Amiable Logistics (India) Limited

Sector n/a · NSE

₹77.00₹0.00 (0.00%)

DalalBaazaar Score

43 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

The 60-second version of Amiable Logistics (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹19 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Some evidence

ROCE of 15.7% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -35% while net margin moved +37% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-35%

Margin effect+37%

DalalBaazaar Score

43/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 13.6% a year
✗ Profit has declined at 3.9% a year

Quality vs. Valuation

Company Quality

44/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

60/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

8.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 6.0% to 9.8% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Very low debt
Debt/Equity of 0.28x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 15.7% to 9.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 24.1% to 15.7% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Receivables growing faster than salesFinancial
Receivables up 16% against revenue up -35% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 6.0% to 9.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹0 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 16% against revenue up -35%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 15.7% to 9.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 8%✓ 9.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 13%✓ 15.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 6.7x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹13 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

9.6%

Moderate

Moderate capital efficiency

ROCE

15.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

-15.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

22.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Gross Margin

90.6%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

5.0%

Average

Average bottom-line conversion

Current Ratio

1.22

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

70.0 / 69.7

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹29 Cr	₹24 Cr	₹23 Cr	₹19 Cr	-13.6%
EBITDA	₹2 Cr	₹3 Cr	₹2 Cr	₹2 Cr	+1.7%
EBITDA Margin	6.0%	11.3%	7.5%	9.8%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-3.9%
EPS	₹8.63	₹7.67	₹4.47	—	—
ROE	15.7%	16.3%	8.7%	9.6%	—
ROCE	24.1%	26.6%	14.5%	15.7%	—
Total Debt	₹3 Cr	₹2 Cr	₹3 Cr	₹3 Cr	-1.2%
Free Cash Flow	-₹0 Cr	₹0 Cr	-₹1 Cr	₹0 Cr	—

🔴 Revenue has shrunk at 13.6% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (1.7% a year).

🟢 EBITDA Margin has risen from 6.0% to 9.8% over 3 years (+3.8 pts).

🔴 PAT (Net Profit) has shrunk at 3.9% a year over 3 years.

🔴 ROE has fallen from 15.7% to 9.6% over 3 years (-6.1 pts).

🔴 ROCE has fallen from 24.1% to 15.7% over 3 years (-8.4 pts).

🟡 Total Debt has been broadly flat over 3 years (-1.2% a year).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹15 Cr

Total Liabilities

₹5 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹0 Cr

Recent News

6 general

Compare with

Equitymaster, 10 Oct

Amiable Logistics (India) Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Aug

Trans-Nationwide Express (NGSE:TRANSEXPR) - Stock Analysis

Simply Wall Street, 15 Oct

Amiable Logistics (India) Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Listing Ceremony of Amiable Logistics (India) Limited

NSE India, 16 Nov

Logistics Stocks: Check Logistics Stock List & Company Shares | IIFL Capital

India Infoline, 25 Nov

Watch Items

Revenue growth is negative (-15.6%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑