GB Logistics Commerce Limited

Industrials — Integrated Freight & Logistics · BSE

₹21.44+₹0.04 (+0.19%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

GB Logistics Commerce Limited provides full truckload freight services to large and medium-sized enterprises in India. It operates through sales of service, and sale of product segments.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees54

Annual revenue₹131 Cr

How does it make money?

Turns over ₹131 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation. Each of its 54 employees supports ₹2.42 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.42 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 23.8%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 16.5% against a peer median of 15.2% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE15.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +224% while net margin moved +262% 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+224%

Margin effect+262%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

57/ 100

Average

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

Valuation

88/ 100

Cheap

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

1.9x

2Y Median

3.2x

23 monthly readings · mean 4.4x · range 1.5x–13.8x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 39% below its 2y median of 3.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 98% below the peer median of 88.8x.

vs. its own history

Cheap

3.2x median over 23 months · -39%

vs. sector peers

Cheap

88.8x median of 3 peers · -98%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

4.2x

PEG

0.02

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 3.7% to 9.6% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
High return on capital employed
ROCE of 23.8% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 42.7% to 15.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 46.1% to 23.8% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 792% over 3 years, from ₹5 Cr to ₹44 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 307% against revenue up 224% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 7.8x to 4.6x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 23.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 3.7% to 9.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 39% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 98% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

The debt load needs earnings to hold up
Debt is 3.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 307% against revenue up 224%. 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 42.7% to 15.3%. 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.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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

1Revenue growth stays above 36% a year✓ 48.0% CAGR
Latest reported year was -59.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 8%✓ 9.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 21%✓ 23.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 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
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹18 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

1.9x

Cheap

Cheap against the generic band

P/B Ratio

0.30x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹11.03

Profitable

Profitable on a per-share basis

ROE

16.5%

Strong

Strong capital efficiency

ROCE

23.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.74x

Moderate

Moderate leverage

Revenue Growth (YoY)

-59.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

-75.4%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

4.8%

Average

Average asset productivity

Operating Margin

1.7%

Weak

Thin margins leave little room for error

Net Margin

6.9%

Average

Average bottom-line conversion

Current Ratio

1.43

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

22.8 / 23.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

34.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹40 Cr	₹116 Cr	₹206 Cr	₹131 Cr	+48.0%
EBITDA	₹1 Cr	₹10 Cr	₹15 Cr	₹13 Cr	+104.2%
EBITDA Margin	3.7%	8.3%	7.2%	9.6%	—
PAT (Net Profit)	₹1 Cr	₹5 Cr	₹9 Cr	₹9 Cr	+127.4%
EPS	₹0.94	₹5.93	₹14.33	—	—
ROE	42.7%	27.4%	17.5%	15.3%	—
ROCE	46.1%	43.0%	26.8%	23.8%	—
Total Debt	₹5 Cr	₹16 Cr	₹16 Cr	₹44 Cr	+107.4%
Free Cash Flow	-₹3 Cr	-₹21 Cr	-₹18 Cr	₹1 Cr	—

🟢 Revenue has grown at 48.0% a year over 3 years.

🟢 EBITDA has grown at 104.2% a year over 3 years.

🟢 EBITDA Margin has risen from 3.7% to 9.6% over 3 years (+6.0 pts).

🟢 PAT (Net Profit) has grown at 127.4% a year over 3 years.

🔴 ROE has fallen from 42.7% to 15.3% over 3 years (-27.4 pts).

🔴 ROCE has fallen from 46.1% to 23.8% over 3 years (-22.3 pts).

🔴 Total Debt has grown at 107.4% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹124 Cr

Total Liabilities

₹65 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹6 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.3%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

6 general

GB Logistics Commerce Limited Share Price - Live GBLOGISTIC Stock Price & Chart

Upstox, 05 May

GB Logistics passes all six resolutions at 6th AGM on Sept 30

scanx.trade, 30 Sept

RAJVI LOGITRADE LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 12 Oct

GB Logistics Commerce sets Sept 24-30 book closure for 6th AGM

scanx.trade, 03 Sept

CARGOTRANS Stock Price and Chart — BSE:CARGOTRANS

TradingView, 06 Jun

IPO Rush: Two New Offers To Open Next Week, Six Listings Include One Mainboard Debut

NDTV Profit, 23 Sept

Watch Items

Revenue growth is negative (-59.6%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Valuation

MiddlingBusiness Quality · Financial Health · Profitability

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA falls below 3x · see Key things to watch ↑