Shreeji Translogistics Limited

Industrials — Integrated Freight & Logistics · BSE

₹8.46+₹0.11 (+1.32%)

DalalBaazaar Score

47 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by 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. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:55 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shreeji Translogistics Limited engages in the transportation of goods in India.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees326

Annual revenue₹247 Cr

How does it make money?

Turns over ₹247 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 326 employees supports ₹75.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹75.6 lakh

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 10.4% 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 +23% while net margin moved -73% 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+23%

Margin effect-73%

DalalBaazaar Score

47/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 7.1% — barely ahead of inflation
✗ Profit has declined at 31.0% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

41/ 100

Weak

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

Valuation

74/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

13.6x

3Y Median

16.9x

40 monthly readings · mean 19.0x · range 3.8x–42.6x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 19% below its 3y median of 16.9x. 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 85% below the peer median of 88.8x.

vs. its own history

Fair

16.9x median over 40 months · -19%

vs. sector peers

Cheap

88.8x median of 3 peers · -85%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

9.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 14% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 25.8% to 5.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 33.1% to 10.4% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 6.8 points, from 11.2% to 4.4%.
🟡Profit is decliningFinancial
Net profit is down 67% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 85% 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?

Margins are being competed away
EBITDA margin has fallen from 11.2% to 4.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Growth barely outpaces inflation
Revenue compounding at 7.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 25.8% to 5.7%. 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.

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

1EBITDA margin holds above 2%✓ 4.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 5% a year✓ 7.1% CAGR
Latest reported year was 12.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

8 / 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 · 4 neutral · 1 weak

Market Cap

₹59 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.6x

Cheap

Cheap against the generic band

P/B Ratio

0.95x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.62

Profitable

Profitable on a per-share basis

ROE

5.7%

Weak

Weak capital efficiency

ROCE

10.4%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.62x

Moderate

Moderate leverage

Revenue Growth (YoY)

12.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

100.0%

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

Operating Margin

4.0%

Weak

Thin margins leave little room for error

Net Margin

1.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.12

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.72

Defensive

Steadier than the market

52W Range Position

46%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

8.7 / 8.3

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

32.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹200 Cr	₹253 Cr	₹231 Cr	₹247 Cr	+7.1%
EBITDA	₹22 Cr	₹20 Cr	₹10 Cr	₹11 Cr	-21.6%
EBITDA Margin	11.2%	7.9%	4.5%	4.4%	—
PAT (Net Profit)	₹11 Cr	₹16 Cr	₹2 Cr	₹4 Cr	-31.0%
EPS	₹2.11	₹2.36	₹0.28	₹0.51	-37.7%
ROE	25.8%	28.5%	3.5%	5.7%	—
ROCE	33.1%	32.1%	9.1%	10.4%	—
Total Debt	₹46 Cr	₹47 Cr	₹42 Cr	₹40 Cr	-4.9%
Free Cash Flow	-₹1 Cr	-₹12 Cr	₹10 Cr	₹0 Cr	—

🟢 Revenue has grown at 7.1% a year over 3 years.

🔴 EBITDA has shrunk at 21.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 11.2% to 4.4% over 3 years (-6.8 pts).

🔴 PAT (Net Profit) has shrunk at 31.0% a year over 3 years.

🔴 EPS has shrunk at 37.7% a year over 3 years.

🔴 ROE has fallen from 25.8% to 5.7% over 3 years (-20.1 pts).

🔴 ROCE has fallen from 33.1% to 10.4% over 3 years (-22.7 pts).

🟢 Total Debt has shrunk at 4.9% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹122 Cr

Total Liabilities

₹59 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.7%

Corporate Actions

Ex-Dividend Date

23 Sept 2024

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

2 positive1 mixed3 general

Shreeji Translogistics promoter buys 1,278 shares, holding at 0.24%

scanx.trade, 23 Sept

Shreeji Translogistics consolidated net profit rises 108.00% in the June 2026 quarter

Business Standard, 13 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Shreeji Translogistics Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 01 Sept

Shreeji Translogistics FY26 Net Profit Rises, Appoints Auditor

scanx.trade, 20 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Shreeji Translogistics Announces Q3FY26 Results with 98.5% Net Profit Growth

scanx.trade, 07 FebResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Shreeji Translogistics Limited Share Price

Upstox, 21 Jan

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑