Ritco Logistics Limited (RITCO)
₹277.55 +1.33% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ritco Logistics' revenue was ₹365 Cr (+3.0% year on year, -6.8% on the previous quarter), and net profit ₹3.5 Cr (-61.2% year on year); the operating margin was 6.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹365 | +3.0% | -6.8% |
| Operating profit | ₹21.9 | -13.0% | +10.1% |
| Net profit | ₹3.5 | -61.2% | -13.4% |
| EPS (₹) | 1.92 | -38.7% | -2.0% |
| Operating margin | 6.0% | — | — |
RITCO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.71% of the RITCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.62%. That is close to its usual level. Turnover was only ₹28 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 47.2% · 59.9% · 55.1% · 52.8% · 50.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ritco Logistics secured new business worth approximately ₹388 crore in August 2026, representing about 25.7% of its TTM revenue (₹1,510 crore). The order wins are led by a 3-year contract worth ₹334 crore from HPCL Rajasthan Refinery Limited (HRRL) alongside a 1-year contract from IOCL. Concurrently, its step-down subsidiary TrucksUp Solutions raised ₹78.26 crore in growth financing at a post-money enterprise valuation of ₹403.26 crore, strengthening platform liquidity and technological scale.
- Secured total new business worth ₹388 crore in August 2026 (~25.7% of TTM revenue).
- Bagged a major 3-year transportation contract from HRRL valued at approximately ₹334 crore for Pachpadra to Pan India distribution.
- Step-down subsidiary TrucksUp Solutions closed ₹78.26 crore funding round at an enterprise valuation of ₹403.26 crore.
- TrucksUp onboarded 14,945 truck suppliers and achieved ₹45 crore in FASTag GMV during the month.
- Other monthly operational revenues at TrucksUp included ₹1.25 crore from subscriptions and ₹40 lakh from GPS.
Ritco Logistics Limited has announced that its 25th Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 3:00 PM IST via Video Conferencing/OAVM. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from September 24, 2026, to September 30, 2026 (both days inclusive). This is a standard annual statutory disclosure under SEBI LODR Regulations and has no impact on business operations or financials.
- 25th Annual General Meeting scheduled for September 30, 2026, at 3:00 PM IST
- Meeting to be conducted virtually through Video Conferencing (VC) / OAVM
- Share transfer books and register of members closed from September 24 to September 30, 2026 (both days inclusive)
Ritco Logistics Limited has issued the notice for its 25th Annual General Meeting scheduled for September 30, 2026, via video conferencing. Key ordinary business includes the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of Managing Director Mr. Sanjeev Kumar Elwadhi, who retires by rotation. Special business involves regularising Mr. Ranu Jain as an Independent Director for a 5-year tenure effective August 4, 2026. The cut-off date for e-voting eligibility is September 23, 2026, with the voting window open from September 27 to September 29, 2026.
- 25th Annual General Meeting scheduled for September 30, 2026, at 03:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility set for September 23, 2026
- Remote e-voting period runs from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Proposed appointment of Mr. Ranu Jain as Independent Director for a term of 5 consecutive years w.e.f. August 4, 2026
- Re-appointment of Managing Director Mr. Sanjeev Kumar Elwadhi, retiring by rotation
Ritco Logistics Limited has scheduled its 25th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 03:00 PM IST through Video Conferencing/Other Audio-Visual Means. The company has fixed September 23, 2026, as the record date / cut-off date to determine the eligibility of members to cast their votes. This is a standard procedural announcement required under listing regulations and carries no operational or financial impact.
- 25th Annual General Meeting fixed for September 30, 2026 at 03:00 P.M. IST via VC/OAVM
- Record / Cut-off date for e-voting eligibility set as September 23, 2026
- Filing is standard statutory compliance for annual shareholder meeting
Ritco Logistics announced the outcome of its Board meeting held on August 31, 2026. The Board took note of a ₹78.26 crore preferential issue undertaken by its step-down subsidiary, Trucksup Solutions Private Limited (equating to ~10.1% of Ritco's ₹775 crore market cap). Additionally, the Board scheduled its 25th Annual General Meeting for September 30, 2026, with the voting cut-off date fixed for September 23, 2026. M/s Rathi Gandhi & Associates was appointed as the Internal Auditor for FY 2026-27.
- Step-down subsidiary Trucksup Solutions Private Limited undertook a preferential issue of ₹78.26 crore.
- 25th Annual General Meeting scheduled for September 30, 2026 via video conferencing.
- Voting cut-off/record date set as September 23, 2026; member register closed September 24–30, 2026.
- Appointed M/s Rathi Gandhi & Associates, Chartered Accountants, as Internal Auditors for a 1-year term (FY 2026-27).
Ritco Logistics announced that its step-down subsidiary, TrucksUp Solutions Private Limited, has raised ₹78.26 crore in a growth financing round on August 25, 2026. The capital infusion saw participation from marquee institutional investors, leading family offices, and co-founders Sarthak Shah Elwadhi and Aviraj Singh Chadha. The ₹78.26 crore fundraise represents approximately 9.9% of Ritco's market capitalization of ₹793 crore. Proceeds will be deployed into technology infrastructure, data science teams, freight-matching capabilities, and working capital.
- TrucksUp Solutions secured ₹78.26 Crore in growth funding on August 25, 2026
- Fundraise equals ~9.9% of parent Ritco Logistics' market cap (₹793 Cr) and ~20.3% of net worth (₹385 Cr)
- Round backed by institutional investors, family offices, and co-founders personally co-investing
- Capital earmarked for tech infra, engineering teams, and intelligent freight-matching engine
Ritco Logistics reported Q1 FY27 consolidated total income of ₹366.79 Cr, up 3.12% YoY but down 6.89% QoQ amid geopolitical disruptions in petrochemical logistics. Consolidated net profit dropped 61.23% YoY to ₹3.47 Cr, primarily impacted by a ₹6.04 Cr rise in employee benefit expenses from scaling digital platform TrucksUp and higher depreciation. Standalone performance remained relatively resilient with PAT at ₹11.93 Cr (down 4.25% YoY). Its digital platform, TrucksUp, recorded a 366.48% YoY revenue surge to ₹8.21 Cr with ₹68.64+ Cr in FASTag GMV, and management plans to raise external capital for TrucksUp.
- Consolidated revenue from operations / total income stood at ₹366.79 Cr, up 3.12% YoY and down 6.89% QoQ.
- Consolidated PAT fell 61.23% YoY to ₹3.47 Cr from ₹8.95 Cr in Q1 FY26 due to ₹6.04 Cr higher employee expenses and higher depreciation.
- Digital subsidiary TrucksUp revenue grew 366.48% YoY to ₹8.21 Cr, generating ₹68.64+ Cr in FASTag GMV across 16,426 tags issued.
- Company plans to raise external funds in TrucksUp to support platform expansion without draining core cash flows.
Ritco Logistics reported a weak start to FY27, with consolidated net profit falling 61.2% YoY to ₹3.47 Cr from ₹8.95 Cr. While revenue from operations grew marginally by 3% YoY to ₹365.12 Cr, it declined 6.8% on a sequential basis from Q4 FY26. Profitability was severely impacted by a 57.7% surge in employee benefit expenses and a 54.3% increase in other expenses. The company also reported a loss of ₹2.03 Cr attributable to non-controlling interests, reflecting performance challenges in its subsidiaries.
- Net profit for the quarter ended June 30, 2026, stood at ₹3.47 Cr, down from ₹8.95 Cr in the year-ago period.
- Revenue from operations increased slightly to ₹365.12 Cr compared to ₹354.33 Cr in Q1 FY26.
- Employee benefit expenses rose significantly to ₹16.50 Cr from ₹10.46 Cr YoY.
- Basic and Diluted EPS fell to ₹1.92 from ₹3.13 in the corresponding quarter of the previous year.
- Transferred 82,250 equity shares from the ESOP Trust to 17 eligible employees during the quarter.
Ritco Logistics reported a consolidated revenue of ₹365.12 Cr for Q1 FY27, representing a modest 3% YoY growth. However, consolidated net profit plummeted by 61% to ₹3.47 Cr from ₹8.95 Cr in the same quarter last year. The sharp decline is primarily attributed to a significant divergence between standalone and consolidated performance, with subsidiaries (TrucksUp and Logro) contributing an implied loss of approximately ₹8.46 Cr. Additionally, employee benefit expenses surged 58% YoY to ₹16.50 Cr, impacting overall margins.
- Consolidated Revenue grew 3% YoY to ₹365.12 Cr, accounting for ~24% of TTM revenue.
- Consolidated Net Profit fell 61.2% YoY to ₹3.47 Cr, down from ₹8.95 Cr in Q1 FY26.
- Standalone Net Profit was significantly higher at ₹11.93 Cr, highlighting heavy losses in digital/subsidiary ventures.
- Employee benefit expenses increased by 57.7% YoY to ₹16.50 Cr.
- 82,250 equity shares were transferred to 17 employees under the ESOP Plan 2022 during the quarter.
Ritco Logistics secured new business worth approximately ₹342 Crores in July 2026, which represents roughly 22.8% of its TTM revenue of ₹1,499 Crores. The primary driver is a significant ₹334 Crore contract from HPCL Rajasthan Refinery Limited (HRRL) for pan-India polymer granule distribution. The company's digital platform, TrucksUp, also reported operational progress with ₹27 Crores in FASTag GMV and ₹4.30 Crores in vehicle financing disbursements. These developments reinforce Ritco's transition toward a tech-enabled integrated supply chain provider.
- Secured a major distribution contract worth approximately ₹334 Crore from HPCL Rajasthan Refinery Limited (HRRL).
- Total new business secured across transportation and warehousing verticals reached nearly ₹342 Crores.
- TrucksUp digital platform issued 5,000+ FASTags, achieving a GMV of approximately ₹27 Crores.
- Vehicle financing segment closed 13 cases with a total disbursement of ₹4.30 Crore, averaging ₹33 Lakh per case.
- Installed approximately 800 GPS units on the platform, generating revenue of around ₹40 Lacs.
Ritco Logistics has appointed Mr. Ranu Jain as an Additional Non-Executive Independent Director effective August 4, 2026. Mr. Jain is a Chartered Accountant with 16 years of experience in finance, taxation, and audit, currently serving as a partner at M/s SRH & Associates. The appointment is for a five-year tenure ending August 3, 2031, subject to shareholder approval. This move strengthens the board's oversight in financial compliance as the company manages a TTM revenue of ₹1,499 Cr and a debt-to-equity ratio of 1.19.
- Appointed for a 5-year tenure from August 4, 2026, to August 3, 2031
- Mr. Ranu Jain brings 16 years of experience in Audit, Finance, Accounts, and Taxation
- Member of the Institute of Chartered Accountants since February 1, 2010
- Company reported TTM Revenue of ₹1,499 Cr and OPM of 6.6% in FY26
Ritco Logistics has appointed Mr. Ranu Jain as an Additional Non-Executive Independent Director effective August 4, 2026. Mr. Jain is a Chartered Accountant with 16 years of experience in finance, taxation, and audit, which aligns with the company's governance needs as it scales its supply chain operations. The appointment is for a five-year term ending August 3, 2031, subject to shareholder approval. This is a routine board-level change aimed at strengthening the audit and compliance functions.
- Appointment of Mr. Ranu Jain as Independent Director for a 5-year term starting August 4, 2026
- Appointee brings 16 years of professional experience in Audit, Finance, and Taxation
- The board meeting was conducted and concluded within 40 minutes (4:30 PM to 5:10 PM)
- Mr. Jain is a member of the Institute of Chartered Accountants since February 1, 2010
Ritco Logistics has updated its employee stock option status, granting 73,000 new options under the ESOP Plan 2023. Simultaneously, 2,500 unvested options from the 2022 plan were cancelled following an employee resignation. The total outstanding options across both active plans now stand at 449,250. This represents a potential equity dilution of approximately 1.65% based on the company's current share capital of roughly 2.72 crore shares.
- 73,000 new stock options granted under the ESOP Plan 2023 (Pragati Ki Aur-II).
- 2,500 unvested stock options cancelled under the ESOP Plan 2022 due to employee resignation.
- Total outstanding options under the 2022 plan now stand at 137,250.
- Total outstanding options under the 2023 plan now stand at 312,000.
- Combined outstanding options of 449,250 represent a 1.65% potential dilution of equity.
Ritco Logistics has filed its quarterly compliance certificate for the Structured Digital Database (SDD) for the period ended June 30, 2026. The company confirmed that it captured 2 specific events involving Unpublished Price Sensitive Information (UPSI) during the quarter. The database is maintained internally, is non-tamperable, and maintains an audit trail for 8 years as per SEBI (Prohibition of Insider Trading) Regulations. No non-compliances were reported for the period.
- Captured 2 specific UPSI events during the quarter ended June 30, 2026
- Maintains a non-tamperable internal database with an 8-year record capability
- Reported zero non-compliances for the previous quarter
- Compliance certified by the Company Secretary under Regulation 3(5) and 3(6) of PIT Regulations
Ritco Logistics secured new contracts worth over ₹75 crore in June 2026, representing approximately 5% of its TTM revenue. The Fly Ash segment contributed significantly with ₹45.50 crore in projects for MEIL, while the transportation vertical added ~₹24 crore, primarily from OPAL. The digital platform, TrucksUp, showed strong momentum with FASTag GMV crossing ₹80 crore and the appointment of Ajay Devgn as brand ambassador. These updates align with the company's strategy to transition into a complete supply chain provider and scale its digital ecosystem.
- Secured new business worth over ₹75 crore across transportation, fly ash, and 3PL verticals
- Fly Ash logistics projects for MEIL in Bihar totaled ₹45.50 crore across three separate contracts
- TrucksUp platform FASTag GMV exceeded ₹80 crore in June, a 10% month-on-month increase
- Issued 1,900+ digital fuel cards and 1,150+ insurance policies with ₹3.60 crore premium via TrucksUp
- Appointed actor Ajay Devgn as the official Brand Ambassador for the TrucksUp digital platform
Financial Performance
Revenue Growth by Segment
Not disclosed by segment; overall revenue grew 27% in FY25 and 40% YoY in Q1 FY26.
Geographic Revenue Split
Not disclosed by %; operates a Pan-India network across 300+ locations.
Profitability Margins
PBT margin grew as PBT increased 37.4% to INR 63.54 Cr in FY25; management targets sustaining an 8% margin.
EBITDA Margin
Not explicitly disclosed; however, PBT grew 37.4% YoY to INR 63.54 Cr in FY25, and depreciation increased 30.6% to INR 16.19 Cr.
Capital Expenditure
Not disclosed in absolute INR Cr; however, the company follows a non-asset based model for its core logistics operations.
Credit Rating & Borrowing
CARE Stable; gearing expected to remain below 1x; interest coverage ratio projected at 3-4x for FY26.
Operational Drivers
Raw Materials
Fuel (Diesel) is the primary operational cost.
Import Sources
Sourced domestically within India.
Key Suppliers
Indian Oil Corporation (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).
Capacity Expansion
Current warehousing capacity is 4.5 lakh sq. ft.; expansion plans include scaling the TrucksUp platform to 3,68,000+ registered trucks.
Raw Material Costs
Not disclosed as a specific % of revenue; however, fuel costs are managed through discount pass-throughs from HPCL/IOCL.
Logistics & Distribution
Core business activity; distribution costs are the primary driver of the 8% margin target.
Strategic Growth
Expected Growth Rate
25-28%
Growth Strategy
Transitioning from a logistics company to a complete supply chain company by 2026; scaling the TrucksUp digital platform with a revenue target of INR 15 Cr; expanding into high-growth sectors like Solar and increasing multimodal and 3PL service offerings.
Products & Services
Land-based logistics, 3PL (Third-Party Logistics), Warehousing, Multimodal Transport, In-Plant Operations, and Fleet Management.
Brand Portfolio
Ritco Logistics, TrucksUp.
New Products/Services
TrucksUp digital aggregation app; monetization has started with INR 1.75 Cr in Q1 FY26, targeting INR 15 Cr for the full year.
Market Expansion
Expansion into the Solar energy logistics sector and strengthening the Pan-India network of 300+ locations.
Strategic Alliances
Partnerships with Indian Oil and HPCL for fuel procurement and discount sharing with fleet operators.
External Factors
Industry Trends
The logistics industry is growing at 25-28% for organized players; shifting towards integrated supply chain solutions and digital fleet aggregation to counter fragmentation.
Competitive Landscape
Intense competition from numerous unorganized players and select organized segment specialists.
Competitive Moat
Durable advantage through a network of 3,68,000+ trucks on the TrucksUp platform and long-standing relationships with blue-chip clients, providing high barriers to entry for smaller competitors.
Macro Economic Sensitivity
Highly sensitive to GDP growth and industrial production cycles which dictate freight demand.
Consumer Behavior
B2B clients are shifting towards integrated supply chain providers rather than simple transporters.
Regulatory & Governance
Industry Regulations
Governed by the Companies Act 2013 and Indian Accounting Standards (Ind AS); logistics operations subject to transport and warehousing norms.
Risk Analysis
Key Uncertainties
Vulnerability of profitability margins to trade cycles and intense competition in the road-freight industry.
Geographic Concentration Risk
Pan-India presence across 300+ locations.
Third Party Dependencies
High dependency on registered fleet owners for the non-asset based model.
Technology Obsolescence Risk
Mitigated by the development of the TrucksUp app and senior hires from tech-first companies like Ola, Uber, and Paytm.
Credit & Counterparty Risk
Low risk due to a client base of blue-chip and government (Navratan) entities.
