AVG Logistics Q4 FY26 Earnings Call — Analysis (NSE: AVG)
AVG Logistics reports 19.4% YoY revenue growth in Q4 FY26 with EBITDA margin expanding to 19.66%; guides 15-20% revenue growth for FY27 and ₹1,250 Cr turnover by 2030.
The take
FY26 Total Income ₹582.48 Cr ( +5.07% YoY ) . New guidance — FY27 (April 2026-March 2027) revenue growth 15% to 20% .
Results
Q4 FY26 revenue ₹176.61 Cr (+19.4% YoY); EBITDA ₹34.72 Cr (+45.21% YoY); EBITDA margin 19.66% (+349 bps); PAT ₹10.71 Cr (+104.78% YoY); full-year FY26 total income ₹582.48 Cr (+5.07% YoY).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Q4 Revenue | ₹176.61 Cr | +19.4% | yoy · Q4FY26 |
| Q4 EBITDA | ₹34.72 Cr | +45.21% | yoy · Q4FY26 |
| Q4 EBITDA Margin | 19.66% | +349 bps | yoy · Q4FY26 |
| Q4 PAT | ₹10.71 Cr | +104.78% | yoy · Q4FY26 |
| Q4 PAT Margin | 6.06% | +252 bps | yoy · Q4FY26 |
| FY26 Total Income | ₹582.48 Cr | +5.07% | yoy · FY26 |
| FY26 EBITDA | ₹112.45 Cr | +14.27% | yoy · FY26 |
| FY26 EBITDA Margin | 19.31% | yoy · FY26 · margin improved to 19.31%, comparative figure not stated | |
| FY26 PAT | ₹26.17 Cr | +22.71% | yoy · FY26 |
| FY26 PAT Margin | 4.49% | yoy · FY26 · margin expanded to 4.49%, comparative figure not stated | |
| FY26 Capex | ₹60+ Cr | point_in_time · FY26 · FY26 |
Guidance
Management guides 15-20% revenue growth for FY27 and targets ₹1,250 Cr turnover by 2030.
What management committed to
- We expect to deliver healthy double-digit revenue growth in FY27, targeting 15% to 20% growth. — 15% to 20%, FY27 (April 2026-March 2027)
- We are targeting INR50 crores plus capex for FY27. — INR50 crores+, FY27 (April 2026-March 2027)
- We are targeting one more rail rake for liquid logistics in FY27. — one, FY27 (April 2026-March 2027)
- We have made a joint venture with Baidyanath Group (Carbonlite Logistics Private Limited) and will start operations within the next month. — operations start within one month, by end-July 2026
- We have a vision to achieve INR1250 crores turnover by 2030 (next 4 years). — INR1250 crores, FY30 (April 2029 – March 2030)
Key themes
Multi-modal expansion and green logistics push
Operational commentary
- Entered rail-based liquid logistics segment; acquired 180 container tankers, plans to expand to 1,800 tankers and target 8-10 trains by 2030.
- Won 3-year (extendable to 5) dedicated contract from Haldiram Nagpur for 100 vehicles; potential for additional vehicles in 2-3 months after deployment.
- Formed 50:50 JV with Baidyanath Group — Carbonlite Logistics Private Ltd — to deploy LNG-powered vehicles; operations expected to start within a month.
- Acquired land parcel in Tahliwal, Himachal for warehousing to strengthen North India presence and serve key customers.
- Deployed CNG-powered vehicles with Nestle India and Ashok Leyland under a dedicated green logistics corridor with a long-term contract.
- Added 100+ vehicles in FY26 (including EV/CNG/LNG); targeting similar addition in FY27, driven by long-term customer contracts for alternative-fuel fleets.
- Vision 2030 announced: target of ₹1,250 Cr turnover by 2030.
Analyst Q&A
Q. Is the ₹21 Cr one-time lease reversal gain in Q4 FY26 a recurring or one-time income?
CFO stated it is operational income, not a windfall, and recurring because the company enters multiple long-term lease agreements that may get terminated; PwC opinion was obtained. Analyst pressed that it appears one-time due to contract closure and questioned recurring nature; CFO maintained it is normal and recurring under Ind AS 116.
Q. Reason for delay in Q4 FY26 financial results
CFO attributed the delay to procedural and audit-related requirements as business grew, requiring more detailed reviews and branch consolidation; committed to filing within statutory timelines in the future.
Q. Revenue target for FY27 and beyond
CEO guided 15-20% revenue growth for FY27 based on order book and pipeline, and highlighted the uploaded Vision 2030 of ₹1,250 Cr turnover by 2030.
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