VRL Logistics Limited (VRLLOG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+54.1%

₹465.69

vs ₹302.20 price

Levered DCF

₹645.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.27×	22.83×	55.17×	33.65×	27.96×	22.75×	7.74×	14.15×
P/B	3.58×	1.93×	2.59×	2.86×	3.35×	1.72×	1.13×	2.01×
P/S	1.27×	0.66×	0.84×	1.06×	1.02×	0.58×	0.33×	0.62×
EV / EBITDA	7.76×	5.45×	8.34×	8.16×	6.5×	5.48×	3.69×	5.66×
Gross margin	14.0%	11.4%	16.3%	11.8%	11.1%	5.5%	7.0%	7.5%
Operating margin	12.1%	20.1%	16.2%	9.4%	10.9%	5.0%	6.5%	6.9%
Net margin	7.4%	5.7%	3.1%	12.3%	7.5%	2.6%	4.3%	4.4%
Current ratio	0.49×	0.64×	0.54×	0.91×	0.65×	0.68×	0.69×	1.39×
Debt / equity	1.01×	1.13×	1.1×	0.74×	0.82×	0.71×	0.74×	0.22×
Interest coverage	4.1×	6.77×	6.04×	4.4×	5.38×	2.37×	3.67×	13.07×
Dividend yield	4.3%	2.1%	1.8%	0.0%	4.9%	0.0%	14.1%	2.9%
Payout ratio	73.9%	23.9%	49.3%	0.0%	66.2%	0.0%	108.8%	41.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.7%	16.9%	9.4%	33.1%	24.6%	7.5%	14.6%	14.2%
Return on invested capital	11.8%	19.2%	16.5%	11.4%	14.0%	5.7%	10.3%	10.7%
Return on assets	9.1%	7.1%	4.0%	17.1%	11.6%	3.8%	7.4%	9.4%
Free cash flow yield	7.9%	5.2%	5.7%	-3.4%	8.1%	22.7%	19.3%	-1.5%
Earnings yield	5.8%	8.8%	3.6%	11.6%	7.3%	4.4%	12.9%	7.1%
Enterprise value	₹52.3B	₹32.6B	₹34.7B	₹35B	₹27.1B	₹14.3B	₹11.4B	₹14.3B
Net debt / EBITDA	1.69×	1.96×	2.45×	1.65×	1.26×	1.55×	1.43×	0.51×
Cash conversion cycle (days)	12	15	15	18	16	20	20	20