AVG Logistics Q1 FY27 Results (NSE: AVG)
Signal: Margin pressure
The read
The key inflection is not a clean operating recovery: revenue growth improved to 6.0% YoY from Q3FY26's -5.6% and Q4FY26's 4.7%, but EBITDA fell 13.0% and margin contracted to 15.9% from 19.0% in Q4FY26; PAT growth of 30.0% was driven mainly by a 48.3% depreciation decline and lower tax, while EPS growth lagged because of the rights issue.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹132.48 Cr | 6.0% | -14.7% |
| EBIT | ₹15.37 Cr | 16.8% | |
| Net profit | ₹6.46 Cr | 30.0% | |
| EPS | ₹4.06 | 23.4% | |
| EBIT margin | 15.9% |
P&L walk
Revenue rose 6.0% YoY to ₹13,247.68 lakh, but EBITDA declined 13.0% and EBITDA margin fell to 15.9%; PAT nevertheless increased 30.0% to ₹645.52 lakh as depreciation declined and the effective tax burden was lower.
Segments
Freight income was the only meaningful growth driver at ₹12,599.09 lakh, up 7.1% YoY, while warehousing declined 21.9% to ₹535.98 lakh; the group remains a single logistics business with no disclosed segment-profit split.
Key positives
- Consolidated revenue reached ₹13,247.68 lakh, up 6.0% YoY after Q3FY26 revenue declined 5.6% YoY.
- Freight income increased 7.1% YoY to ₹12,599.09 lakh, offsetting a 21.9% decline in warehousing income.
- PAT increased 30.0% YoY to ₹645.52 lakh, supported by a 48.3% YoY reduction in depreciation and amortisation.
- Rights issue raised ₹5,293.01 lakh, with ₹2,918.29 lakh already utilised for working capital and ₹1,606.77 lakh unutilised.
Key concerns
- EBITDA declined 13.0% YoY and EBITDA margin contracted 300bps to 15.9% despite 6.0% revenue growth, showing weak operating conversion.
- EPS growth of 23.4% lagged PAT growth of 30.0% after the rights issue increased paid-up capital to ₹1,870.81 lakh.
- Warehousing income fell 21.9% YoY to ₹535.98 lakh, limiting diversification beyond freight.
- Standalone other income of ₹166.06 lakh represented 20.1% of standalone PBT of ₹823.66 lakh, making the parent-level profit quality less purely operating.
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