Slide 1: Leading the way in LTL logistics - Q2 FY26 Investor Presentation
Leading the way in LTL logistics with a robust owned-asset infrastructure ensuring reliability and service excellence Q2 FY26 Investor Presentation | November 2025 1
Slide 2: Safe Harbor
Safe Harbor • Certain statements contained in this document may be statements of future expectations/forward looking statements that are based on management‘s current view and assumptions and involve known and unknown risks and uncertainties that could cause actual results/performance or events to d
Slide 3: Agenda
Agenda Q2 & H1FY26 Company Strategic Industry Historical Key Highlights Overview Positioning Overview Financials 3
Slide 4: Q2 & H1 FY26 Key Highlights
Current Section Q2 & H1FY26 Company Strategic Industry Historical Key Highlights Overview Positioning Overview Financials 4
Slide 5: Q2 & H1 FY26 Key Highlights
Q2 & H1 FY26 Key Highlights Total Income (₹ Cr.) EBITDA (₹ Cr.) PAT (₹ Cr.) Cash Flow from Operations (in ₹ Cr.) 16.9% 19.7% 15.4% 20.3% 4.5% 6.2% 3.2% 6.4% +1% +33% +103% 334 (vs 217 in H1FY25) 1544 1555 316 100 0.2% +17% +39% 237 802 804 136 158 50 49 Net Debt (in ₹ Cr.) 36 Q2FY25 Q2FY26 H1 FY25 H
Slide 6: Volume and Realisation
Volume and Realisation GT Tonnage (in ‘000) 10,600+ tons serviced on a daily basis for Q2 FY26 Volume declined due to the strategic exit from low-margin business 1,092 1,130 1,070 1,093 1,104 1,002 1,048 1,006 935 976 Improved demand and customer recovery led to a 4% QoQ volume increase. Q1FY24 Q2FY
Slide 7: Q2FY26 Profitability Analysis
Q2FY26 Profitability Analysis • Bulk Purchase from refineries increase to 40.6% from 35.5% in Q2FY25 • Average procurement cost per litre reduced • Increase in from ₹85.91 in Q2FY25 number of to ₹ 85.44 in Q2FY26 tolls from 1601 to 1861 100.0 • Increase in Toll Rates • However, percentage is 25.6 ma
Slide 8: H1FY26 Profitability Analysis
H1FY26 Profitability Analysis • Bulk Purchase from refineries increase to 41.0% from 34.5% in H1FY25 • Average procurement • Increase in cost per litre reduced number of from ₹86.04 in H1FY25 tolls from 1601 to 84.30 in H1FY26 to 1861. • Decrease in 100.0 • Increase in Tonnage Toll Rates handled • H
Slide 9: Profit & Loss Statement
Profit & Loss Statement Profit and Loss (in ₹ Cr.) Q2FY26 Q2 FY25 YoY Q1 FY26 QoQ H1FY26 H1FY25 YoY ❖ Total income at ₹804 crore (vs. Revenue from Operations 797.0 799.5 - 744.3 7% 1541.3 1526.7 1% ₹802 crore in Q2 FY25) impacted by volume Other Income 7.0 2.5 6.5 13.5 17.3 moderation from contract
Slide 10: Balance Sheet
Balance Sheet Assets (in ₹ Crs.) Sep-25 Mar-25 Equity & Liabilities (in ₹ Crs.) Sep-25 Mar-25 Non - Current Assets 2,258.9 2,339.3 Total Equity 1,095.7 1,084.6 Property Plant & Equipment 1,553.5 1,554.2 Share Capital 174.9 87.5 CWIP 7.1 15.1 Other Equity 920.8 997.1 Right-of-use assets 639.6 687.3 N
Slide 11: Cash Flow Statement
Cash Flow Statement Particulars (in ₹ Cr.) Sep-25 Sep-24 Net Profit Before Tax 136.3 66.9 Adjustments for: Non -Cash Items / Other Investment or Financial Items 177.7 158.3 Operating profit before working capital changes 314.1 225.2 Changes in working capital 26.9 3.5 Cash generated from Operations
Slide 12: Company Overview
Current Section Q2FY26 Company Strategic Industry Historical Key Highlights Overview Positioning Overview Financials 12
Slide 13: Leading LTL segment with the Largest Fleet Ownership
Leading LTL segment with the Largest Fleet Ownership Leader in Hub & 49 Years Only Asset LTL 5700+ Since Owned Owned GT Spoke LTL Focus with 90% vehicles Model inception LTL player in India contribution to sales Vehicle ERP System 24 States 5 UT 1243 branches incl. 50 Hubs Design Proprietary system
Slide 14: From one Truck to 5700+ Trucks: VRL's Growth Journey
From one Truck to 5700+ Trucks: VRL’s Growth Journey Dr. Vijay Became a Status of the Entered into Limca Company Private Equity Sankeshwar deemed Public company changed Book Records as name changed Placement started ‘Goods Limited from deemed the largest fleet to VRL Logistics Transport’ company Pub
Slide 15: Core to Edge Connectivity with Continuous Expansion
Core to Edge Connectivity with Continuous Expansion VRL’s Extensive Presence Across 24 States & 5 Union Territories LADAKH-UT Leader Powers Nationwide Growth and Demand Fulfillment J&K-UT 02 in the B2B LTL Segment 9 HP Focus on 1243 50 ~ 89% CH-UT 14 PB 01 33 UK 08 Geographical Expansion Branches Hu
Slide 16: Hub & Spoke Strategy
Hub & Spoke Strategy Consolidation Distribution Fragmentation Strengths of the model Continuous Movement for Consistent On time Improved Driver Reduced length of Haul Loads Performance Recruitment & Retention Reduced Cost and Improved Vehicle Lower Carbon Footprint enhanced productivity Utilisation
Slide 17: Driving Reach with our Fleet Size and Operational Capacity
Driving Reach with our Fleet Size and Operational Capacity No of trucks & Capacity in each category 36878 12203 13065 7971 No. of GT Vehicles 5562 778 1566 1069 1158 2020 246 474 1 39 Capacity (Tons) <5 tons 5 - 10 tons 10 - 15 tons 15 - 20 tons 20 - 25 tons 25 - 30 tons >30 tons 5782 376 YoY | 167
Slide 18: Diversified across Sectors and Customers
Diversified across Sectors and Customers No single customer contributing more than 1% of Total Revenue Agriculture Construction Textile Goods Products Food Products Materials Automotive Expertise In Handling Variety of Commodities Parts & Spares Diversified B2B Customer Base across Wide Range of Ind
Slide 19: Tech-Enabled Superiority in Every Kilometre
Tech-Enabled Superiority in Every Kilometre Alternative and Backup To tackle disruptions, enable robust In-house developed Enables real time operations and disaster recovery & business continuity ERP System movement of consignments Systems infrastructure Monitors vehicle movement, fuel Loading proce
Slide 20: Sustainability at core of our operations
Sustainability at core of our operations Environmentally Friendly Renewable Energy Waste Reduction and Fleet Initiatives Recycling ✓ We are committed to reduce our carbon ✓ We have invested in renewable water ✓ We have implemented comprehensive footprint through the use of a modern, solutions at our
Slide 21: Team of Excellence
Team of Excellence Dr. Vijay Sankeshwar Dr. Anand Sankeshwar Chairman & Managing Director Managing Director ❖ Honored With The Padma Shri Award On The Eve Of Republic Day, ❖ Honorary Doctorate by Karnataka State Open University 2020 For Contribution To Trade & Industry ❖ Actively Involved In Day-To-
Slide 22: Strategic Positioning
Current Section Q1FY26 Company Strategic Industry Historical Key Highlights Overview Positioning Overview Financials 22
Slide 23: Key Strengths and Future Growth Drivers
Key Strengths and Future Growth Drivers 1 Only ‘Asset Right’ organised player in the LTL Segment 2 Broad Customer Base with Low Revenue Concentration Risk with Most Efficient Collection Mechanism 3 Cash-Rich Operations Supporting Consistent Shareholder Returns 23
Slide 24: Only 'Asset Right' organised player in the LTL Segment
1. Only ‘Asset Right’ organised player in the LTL Segment Strategic asset ownership enables the company to deliver consistent service quality, strengthening customer trust and positioning it as a reliable long-term partner Added 1540 Vehicles in 5 years 4575 4816 5671 5994 6115 7 Owned Fuel Pumps; A
Slide 25: Low Concentration; High Efficiency
2. Low Concentration; High Efficiency* Widest customer base of over With 9 lakh+ 97.0% 3.0% 99.0% 1.0% Lowest GST Registered customer Concentration Risk across various sectors…. Top 10 Customers Others Top 3 Customers Others Disciplined Collection Mechanism in Place ✓ Provision for Bad Debt of 0.02%
Slide 26: Strong Cash Flows, Steady Shareholder Returns
3. Strong Cash Flows, Steady Shareholder Returns Operating Profit before working capital changes (before IND AS adjustments) Strong Cashflows helping both 587 growth and consistent shareholder return ✓ Strong Cash Flow through internal 462 accruals led to robust expansion plans 413 409 Strong Cash f
Slide 27: Growth Blueprint
Growth Blueprint 1 Core focus on GT Business Expansion in network & creation of necessary infrastructure Focus on Volume improvement Undertake mass marketing in existing as well as newer branch locations for 2 volume growth and identify profitable freight contracts Key Focus Areas 4 Strategic Fleet
Slide 28: Industry Overview
Current Section Q1FY26 Company Strategic Industry Historical Key Highlights Overview Positioning Overview Financials 28
Slide 29: Structural Tailwinds Driving the Logistics Industry
Structural Tailwinds Driving the Logistics Industry The Indian logistics industry is valued at ~$250 billion, contributing about 14% to the country's GDP Developments and Trends in the Indian Logistics Industry India’s logistics market • Government Initiatives & Policy Reforms- • NLP, PM GatiShakti
Slide 30: An Overview of Road Logistics in India
An Overview of Road Logistics in India 153.9 bn USD CAGR ~9% 236.3 bn USD The India Road Freight Transport Market Size : in FY25 in FY30 Significance of Road Logistics Backbone of Cost-Effective and Integrating Rural Accessibility and Reach Transportation Flexible Economies Challenges 1 Fuel Cost 2
Slide 31: Historical Financials
Current Section Q1FY26 Company Strategic Industry Historical Key Highlights Overview Positioning Overview Financials 31
Slide 32: Historical Financial Highlights
Historical Financial Highlights Total Income (₹ Cr.) EBITDA (₹ Cr.) PAT (₹ Cr.) 14.7% 17.9% 15.6% 14.2% 18.8% 20.3% 2.5% 7.2% 6.2% 3.1% 5.7% 6.4% +42% +16% 3,186 +23% 598 183 2,910 156 166 2,663 2,180 391 416 415 1,776 1,555 316 89 100 260 45 FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 FY22 FY23 FY24 FY25
Slide 33: Key Financial Ratios
Key Financial Ratios Net Debt to Equity (x) Working Capital Days (Days) Leverage Ratio (x) 0.4 23 9.8 0.3 18 19 7.7 0.3 7.1 16 16 6.3 6.3 13 5.3 0.2 0.2 0.2 0.3 0.4 0.3 0.6 0.7 0.5 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY26 Net Debt/EBITDA EBIT
Slide 34: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit and Loss (in ₹ Cr.) FY25 FY24 FY23 FY22 FY21* Revenue from Operations 3,160.9 2,888.6 2,648.5 2,163.6 1,762.9 Other Income 25.5 21.1 14.3 16.8 12.9 Total Income 3,186.4 2,909.7 2,662.9 2,180.4 1,775.8 Direct Expenses 1,999.4 1,966.8 1,799.0 1,418.2 1,181.7 E
Slide 35: Historical Balance Sheet
Historical Balance Sheet Assets (in ₹ Cr.) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21* Equity & Liabilities (in ₹ Cr.) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21* Non - Current Assets 2,333.2 2,005.2 1,612.9 1,209.2 1,021.9 Total Equity 1,084.6 945.8 975.8 651.6 597.1 Property Plant & Equipment 1,554.2 1,198.2 998.
Slide 36: Historical Cashflow Statement
Historical Cashflow Statement Particulars (in ₹ Cr.) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21* Net Profit Before Tax 250.0 121.0 423.4 209.9 63.7 Adjustments for: Non -Cash Items / Other Investment or Financial Items 337.3 288.4 38.6 203.3 192.8 Operating profit before working capital changes 587.2 409.4
Slide 37: Thank You
Thank You Investor Relations: Strategic Growth Advisors (SGA) Company: VRL Logistics Limited CIN: U74140MH2010PTC204285 CIN: L60210KA1983PLC005247 Sunil Nalavadi – CFO Prachi Chhugani / Deep Hemani cfo@vrllogistics.com prachi.chhugani@sgapl.net / deep.hemani@sgapl.net Tel: +91 89492 92029 / + 91 981