Rajvi Logitrade Limited

Industrials — Integrated Freight & Logistics · BSE

₹44.02+₹2.09 (+4.98%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Rajvi Logitrade Limited provides transportation and logistics services. It offers port operation services comprising of cargo handling, stevedoring, rake and barge handling, bagging, and warehousing.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees84

Annual revenue₹96 Cr

How does it make money?

Turns over ₹96 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 84 employees supports ₹1.14 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin6.3%

Net margin3.0%

Revenue / employee₹1.14 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.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Some evidence

ROCE of 32.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE32.2%

ROE26.6%

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +493% while net margin moved +169% 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+493%

Margin effect+169%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.26 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk

Quality vs. Valuation

Company Quality

65/ 100

Good

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

Valuation

70/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.1x

3Y Median

1.6x

40 monthly readings · mean 2.7x · range 1.1x–6.3x

Sector Median

88.8x

median of 3 sector peers

⚠️Current valuation is approximately 274% above its 3y median of 1.6x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 93% below the peer median of 88.8x.

vs. its own history

Expensive

1.6x median over 40 months · +274%

vs. sector peers

Cheap

88.8x median of 3 peers · -93%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

6.1x

P/B

1.63x

EV/EBITDA

5.6x

PEG

0.04

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 1.4% to 6.3% over 3 years.
Cash generation is improving
Free cash flow is up 1080% over 3 years.
High return on capital employed
ROCE of 32.2% 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 Attention3

Debt is rising
Total debt is up 1834% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 828% against revenue growth of 493% — customers are taking longer to pay.
Valuation above its historical average
At 6.1x the stock trades 274% above its own median of 1.6x.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1834% over 3 years, from ₹0 Cr to ₹9 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 828% against revenue up 493% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 6.1x to 3.5x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 533% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 32.2% 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 1.4% to 6.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 93% 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?

Sales are being booked faster than collected
Receivables are up 828% against revenue up 493%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
The price already assumes success
The stock trades 274% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 61% a year✓ 81.0% CAGR
Latest reported year was -2.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 6.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✓ 3.5x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹6 Cr
Profit that never becomes cash eventually stops being profit.
5Debt / EBITDA stays below 2x✓ 1.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

7 / 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 · 4 neutral · 2 weak

Market Cap

₹28 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.1x

Cheap

Cheap against the generic band

P/B Ratio

1.63x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹7.27

Profitable

Profitable on a per-share basis

ROE

26.6%

Strong

Strong capital efficiency

ROCE

32.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.79x

Moderate

Moderate leverage

Revenue Growth (YoY)

-2.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

-84.9%

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

₹6 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹44.02

Operating Margin

4.4%

Weak

Thin margins leave little room for error

Net Margin

3.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

35.0 / 27.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹16 Cr	₹31 Cr	₹43 Cr	₹96 Cr	+81.0%
EBITDA	₹0 Cr	₹1 Cr	₹2 Cr	₹6 Cr	+200.6%
EBITDA Margin	1.4%	3.3%	4.3%	6.3%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	₹1 Cr	₹3 Cr	+151.9%
EPS	₹1.79	₹7.69	₹10.94	₹7.16	+58.7%
ROE	—	27.2%	27.9%	26.6%	—
ROCE	—	36.0%	14.7%	32.2%	—
Total Debt	₹0 Cr	—	₹10 Cr	₹9 Cr	+168.4%
Free Cash Flow	₹0 Cr	-₹2 Cr	-₹10 Cr	₹6 Cr	+127.7%

🟢 Revenue has grown at 81.0% a year over 3 years.

🟢 EBITDA has grown at 200.6% a year over 3 years.

🟢 EBITDA Margin has risen from 1.4% to 6.3% over 3 years (+4.9 pts).

🟢 PAT (Net Profit) has grown at 151.9% a year over 3 years.

🟢 EPS has grown at 58.7% a year over 3 years.

🟡 ROE has held roughly flat at 26.6% over 3 years.

🔴 ROCE has fallen from 36.0% to 32.2% over 3 years (-3.8 pts).

🔴 Total Debt has grown at 168.4% a year over 3 years.

🟢 Free Cash Flow has grown at 127.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹26 Cr

Total Liabilities

₹16 Cr

Total Debt

₹9 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

15.7%

Insider Holding

77.4%

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

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

Equitymaster, 12 Oct

Broad-Based Technical Strength Lifts Rajvi Logitrade Ltd to 52-Week High of Rs 34.51

MarketsMojo, 30 Sept

Rajvi Logitrade Limited Announces Entry into Metals and Metal Scrap Trading Business

scanx.trade, 13 Mar

Rajvi Logitrade Limited Enters Commercial Vehicle Lease Agreements Worth Rs. 12.25 Lakh Monthly

scanx.trade, 12 Feb

RAJVI LOGITRADE LIMITED Share Price

Upstox, 07 Apr

RAJVI Stock Price and Chart — BSE:RAJVI

TradingView, 05 Jul

Watch Items

Revenue growth is negative (-2.4%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟡Business QualityAdequate10.8/20

🟢Financial HealthStrong13.4/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong9.8/15

🟡ValuationFair8.4/15

🔴RiskHigh4.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 61% a year81.0% CAGR
✓EBITDA margin holds above 4%6.3%
✓Interest cover stays above 3x3.5x
✓Free cash flow remains positive₹6 Cr
✓Debt / EBITDA stays below 2x1.4x