# Logistics — company-by-company sector analysis

> Logistics: Container Corporation Of India Ltd owns the largest revenue base; Sical Logistics Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-30. Not investment advice.

## Bottom line

Logistics has outperformed NIFTY 500 by 0.8% over 52 weeks and 10.1% over 13 weeks. 6 of 17 covered companies beat NIFTY on Mansfield relative strength, while 6 of 17 beat the sector itself. Container Corporation Of India Ltd leads with revenue of ₹9,086 crore, based on 17 of 18 comparable companies through Jun 2026.

### Is the Logistics sector outperforming NIFTY 500?

Logistics has outperformed NIFTY 500 by 0.8% over 52 weeks and 10.1% over 13 weeks. 6 of 17 covered companies beat NIFTY on Mansfield relative strength, while 6 of 17 beat the sector itself.

### Which Logistics company is largest by revenue?

Container Corporation Of India Ltd leads with revenue of ₹9,086 crore, based on 17 of 18 comparable companies through Jun 2026.

### Which Logistics company is growing fastest?

Sical Logistics Ltd has the fastest current revenue growth at 73.9%, across 17 of 18 comparable companies.

### Which Logistics company has the strongest 4-Factor Sector Score?

Gateway Distriparks Ltd ranks first at 65.3/100 with 81.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Logistics company reports the most CAPEX?

Tejas Cargo India Ltd reports the largest latest CAPEX at ₹75 crore, with 4 of 18 companies comparable.

### Which Logistics company has the least gross debt?

Reliance Industrial Infrastructure Ltd has the lowest comparable gross debt at ₹0 crore. Aegis Logistics Ltd has the highest at ₹4,150 crore.

### Which Logistics company has the lowest comparable PEG?

Gateway Distriparks Ltd has the lowest comparable Guarded PEG at 1.18, among 5 of 18 companies that pass the metric’s comparability rules.

### How much history does this Logistics 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 has outperformed NIFTY 500 by 0.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.1%. 6 of 17 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aegis Logistics Ltd is the strongest against the sector itself at +63.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 10%
52-week sector return versus NIFTY 500: 0.8%
Stocks leading NIFTY: 6/17
Stocks leading sector: 6/17

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

Companies: 18
Combined market value: ₹1.4 L 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. Gateway Distriparks Ltd (GATEWAY): 65/100 — Favorable setup; evidence 82%
   - Growth & earnings 22.5/35 | Capital efficiency 14.9/25 | Valuation 17.2/20 | Relative strength 10.7/20
   - Exact sum: 22.5 + 14.9 + 17.2 + 10.7 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Aegis Logistics Ltd (AEGISLOG): 63/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 21.3/35 | Capital efficiency 15.4/25 | Valuation 6.7/20 | Relative strength 20.0/20
   - Exact sum: 21.3 + 15.4 + 6.7 + 20 = 63.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Blackbuck Ltd (BLACKBUCK): 60/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 23.5/35 | Capital efficiency 14.9/25 | Valuation 8.7/20 | Relative strength 12.6/20
   - Exact sum: 23.5 + 14.9 + 8.7 + 12.6 = 59.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. S J Logistics (India) Ltd (SJLOGISTIC): 55/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 21.1/35 | Capital efficiency 17.8/25 | Valuation 12.8/20 | Relative strength 3.6/20
   - Exact sum: 21.1 + 17.8 + 12.8 + 3.6 = 55.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sical Logistics Ltd (SICALLOG): 53/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 28.6/35 | Capital efficiency 7.3/25 | Valuation 8.5/20 | Relative strength 8.2/20
   - Exact sum: 28.6 + 7.3 + 8.5 + 8.2 = 52.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Tejas Cargo India Ltd (TEJASCARGO): 53/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 15.3/35 | Capital efficiency 12.2/25 | Valuation 10.0/20 | Relative strength 15.1/20
   - Exact sum: 15.3 + 12.2 + 10 + 15.1 = 52.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Transport Corporation of India Ltd (TCI): 51/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 17.5/35 | Capital efficiency 17.5/25 | Valuation 13.5/20 | Relative strength 2.7/20
   - Exact sum: 17.5 + 17.5 + 13.5 + 2.7 = 51.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. JITF Infra Logistics Ltd (JITFINFRA): 51/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 16.2/35 | Capital efficiency 12.0/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 16.2 + 12 + 10 + 12.5 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Allcargo Terminals Ltd (ATL): 49/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 19.0/35 | Capital efficiency 10.9/25 | Valuation 14.4/20 | Relative strength 5.0/20
   - Exact sum: 19 + 10.9 + 14.4 + 5 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. TransIndia Real Estate Ltd (TREL): 48/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 17.6/35 | Capital efficiency 13.5/25 | Valuation 14.0/20 | Relative strength 2.7/20
   - Exact sum: 17.6 + 13.5 + 14 + 2.7 = 47.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Sindhu Trade Links Ltd (SINDHUTRAD): 47/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.2/35 | Capital efficiency 8.6/25 | Valuation 9.3/20 | Relative strength 13.6/20
   - Exact sum: 15.2 + 8.6 + 9.3 + 13.6 = 46.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Ritco Logistics Ltd (RITCO): 46/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 12.1/35 | Capital efficiency 7.7/25 | Valuation 8.4/20 | Relative strength 17.7/20
   - Exact sum: 12.1 + 7.7 + 8.4 + 17.7 = 45.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 18.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Blue Dart Express Ltd (BLUEDART): 44/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 14.1/35 | Capital efficiency 16.2/25 | Valuation 6.6/20 | Relative strength 7.1/20
   - Exact sum: 14.1 + 16.2 + 6.6 + 7.1 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Container Corporation Of India Ltd (CONCOR): 39/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 12.4/35 | Capital efficiency 16.1/25 | Valuation 6.0/20 | Relative strength 4.3/20
   - Exact sum: 12.4 + 16.1 + 6 + 4.3 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Reliance Industrial Infrastructure Ltd (RIIL): 35/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 11.2/35 | Capital efficiency 9.1/25 | Valuation 7.7/20 | Relative strength 7.0/20
   - Exact sum: 11.2 + 9.1 + 7.7 + 7 = 35
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Western Carriers (India) Ltd (WCIL): 34/100 — Adverse evidence; evidence 70%
   - Growth & earnings 8.9/35 | Capital efficiency 9.8/25 | Valuation 10.5/20 | Relative strength 4.5/20
   - Exact sum: 8.9 + 9.8 + 10.5 + 4.5 = 33.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Shadowfax Technologies Ltd (SHADOWFAX): 57/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 25.5/35 | Capital efficiency 12.5/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Exact sum: 25.5 + 12.5 + 8.7 + 10 = 56.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Allcargo Gati Ltd(Merged) (ACLGATI): 41/100 — Thin evidence · provisional; evidence 41%
   - Growth & earnings 16.2/35 | Capital efficiency 7.8/25 | Valuation 8.9/20 | Relative strength 7.9/20
   - Exact sum: 16.2 + 7.8 + 8.9 + 7.9 = 40.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Container Corporation Of India Ltd is the scale leader at ₹9,086 crore, 9% ahead of Aegis Logistics Ltd. Sical Logistics Ltd's growth is 73.9% from a ₹386 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Container Corporation Of India Ltd is the scale benchmark; Sical Logistics Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Container Corporation Of India Ltd's growth falls below Sical Logistics Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Container Corporation Of India Ltd · ₹9,086 crore | 9% versus #2 · Aegis Logistics Ltd | 5/8 recent comparable periods | 17/18 companies · 249 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. Container Corporation Of India Ltd (CONCOR): ₹9.1K Cr
2. Aegis Logistics Ltd (AEGISLOG): ₹8.3K Cr
3. Blue Dart Express Ltd (BLUEDART): ₹6.1K Cr
4. Transport Corporation of India Ltd (TCI): ₹4.9K Cr
5. Shadowfax Technologies Ltd (SHADOWFAX): ₹4.3K Cr

### Revenue growth — fastest growers
1. Sical Logistics Ltd (SICALLOG): 74%
2. Shadowfax Technologies Ltd (SHADOWFAX): 72%
3. S J Logistics (India) Ltd (SJLOGISTIC): 68%
4. Blackbuck Ltd (BLACKBUCK): 53%
5. Gateway Distriparks Ltd (GATEWAY): 32%

### 20-quarter Revenue history
- AEGISLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- CONCOR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.2K Cr
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹536 Cr | Sep 2024 ₹536 Cr | Dec 2024 ₹701 Cr | Mar 2025 ₹712 Cr | Jun 2025 ₹903 Cr | Sep 2025 ₹982 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- BLUEDART: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹59 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- TCI: Sep 2021 ₹828 Cr | Dec 2021 ₹843 Cr | Mar 2022 ₹898 Cr | Jun 2022 ₹908 Cr | Sep 2022 ₹939 Cr | Dec 2022 ₹967 Cr | Mar 2023 ₹979 Cr | Jun 2023 ₹950 Cr | Sep 2023 ₹994 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SINDHUTRAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹308 Cr | Mar 2023 ₹381 Cr | Jun 2023 ₹427 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹446 Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹370 Cr | Dec 2024 ₹511 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- GATEWAY: Sep 2021 ₹341 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹344 Cr | Jun 2022 ₹347 Cr | Sep 2022 ₹362 Cr | Dec 2022 ₹341 Cr | Mar 2023 ₹377 Cr | Jun 2023 ₹370 Cr | Sep 2023 ₹399 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹375 Cr | Jun 2024 ₹353 Cr | Sep 2024 ₹390 Cr | Dec 2024 ₹403 Cr | Mar 2025 ₹535 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹567 Cr | Dec 2025 ₹560 Cr | Mar 2026 ₹534 Cr | Jun 2026 —
- RIIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹9 Cr
- ACLGATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹431 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹441 Cr | Mar 2023 ₹416 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹442 Cr | Dec 2023 ₹424 Cr | Mar 2024 ₹355 Cr | Jun 2024 ₹358 Cr | Sep 2024 ₹426 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹385 Cr | Jun 2025 ₹357 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹435 Cr | Mar 2023 ₹635 Cr | Jun 2023 ₹668 Cr | Sep 2023 ₹720 Cr | Dec 2023 ₹619 Cr | Mar 2024 ₹653 Cr | Jun 2024 ₹465 Cr | Sep 2024 ₹481 Cr | Dec 2024 ₹532 Cr | Mar 2025 ₹788 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹538 Cr | Dec 2025 ₹822 Cr | Mar 2026 ₹898 Cr | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹402 Cr | Sep 2023 ₹426 Cr | Dec 2023 ₹457 Cr | Mar 2024 ₹402 Cr | Jun 2024 ₹423 Cr | Sep 2024 ₹431 Cr | Dec 2024 ₹443 Cr | Mar 2025 ₹429 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹440 Cr | Dec 2025 ₹478 Cr | Mar 2026 ₹496 Cr | Jun 2026 —
- RITCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹195 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹313 Cr | Mar 2025 ₹345 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹360 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹392 Cr | Jun 2026 —
- TEJASCARGO: 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 ₹253 Cr | Dec 2024 — | Mar 2025 ₹249 Cr | Jun 2025 — | Sep 2025 ₹302 Cr | Dec 2025 — | Mar 2026 ₹327 Cr | Jun 2026 —
- SICALLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹106 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹175 Cr | Mar 2023 ₹184 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹36 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹103 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹126 Cr | Sep 2025 ₹283 Cr | Dec 2025 — | Mar 2026 ₹371 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- AEGISLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -10% | Mar 2024 -15% | Jun 2024 -24% | Sep 2024 42% | Dec 2024 -8.9% | Mar 2025 -7.2% | Jun 2025 7.4% | Sep 2025 31% | Dec 2025 1.1% | Mar 2026 52% | Jun 2026 —
- CONCOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.6% | Sep 2022 8.1% | Dec 2022 3.4% | Mar 2023 5.1% | Jun 2023 -3.6% | Sep 2023 11% | Dec 2023 10% | Mar 2024 6.5% | Jun 2024 9.4% | Sep 2024 4.2% | Dec 2024 -0.1% | Mar 2025 -1.6% | Jun 2025 2.4% | Sep 2025 2.9% | Dec 2025 4.5% | Mar 2026 -1.1% | Jun 2026 0.3%
- SHADOWFAX: 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 68% | Sep 2025 83% | Dec 2025 65% | Mar 2026 74% | Jun 2026 —
- BLUEDART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 18% | Dec 2022 6.5% | Mar 2023 4.2% | Jun 2023 -4.3% | Sep 2023 -0.1% | Dec 2023 3.4% | Mar 2024 8.7% | Jun 2024 8.5% | Sep 2024 9.4% | Dec 2024 9.3% | Mar 2025 7.1% | Jun 2025 7.4% | Sep 2025 7.0% | Dec 2025 6.9% | Mar 2026 8.2% | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 56% | Sep 2024 57% | Dec 2024 41% | Mar 2025 31% | Jun 2025 57% | Sep 2025 53% | Dec 2025 51% | Mar 2026 52% | Jun 2026 —
- TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 13% | Dec 2022 15% | Mar 2023 9.0% | Jun 2023 4.6% | Sep 2023 5.9% | Dec 2023 3.6% | Mar 2024 10% | Jun 2024 10% | Sep 2024 13% | Dec 2024 14% | Mar 2025 9.3% | Jun 2025 9.0% | Sep 2025 7.5% | Dec 2025 8.9% | Mar 2026 12% | Jun 2026 —
- SINDHUTRAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 17% | Jun 2024 30% | Sep 2024 -6.8% | Dec 2024 23% | Mar 2025 -33% | Jun 2025 -70% | Sep 2025 -66% | Dec 2025 -77% | Mar 2026 -61% | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.5% | Sep 2022 6.2% | Dec 2022 -4.2% | Mar 2023 9.6% | Jun 2023 6.6% | Sep 2023 10% | Dec 2023 15% | Mar 2024 -0.5% | Jun 2024 -4.6% | Sep 2024 -2.3% | Dec 2024 2.5% | Mar 2025 43% | Jun 2025 56% | Sep 2025 45% | Dec 2025 39% | Mar 2026 -0.2% | Jun 2026 —
- RIIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 -18% | Jun 2024 -13% | Sep 2024 -15% | Dec 2024 -17% | Mar 2025 -14% | Jun 2025 0.4% | Sep 2025 -0.6% | Dec 2025 0.0% | Mar 2026 -33% | Jun 2026 -31%
- ACLGATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -1.1% | Sep 2023 1.5% | Dec 2023 -3.8% | Mar 2024 -15% | Jun 2024 -16% | Sep 2024 -3.4% | Dec 2024 -7.6% | Mar 2025 8.5% | Jun 2025 -0.3% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 42% | Mar 2024 2.9% | Jun 2024 -30% | Sep 2024 -33% | Dec 2024 -14% | Mar 2025 21% | Jun 2025 18% | Sep 2025 12% | Dec 2025 55% | Mar 2026 14% | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.3% | Sep 2024 1.3% | Dec 2024 -3.0% | Mar 2025 6.7% | Jun 2025 -1.6% | Sep 2025 1.9% | Dec 2025 7.9% | Mar 2026 16% | Jun 2026 —
- RITCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 28% | Jun 2024 21% | Sep 2024 19% | Dec 2024 31% | Mar 2025 37% | Jun 2025 40% | Sep 2025 29% | Dec 2025 25% | Mar 2026 13% | Jun 2026 —
- TEJASCARGO: 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 19% | Dec 2025 — | Mar 2026 31% | Jun 2026 —
- SICALLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -57% | Mar 2024 -54% | Jun 2024 -40% | Sep 2024 -21% | Dec 2024 9.8% | Mar 2025 83% | Jun 2025 132% | Sep 2025 84% | Dec 2025 87% | Mar 2026 30% | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.8% | Mar 2024 -1.1% | Jun 2024 5.0% | Sep 2024 5.1% | Dec 2024 1.2% | Mar 2025 2.3% | Jun 2025 -1.3% | Sep 2025 6.3% | Dec 2025 17% | Mar 2026 12% | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -29% | Mar 2024 -32% | Jun 2024 -29% | Sep 2024 -20% | Dec 2024 -9.9% | Mar 2025 -0.3% | Jun 2025 12% | Sep 2025 0.6% | Dec 2025 -8.6% | Mar 2026 7.8% | Jun 2026 —
- SJLOGISTIC: 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 118% | Dec 2024 72% | Mar 2025 65% | Jun 2025 25% | Sep 2025 26% | Dec 2025 — | Mar 2026 33% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: TransIndia Real Estate Ltd leads opm at 58.3%; Sindhu Trade Links Ltd leads margin change at +115 percentage points.

Investor read: TransIndia Real Estate 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: TransIndia Real Estate Ltd · 58.3% | 142.9% versus #2 · Aegis Logistics Ltd | 3/8 recent comparable periods | 18/18 companies · 288 observations

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

### OPM — highest
1. TransIndia Real Estate Ltd (TREL): 58%
2. Aegis Logistics Ltd (AEGISLOG): 24%
3. Blackbuck Ltd (BLACKBUCK): 24%
4. Gateway Distriparks Ltd (GATEWAY): 22%
5. Allcargo Terminals Ltd (ATL): 21%

### Margin change — fastest expanders
1. Sindhu Trade Links Ltd (SINDHUTRAD): +115.0 pp
2. TransIndia Real Estate Ltd (TREL): +41.2 pp
3. Sical Logistics Ltd (SICALLOG): +7.9 pp
4. Shadowfax Technologies Ltd (SHADOWFAX): +5.0 pp
5. Allcargo Terminals Ltd (ATL): +3.1 pp

### 20-quarter OPM history
- AEGISLOG: Sep 2021 22% | Dec 2021 12% | Mar 2022 6.8% | Jun 2022 3.8% | Sep 2022 7.8% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 17% | Dec 2023 11% | Mar 2024 17% | Jun 2024 15% | Sep 2024 13% | Dec 2024 14% | Mar 2025 24% | Jun 2025 14% | Sep 2025 13% | Dec 2025 17% | Mar 2026 24% | Jun 2026 —
- CONCOR: Sep 2021 24% | Dec 2021 24% | Mar 2022 20% | Jun 2022 24% | Sep 2022 25% | Dec 2022 22% | Mar 2023 21% | Jun 2023 21% | Sep 2023 25% | Dec 2023 23% | Mar 2024 21% | Jun 2024 21% | Sep 2024 25% | Dec 2024 21% | Mar 2025 19% | Jun 2025 20% | Sep 2025 24% | Dec 2025 22% | Mar 2026 19% | Jun 2026 21%
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -0.1% | Sep 2024 2.2% | Dec 2024 3.0% | Mar 2025 2.0% | Jun 2025 0.8% | Sep 2025 4.0% | Dec 2025 6.0% | Mar 2026 7.0% | Jun 2026 —
- BLUEDART: Sep 2021 25% | Dec 2021 22% | Mar 2022 25% | Jun 2022 21% | Sep 2022 18% | Dec 2022 17% | Mar 2023 16% | Jun 2023 15% | Sep 2023 17% | Dec 2023 15% | Mar 2024 17% | Jun 2024 15% | Sep 2024 15% | Dec 2024 16% | Mar 2025 15% | Jun 2025 14% | Sep 2025 16% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -52% | Sep 2023 -59% | Dec 2023 -13% | Mar 2024 -93% | Jun 2024 9.0% | Sep 2024 15% | Dec 2024 26% | Mar 2025 33% | Jun 2025 28% | Sep 2025 24% | Dec 2025 26% | Mar 2026 24% | Jun 2026 —
- TCI: Sep 2021 13% | Dec 2021 13% | Mar 2022 13% | Jun 2022 12% | Sep 2022 10% | Dec 2022 12% | Mar 2023 11% | Jun 2023 11% | Sep 2023 10% | Dec 2023 10% | Mar 2024 10% | Jun 2024 10% | Sep 2024 10% | Dec 2024 10% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —
- SINDHUTRAD: Sep 2021 9.6% | Dec 2021 27% | Mar 2022 -1.0% | Jun 2022 11% | Sep 2022 2.1% | Dec 2022 -4.0% | Mar 2023 8.0% | Jun 2023 18% | Sep 2023 5.0% | Dec 2023 16% | Mar 2024 -6.0% | Jun 2024 25% | Sep 2024 -25% | Dec 2024 11% | Mar 2025 -111% | Jun 2025 8.0% | Sep 2025 -2.0% | Dec 2025 2.0% | Mar 2026 4.0% | Jun 2026 —
- GATEWAY: Sep 2021 27% | Dec 2021 27% | Mar 2022 26% | Jun 2022 25% | Sep 2022 27% | Dec 2022 27% | Mar 2023 25% | Jun 2023 26% | Sep 2023 26% | Dec 2023 25% | Mar 2024 22% | Jun 2024 24% | Sep 2024 25% | Dec 2024 24% | Mar 2025 20% | Jun 2025 22% | Sep 2025 21% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- RIIL: Sep 2021 4.4% | Dec 2021 8.0% | Mar 2022 3.6% | Jun 2022 9.4% | Sep 2022 -1.8% | Dec 2022 4.7% | Mar 2023 4.4% | Jun 2023 -16% | Sep 2023 -9.2% | Dec 2023 -5.7% | Mar 2024 -12% | Jun 2024 -21% | Sep 2024 -23% | Dec 2024 -24% | Mar 2025 -28% | Jun 2025 -16% | Sep 2025 -17% | Dec 2025 -19% | Mar 2026 -15% | Jun 2026 -37%
- ACLGATI: Sep 2021 4.0% | Dec 2021 3.4% | Mar 2022 0.9% | Jun 2022 4.4% | Sep 2022 4.6% | Dec 2022 4.4% | Mar 2023 2.8% | Jun 2023 3.9% | Sep 2023 3.4% | Dec 2023 1.6% | Mar 2024 3.8% | Jun 2024 5.2% | Sep 2024 4.2% | Dec 2024 5.3% | Mar 2025 2.5% | Jun 2025 3.7% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 10% | Dec 2021 12% | Mar 2022 12% | Jun 2022 19% | Sep 2022 20% | Dec 2022 15% | Mar 2023 15% | Jun 2023 15% | Sep 2023 16% | Dec 2023 18% | Mar 2024 12% | Jun 2024 22% | Sep 2024 15% | Dec 2024 19% | Mar 2025 16% | Jun 2025 24% | Sep 2025 22% | Dec 2025 19% | Mar 2026 18% | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.8% | Sep 2023 7.9% | Dec 2023 8.2% | Mar 2024 11% | Jun 2024 8.4% | Sep 2024 8.4% | Dec 2024 5.3% | Mar 2025 5.8% | Jun 2025 5.0% | Sep 2025 4.3% | Dec 2025 5.0% | Mar 2026 4.3% | Jun 2026 —
- RITCO: Sep 2021 7.6% | Dec 2021 6.6% | Mar 2022 6.2% | Jun 2022 6.2% | Sep 2022 7.0% | Dec 2022 7.0% | Mar 2023 7.3% | Jun 2023 8.1% | Sep 2023 8.0% | Dec 2023 8.2% | Mar 2024 7.9% | Jun 2024 7.9% | Sep 2024 7.7% | Dec 2024 7.3% | Mar 2025 7.4% | Jun 2025 7.1% | Sep 2025 7.2% | Dec 2025 7.0% | Mar 2026 5.1% | Jun 2026 —
- TEJASCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17% | Jun 2024 17% | Sep 2024 17% | Dec 2024 — | Mar 2025 22% | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 20% | Jun 2026 —
- SICALLOG: Sep 2021 5.4% | Dec 2021 12% | Mar 2022 -40% | Jun 2022 6.1% | Sep 2022 13% | Dec 2022 4.0% | Mar 2023 5.1% | Jun 2023 8.8% | Sep 2023 6.2% | Dec 2023 8.9% | Mar 2024 -1.9% | Jun 2024 3.6% | Sep 2024 8.5% | Dec 2024 15% | Mar 2025 11% | Jun 2025 24% | Sep 2025 20% | Dec 2025 19% | Mar 2026 18% | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 22% | Dec 2022 20% | Mar 2023 14% | Jun 2023 16% | Sep 2023 17% | Dec 2023 16% | Mar 2024 15% | Jun 2024 16% | Sep 2024 17% | Dec 2024 17% | Mar 2025 18% | Jun 2025 18% | Sep 2025 19% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 54% | Dec 2022 49% | Mar 2023 43% | Jun 2023 51% | Sep 2023 63% | Dec 2023 60% | Mar 2024 48% | Jun 2024 27% | Sep 2024 61% | Dec 2024 64% | Mar 2025 17% | Jun 2025 66% | Sep 2025 44% | Dec 2025 49% | Mar 2026 58% | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 11% | Mar 2024 10% | Jun 2024 14% | Sep 2024 14% | Dec 2024 15% | Mar 2025 16% | Jun 2025 18% | Sep 2025 18% | Dec 2025 — | Mar 2026 19% | Jun 2026 —

### 20-quarter Margin change history
- AEGISLOG: Sep 2021 +5.9 pp | Dec 2021 +4.6 pp | Mar 2022 −3.1 pp | Jun 2022 −11.7 pp | Sep 2022 −13.8 pp | Dec 2022 −2.3 pp | Mar 2023 +2.2 pp | Jun 2023 +5.2 pp | Sep 2023 +9.2 pp | Dec 2023 +1.0 pp | Mar 2024 +8.0 pp | Jun 2024 +6.0 pp | Sep 2024 −4.0 pp | Dec 2024 +3.0 pp | Mar 2025 +7.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- CONCOR: Sep 2021 +2.6 pp | Dec 2021 +2.5 pp | Mar 2022 +10.3 pp | Jun 2022 −0.1 pp | Sep 2022 +1.9 pp | Dec 2022 −1.8 pp | Mar 2023 +0.7 pp | Jun 2023 −3.0 pp | Sep 2023 −0.5 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- SHADOWFAX: 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 +0.9 pp | Sep 2025 +1.8 pp | Dec 2025 +3.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- BLUEDART: Sep 2021 −1.9 pp | Dec 2021 −2.5 pp | Mar 2022 −0.6 pp | Jun 2022 +2.3 pp | Sep 2022 −6.2 pp | Dec 2022 −4.8 pp | Mar 2023 −9.0 pp | Jun 2023 −5.7 pp | Sep 2023 −1.3 pp | Dec 2023 −2.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +61.0 pp | Sep 2024 +74.0 pp | Dec 2024 +39.0 pp | Mar 2025 +126.0 pp | Jun 2025 +19.0 pp | Sep 2025 +9.0 pp | Dec 2025 0.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- TCI: Sep 2021 +3.7 pp | Dec 2021 +3.2 pp | Mar 2022 +3.4 pp | Jun 2022 +0.7 pp | Sep 2022 −2.3 pp | Dec 2022 −1.0 pp | Mar 2023 −2.4 pp | Jun 2023 −0.6 pp | Sep 2023 −0.4 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SINDHUTRAD: Sep 2021 +7.6 pp | Dec 2021 +12.9 pp | Mar 2022 +5.5 pp | Jun 2022 +1.3 pp | Sep 2022 −7.6 pp | Dec 2022 −31.2 pp | Mar 2023 +9.0 pp | Jun 2023 +7.4 pp | Sep 2023 +3.0 pp | Dec 2023 +20.0 pp | Mar 2024 −14.0 pp | Jun 2024 +7.0 pp | Sep 2024 −30.0 pp | Dec 2024 −5.0 pp | Mar 2025 −105.0 pp | Jun 2025 −17.0 pp | Sep 2025 +23.0 pp | Dec 2025 −9.0 pp | Mar 2026 +115.0 pp | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 −0.7 pp | Jun 2022 −1.6 pp | Sep 2022 −0.4 pp | Dec 2022 +0.2 pp | Mar 2023 −1.4 pp | Jun 2023 +0.6 pp | Sep 2023 −0.7 pp | Dec 2023 −2.0 pp | Mar 2024 −3.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 −4.0 pp | Dec 2025 −2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- RIIL: Sep 2021 −4.4 pp | Dec 2021 −3.7 pp | Mar 2022 −5.4 pp | Jun 2022 +4.0 pp | Sep 2022 −6.2 pp | Dec 2022 −3.3 pp | Mar 2023 +0.8 pp | Jun 2023 −25.4 pp | Sep 2023 −7.4 pp | Dec 2023 −10.4 pp | Mar 2024 −16.2 pp | Jun 2024 −5.0 pp | Sep 2024 −14.0 pp | Dec 2024 −17.9 pp | Mar 2025 −16.6 pp | Jun 2025 +5.1 pp | Sep 2025 +5.9 pp | Dec 2025 +4.4 pp | Mar 2026 +13.5 pp | Jun 2026 −21.3 pp
- ACLGATI: Sep 2021 −0.8 pp | Dec 2021 −1.6 pp | Mar 2022 −1.1 pp | Jun 2022 +5.7 pp | Sep 2022 +0.6 pp | Dec 2022 +1.0 pp | Mar 2023 +1.8 pp | Jun 2023 −0.5 pp | Sep 2023 −1.3 pp | Dec 2023 −2.8 pp | Mar 2024 +1.0 pp | Jun 2024 +1.3 pp | Sep 2024 +0.8 pp | Dec 2024 +3.7 pp | Mar 2025 −1.3 pp | Jun 2025 −1.5 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 −1.6 pp | Dec 2021 −8.5 pp | Mar 2022 +8.7 pp | Jun 2022 +5.0 pp | Sep 2022 +10.1 pp | Dec 2022 +3.5 pp | Mar 2023 +2.1 pp | Jun 2023 −4.5 pp | Sep 2023 −4.5 pp | Dec 2023 +3.5 pp | Mar 2024 −3.0 pp | Jun 2024 +7.0 pp | Sep 2024 −0.8 pp | Dec 2024 +0.4 pp | Mar 2025 +4.8 pp | Jun 2025 +1.7 pp | Sep 2025 +6.4 pp | Dec 2025 −0.3 pp | Mar 2026 +1.4 pp | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +0.6 pp | Sep 2024 +0.5 pp | Dec 2024 −2.9 pp | Mar 2025 −5.1 pp | Jun 2025 −3.4 pp | Sep 2025 −4.1 pp | Dec 2025 −0.3 pp | Mar 2026 −1.5 pp | Jun 2026 —
- RITCO: Sep 2021 +4.2 pp | Dec 2021 — | Mar 2022 +0.6 pp | Jun 2022 −0.9 pp | Sep 2022 −0.6 pp | Dec 2022 +0.4 pp | Mar 2023 +1.0 pp | Jun 2023 +2.0 pp | Sep 2023 +1.0 pp | Dec 2023 +1.2 pp | Mar 2024 +0.6 pp | Jun 2024 −0.2 pp | Sep 2024 −0.3 pp | Dec 2024 −0.9 pp | Mar 2025 −0.4 pp | Jun 2025 −0.8 pp | Sep 2025 −0.5 pp | Dec 2025 −0.3 pp | Mar 2026 −2.4 pp | Jun 2026 —
- TEJASCARGO: 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 +4.7 pp | Jun 2025 — | Sep 2025 −3.0 pp | Dec 2025 — | Mar 2026 −2.0 pp | Jun 2026 —
- SICALLOG: Sep 2021 +1.2 pp | Dec 2021 +10.1 pp | Mar 2022 −14.0 pp | Jun 2022 +16.3 pp | Sep 2022 +7.2 pp | Dec 2022 −7.8 pp | Mar 2023 +45.1 pp | Jun 2023 +2.7 pp | Sep 2023 −6.4 pp | Dec 2023 +4.9 pp | Mar 2024 −7.0 pp | Jun 2024 −5.2 pp | Sep 2024 +2.3 pp | Dec 2024 +5.7 pp | Mar 2025 +12.4 pp | Jun 2025 +19.9 pp | Sep 2025 +11.6 pp | Dec 2025 +4.6 pp | Mar 2026 +7.9 pp | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −8.6 pp | Sep 2023 −4.8 pp | Dec 2023 −4.2 pp | Mar 2024 +0.3 pp | Jun 2024 −0.2 pp | Sep 2024 −0.8 pp | Dec 2024 +1.5 pp | Mar 2025 +3.4 pp | Jun 2025 +2.7 pp | Sep 2025 +2.8 pp | Dec 2025 +2.2 pp | Mar 2026 +3.1 pp | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −16.6 pp | Sep 2023 +8.7 pp | Dec 2023 +11.4 pp | Mar 2024 +4.6 pp | Jun 2024 −24.1 pp | Sep 2024 −1.9 pp | Dec 2024 +4.1 pp | Mar 2025 −30.7 pp | Jun 2025 +39.8 pp | Sep 2025 −17.6 pp | Dec 2025 −15.3 pp | Mar 2026 +41.2 pp | Jun 2026 —
- SJLOGISTIC: 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 +1.0 pp | Dec 2024 +4.0 pp | Mar 2025 +6.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 — | Mar 2026 +3.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Container Corporation Of India Ltd leads with ₹1,248 crore of TTM profit, 12.7% above Aegis Logistics Ltd. Blackbuck Ltd shows ≥100% on the scoring scale growth from a ₹161 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Container Corporation Of India 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: Container Corporation Of India Ltd · ₹1,248 crore | 12.7% versus #2 · Aegis Logistics Ltd | 4/8 recent comparable periods | 17/18 companies · 249 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. Container Corporation Of India Ltd (CONCOR): ₹1.2K Cr
2. Aegis Logistics Ltd (AEGISLOG): ₹1.1K Cr
3. Transport Corporation of India Ltd (TCI): ₹461 Cr
4. Gateway Distriparks Ltd (GATEWAY): ₹259 Cr
5. Blue Dart Express Ltd (BLUEDART): ₹247 Cr

### Profit growth — fastest growers
1. Blackbuck Ltd (BLACKBUCK): 100%
2. Sical Logistics Ltd (SICALLOG): 100%
3. S J Logistics (India) Ltd (SJLOGISTIC): 93%
4. Aegis Logistics Ltd (AEGISLOG): 41%
5. Transport Corporation of India Ltd (TCI): 11%

### 20-quarter Net profit history
- AEGISLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹143 Cr | Mar 2023 ₹159 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹455 Cr | Jun 2026 —
- CONCOR: Sep 2021 ₹254 Cr | Dec 2021 ₹285 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹297 Cr | Sep 2022 ₹303 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹368 Cr | Dec 2023 ₹331 Cr | Mar 2024 ₹318 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹366 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹380 Cr | Dec 2025 ₹335 Cr | Mar 2026 ₹264 Cr | Jun 2026 ₹269 Cr
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- BLUEDART: Sep 2021 ₹91 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-36 Cr | Sep 2023 ₹-48 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-91 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹-269 Cr | Dec 2024 ₹-48 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- TCI: Sep 2021 ₹75 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- SINDHUTRAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-9 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹-102 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-59 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- GATEWAY: Sep 2021 ₹47 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹456 Cr | Mar 2025 ₹-191 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- RIIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹3 Cr
- ACLGATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹1 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-29 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- RITCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- TEJASCARGO: 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 ₹9 Cr | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 — | Sep 2025 ₹13 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- SICALLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-14 Cr | Mar 2023 ₹-818 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹9 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹32 Cr | Dec 2025 — | Mar 2026 ₹43 Cr | Jun 2026 —

### 20-quarter Profit growth history
- AEGISLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.3% | Mar 2024 49% | Jun 2024 19% | Sep 2024 1.3% | Dec 2024 5.3% | Mar 2025 34% | Jun 2025 11% | Sep 2025 61% | Dec 2025 46% | Mar 2026 43% | Jun 2026 —
- CONCOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 19% | Dec 2022 2.8% | Mar 2023 7.7% | Jun 2023 -18% | Sep 2023 21% | Dec 2023 13% | Mar 2024 14% | Jun 2024 5.7% | Sep 2024 -0.5% | Dec 2024 11% | Mar 2025 -5.7% | Jun 2025 3.1% | Sep 2025 3.8% | Dec 2025 -8.7% | Mar 2026 -12% | Jun 2026 0.8%
- SHADOWFAX: 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 120% | Sep 2025 160% | Dec 2025 483% | Mar 2026 — | Jun 2026 —
- BLUEDART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 284% | Sep 2022 3.3% | Dec 2022 -28% | Mar 2023 -50% | Jun 2023 -49% | Sep 2023 -22% | Dec 2023 0.0% | Mar 2024 13% | Jun 2024 -13% | Sep 2024 -14% | Dec 2024 -9.0% | Mar 2025 -29% | Jun 2025 -7.6% | Sep 2025 29% | Dec 2025 -16% | Mar 2026 -11% | Jun 2026 —
- BLACKBUCK: 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 17% | Sep 2025 — | Dec 2025 — | Mar 2026 -76% | Jun 2026 —
- TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 66% | Sep 2022 -4.0% | Dec 2022 4.9% | Mar 2023 -3.5% | Jun 2023 6.4% | Sep 2023 22% | Dec 2023 -7.0% | Mar 2024 26% | Jun 2024 11% | Sep 2024 22% | Dec 2024 28% | Mar 2025 12% | Jun 2025 16% | Sep 2025 6.5% | Dec 2025 14% | Mar 2026 7.8% | Jun 2026 —
- SINDHUTRAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -429% | Jun 2024 148% | Sep 2024 134% | Dec 2024 -108% | Mar 2025 — | Jun 2025 -74% | Sep 2025 -91% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 28% | Dec 2022 15% | Mar 2023 -19% | Jun 2023 10% | Sep 2023 23% | Dec 2023 18% | Mar 2024 -19% | Jun 2024 -23% | Sep 2024 -19% | Dec 2024 602% | Mar 2025 -441% | Jun 2025 27% | Sep 2025 10% | Dec 2025 -85% | Mar 2026 — | Jun 2026 —
- RIIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 53% | Mar 2024 -68% | Jun 2024 2.8% | Sep 2024 -1.9% | Dec 2024 -24% | Mar 2025 -13% | Jun 2025 6.9% | Sep 2025 -1.9% | Dec 2025 9.9% | Mar 2026 0.6% | Jun 2026 -8.4%
- ACLGATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -142% | Sep 2023 -150% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -97% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: 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 353% | Dec 2024 -86% | Mar 2025 -90% | Jun 2025 -120% | Sep 2025 -114% | Dec 2025 326% | Mar 2026 -296% | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.3% | Sep 2024 3.6% | Dec 2024 -35% | Mar 2025 -42% | Jun 2025 -43% | Sep 2025 -53% | Dec 2025 -18% | Mar 2026 -41% | Jun 2026 —
- RITCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 34% | Mar 2024 47% | Jun 2024 21% | Sep 2024 26% | Dec 2024 18% | Mar 2025 33% | Jun 2025 3.6% | Sep 2025 -9.7% | Dec 2025 -5.2% | Mar 2026 -65% | Jun 2026 —
- TEJASCARGO: 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 44% | Dec 2025 — | Mar 2026 -20% | Jun 2026 —
- SICALLOG: 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 -140% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -512% | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -27% | Jun 2024 6.1% | Sep 2024 -5.0% | Dec 2024 -19% | Mar 2025 -126% | Jun 2025 -4.6% | Sep 2025 -0.2% | Dec 2025 28% | Mar 2026 — | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 — | Jun 2024 -23% | Sep 2024 -92% | Dec 2024 29% | Mar 2025 -80% | Jun 2025 58% | Sep 2025 34% | Dec 2025 24% | Mar 2026 -70% | Jun 2026 —
- SJLOGISTIC: 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 156% | Dec 2024 133% | Mar 2025 123% | Jun 2025 27% | Sep 2025 39% | Dec 2025 — | Mar 2026 48% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Tejas Cargo India Ltd reports ₹75 crore of CAPEX; Tejas Cargo India Ltd has the highest covered intensity at 22.9%. Coverage is only 4 of 18 companies and 13 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: Tejas Cargo India Ltd · ₹75 crore | 177.8% versus #2 · Shadowfax Technologies Ltd | 4/4 recent comparable periods | 4/18 companies · 13 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. Tejas Cargo India Ltd (TEJASCARGO): ₹75 Cr
2. Shadowfax Technologies Ltd (SHADOWFAX): ₹27 Cr
3. Western Carriers (India) Ltd (WCIL): ₹10 Cr
4. Blackbuck Ltd (BLACKBUCK): ₹9 Cr

### CAPEX intensity — highest reinvestment intensity
1. Tejas Cargo India Ltd (TEJASCARGO): 23%
2. Blackbuck Ltd (BLACKBUCK): 9.1%
3. Shadowfax Technologies Ltd (SHADOWFAX): 2.7%

### 20-quarter CAPEX history
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹27 Cr | Sep 2025 ₹27 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | 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 —
- TEJASCARGO: 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 ₹63 Cr | Dec 2024 — | Mar 2025 ₹47 Cr | Jun 2025 — | Sep 2025 ₹75 Cr | Dec 2025 — | Mar 2026 ₹75 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.2% | Sep 2024 2.2% | Dec 2024 — | Mar 2025 — | Jun 2025 3.0% | Sep 2025 2.7% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.5% | Sep 2023 14% | Dec 2023 — | Mar 2024 — | Jun 2024 8.7% | Sep 2024 9.1% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TEJASCARGO: 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 25% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 25% | Dec 2025 — | Mar 2026 23% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Container Corporation Of India Ltd has the clearest covered balance-sheet capacity with ₹2,522 crore net cash and gross debt of ₹965 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: Reliance Industrial Infrastructure Ltd · ₹0 crore | null versus #2 · TransIndia Real Estate Ltd | Not enough history | 18/18 companies · 206 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. Reliance Industrial Infrastructure Ltd (RIIL): ₹0 Cr
2. TransIndia Real Estate Ltd (TREL): ₹0 Cr
3. Blackbuck Ltd (BLACKBUCK): ₹59 Cr
4. S J Logistics (India) Ltd (SJLOGISTIC): ₹117 Cr
5. Tejas Cargo India Ltd (TEJASCARGO): ₹220 Cr

### Net debt — lowest net debt
1. Container Corporation Of India Ltd (CONCOR): ₹-2.5K Cr
2. Shadowfax Technologies Ltd (SHADOWFAX): ₹-785 Cr
3. Blackbuck Ltd (BLACKBUCK): ₹-589 Cr
4. Transport Corporation of India Ltd (TCI): ₹17 Cr
5. Western Carriers (India) Ltd (WCIL): ₹188 Cr

### 20-quarter Gross debt history
- AEGISLOG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹835 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.6K Cr | Jun 2025 — | Sep 2025 ₹2.4K Cr | Dec 2025 — | Mar 2026 ₹4.2K Cr | Jun 2026 —
- CONCOR: Sep 2021 ₹721 Cr | Dec 2021 ₹721 Cr | Mar 2022 ₹735 Cr | Jun 2022 ₹735 Cr | Sep 2022 ₹748 Cr | Dec 2022 ₹748 Cr | Mar 2023 ₹779 Cr | Jun 2023 ₹778 Cr | Sep 2023 ₹821 Cr | Dec 2023 ₹821 Cr | Mar 2024 ₹939 Cr | Jun 2024 ₹939 Cr | Sep 2024 ₹915 Cr | Dec 2024 ₹915 Cr | Mar 2025 ₹861 Cr | Jun 2025 ₹861 Cr | Sep 2025 ₹905 Cr | Dec 2025 ₹905 Cr | Mar 2026 ₹965 Cr | Jun 2026 —
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹72 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹289 Cr | Jun 2024 ₹40 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹393 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹247 Cr | Jun 2026 —
- BLUEDART: Sep 2021 ₹1.3K Cr | 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 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 ₹201 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹178 Cr | Jun 2023 ₹178 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹184 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- TCI: Sep 2021 ₹131 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹222 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹253 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹312 Cr | Jun 2026 —
- SINDHUTRAD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹372 Cr | Jun 2025 — | Sep 2025 ₹446 Cr | Dec 2025 — | Mar 2026 ₹463 Cr | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹619 Cr | Jun 2022 ₹619 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹535 Cr | Mar 2023 ₹530 Cr | Jun 2023 ₹530 Cr | Sep 2023 ₹511 Cr | Dec 2023 ₹511 Cr | Mar 2024 ₹510 Cr | Jun 2024 ₹510 Cr | Sep 2024 ₹480 Cr | Dec 2024 ₹480 Cr | Mar 2025 ₹720 Cr | Jun 2025 ₹720 Cr | Sep 2025 ₹716 Cr | Dec 2025 ₹716 Cr | Mar 2026 ₹646 Cr | Jun 2026 —
- RIIL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- ACLGATI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹324 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹321 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹386 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹236 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹150 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹215 Cr | Jun 2023 ₹215 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹269 Cr | Jun 2024 ₹269 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹226 Cr | Jun 2026 —
- RITCO: Sep 2021 ₹141 Cr | Dec 2021 — | Mar 2022 ₹172 Cr | Jun 2022 ₹172 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹184 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹262 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹372 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹474 Cr | Jun 2026 —
- TEJASCARGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹161 Cr | Jun 2024 — | Sep 2024 ₹206 Cr | Dec 2024 — | Mar 2025 ₹159 Cr | Jun 2025 — | Sep 2025 ₹180 Cr | Dec 2025 — | Mar 2026 ₹220 Cr | Jun 2026 —
- SICALLOG: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹483 Cr | Jun 2023 ₹481 Cr | Sep 2023 ₹488 Cr | Dec 2023 ₹488 Cr | Mar 2024 ₹507 Cr | Jun 2024 ₹507 Cr | Sep 2024 ₹533 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹608 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹607 Cr | Dec 2025 — | Mar 2026 ₹485 Cr | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹113 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹414 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹419 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹548 Cr | Jun 2025 — | Sep 2025 ₹644 Cr | Dec 2025 — | Mar 2026 ₹769 Cr | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹108 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹58 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹61 Cr | Jun 2025 — | Sep 2025 ₹81 Cr | Dec 2025 — | Mar 2026 ₹117 Cr | Jun 2026 —

### 20-quarter Net debt history
- CONCOR: Sep 2021 ₹-2.2K Cr | Dec 2021 ₹-2.2K Cr | Mar 2022 ₹-2.2K Cr | Jun 2022 ₹-2.2K Cr | Sep 2022 ₹-2.6K Cr | Dec 2022 ₹-2.6K Cr | Mar 2023 ₹-2.4K Cr | Jun 2023 ₹-2.4K Cr | Sep 2023 ₹-2.7K Cr | Dec 2023 ₹-2.7K Cr | Mar 2024 ₹-2.3K Cr | Jun 2024 ₹-2.4K Cr | Sep 2024 ₹-3.0K Cr | Dec 2024 ₹-3.0K Cr | Mar 2025 ₹-2.8K Cr | Jun 2025 ₹-2.9K Cr | Sep 2025 ₹-3.1K Cr | Dec 2025 ₹-3.1K Cr | Mar 2026 ₹-2.5K Cr | Jun 2026 —
- SHADOWFAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-375 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-388 Cr | Jun 2025 ₹-411 Cr | Sep 2025 ₹-411 Cr | Dec 2025 ₹-411 Cr | Mar 2026 ₹-785 Cr | Jun 2026 —
- BLUEDART: Sep 2021 ₹930 Cr | Dec 2021 ₹930 Cr | Mar 2022 ₹673 Cr | Jun 2022 ₹673 Cr | Sep 2022 ₹542 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹851 Cr | Jun 2023 ₹851 Cr | Sep 2023 ₹847 Cr | Dec 2023 ₹847 Cr | Mar 2024 ₹596 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹645 Cr | Dec 2024 ₹645 Cr | Mar 2025 ₹451 Cr | Jun 2025 ₹451 Cr | Sep 2025 ₹591 Cr | Dec 2025 ₹591 Cr | Mar 2026 ₹490 Cr | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-182 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-148 Cr | Jun 2024 ₹-155 Cr | Sep 2024 ₹-211 Cr | Dec 2024 ₹-211 Cr | Mar 2025 ₹-682 Cr | Jun 2025 ₹-683 Cr | Sep 2025 ₹-718 Cr | Dec 2025 ₹-718 Cr | Mar 2026 ₹-589 Cr | Jun 2026 —
- TCI: Sep 2021 ₹98 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-166 Cr | Jun 2023 ₹-166 Cr | Sep 2023 ₹-141 Cr | Dec 2023 ₹-141 Cr | Mar 2024 ₹-220 Cr | Jun 2024 ₹-220 Cr | Sep 2024 ₹-115 Cr | Dec 2024 ₹-115 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹426 Cr | Jun 2022 ₹429 Cr | Sep 2022 ₹386 Cr | Dec 2022 ₹386 Cr | Mar 2023 ₹438 Cr | Jun 2023 ₹454 Cr | Sep 2023 ₹453 Cr | Dec 2023 ₹453 Cr | Mar 2024 ₹460 Cr | Jun 2024 ₹459 Cr | Sep 2024 ₹437 Cr | Dec 2024 ₹437 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹624 Cr | Sep 2025 ₹572 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹528 Cr | Jun 2026 —
- JITFINFRA: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹206 Cr | Jun 2023 ₹214 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹267 Cr | Jun 2024 ₹267 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹188 Cr | Jun 2026 —
- RITCO: Sep 2021 ₹106 Cr | Dec 2021 — | Mar 2022 ₹147 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹204 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹261 Cr | Dec 2023 ₹261 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹254 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹296 Cr | Sep 2025 ₹357 Cr | Dec 2025 ₹357 Cr | Mar 2026 ₹447 Cr | Jun 2026 —
- TEJASCARGO: 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 ₹198 Cr | Dec 2024 — | Mar 2025 ₹117 Cr | Jun 2025 — | Sep 2025 ₹170 Cr | Dec 2025 — | Mar 2026 ₹201 Cr | Jun 2026 —
- SICALLOG: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹413 Cr | Jun 2023 ₹413 Cr | Sep 2023 ₹401 Cr | Dec 2023 ₹401 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹413 Cr | Dec 2024 ₹413 Cr | Mar 2025 ₹561 Cr | Jun 2025 ₹521 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹419 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: S J Logistics (India) Ltd leads ROCE at 32.4%, 13 percentage points above Transport Corporation of India Ltd. Blackbuck Ltd has the strongest latest improvement at +8.5 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: S J Logistics (India) 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: S J Logistics (India) Ltd · 32.4% | 67% versus #2 · Transport Corporation of India Ltd | Not enough history | 18/18 companies · 145 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. S J Logistics (India) Ltd (SJLOGISTIC): 32%
2. Transport Corporation of India Ltd (TCI): 19%
3. Blue Dart Express Ltd (BLUEDART): 17%
4. JITF Infra Logistics Ltd (JITFINFRA): 15%
5. Aegis Logistics Ltd (AEGISLOG): 13%

### ROCE change — fastest improvers
1. Blackbuck Ltd (BLACKBUCK): +8.5 pp
2. Sical Logistics Ltd (SICALLOG): +7.6 pp
3. Shadowfax Technologies Ltd (SHADOWFAX): +6.1 pp
4. Allcargo Gati Ltd(Merged) (ACLGATI): +3.0 pp — older report
5. TransIndia Real Estate Ltd (TREL): +2.0 pp

### 20-quarter ROCE history
- CONCOR: Sep 2021 7.6% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 10% | Dec 2023 14% | Mar 2024 11% | Jun 2024 14% | Sep 2024 11% | Dec 2024 14% | Mar 2025 10% | Jun 2025 14% | Sep 2025 10% | Dec 2025 13% | Mar 2026 9.6% | Jun 2026 —
- SHADOWFAX: 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 -1.2% | Jun 2025 -0.2% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 4.9% | Jun 2026 —
- BLUEDART: Sep 2021 31% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 40% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 22% | Dec 2023 24% | Mar 2024 22% | Jun 2024 23% | Sep 2024 20% | Dec 2024 22% | Mar 2025 17% | Jun 2025 20% | Sep 2025 17% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- BLACKBUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -53% | Jun 2024 -38% | Sep 2024 -21% | Dec 2024 -87% | Mar 2025 -0.8% | Jun 2025 -28% | Sep 2025 2.7% | Dec 2025 19% | Mar 2026 7.7% | Jun 2026 —
- TCI: Sep 2021 19% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 15% | Dec 2023 21% | Mar 2024 14% | Jun 2024 20% | Sep 2024 15% | Dec 2024 21% | Mar 2025 15% | Jun 2025 21% | Sep 2025 15% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 12% | Jun 2024 13% | Sep 2024 11% | Dec 2024 29% | Mar 2025 9.0% | Jun 2025 17% | Sep 2025 10% | Dec 2025 3.2% | Mar 2026 11% | Jun 2026 —
- RIIL: Sep 2021 -1.5% | Dec 2021 — | Mar 2022 -1.3% | Jun 2022 — | Sep 2022 -1.0% | Dec 2022 — | Mar 2023 -0.7% | Jun 2023 — | Sep 2023 -1.3% | Dec 2023 5.8% | Mar 2024 -1.8% | Jun 2024 4.0% | Sep 2024 -2.0% | Dec 2024 3.2% | Mar 2025 -2.8% | Jun 2025 2.9% | Sep 2025 -2.4% | Dec 2025 3.1% | Mar 2026 -1.8% | Jun 2026 3.1%
- JITFINFRA: Sep 2021 4.8% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 — | Sep 2022 7.1% | Dec 2022 — | Mar 2023 8.4% | Jun 2023 — | Sep 2023 12% | Dec 2023 16% | Mar 2024 16% | Jun 2024 17% | Sep 2024 10% | Dec 2024 19% | Mar 2025 12% | Jun 2025 18% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.1% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 29% | Jun 2024 34% | Sep 2024 15% | Dec 2024 21% | Mar 2025 11% | Jun 2025 15% | Sep 2025 7.2% | Dec 2025 8.9% | Mar 2026 6.4% | Jun 2026 —
- RITCO: Sep 2021 27% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 24% | Dec 2023 33% | Mar 2024 27% | Jun 2024 34% | Sep 2024 18% | Dec 2024 25% | Mar 2025 18% | Jun 2025 25% | Sep 2025 17% | Dec 2025 20% | Mar 2026 14% | Jun 2026 —
- TEJASCARGO: 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 11% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 15% | Dec 2025 — | Mar 2026 13% | Jun 2026 —
- SICALLOG: Sep 2021 19% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -5.2% | Dec 2023 -147% | Mar 2024 2.9% | Jun 2024 2.3% | Sep 2024 -8.0% | Dec 2024 -1.0% | Mar 2025 -3.5% | Jun 2025 7.1% | Sep 2025 — | Dec 2025 35% | Mar 2026 4.1% | Jun 2026 —

### 20-quarter ROCE change history
- CONCOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 −0.3 pp | Jun 2025 −0.5 pp | Sep 2025 −0.6 pp | Dec 2025 −0.9 pp | Mar 2026 −0.7 pp | Jun 2026 —
- SHADOWFAX: 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 — | Mar 2026 +6.1 pp | Jun 2026 —
- BLUEDART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.0 pp | Dec 2022 — | Mar 2023 −12.1 pp | Jun 2023 — | Sep 2023 −18.1 pp | Dec 2023 — | Mar 2024 −5.4 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 −2.3 pp | Mar 2025 −4.6 pp | Jun 2025 −3.1 pp | Sep 2025 −2.8 pp | Dec 2025 −3.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- BLACKBUCK: 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 +52.3 pp | Jun 2025 +10.0 pp | Sep 2025 +23.9 pp | Dec 2025 +105.9 pp | Mar 2026 +8.5 pp | Jun 2026 —
- TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 — | Mar 2023 −2.9 pp | Jun 2023 — | Sep 2023 −4.6 pp | Dec 2023 — | Mar 2024 −3.9 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +0.8 pp | Mar 2025 +1.4 pp | Jun 2025 +1.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −1.2 pp | Dec 2024 +14.3 pp | Mar 2025 −3.2 pp | Jun 2025 +3.8 pp | Sep 2025 −1.2 pp | Dec 2025 −25.9 pp | Mar 2026 +1.5 pp | Jun 2026 —
- RIIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −2.6 pp | Mar 2025 −1.0 pp | Jun 2025 −1.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.1 pp | Mar 2026 +1.0 pp | Jun 2026 +0.2 pp
- JITFINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 — | Mar 2023 +2.6 pp | Jun 2023 — | Sep 2023 +4.8 pp | Dec 2023 — | Mar 2024 +7.5 pp | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 +2.8 pp | Mar 2025 −3.6 pp | Jun 2025 +0.9 pp | Sep 2025 +2.4 pp | Dec 2025 −3.5 pp | Mar 2026 +1.4 pp | Jun 2026 —
- WCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +21.9 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −17.8 pp | Jun 2025 −19.1 pp | Sep 2025 −7.7 pp | Dec 2025 −11.6 pp | Mar 2026 −4.8 pp | Jun 2026 —
- RITCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 — | Mar 2023 +3.9 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 −8.6 pp | Mar 2025 −8.8 pp | Jun 2025 −9.2 pp | Sep 2025 −0.8 pp | Dec 2025 −4.3 pp | Mar 2026 −3.5 pp | Jun 2026 —
- TEJASCARGO: 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 +3.9 pp | Dec 2025 — | Mar 2026 −1.9 pp | Jun 2026 —
- SICALLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −17.7 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −2.8 pp | Dec 2024 +145.5 pp | Mar 2025 −6.4 pp | Jun 2025 +4.8 pp | Sep 2025 — | Dec 2025 +35.9 pp | Mar 2026 +7.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Gateway Distriparks Ltd has the lowest comparable Guarded PEG at 1.18×, 11.9% below Transport Corporation of India Ltd. Only 5 of 18 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: Gateway Distriparks Ltd · 1.18× | 11.9% versus #2 · Transport Corporation of India Ltd | 0/8 recent comparable periods | 5/18 companies · 32 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. Gateway Distriparks Ltd (GATEWAY): 1.2
2. Transport Corporation of India Ltd (TCI): 1.3
3. Blackbuck Ltd (BLACKBUCK): 2.0
4. Container Corporation Of India Ltd (CONCOR): 3.6
5. Blue Dart Express Ltd (BLUEDART): 6.9

### P/E — lowest P/E
1. S J Logistics (India) Ltd (SJLOGISTIC): 6.2
2. Gateway Distriparks Ltd (GATEWAY): 10.9
3. Allcargo Terminals Ltd (ATL): 13.6
4. Transport Corporation of India Ltd (TCI): 15.5
5. TransIndia Real Estate Ltd (TREL): 16.1

### 20-quarter Guarded PEG history
- CONCOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.5 | Sep 2022 — | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 3.1 | Sep 2023 — | Dec 2023 — | Mar 2024 7.3 | Jun 2024 6.8 | Sep 2024 3.3 | Dec 2024 4.0 | Mar 2025 3.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BLUEDART: Sep 2021 — | Dec 2021 1.6 | Mar 2022 0.8 | 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 1.8 | Dec 2025 — | Mar 2026 6.9 | Jun 2026 —
- TCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.5 | Mar 2023 0.8 | Jun 2023 1.7 | Sep 2023 — | Dec 2023 2.8 | Mar 2024 0.8 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 0.6 | Dec 2022 — | Mar 2023 — | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.2 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- AEGISLOG: Sep 2021 32.7 | Dec 2021 26.0 | Mar 2022 21.6 | Jun 2022 20.6 | Sep 2022 24.1 | Dec 2022 31.0 | Mar 2023 31.9 | Jun 2023 24.3 | Sep 2023 24.3 | Dec 2023 24.3 | Mar 2024 30.5 | Jun 2024 53.8 | Sep 2024 44.4 | Dec 2024 48.9 | Mar 2025 48.9 | Jun 2025 41.3 | Sep 2025 39.6 | Dec 2025 35.3 | Mar 2026 27.9 | Jun 2026 —
- CONCOR: Sep 2021 63.2 | Dec 2021 50.4 | Mar 2022 53.0 | Jun 2022 35.9 | Sep 2022 39.6 | Dec 2022 39.4 | Mar 2023 30.6 | Jun 2023 34.4 | Sep 2023 38.9 | Dec 2023 44.1 | Mar 2024 43.9 | Jun 2024 50.4 | Sep 2024 43.6 | Dec 2024 36.9 | Mar 2025 31.6 | Jun 2025 35.0 | Sep 2025 30.2 | Dec 2025 30.2 | Mar 2026 26.1 | Jun 2026 28.8
- SHADOWFAX: 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 — | Mar 2026 273.5 | Jun 2026 —
- BLUEDART: Sep 2021 55.1 | Dec 2021 46.0 | Mar 2022 42.3 | Jun 2022 42.5 | Sep 2022 42.4 | Dec 2022 38.7 | Mar 2023 33.6 | Jun 2023 46.4 | Sep 2023 50.7 | Dec 2023 59.7 | Mar 2024 50.1 | Jun 2024 65.3 | Sep 2024 65.6 | Dec 2024 58.9 | Mar 2025 52.9 | Jun 2025 59.8 | Sep 2025 54.3 | Dec 2025 48.5 | Mar 2026 39.5 | Jun 2026 —
- BLACKBUCK: 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 -869.1 | Jun 2025 -2,151.2 | Sep 2025 29.7 | Dec 2025 32.1 | Mar 2026 27.3 | Jun 2026 —
- TCI: Sep 2021 16.1 | Dec 2021 24.1 | Mar 2022 16.4 | Jun 2022 17.8 | Sep 2022 18.5 | Dec 2022 15.1 | Mar 2023 15.1 | Jun 2023 17.3 | Sep 2023 18.8 | Dec 2023 18.8 | Mar 2024 18.8 | Jun 2024 19.9 | Sep 2024 23.4 | Dec 2024 23.0 | Mar 2025 20.9 | Jun 2025 21.1 | Sep 2025 21.4 | Dec 2025 18.9 | Mar 2026 16.1 | Jun 2026 —
- SINDHUTRAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 207.9 | Dec 2023 40.9 | Mar 2024 21.6 | Jun 2024 46.4 | Sep 2024 33.2 | Dec 2024 18.9 | Mar 2025 31.5 | Jun 2025 33.0 | Sep 2025 60.1 | Dec 2025 52.8 | Mar 2026 — | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 14.9 | Jun 2022 14.4 | Sep 2022 15.7 | Dec 2022 0.0 | Mar 2023 12.2 | Jun 2023 15.0 | Sep 2023 17.7 | Dec 2023 20.0 | Mar 2024 18.7 | Jun 2024 20.1 | Sep 2024 19.2 | Dec 2024 17.6 | Mar 2025 12.6 | Jun 2025 14.2 | Sep 2025 12.7 | Dec 2025 12.2 | Mar 2026 11.0 | Jun 2026 —
- RIIL: Sep 2021 104.7 | Dec 2021 125.3 | Mar 2022 112.9 | Jun 2022 142.8 | Sep 2022 221.1 | Dec 2022 201.8 | Mar 2023 166.3 | Jun 2023 130.8 | Sep 2023 124.6 | Dec 2023 162.0 | Mar 2024 139.2 | Jun 2024 153.5 | Sep 2024 143.4 | Dec 2024 119.0 | Mar 2025 97.9 | Jun 2025 122.0 | Sep 2025 107.4 | Dec 2025 102.0 | Mar 2026 79.7 | Jun 2026 101.5
- ACLGATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 430.8 | Dec 2022 477.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 95.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -16.5 | Dec 2023 -82.7 | Mar 2024 — | Jun 2024 80.4 | Sep 2024 122.6 | Dec 2024 77.8 | Mar 2025 126.9 | Jun 2025 141.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WCIL: 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 15.7 | Dec 2024 11.8 | Mar 2025 8.9 | Jun 2025 17.5 | Sep 2025 23.4 | Dec 2025 26.2 | Mar 2026 18.7 | Jun 2026 —
- RITCO: Sep 2021 8.1 | Dec 2021 7.8 | Mar 2022 10.5 | Jun 2022 16.6 | Sep 2022 21.7 | Dec 2022 16.1 | Mar 2023 16.3 | Jun 2023 17.2 | Sep 2023 24.4 | Dec 2023 23.7 | Mar 2024 17.5 | Jun 2024 22.8 | Sep 2024 22.7 | Dec 2024 26.4 | Mar 2025 17.4 | Jun 2025 18.7 | Sep 2025 17.7 | Dec 2025 18.1 | Mar 2026 12.4 | Jun 2026 —
- TEJASCARGO: 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 0.3 | Jun 2025 — | Sep 2025 32.7 | Dec 2025 — | Mar 2026 29.7 | Jun 2026 —
- SICALLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -149.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -19.9 | Jun 2025 — | Sep 2025 — | Dec 2025 14.0 | Mar 2026 — | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 30.4 | Sep 2024 26.7 | Dec 2024 22.6 | Mar 2025 13.7 | Jun 2025 24.0 | Sep 2025 31.0 | Dec 2025 24.9 | Mar 2026 17.4 | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 26.9 | Sep 2024 27.1 | Dec 2024 25.6 | Mar 2025 29.4 | Jun 2025 32.7 | Sep 2025 24.8 | Dec 2025 21.2 | Mar 2026 18.0 | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.3 | Mar 2024 10.8 | Jun 2024 27.1 | Sep 2024 33.5 | Dec 2024 24.9 | Mar 2025 17.2 | Jun 2025 13.2 | Sep 2025 10.5 | Dec 2025 — | Mar 2026 6.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: S J Logistics (India) Ltd leads ev/ebitda at 4.7×; TransIndia Real Estate Ltd leads p/bv at 0.47×.

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: S J Logistics (India) Ltd · 4.7× | 30.9% versus #2 · Gateway Distriparks Ltd | 0/7 recent comparable periods | 18/18 companies · 246 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. S J Logistics (India) Ltd (SJLOGISTIC): 4.7
2. Gateway Distriparks Ltd (GATEWAY): 6.8
3. Allcargo Terminals Ltd (ATL): 7.0
4. JITF Infra Logistics Ltd (JITFINFRA): 7.6
5. Tejas Cargo India Ltd (TEJASCARGO): 8.1

### P/BV — lowest P/BV
1. TransIndia Real Estate Ltd (TREL): 0.5
2. Western Carriers (India) Ltd (WCIL): 1.1
3. Allcargo Gati Ltd(Merged) (ACLGATI): 1.2 — older report
4. Gateway Distriparks Ltd (GATEWAY): 1.2
5. S J Logistics (India) Ltd (SJLOGISTIC): 1.6

### 20-quarter EV/EBITDA history
- AEGISLOG: Sep 2021 18.4 | Dec 2021 16.0 | Mar 2022 13.9 | Jun 2022 13.6 | Sep 2022 15.6 | Dec 2022 18.7 | Mar 2023 18.7 | Jun 2023 13.9 | Sep 2023 13.3 | Dec 2023 13.1 | Mar 2024 16.1 | Jun 2024 28.1 | Sep 2024 23.2 | Dec 2024 26.0 | Mar 2025 24.9 | Jun 2025 21.7 | Sep 2025 20.8 | Dec 2025 17.4 | Mar 2026 14.0 | Jun 2026 —
- CONCOR: Sep 2021 25.6 | Dec 2021 20.6 | Mar 2022 22.4 | Jun 2022 18.1 | Sep 2022 19.9 | Dec 2022 20.2 | Mar 2023 15.6 | Jun 2023 17.5 | Sep 2023 19.6 | Dec 2023 22.6 | Mar 2024 22.5 | Jun 2024 26.3 | Sep 2024 22.3 | Dec 2024 18.4 | Mar 2025 16.4 | Jun 2025 18.4 | Sep 2025 15.7 | Dec 2025 15.7 | Mar 2026 12.8 | Jun 2026 14.4
- SHADOWFAX: 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 — | Mar 2026 74.2 | Jun 2026 —
- BLUEDART: Sep 2021 18.1 | Dec 2021 16.7 | Mar 2022 16.4 | Jun 2022 17.9 | Sep 2022 19.2 | Dec 2022 17.3 | Mar 2023 14.8 | Jun 2023 18.6 | Sep 2023 18.8 | Dec 2023 21.1 | Mar 2024 17.9 | Jun 2024 22.3 | Sep 2024 22.0 | Dec 2024 19.3 | Mar 2025 16.8 | Jun 2025 17.5 | Sep 2025 15.7 | Dec 2025 14.7 | Mar 2026 12.6 | Jun 2026 —
- BLACKBUCK: 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 43.2 | Sep 2025 81.8 | Dec 2025 89.0 | Mar 2026 44.4 | Jun 2026 —
- TCI: Sep 2021 9.8 | Dec 2021 14.8 | Mar 2022 10.6 | Jun 2022 11.9 | Sep 2022 12.1 | Dec 2022 9.7 | Mar 2023 9.7 | Jun 2023 11.2 | Sep 2023 11.8 | Dec 2023 12.5 | Mar 2024 12.3 | Jun 2024 13.1 | Sep 2024 15.5 | Dec 2024 15.7 | Mar 2025 14.7 | Jun 2025 14.7 | Sep 2025 15.2 | Dec 2025 13.4 | Mar 2026 11.6 | Jun 2026 —
- SINDHUTRAD: Sep 2021 21.6 | Dec 2021 46.0 | Mar 2022 63.5 | Jun 2022 69.2 | Sep 2022 22.2 | Dec 2022 20.8 | Mar 2023 34.1 | Jun 2023 24.5 | Sep 2023 21.9 | Dec 2023 16.9 | Mar 2024 11.8 | Jun 2024 17.0 | Sep 2024 13.4 | Dec 2024 10.0 | Mar 2025 9.1 | Jun 2025 14.4 | Sep 2025 19.6 | Dec 2025 40.1 | Mar 2026 74.7 | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 12.6 | Jun 2022 12.6 | Sep 2022 9.8 | Dec 2022 9.5 | Mar 2023 8.9 | Jun 2023 10.2 | Sep 2023 11.8 | Dec 2023 13.7 | Mar 2024 13.1 | Jun 2024 13.8 | Sep 2024 13.0 | Dec 2024 11.6 | Mar 2025 9.0 | Jun 2025 9.0 | Sep 2025 8.4 | Dec 2025 7.9 | Mar 2026 6.8 | Jun 2026 —
- RIIL: Sep 2021 45.7 | Dec 2021 56.6 | Mar 2022 50.9 | Jun 2022 57.1 | Sep 2022 85.9 | Dec 2022 80.0 | Mar 2023 70.4 | Jun 2023 81.2 | Sep 2023 77.2 | Dec 2023 101.7 | Mar 2024 91.4 | Jun 2024 94.7 | Sep 2024 92.7 | Dec 2024 84.2 | Mar 2025 72.7 | Jun 2025 112.8 | Sep 2025 83.8 | Dec 2025 77.5 | Mar 2026 59.8 | Jun 2026 81.3
- ACLGATI: Sep 2021 42.1 | Dec 2021 54.5 | Mar 2022 52.3 | Jun 2022 42.7 | Sep 2022 31.0 | Dec 2022 26.1 | Mar 2023 18.1 | Jun 2023 20.3 | Sep 2023 25.4 | Dec 2023 23.6 | Mar 2024 23.1 | Jun 2024 30.0 | Sep 2024 28.8 | Dec 2024 20.1 | Mar 2025 10.0 | Jun 2025 12.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 19.5 | Dec 2021 24.1 | Mar 2022 23.1 | Jun 2022 16.6 | Sep 2022 18.6 | Dec 2022 15.7 | Mar 2023 16.5 | Jun 2023 18.2 | Sep 2023 12.7 | Dec 2023 12.2 | Mar 2024 10.8 | Jun 2024 11.5 | Sep 2024 12.4 | Dec 2024 11.7 | Mar 2025 9.9 | Jun 2025 8.7 | Sep 2025 8.0 | Dec 2025 8.2 | Mar 2026 7.6 | Jun 2026 —
- WCIL: 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 12.4 | Dec 2024 9.6 | Mar 2025 6.8 | Jun 2025 11.1 | Sep 2025 10.9 | Dec 2025 11.8 | Mar 2026 8.2 | Jun 2026 —
- RITCO: Sep 2021 5.1 | Dec 2021 5.1 | Mar 2022 6.6 | Jun 2022 10.7 | Sep 2022 13.3 | Dec 2022 10.9 | Mar 2023 9.8 | Jun 2023 11.3 | Sep 2023 14.5 | Dec 2023 13.8 | Mar 2024 10.8 | Jun 2024 12.1 | Sep 2024 14.1 | Dec 2024 15.4 | Mar 2025 10.8 | Jun 2025 11.7 | Sep 2025 11.0 | Dec 2025 11.9 | Mar 2026 9.4 | Jun 2026 —
- TEJASCARGO: 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 7.9 | Jun 2025 — | Sep 2025 8.5 | Dec 2025 — | Mar 2026 8.1 | Jun 2026 —
- SICALLOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 104.5 | Mar 2023 — | Jun 2023 91.1 | Sep 2023 84.3 | Dec 2023 147.5 | Mar 2024 102.6 | Jun 2024 109.6 | Sep 2024 174.9 | Dec 2024 144.7 | Mar 2025 76.2 | Jun 2025 59.0 | Sep 2025 37.3 | Dec 2025 21.0 | Mar 2026 9.4 | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 8.3 | Dec 2023 12.8 | Mar 2024 13.1 | Jun 2024 13.1 | Sep 2024 11.7 | Dec 2024 10.1 | Mar 2025 7.1 | Jun 2025 8.3 | Sep 2025 10.0 | Dec 2025 8.8 | Mar 2026 7.0 | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14.1 | Dec 2023 17.3 | Mar 2024 15.6 | Jun 2024 15.8 | Sep 2024 14.5 | Dec 2024 12.7 | Mar 2025 12.9 | Jun 2025 14.4 | Sep 2025 11.3 | Dec 2025 11.1 | Mar 2026 9.8 | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20.7 | Mar 2024 34.2 | Jun 2024 23.1 | Sep 2024 28.3 | Dec 2024 19.8 | Mar 2025 13.6 | Jun 2025 9.6 | Sep 2025 7.9 | Dec 2025 — | Mar 2026 4.7 | Jun 2026 —

### 20-quarter P/BV history
- AEGISLOG: Sep 2021 5.0 | Dec 2021 3.7 | Mar 2022 3.3 | Jun 2022 3.8 | Sep 2022 2.9 | Dec 2022 3.7 | Mar 2023 6.1 | Jun 2023 5.2 | Sep 2023 3.3 | Dec 2023 3.4 | Mar 2024 4.3 | Jun 2024 8.7 | Sep 2024 6.7 | Dec 2024 6.9 | Mar 2025 6.9 | Jun 2025 7.0 | Sep 2025 5.7 | Dec 2025 4.3 | Mar 2026 3.6 | Jun 2026 —
- CONCOR: Sep 2021 4.2 | Dec 2021 3.5 | Mar 2022 3.9 | Jun 2022 3.7 | Sep 2022 3.9 | Dec 2022 4.1 | Mar 2023 3.3 | Jun 2023 3.8 | Sep 2023 3.9 | Dec 2023 4.5 | Mar 2024 4.5 | Jun 2024 5.7 | Sep 2024 4.7 | Dec 2024 3.9 | Mar 2025 3.5 | Jun 2025 3.9 | Sep 2025 3.2 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 2.8
- SHADOWFAX: 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 — | Mar 2026 3.8 | Jun 2026 —
- BLUEDART: Sep 2021 25.9 | Dec 2021 22.1 | Mar 2022 22.5 | Jun 2022 29.2 | Sep 2022 20.4 | Dec 2022 17.8 | Mar 2023 16.9 | Jun 2023 19.7 | Sep 2023 13.4 | Dec 2023 14.4 | Mar 2024 12.1 | Jun 2024 13.8 | Sep 2024 14.1 | Dec 2024 11.7 | Mar 2025 10.2 | Jun 2025 11.1 | Sep 2025 8.6 | Dec 2025 7.9 | Mar 2026 7.0 | Jun 2026 —
- BLACKBUCK: 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 21.2 | Mar 2025 6.1 | Jun 2025 6.3 | Sep 2025 8.8 | Dec 2025 9.1 | Mar 2026 8.1 | Jun 2026 —
- TCI: Sep 2021 2.8 | Dec 2021 4.5 | Mar 2022 3.5 | Jun 2022 4.4 | Sep 2022 3.8 | Dec 2022 3.0 | Mar 2023 3.4 | Jun 2023 3.9 | Sep 2023 3.6 | Dec 2023 3.4 | Mar 2024 3.4 | Jun 2024 4.1 | Sep 2024 4.2 | Dec 2024 4.3 | Mar 2025 4.2 | Jun 2025 4.4 | Sep 2025 4.2 | Dec 2025 3.4 | Mar 2026 3.0 | Jun 2026 —
- SINDHUTRAD: Sep 2021 1.2 | Dec 2021 3.2 | Mar 2022 4.8 | Jun 2022 5.0 | Sep 2022 2.1 | Dec 2022 1.9 | Mar 2023 2.1 | Jun 2023 2.6 | Sep 2023 3.1 | Dec 2023 3.1 | Mar 2024 3.0 | Jun 2024 2.5 | Sep 2024 2.5 | Dec 2024 2.1 | Mar 2025 1.6 | Jun 2025 2.7 | Sep 2025 2.6 | Dec 2025 1.9 | Mar 2026 2.0 | Jun 2026 —
- GATEWAY: Sep 2021 — | Dec 2021 — | Mar 2022 2.0 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 2.2 | Sep 2023 2.5 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 2.9 | Sep 2024 2.4 | Dec 2024 2.0 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- RIIL: Sep 2021 2.5 | Dec 2021 3.3 | Mar 2022 3.0 | Jun 2022 2.9 | Sep 2022 3.8 | Dec 2022 3.4 | Mar 2023 2.7 | Jun 2023 3.3 | Sep 2023 3.4 | Dec 2023 4.6 | Mar 2024 4.4 | Jun 2024 4.3 | Sep 2024 4.1 | Dec 2024 3.4 | Mar 2025 2.6 | Jun 2025 3.2 | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 2.1 | Jun 2026 2.7
- ACLGATI: Sep 2021 3.1 | Dec 2021 3.9 | Mar 2022 3.4 | Jun 2022 3.1 | Sep 2022 3.4 | Dec 2022 3.0 | Mar 2023 2.2 | Jun 2023 2.7 | Sep 2023 3.2 | Dec 2023 2.6 | Mar 2024 2.0 | Jun 2024 2.3 | Sep 2024 2.3 | Dec 2024 1.6 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JITFINFRA: Sep 2021 -0.9 | Dec 2021 -0.5 | Mar 2022 -0.4 | Jun 2022 -0.5 | Sep 2022 -0.4 | Dec 2022 -0.4 | Mar 2023 -0.3 | Jun 2023 -1.9 | Sep 2023 -1.2 | Dec 2023 -1.6 | Mar 2024 -1.6 | Jun 2024 -2.5 | Sep 2024 -4.1 | Dec 2024 -3.9 | Mar 2025 -2.1 | Jun 2025 -1.7 | Sep 2025 -1.6 | Dec 2025 -1.3 | Mar 2026 -1.4 | Jun 2026 —
- WCIL: 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 1.9 | Dec 2024 1.5 | Mar 2025 0.9 | Jun 2025 1.5 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.0 | Jun 2026 —
- RITCO: Sep 2021 1.1 | Dec 2021 — | Mar 2022 1.4 | Jun 2022 2.7 | Sep 2022 3.5 | Dec 2022 2.9 | Mar 2023 2.5 | Jun 2023 2.8 | Sep 2023 4.0 | Dec 2023 4.0 | Mar 2024 3.2 | Jun 2024 5.1 | Sep 2024 4.3 | Dec 2024 3.6 | Mar 2025 2.4 | Jun 2025 3.6 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 1.5 | Jun 2026 —
- TEJASCARGO: 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 2.3 | Jun 2025 — | Sep 2025 4.2 | Dec 2025 — | Mar 2026 3.7 | Jun 2026 —
- SICALLOG: Sep 2021 0.4 | Dec 2021 -0.3 | Mar 2022 -0.2 | Jun 2022 -0.2 | Sep 2022 -0.2 | Dec 2022 -0.1 | Mar 2023 4.8 | Jun 2023 4.8 | Sep 2023 5.6 | Dec 2023 140.9 | Mar 2024 98.1 | Jun 2024 55.4 | Sep 2024 117.9 | Dec 2024 7.1 | Mar 2025 342.1 | Jun 2025 69.7 | Sep 2025 66.1 | Dec 2025 — | Mar 2026 1.8 | Jun 2026 —
- ATL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.5 | Mar 2024 6.6 | Jun 2024 5.7 | Sep 2024 5.0 | Dec 2024 3.9 | Mar 2025 2.3 | Jun 2025 3.2 | Sep 2025 3.7 | Dec 2025 2.6 | Mar 2026 1.9 | Jun 2026 —
- TREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 —
- SJLOGISTIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.3 | Sep 2024 7.8 | Dec 2024 6.7 | Mar 2025 5.8 | Jun 2025 6.0 | Sep 2025 2.8 | Dec 2025 — | Mar 2026 1.4 | Jun 2026 —

## Market action

Aegis Logistics Ltd has the strongest one-year price move in Logistics at +82.1%. It also leads on Mansfield relative strength against NIFTY at +73.9%. 6 of 17 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Aegis Logistics Ltd (AEGISLOG): 82%
2. Tejas Cargo India Ltd (TEJASCARGO): 51%
3. Blackbuck Ltd (BLACKBUCK): 23%
4. JITF Infra Logistics Ltd (JITFINFRA): -0.0%
5. Ritco Logistics Ltd (RITCO): -4.1%

### Strongest relative strength versus NIFTY 500
1. Aegis Logistics Ltd (AEGISLOG): 74%
2. Sical Logistics Ltd (SICALLOG): 27%
3. Ritco Logistics Ltd (RITCO): 19%
4. JITF Infra Logistics Ltd (JITFINFRA): 17%
5. Tejas Cargo India Ltd (TEJASCARGO): 12%

## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 6 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.
- 2 companies are 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.

## Every company
- Aegis Logistics Ltd (AEGISLOG) — market value ₹47.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Container Corporation Of India Ltd (CONCOR) — market value ₹36.4K Cr; latest fundamentals Jun 2026
- Shadowfax Technologies Ltd (SHADOWFAX) — market value ₹12.6K Cr; latest fundamentals Mar 2026
- Blue Dart Express Ltd (BLUEDART) — market value ₹11.7K Cr; latest fundamentals Mar 2026
- Blackbuck Ltd (BLACKBUCK) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Transport Corporation of India Ltd (TCI) — market value ₹7.1K Cr; latest fundamentals Mar 2026
- Sindhu Trade Links Ltd (SINDHUTRAD) — market value ₹3.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Gateway Distriparks Ltd (GATEWAY) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Reliance Industrial Infrastructure Ltd (RIIL) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Allcargo Gati Ltd(Merged) (ACLGATI) — market value ₹971 Cr; latest fundamentals Jun 2025
- JITF Infra Logistics Ltd (JITFINFRA) — market value ₹939 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Western Carriers (India) Ltd (WCIL) — market value ₹917 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ritco Logistics Ltd (RITCO) — market value ₹851 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Tejas Cargo India Ltd (TEJASCARGO) — market value ₹830 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sical Logistics Ltd (SICALLOG) — market value ₹774 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Allcargo Terminals Ltd (ATL) — market value ₹609 Cr; latest fundamentals Mar 2026
- TransIndia Real Estate Ltd (TREL) — market value ₹598 Cr; latest fundamentals Mar 2026
- S J Logistics (India) Ltd (SJLOGISTIC) — market value ₹469 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 10. Withheld: 2. Graded companies: 18.

6 of 18 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.

2 of 18 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Aegis Logistics Ltd (AEGISLOG) — its two data sources disagree by up to 26% on reported income across 14 comparable periods, so its derived ratios are withheld; Sindhu Trade Links Ltd (SINDHUTRAD) — its two data sources disagree by up to 162% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | AEGISLOG | Aegis Logistics Ltd | diff_gt_2pct | disagreement up to 26.18% over 14 comparable periods
- WITHHELD | SINDHUTRAD | Sindhu Trade Links Ltd | diff_gt_2pct | disagreement up to 161.72% over 14 comparable periods

- UNVERIFIED | RIIL | Reliance Industrial Infrastructure Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | JITFINFRA | JITF Infra Logistics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | WCIL | Western Carriers (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RITCO | Ritco Logistics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TEJASCARGO | Tejas Cargo India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SICALLOG | Sical 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 index?

The Nifty Logistics index tracks India's listed Logistics companies as a single basket. This page follows the same 18 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Logistics sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Logistics stocks in India?

Ranked by this page's four-factor score, Gateway Distriparks Ltd places first among 18 listed Logistics companies, followed by Aegis 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 stocks are listed in India?

This comparison covers 18 listed Logistics 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 company is the biggest?

Container Corporation Of India Ltd is the largest, with trailing-twelve-month revenue of ₹9,086 crore, ahead of Aegis Logistics Ltd at ₹8,332 crore. That covers 17 of 18 companies with comparable reporting through Jun 2026.

### Which Logistics company is growing fastest?

Sical Logistics Ltd has the fastest revenue growth at 73.9% year on year, across 17 of 18 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 company has the best profit margins?

TransIndia Real Estate Ltd has the highest operating margin at 58.3%, from 18 of 18 comparable companies. Sindhu Trade Links Ltd shows the biggest recent improvement, at +115 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Logistics company makes the most profit?

Container Corporation Of India Ltd earns the most, at ₹1,248 crore of trailing-twelve-month net profit, from 17 of 18 comparable companies. Blackbuck Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Logistics company earns the highest return on capital?

S J Logistics (India) Ltd leads on return on capital employed at 32.4%, across 18 of 18 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 stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Gateway Distriparks Ltd screens cheapest at 1.18×. Only 5 of 18 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 company has the strongest balance sheet?

Reliance Industrial Infrastructure Ltd carries the lowest comparable gross debt at ₹0 crore, from 18 of 18 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 sector beating the market?

Logistics has outperformed NIFTY 500 by 0.8% over the last 52 weeks and 10.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Logistics stock has the strongest price momentum?

Aegis 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 company scores highest for research priority?

Gateway Distriparks Ltd scores 65.3 out of 100 with 81.8% evidence confidence, from 22.5 points on growth and earnings, 14.9 on capital efficiency, 17.2 on valuation and 10.7 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 companies does this comparison cover, and over what period?

It compares 18 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 sector?

The 18 Logistics companies on this page carry ₹1,39,473 crore of combined market value. Aegis Logistics Ltd is the largest at ₹47,371 crore, about 34% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-30.

### What is the Logistics sector's P/E ratio?

The median price-to-earnings ratio across the 18 Logistics companies on this page is 39.7×, measured on the 17 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 2026-07-30.

### How is the Logistics sector performing?

6 of the 17 covered Logistics companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 0.8% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-30.

### 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