1. At a Glance – Small Cap With Big Appetite
₹123 crore market cap.
₹1,032 crore TTM sales.
₹18.7 crore PAT.
Stock P/E: 6.58.
Price to Book: 0.61.
ROE: 9.27%.
Debt: ₹281 crore.
Return in last 3 months: -16.7%.
Welcome to Maheshwari Logistics Ltd — a company whose revenue is nearly 8x its market cap, trades at less than book value, but carries debt like a Gujarati wedding carries relatives.
Q3 FY26 (December 2025) revenue came in at ₹261.5 crore, up 13.7% YoY. Net profit rose 38.9% YoY to ₹4.18 crore. EPS for the quarter stood at ₹1.41.
Annualised EPS (Q3 average rule applied) ≈
Average of Q1 (₹1.48), Q2 (₹1.32), Q3 (₹1.41) = ₹1.40
Annualised EPS = ₹1.40 × 4 = ₹5.6 approx.
CMP ₹41.5 ÷ ₹5.6 ≈ P/E ~7.4 (close to reported 6.58 TTM).
Cheap? Maybe.
Risky? Also maybe.
Boring? Absolutely not.
Let’s open the cargo container.
2. Introduction – Truck, Coal, Paper, And Now Mahindra Showroom?
Incorporated in 2006, Maheshwari Logistics started as a transporter. Then it said, “Why only transport coal when we can trade coal?” Then, “Why only trade paper when we can manufacture kraft paper?” And finally, “Why not sell Mahindra trucks also?”
Classic Indian business expansion logic:
If you can carry it → trade it.
If you can trade it → manufacture it.
If you manufacture it → finance it.
If you finance it → open dealership.
The company now operates in:
- Logistics (FTL freight)
- Coal & pet coke trading
- Kraft paper manufacturing
- Mahindra truck dealership (since Q3 FY24)
FY25 was their first full year of Mahindra dealership operations, generating ₹88.05 crore revenue at 4–5% EBITDA margin.
This is not a pure logistics company. Not a pure trading company. Not a pure manufacturer. It’s a diversified mid-sized regional operator trying to become a vertically integrated ecosystem.
But here’s the real question:
Is diversification reducing risk — or just multiplying working capital headaches?
3. Business Model – WTF Do They Even Do?
Let’s break it down like a roadside dhaba menu.
🚛 Transport Division
- 114 owned vehicles
- 3,000–4,000 third-party vehicles
- FTL services across Gujarat, Rajasthan, Maharashtra, Karnataka, Kerala
Logistics revenue is ~12% of FY23 segment revenue.
🪨 Trading Division
- Coal, lignite, pet coke
- Authorized Nayara Energy pet coke dealer
- Coal sorting facility at Vapi
Trading segment contributes ~50%+ revenue in FY25.
Translation:
They buy coal, move coal, grade coal, sell coal. Thin margins. High volume. High working capital.
📦 Paper Manufacturing
- 1 Lac MT capacity kraft paper plant
- 89,680 MT produced in FY23
- 4.5 MW power unit
Kraft paper contributed ~28.66% of FY25 revenue.
Kraft paper is linked to packaging demand, especially e-commerce.
So effectively:
Coal gives revenue volume
Paper gives margin
Transport supports both
