MAHESHWARI - Maheshwari Logi.
📢 Recent Corporate Announcements
Maheshwari Logistics Limited has appointed Mr. Palash Maheshwari as an Additional Director in a Non-Executive Non-Independent capacity, effective February 15, 2026. Mr. Palash, aged 25, is the son of the current Chairman and Managing Director, Mr. Neeraj Maheshwari, indicating a step toward family succession. He holds a Mechanical Engineering degree and an MSc in Management from London Business School, completed in December 2025. His previous operational experience includes leading a brownfield expansion project for the company's monocarton manufacturing unit.
- Appointment of Palash Maheshwari as Non-Executive Director effective February 15, 2026.
- The appointee is the son of the current CMD, Neeraj Maheshwari, signaling promoter family involvement.
- Academic credentials include a 2022 Mechanical Engineering degree and a 2025 MSc from London Business School.
- Previously managed a brownfield expansion project for the company's monocarton manufacturing unit.
Maheshwari Logistics Limited has announced the resignation of Mr. Shubham Vinay Maheshwari from his position as a Non-Executive Director. The resignation is effective from the close of business hours on February 14, 2026. The director has stepped down to pursue advanced studies abroad, and the company has confirmed there are no other material reasons for his departure. The Board of Directors took note of this change during their meeting on the same day.
- Resignation of Mr. Shubham Vinay Maheshwari (DIN: 10205313) as Non-Executive Director.
- Cessation of office effective from the close of business hours on February 14, 2026.
- Reason for resignation is cited as pursuing advanced studies abroad.
- Company confirms no other material reasons exist for the resignation under SEBI regulations.
Maheshwari Logistics reported a 13.7% YoY increase in standalone revenue to ₹261.50 crore for the quarter ended December 31, 2025. While Profit Before Tax (PBT) saw a slight dip of 3.9% YoY to ₹5.85 crore, Net Profit (PAT) surged by 38.8% to ₹4.17 crore, primarily aided by lower tax provisions compared to the previous year. The Trading segment showed robust growth, while the Kraft Paper manufacturing segment experienced a decline in revenue. Additionally, the board announced the appointment of Mr. Palash Maheshwari as an Additional Director following the resignation of Mr. Shubham Maheshwari.
- Standalone Revenue from Operations grew 13.7% YoY to ₹261.50 crore from ₹230.03 crore.
- Net Profit (PAT) increased significantly by 38.8% YoY to ₹4.17 crore from ₹3.01 crore.
- Trading segment revenue jumped to ₹183.11 crore from ₹134.36 crore in the same quarter last year.
- Manufacturing Kraft Paper segment revenue declined to ₹60.40 crore from ₹71.13 crore YoY.
- Board reconstituted with the appointment of Mr. Palash Maheshwari as an Additional Director effective February 15, 2026.
Brickwork Ratings has reaffirmed the credit rating for Maheshwari Logistics Limited's bank facilities totaling ₹292.00 crores. Significantly, the outlook for the Long Term Bank Facilities (BWR A-) has been upgraded from 'Negative' to 'Stable', reflecting improved confidence in the company's financial health. The Short Term rating remains steady at BWR A2+. This revision follows an annual performance review and indicates a stabilization of the company's credit profile.
- Total bank loan facilities reviewed aggregate to ₹292.00 Crores.
- Long-term rating reaffirmed at 'BWR A-' with outlook revised from 'Negative' to 'Stable'.
- Short-term rating reaffirmed at 'BWR A2+' for non-fund based and short-term facilities.
- The rating applies to facilities from multiple lenders including SBI, Axis Bank, and Federal Bank.
- The revision from Negative to Stable outlook indicates reduced credit risk and better operational stability.
Maheshwari Logistics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt Ltd, confirmed that no requests for dematerialization or rematerialization were received during the quarter. Significantly, the entire shareholding of the company is already maintained in demat form. This is a standard regulatory filing confirming administrative compliance and shareholding structure stability.
- Compliance certificate filed for the quarter ended December 31, 2025.
- 100% of the company's shares are currently held in dematerialized form.
- Zero requests received for dematerialization or rematerialization during the three-month period.
- Official confirmation provided by Registrar and Share Transfer Agent, Bigshare Services Pvt Ltd.
Maheshwari Logistics Limited has informed the stock exchange that its trading window will be closed starting January 01, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending December 31, 2025. The window will remain shut until 48 hours after the results are officially announced. This is a standard regulatory procedure for listed companies to prevent insider trading during the sensitive period before earnings releases.
- Trading window closure begins on January 01, 2026
- Closure pertains to the financial results for the quarter ended December 31, 2025
- Window will reopen 48 hours after the announcement of the quarterly results
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 was INR 949.24 Cr, representing a 7.65% decline from INR 1,027.91 Cr in FY24. Segment-wise capital employed as of September 2025 shows Manufacturing Kraft Paper at INR 182.02 Cr (86.7% of allocated assets), Trading at INR 55.54 Cr (26.5%), and Transportation & Port Service at INR 19.59 Cr (9.3%).
Geographic Revenue Split
The company is primarily based in Vapi, Gujarat, with operations centered in Western India. Specific percentage splits for other regions are not disclosed in available documents.
Profitability Margins
Standalone PAT margin improved from 1.26% in FY24 to 1.84% in FY25. Consolidated profit for the year ended March 31, 2025, was INR 18.42 Cr, a 33.9% increase from INR 13.75 Cr in FY24.
EBITDA Margin
Standalone EBITDA margin increased to 6.79% in FY25 from 5.00% in FY24, driven by improved operational efficiencies despite lower topline revenue. The company aims to sustain operating margins at approximately 8.0%.
Capital Expenditure
Property, plant, and equipment stood at INR 157.75 Cr as of March 31, 2025, up 7.7% from INR 146.39 Cr in FY24. Capital Work in Progress (CWIP) was INR 29.66 Cr, indicating ongoing investments in infrastructure.
Credit Rating & Borrowing
The company holds a short-term credit rating of IVR A2+ from Infomerics. Total standalone debt increased to INR 250.41 Cr in FY25 from INR 238.98 Cr in FY24, with an overall gearing ratio of 1.35x.
Operational Drivers
Raw Materials
Key materials include Coal and Waste Paper, which are used for both trading and as primary inputs for the Kraft Paper manufacturing segment. Specific cost percentages for each are not disclosed.
Capacity Expansion
The company operates in four segments: logistics, trading, manufacturing of Kraft paper, and a newly added M&M dealership (added Dec 2023). Specific MTPA capacity for the paper plant is not disclosed.
Raw Material Costs
The company is exposed to price fluctuations in coal and waste paper. Procurement strategies involve leveraging extensive promoter experience of over 20 years to manage volatile market prices.
Manufacturing Efficiency
Manufacturing of Kraft Paper is the most asset-intensive segment with INR 182.02 Cr in capital employed as of September 2025. Specific utilization percentages are not disclosed.
Logistics & Distribution
The company operates its own transportation business, which supports its trading and manufacturing segments, though specific distribution costs as a percentage of revenue are not provided.
Strategic Growth
Expected Growth Rate
8.00%
Growth Strategy
Growth is targeted through the stabilization of the new Mahindra & Mahindra (M&M) dealership segment added in December 2023 and improving operating margins to a sustainable 8.0%. The company relies on its diversified portfolio to maintain a stable topline despite segment-specific volatility.
Products & Services
Kraft Paper, traded Coal, traded Waste Paper, Logistics and Port Services, and Mahindra & Mahindra commercial/passenger vehicles via dealership.
Brand Portfolio
Maheshwari Logistics Limited (MLL) and Mahindra & Mahindra (as an authorized dealer).
New Products/Services
The M&M dealership business segment was added in December 2023 to diversify revenue streams beyond industrial trading and manufacturing.
Market Expansion
The company is expanding its footprint in the automobile dealership space while maintaining its core logistics and trading presence in Gujarat.
Strategic Alliances
Authorized dealership agreement with Mahindra & Mahindra (M&M).
External Factors
Industry Trends
The logistics and trading industries are seeing increased formalization. The coal industry remains highly regulated, while the paper industry is shifting toward recycled Kraft paper due to environmental preferences.
Competitive Landscape
Faces intense competition from unorganized players in the logistics sector and large established firms in the coal trading and paper manufacturing industries.
Competitive Moat
The company's moat is built on its diversified business model and 20+ years of promoter experience, which allows it to navigate commodity price cycles better than pure-play competitors.
Macro Economic Sensitivity
Highly sensitive to industrial production cycles and regulatory changes in the coal sector, which impact both the trading and logistics volumes.
Consumer Behavior
Shift toward e-commerce is driving demand for Kraft paper used in packaging, benefiting the manufacturing segment.
Geopolitical Risks
Global supply chain disruptions affecting coal and waste paper imports could impact raw material availability and pricing.
Regulatory & Governance
Industry Regulations
Operations are subject to highly regulated coal trading norms and environmental standards for paper manufacturing and vehicle emissions for the logistics fleet.
Taxation Policy Impact
The company follows Ind AS for tax reporting; current income tax and deferred tax are measured based on temporary differences between tax bases and carrying amounts.
Legal Contingencies
The company reports remeasurements of defined benefit plans and fair value investments in its equity statements, but specific pending litigation values are not disclosed.
Risk Analysis
Key Uncertainties
Volatility in coal and waste paper prices poses a significant risk to trading and manufacturing margins. The success of the newly added M&M dealership is also a key uncertainty.
Geographic Concentration Risk
High concentration in Gujarat, particularly around the Vapi industrial cluster.
Third Party Dependencies
Dependent on coal suppliers and the regulatory environment governing coal distribution in India.
Technology Obsolescence Risk
The manufacturing segment faces risks if competitors adopt more advanced, lower-cost paper recycling technologies.
Credit & Counterparty Risk
The company maintains a moderate current ratio of 1.31x-1.37x, indicating a need for disciplined receivable management in its trading and logistics operations.