Kaushalya Logistics Ltd (KLL) looks like that student who topped Hindi medium exams but then suddenly started rapping in English. Started as a logistics player for Dalmia Cement, now they’re also hawking TVs, fridges, and washing machines on e-commerce platforms. FY25 revenue? ₹1,227 Cr. Net profit? ₹11.8 Cr. That’s a net margin of 0.97%, basically thinner than a ₹5 Britannia Marie biscuit. Still, with ROE at 21% and promoters holding a chunky 73.6%, the company is flexing some solid muscle. But is this muscle from cement or from selling electronics at wafer-thin margins?
2. Introduction
Imagine a company that built its name moving cement bags across states but suddenly said, “Arre, why stop there? Let’s sell refrigerators online too.” That’s Kaushalya for you. Founded in 2007, acquired by the Poddar Group in 2011, the company is a weird hybrid:
Core strength: Clearing & Forwarding (C&F) for cement.
Side business: Selling electronics via e-commerce.
Extra garnishing: Renting out 18 shops in Udaipur real estate.
Revenue mix tells the story: Logistics was 62% in FY22 → fell to just 8.5% in FY23. E-commerce zoomed to 91.2%. Basically, cement became side hustle, online appliance sales became main course.
Now, in FY25, logistics depots keep expanding (111 depots as of July 2025), but the financials still look like “Amazon seller margins on steroids.”
3. Business Model (WTF Do They Even Do?)
Let’s break it down like an auditor sniffing fraud:
Logistics & Transportation
Specialises in cement C&F.
Handles 1.5 million tonnes annually.
Manages over 111 depots / warehouses.
Big client: Dalmia Cement Bharat Ltd (DCBL).
E-commerce Distribution
Electronics, white goods – sold across India.
Razor-thin margins, but massive scale.
Rental Business
Owns 18 commercial shops in Udaipur.
Leasing them out for steady annuity-style income.
Revenue Bifurcation FY23:
Logistics: 8.5%
E-commerce: 91.2%
Rental: 0.3%
So yes, logistics is legacy, e-commerce is growth, rental is pocket money.
4. Financials Overview
Quarterly Snapshot (₹ Cr)
Metric
Jun’25
Mar’25
YoY %
QoQ %
Revenue
753
474
+28%
+59%
EBITDA
6
4
-14%
+50%
PAT
5.72
3.31
+19%
+73%
EPS (₹)
3.09
2.58
+20%
+20%
Annual Snapshot (₹ Cr)
Metric
FY24
FY25
YoY %
Revenue
1,466
1,227
-16%
EBITDA
7
6
-14%
PAT
9
12
+34%
EPS (₹)
4.9
6.4
+31%
Commentary: Sales dipped but profits rose – thanks to other income (₹20 Cr FY25). Core operating margin? Less than 1%. Basically, profits are like a topping, not the pizza.
5. Valuation – Fair Value RANGE
P/E Method
EPS = ₹6.4
Apply 8–12x (low margin biz).
FV = ₹51 – ₹77.
P/BV Method
BV = ₹32.6
Apply 1.5–2.0x.
FV = ₹49 – ₹65.
EV/EBITDA
EV = ₹218 Cr; EBITDA = ₹25 Cr (incl other income).
EV/EBITDA = ~8.6x.
FV ~₹60–₹75.
👉 Overall FV Range = ₹50 – ₹75 (educational, not advice).
