Patel Integrated Logistics Limited

Industrials — Integrated Freight & Logistics · NSE

₹12.84+₹0.10 (+0.78%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:51 pm

Understanding the Business

Company site ↗

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

What does this company do?

Patel Integrated Logistics Limited provides logistics services in India. The company operates through Co-loading of Air Freight and Other Services segments.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees269

Annual revenue₹357 Cr

How does it make money?

Turns over ₹357 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 269 employees supports ₹1.33 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.33 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?Little sign of one

Returns on capital of 8.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +28% while net margin moved +52% 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+28%

Margin effect+52%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROCE of 8.1% is below 10% — capital is not working hard
• ROCE has been broadly stable
✗ EBITDA margin of 7.1% is thin — little cushion if costs rise
✗ Net margin of 2.7% is slim
• Revenue has compounded at 8.7% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

60/ 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

8.6x

3Y Median

19.0x

40 monthly readings · mean 19.4x · range 7.3x–35.8x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 55% below its 3y median of 19.0x. 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 90% below the peer median of 88.8x.

vs. its own history

Cheap

19.0x median over 40 months · -55%

vs. sector peers

Cheap

88.8x median of 3 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

2.5x

PEG

0.34

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 5.3% to 7.1% over 3 years.
Debt is being paid down
Total debt is down 80% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 4.2% to 7.8%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 5.07x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 5.3% to 7.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 80% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 55% 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 90% 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?

Leverage amplifies any setback
Debt/Equity of 5.07x. Interest is payable whether or not the business has a good year.
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 5%✓ 7.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 7% a year✓ 8.7% CAGR
Latest reported year was 46.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹7 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 8.1%
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

6 good · 3 neutral · 2 weak

Market Cap

₹82 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.6x

Cheap

Cheap against the generic band

P/B Ratio

0.72x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.5

Profitable

Profitable on a per-share basis

ROE

7.8%

Weak

Weak capital efficiency

ROCE

8.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

5.07x

High

High leverage

Revenue Growth (YoY)

46.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

50.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.56%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

1.6%

Weak

Thin margins leave little room for error

Net Margin

2.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

3.34

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.69

Defensive

Steadier than the market

52W Range Position

59%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.3 / 13.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

31.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹278 Cr	₹290 Cr	₹342 Cr	₹357 Cr	+8.7%
EBITDA	₹15 Cr	₹14 Cr	₹21 Cr	₹25 Cr	+19.9%
EBITDA Margin	5.3%	5.0%	6.2%	7.1%	—
PAT (Net Profit)	₹5 Cr	₹6 Cr	₹8 Cr	₹10 Cr	+25.1%
EPS	₹0.73	₹0.86	₹1.13	₹1.38	+23.8%
ROE	4.2%	4.6%	6.2%	7.8%	—
ROCE	6.6%	6.2%	6.8%	8.1%	—
Total Debt	₹31 Cr	₹24 Cr	₹13 Cr	₹6 Cr	-41.5%
Free Cash Flow	-₹6 Cr	₹10 Cr	-₹0 Cr	₹7 Cr	—

🟢 Revenue has grown at 8.7% a year over 3 years.

🟢 EBITDA has grown at 19.9% a year over 3 years.

🟢 EBITDA Margin has risen from 5.3% to 7.1% over 3 years (+1.8 pts).

🟢 PAT (Net Profit) has grown at 25.1% a year over 3 years.

🟢 EPS has grown at 23.8% a year over 3 years.

🟢 ROE has risen from 4.2% to 7.8% over 3 years (+3.6 pts).

🟢 ROCE has risen from 6.6% to 8.1% over 3 years (+1.5 pts).

🟢 Total Debt has shrunk at 41.5% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹6 Cr to ₹7 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹163 Cr

Total Liabilities

₹40 Cr

Cash & Equivalents

₹25 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

35.7%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

17 Sept 2026

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%