AVG Logistics Ltd Q1 FY27 Results

AVG Logistics's consolidated revenue rose 5.96% YoY to ₹132.48 Cr in Q1 FY27 (from ₹125.02 Cr in Q1 FY26) — well short of the 15-20% annual growth management guided for FY27 onward in its February 2026 concall. This is the first quarter of that guided growth phase, so the pace so far is running at roughly a third of the target. Sequentially, revenue fell 14.7% from ₹155.28 Cr in Q4 FY26, but that quarter's base included a ₹21.19 Cr one-off gain on termination of a Railways lease (Ind AS 116), so the QoQ comparison is not a clean momentum read. Consolidated PAT rose 29.78% YoY to ₹6.46 Cr (EPS ₹4.06 vs ₹3.29); a web search turned up no analyst consensus or brokerage preview for this quarter — AVG Logistics has no visible formal Street coverage, so vsStreet is unknown.

The profit growth is not coming from operating leverage: operating expense rose to 76.1% of revenue from 71.6% a year earlier, compressing EBITDA-level margin to roughly 15.9% from ~19.4% in Q1 FY26. What carried PBT up 24.5% YoY to ₹8.71 Cr was a near-halving of depreciation and amortisation (₹5.76 Cr vs ₹11.12 Cr) plus a lower effective tax rate (25.9% vs 28.9%) — both below-the-line effects rather than a stronger core business. Standalone PAT grew a slower 22.0% YoY (₹6.01 Cr vs ₹4.93 Cr), a roughly 7.8pp gap to the consolidated print, arising from the two subsidiaries — Galaxy Packers and Movers (100%) and Kaizen Logistics (99%) — now folded into the group numbers.

The stock went into the print at ₹226, up 49.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 3 consecutive quarters.

The quarter's main corporate action was a ₹52.93 Cr rights issue (36.50 lakh shares at ₹145 each, closed June 9), which lifted paid-up capital 24.2% to ₹18.71 Cr; of the ₹52.04 Cr net proceeds, ₹29.18 Cr has gone to working capital and ₹6.79 Cr to general corporate purposes, leaving ₹16.07 Cr unutilised as of quarter-end. Segment-wise, freight income grew 7.1% YoY to ₹125.99 Cr but warehousing income fell 21.9% YoY to ₹5.36 Cr. Post-quarter the company signed a 5-year, 30-EV-truck contract and separately flagged liquor-logistics contracts targeting ₹25 Cr of revenue — new-business wins that support the FY27 growth case but have not yet shown up in this quarter's print. The filing carries no fresh management outlook commentary beyond the results and a Re. 1.2/share final FY26 dividend recommendation; the board also cleared an ESOP pool and raised authorised capital from ₹21 Cr to ₹25 Cr, both shareholder-approval items rather than operational signals.