.5 | Mar 2022 5.7 | Jun 2022 7.0 | Sep 2022 7.9 | Dec 2022 8.5 | Mar 2023 7.5 | Jun 2023 7.7 | Sep 2023 8.2 | Dec 2023 12.2 | Mar 2024 11.2 | Jun 2024 13.2 | Sep 2024 14.9 | Dec 2024 18.0 | Mar 2025 12.3 | Jun 2025 13.1 | Sep 2025 13.9 | Dec 2025 12.2 | Mar 2026 10.1 | Jun 2026 13.0
- ALLCARGO: Sep 2021 4.2 | Dec 2021 4.2 | Mar 2022 2.9 | Jun 2022 2.3 | Sep 2022 2.2 | Dec 2022 2.2 | Mar 2023 2.8 | Jun 2023 3.4 | Sep 2023 2.3 | Dec 2023 5.2 | Mar 2024 5.9 | Jun 2024 3.6 | Sep 2024 6.8 | Dec 2024 7.2 | Mar 2025 6.3 | Jun 2025 7.7 | Sep 2025 10.4 | Dec 2025 8.3 | Mar 2026 6.5 | Jun 2026 —
- SNOWMAN: Sep 2021 13.1 | Dec 2021 12.4 | Mar 2022 10.2 | Jun 2022 8.2 | Sep 2022 11.1 | Dec 2022 10.7 | Mar 2023 8.7 | Jun 2023 10.4 | Sep 2023 10.9 | Dec 2023 13.1 | Mar 2024 14.4 | Jun 2024 14.4 | Sep 2024 15.7 | Dec 2024 14.3 | Mar 2025 10.6 | Jun 2025 13.8 | Sep 2025 12.6 | Dec 2025 10.8 | Mar 2026 9.1 | Jun 2026 —

### 20-quarter P/BV history
- DELHIVERY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2 | Sep 2022 4.5 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 3.0 | Sep 2023 3.3 | Dec 2023 3.1 | Mar 2024 3.6 | Jun 2024 3.2 | Sep 2024 3.5 | Dec 2024 2.8 | Mar 2025 2.0 | Jun 2025 3.1 | Sep 2025 3.5 | Dec 2025 3.2 | Mar 2026 3.4 | Jun 2026 —
- TVSSCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.2 | Dec 2023 4.8 | Mar 2024 3.8 | Jun 2024 4.4 | Sep 2024 4.8 | Dec 2024 4.2 | Mar 2025 2.9 | Jun 2025 3.3 | Sep 2025 3.0 | Dec 2025 2.4 | Mar 2026 2.1 | Jun 2026 —
- VRLLOG: Sep 2021 5.7 | Dec 2021 6.3 | Mar 2022 6.7 | Jun 2022 8.7 | Sep 2022 7.4 | Dec 2022 6.5 | Mar 2023 8.6 | Jun 2023 9.7 | Sep 2023 6.5 | Dec 2023 7.4 | Mar 2024 5.3 | Jun 2024 5.1 | Sep 2024 5.2 | Dec 2024 4.5 | Mar 2025 4.2 | Jun 2025 5.3 | Sep 2025 4.4 | Dec 2025 4.2 | Mar 2026 3.9 | Jun 2026 —
- MAHLOG: Sep 2021 11.5 | Dec 2021 10.8 | Mar 2022 7.1 | Jun 2022 6.8 | Sep 2022 8.4 | Dec 2022 8.1 | Mar 2023 5.8 | Jun 2023 6.3 | Sep 2023 6.2 | Dec 2023 6.7 | Mar 2024 7.1 | Jun 2024 9.6 | Sep 2024 9.1 | Dec 2024 7.7 | Mar 2025 5.2 | Jun 2025 7.0 | Sep 2025 7.8 | Dec 2025 2.8 | Mar 2026 3.0 | Jun 2026 3.1
- TCIEXP: Sep 2021 12.2 | Dec 2021 17.5 | Mar 2022 12.3 | Jun 2022 11.5 | Sep 2022 12.1 | Dec 2022 11.8 | Mar 2023 9.6 | Jun 2023 10.1 | Sep 2023 9.3 | Dec 2023 8.0 | Mar 2024 5.9 | Jun 2024 7.8 | Sep 2024 6.1 | Dec 2024 4.3 | Mar 2025 3.1 | Jun 2025 4.2 | Sep 2025 3.6 | Dec 2025 2.8 | Mar 2026 2.2 | Jun 2026 —
- NAVKARCORP: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.6 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 1.1
- ALLCARGO: Sep 2021 0.7 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 —
- SNOWMAN: Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.5 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 2.6 | Mar 2024 3.0 | Jun 2024 3.1 | Sep 2024 3.4 | Dec 2024 3.0 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 2.2 | Dec 2025 1.7 | Mar 2026 1.3 | Jun 2026 —

## Market action

Mahindra Logistics Ltd has the strongest one-year price move in Logistics - Warehousing/Supply Chain at +10.7%. It also leads on Mansfield relative strength against NIFTY at +18.4%. 3 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Mahindra Logistics Ltd (MAHLOG): 11%
2. Delhivery Ltd (DELHIVERY): 8.7%
3. TVS Supply Chain Solutions Ltd (TVSSCS): -0.9%
4. Navkar Corporation Ltd (NAVKARCORP): -20%
5. VRL Logistics Ltd (VRLLOG): -24%

### Strongest relative strength versus NIFTY 500
1. Mahindra Logistics Ltd (MAHLOG): 18%
2. TVS Supply Chain Solutions Ltd (TVSSCS): 13%
3. Delhivery Ltd (DELHIVERY): 4.5%
4. Navkar Corporation Ltd (NAVKARCORP): -1.6%
5. TCI Express Ltd (TCIEXP): -3.7%

## What can make this comparison misleading?
- 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.

## Every company
- Delhivery Ltd (DELHIVERY) — market value ₹34.6K Cr; latest fundamentals Mar 2026
- TVS Supply Chain Solutions Ltd (TVSSCS) — market value ₹5.9K Cr; latest fundamentals Mar 2026
- VRL Logistics Ltd (VRLLOG) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Mahindra Logistics Ltd (MAHLOG) — market value ₹4.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- TCI Express Ltd (TCIEXP) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Navkar Corporation Ltd (NAVKARCORP) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Allcargo Logistics Ltd (ALLCARGO) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Snowman Logistics Ltd (SNOWMAN) — market value ₹608 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 4. Withheld: 1. Graded companies: 8.

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.

- WITHHELD | MAHLOG | Mahindra Logistics Ltd | diff_gt_2pct | disagreement up to 37.5% over 14 comparable periods

- UNVERIFIED | TCIEXP | TCI Express Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NAVKARCORP | Navkar Corporation Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ALLCARGO | Allcargo Logistics Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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 Mahindra Logistics 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.

### Is the Logistics - Warehousing/Supply Chain sector beating the market?

Logistics - Warehousing/Supply Chain has underperformed NIFTY 500 by 13.6% over the last 52 weeks and 0.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Mahindra Logistics 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 57 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 6.7 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. The sector itself is 13.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/logistics-warehousing-supply-chain