Transvoy Logistics India Limited

Industrials — Integrated Freight & Logistics · BSE

₹117.99₹0.00 (0.00%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

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

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Transvoy Logistics India Limited, together with its subsidiaries, provides logistics solutions in India.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Annual revenue₹65 Cr

How does it make money?

Turns over ₹65 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation.

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 8.9% 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +395% while net margin moved -44% 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+395%

Margin effect-44%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 8.9% is below 10% — capital is not working hard
✗ ROCE has fallen by 3.1 points — returns are eroding
✗ EBITDA margin of 10.0% is thin — little cushion if costs rise
✗ Net margin of 2.7% is slim
• Revenue has compounded at 70.5% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

46/ 100

Average

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

Valuation

84/ 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

18.0x

3Y Median

26.5x

40 monthly readings · mean 200.9x · range 11.6x–844.3x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 32% below its 3y median of 26.5x. 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 80% below the peer median of 88.8x.

vs. its own history

Cheap

26.5x median over 40 months · -32%

vs. sector peers

Cheap

88.8x median of 3 peers · -80%

vs. generic bands

Fair

15x–35x

EV/EBITDA

7.1x

PEG

0.45

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 12.0% to 8.9% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1195% over 3 years, from ₹1 Cr to ₹18 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 1461% against revenue up 395% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 5.9x to 2.3x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 32% 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 80% 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 1461% against revenue up 395%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
3 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 53% a year✓ 70.5% CAGR
Latest reported year was 66.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 8%✓ 10.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.

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

3 good · 6 neutral · 2 weak

Market Cap

₹31 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

18.0x

Fair

Fairly valued against the generic band

P/B Ratio

1.27x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹6.54

Profitable

Profitable on a per-share basis

ROE

10.0%

Moderate

Moderate capital efficiency

ROCE

8.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.73x

Moderate

Moderate leverage

Revenue Growth (YoY)

66.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-65.7%

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

-₹20 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

6.0%

Average

Average asset productivity

Operating Margin

3.5%

Weak

Thin margins leave little room for error

Net Margin

2.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.79

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.67

Defensive

Steadier than the market

52W Range Position

44%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

96.6 / 93.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

93.2

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹13 Cr	₹28 Cr	₹35 Cr	₹65 Cr	+70.5%
EBITDA	₹1 Cr	₹2 Cr	₹5 Cr	₹7 Cr	+77.0%
EBITDA Margin	9.0%	5.6%	14.9%	10.0%	—
PAT (Net Profit)	₹1 Cr	₹0 Cr	₹2 Cr	₹2 Cr	+40.3%
EPS	₹2.37	₹0.27	₹6.99	—	—
ROE	9.0%	1.0%	21.2%	7.0%	—
ROCE	12.0%	4.9%	22.0%	8.9%	—
Total Debt	₹1 Cr	₹8 Cr	₹11 Cr	₹18 Cr	+134.9%
Free Cash Flow	-₹1 Cr	-₹6 Cr	-₹4 Cr	-₹11 Cr	—

🟢 Revenue has grown at 70.5% a year over 3 years.

🟢 EBITDA has grown at 77.0% a year over 3 years.

🟢 EBITDA Margin has risen from 9.0% to 10.0% over 3 years (+1.1 pts).

🟢 PAT (Net Profit) has grown at 40.3% a year over 3 years.

🔴 ROE has fallen from 9.0% to 7.0% over 3 years (-1.9 pts).

🔴 ROCE has fallen from 12.0% to 8.9% over 3 years (-3.1 pts).

🔴 Total Debt has grown at 134.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹51 Cr

Total Liabilities

₹26 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹19 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.1%

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

Transvoy Logistics India Limited Issues Clarification on Share Price Movement to BSE

scanx.trade, 10 Apr

Transvoy Logistics India Ltd Share Price

Business Today, 01 Apr

DESIFARMS Stock Price and Chart — BSE:DESIFARMS

TradingView, 27 Apr

Transvoy Logistics India Limited brings its IPO of Rs 511.20 lakhs Issue opens on the 20th of January, 2023

Ahmedabad Mirror, 20 Jan

Stock market today: 79 stocks hit 52-week highs, 48 stocks at 52-week low as Nifty 50, Sensex end lower

Livemint, 17 Jun

CARGOTRANS Stock Price and Chart — BSE:CARGOTRANS

TradingView, 06 Jun

Watch Items

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

StrongGrowth · Valuation

MiddlingFinancial Health

WeakBusiness Quality · Profitability · Risk

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. 3 high-severity red flags sit above this conclusion and should be read first.

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