Total Fleet Size
920 vehicles
+200 vehicles planned next year
Out of 920 vehicles, ~450 are in cold chain; plan to add 200 vehicles next year.
AVGLOGISTICS
Infrastructure
2026-02-??
AVG Logistics Ltd — Q3 FY26
AVG Logistics reported Q3 FY26 revenue of ₹134.08 crore with EBITDA of ₹27.20 crore (margin 20.29%) and PAT of ₹5.40 crore.
✓ Verified against BSE filing
2-Min Summary
AVG Logistics reported Q3 FY26 revenue of ₹134.08 crore with EBITDA of ₹27.20 crore (margin 20.29%) and PAT of ₹5.40 crore. The company is transitioning from a road-focused model to multi-modal logistics including rail, cold chain, and liquid logistics. Management guided for 15-20% organic revenue growth in FY27, driven by long-term contracts, green fleet expansion (LNG/electric), and warehousing scale-up to 15 lakh sq ft. Key risks include volatile freight rates due to demand-supply imbalances and high dependence on market-sourced vehicles (~55% of fleet), which compress margins during peak demand. The company's asset-light approach and focus on sustainable logistics position it for gradual margin improvement, but near-term growth remains modest.
Key Numbers
Cold Chain Vehicles
450 vehicles
~49% of total fleet
Cold chain is a key growth segment with better margins and less competition.
Warehousing Capacity
9 lakh sq ft
Target 15 lakh sq ft next year
Currently managing 9 lakh sq ft; target to add 5 lakh sq ft in FY27.
Fleet Utilization
97-98%
~2% downtime for maintenance
High utilization with only 20-30 vehicles in maintenance/accident at any time.
Management Guidance
FY27 revenue growth of 15-20%
Management expects organic revenue growth of 15-20% year-on-year, driven by existing client expansion and new client additions.
revenueAdd 200 vehicles in next year
Plans to add approximately 200 vehicles, primarily in cold chain and liquid logistics, to support growth.
growthWarehousing capacity target of 15 lakh sq ft
Target to increase warehousing capacity from current 9 lakh sq ft to 15 lakh sq ft in FY27, with new facilities in Guwahati and Patna.
expansionAdd 5-6 trains for liquid logistics next year
Plans to add 5-6 trains for liquid logistics to capitalize on growing demand from Reliance and Adani group.
expansionKey Risks
Volatile freight rates due to demand-supply imbalance
Freight rates fluctuate with demand; during peak seasons, market rates rise, compressing margins on market-sourced vehicles.
medium · management_commentaryHigh dependence on market-sourced vehicles
55% of fleet is market-sourced, exposing the company to rate volatility and margin pressure during demand spikes.
medium · analyst_questionReturn load imbalance on rail routes
On routes like Delhi-Guwahati, return load is only 20%, requiring higher outbound freight to compensate, which may not always be achievable.
medium · management_commentaryCapex recovery period for warehousing
Warehousing investments take 9-10 years to recover, posing a long-term capital lock-up risk if demand softens.
low · data_observationNotable Quotes
We are the first in India to commercially deploy 25-ton electric motor Tata motor and Tata steel services for intra plant and short hall deliveries.
Our fleet utilization is around 97 to 98%.
We are talking to the customer for providing the 4PL now 5PL services which is now warehousing, warehouse supply chain management, primary transportation and secondary transportation.