Logistics · Founded 2007 · https://www.kaushalya.co.in/ · NSE · ISIN INE0Q2V01012
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Business
Kaushalya Logistics Ltd. (KLL) operates as an integrated logistics and distribution company based in India. Its core business model is hybrid, combining comprehensive logistics services with the distribution and retail of consumer electronics and appliances. The company makes money through:
Logistics Services: Providing transportation of goods (primarily via road), warehousing, and supply chain management for various clients.
E-commerce Services: Selling consumer electronics and appliances (from brands like Bajaj, LG, Daikin) through its own online platform and other e-commerce channels, managing the entire process from warehousing to last-mile delivery.
Offline Distribution: Operating physical retail stores for consumer electronics and appliances, acting as a distributor for major brands.
Revenue Mix
KLL's revenue mix is significantly driven by its distribution and retail activities, leveraging its logistics capabilities. While precise, up-to-date percentage breakdowns can fluctuate and are often detailed in annual reports or IPO prospectuses, the major segments typically include:
Sale of Goods (E-commerce & Offline Distribution): This segment involves the direct sale of consumer electronics and appliances, often forming a substantial portion of the company's total revenue.
Logistics Services: This segment includes income derived from transportation, warehousing, and other supply chain solutions provided to third-party clients and supporting its own distribution business.
Due to the integrated nature, the pure logistics services component typically constitutes a smaller share of overall revenue compared to the revenue generated from the sale of goods.
Industry
The Indian logistics sector is large, fragmented, and undergoing a shift towards formalization and organization, driven by infrastructure development and GST implementation. KLL operates in a competitive landscape, facing both specialized logistics providers and other distributors/retailers of consumer electronics. As an NSE SME-listed company, it is a relatively smaller player compared to large national logistics conglomerates. Its unique positioning stems from its integrated model, allowing it to control the supply chain for its own distribution business while also offering logistics to external clients. It likely focuses on specific regions or niches (e.g., handling bulky appliances).
MOAT
KLL's competitive advantages are primarily derived from its integrated business model:
Integrated Value Chain: By owning both logistics and distribution/retail capabilities, KLL can potentially achieve better cost efficiencies, supply chain control, and faster last-mile delivery for its own distributed products compared to competitors reliant on third-party logistics.
Client Relationships: Strong established relationships with major consumer electronics brands (e.g., Bajaj, LG, Daikin) for distribution.
Operational Niche: Expertise in handling and distributing specific categories of goods like large consumer appliances, which require specialized logistics.
While KLL benefits from these factors, it does not possess a significant brand moat, overwhelming scale, or extensive network effect comparable to major logistics or retail giants. Switching costs for its distribution clients may be moderate.
Growth Drivers
E-commerce Growth in India: Continued surge in online shopping, particularly for consumer electronics and large appliances, which require robust and efficient logistics.
Rising Disposable Incomes: Growing middle class and increasing consumer spending on aspirational goods like electronics and home appliances.
Infrastructure Development: Government initiatives in improving road networks, warehousing, and logistics infrastructure will enhance operational efficiency.
Expansion of Distribution Network: Ability to penetrate new geographies or deepen presence in existing ones for both its e-commerce and offline retail channels.
Shift to Organized Logistics: Growing preference among businesses for integrated and reliable logistics partners over unorganized players.
Risks
Intense Competition: Both in the logistics sector (from organized and unorganized players) and in the consumer electronics distribution/retail market (from large e-commerce players and traditional retailers).
Fuel Price Volatility: As a logistics operator, profitability is sensitive to fluctuations in fuel prices.
Economic Slowdown: A downturn in the economy could reduce consumer spending on discretionary items like electronics, impacting KLL's distribution revenue.
Reliance on Key Brands: Significant dependence on relationships with specific consumer electronics brands for its distribution business. Loss of such contracts could impact revenue.
Technological Obsolescence: Rapid advancements and changes in consumer electronics trends could lead to inventory risks or require constant adaptation.
Working Capital Management: Managing inventory and receivables efficiently is crucial for the distribution segment, and failure to do so can strain finances.
Management & Ownership
Kaushalya Logistics Ltd. is primarily promoter-led, typical for an SME-listed company. Mr. Anil Kumar, Mr. Sudhir Kumar, and Mrs. Sangeeta are identified as the key promoters. Promoter holdings usually constitute a significant portion of the company's equity, indicating a strong vested interest in the company's performance. Details on specific management quality, experience beyond the core promoters, and independent board oversight would require a deeper review of their corporate governance filings.
Outlook
Kaushalya Logistics Ltd. operates in attractive growth sectors in India (logistics and consumer electronics distribution), benefiting from demographic trends and increasing digitalization. Its integrated model presents an opportunity for operational efficiencies and differentiation in serving specific market needs. The bull case hinges on KLL effectively scaling its hybrid model, expanding its brand partnerships, and capturing a larger share of the growing e-commerce and organized logistics market for appliances. The bear case, however, considers the intense competitive pressures from larger, more established players in both logistics and retail, potential margin erosion due to fuel costs or competitive pricing, and the inherent risks of managing inventory and sales in a fast-moving consumer goods sector. The company's ability to effectively manage its working capital, expand its reach sustainably, and maintain strong relationships with brand partners will be key to its future performance.
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| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 31 | 60 | 625 | 1466 | 1227 | |
| Other Income | 2 | 3 | 8 | 12 | 20 | |
| Total Income | 33 | 64 | 632 | 1478 | 1246 | |
| Total Expenditure | 28 | 55 | 618 | 1459 | 1221 | |
| Operating Profit | 5 | 8 | 14 | 20 | 25 | |
| Interest | 1 | 3 | 4 | 7 | 8 | |
| Depreciation | 0 | 0 | 0 | 1 | 1 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 4 | 5 | 9 | 12 | 16 | |
| Provision for Tax | 1 | 1 | 2 | 3 | 4 | |
| Profit After Tax | 3 | 4 | 7 | 9 | 12 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 3 | 4 | 7 | 9 | 12 | |
| Adjusted Earnings Per Share | 2 | 2.5 | 4.7 | 4.9 | 6.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -16% | 173% | 0% | 0% |
| Operating Profit CAGR | 25% | 46% | 0% | 0% |
| PAT CAGR | 33% | 44% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -55% | NA% | NA% | NA% |
| ROE Average | 22% | 31% | 33% | 33% |
| ROCE Average | 19% | 21% | 21% | 21% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 8 | 12 | 19 | 49 | 60 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 11 | 25 | 32 | 43 | 43 |
| Other Non-Current Liabilities | 0 | 0 | 1 | 2 | 3 |
| Total Current Liabilities | 14 | 28 | 88 | 77 | 147 |
| Total Liabilities | 33 | 65 | 141 | 171 | 254 |
| Fixed Assets | 1 | 1 | 2 | 29 | 31 |
| Other Non-Current Assets | 2 | 27 | 29 | 4 | 4 |
| Total Current Assets | 30 | 37 | 110 | 138 | 218 |
| Total Assets | 33 | 65 | 141 | 171 | 254 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 0 | 1 | 0 | 11 |
| Cash Flow from Operating Activities | -0 | 5 | 4 | -27 | -17 |
| Cash Flow from Investing Activities | -6 | -20 | -10 | 4 | 4 |
| Cash Flow from Financing Activities | 6 | 15 | 6 | 33 | 4 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | 10 | -10 |
| Closing Cash & Cash Equivalent | 0 | 1 | 0 | 11 | 1 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.99 | 2.49 | 4.67 | 4.91 | 6.39 |
| CEPS(Rs) | 2.19 | 2.69 | 4.82 | 5.3 | 6.85 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 5.61 | 8.1 | 12.76 | 26.22 | 32.62 |
| Core EBITDA Margin(%) | 11.29 | 7.56 | 0.82 | 0.4 | 0.37 |
| EBIT Margin(%) | 16.25 | 12.04 | 1.76 | 1.05 | 1.62 |
| Pre Tax Margin(%) | 12.7 | 7.86 | 1.21 | 0.69 | 1.07 |
| PAT Margin (%) | 9.54 | 5.66 | 0.91 | 0.51 | 0.79 |
| Cash Profit Margin (%) | 10.57 | 6.14 | 0.94 | 0.55 | 0.84 |
| ROA(%) | 9.15 | 7.7 | 6.87 | 5.84 | 5.58 |
| ROE(%) | 35.27 | 36.25 | 44.67 | 26.79 | 21.73 |
| ROCE(%) | 18.64 | 20.86 | 23.44 | 20.57 | 19.09 |
| Receivable days | 42.75 | 38.21 | 9.73 | 5.52 | 10.92 |
| Inventory Days | 0 | 20.83 | 6.71 | 3.84 | 4.22 |
| Payable days | 0 | 135.79 | 21.93 | 12.53 | 21.77 |
| PER(x) | 0 | 0 | 0 | 17.68 | 11.08 |
| Price/Book(x) | 0 | 0 | 0 | 3.31 | 2.17 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.04 | 0.44 | 0.08 | 0.15 | 0.17 |
| EV/Core EBITDA(x) | 0.25 | 3.2 | 3.41 | 11.14 | 8.32 |
| Net Sales Growth(%) | 0 | 91.98 | 936.07 | 134.69 | -16.33 |
| EBIT Growth(%) | 0 | 56.89 | 70.2 | 37.9 | 29.87 |
| PAT Growth(%) | 0 | 25.57 | 87.58 | 28.89 | 30.18 |
| EPS Growth(%) | 0 | 25.27 | 87.52 | 5.26 | 30.13 |
| Debt/Equity(x) | 2.22 | 3.03 | 2.46 | 1.38 | 1.32 |
| Current Ratio(x) | 2.25 | 1.35 | 1.25 | 1.79 | 1.48 |
| Quick Ratio(x) | 2.25 | 1.21 | 0.97 | 1.62 | 1.33 |
| Interest Cover(x) | 4.58 | 2.88 | 3.2 | 2.87 | 2.92 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.42 | 0.61 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 |
| FII | 1.27 | 0.12 | 0.08 | 0.07 | 0.07 | 0.06 | 0 | 0 | 0 |
| DII | 2.69 | 0.12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 22.39 | 26.1 | 26.27 | 26.27 | 26.27 | 26.29 | 26.35 | 26.35 | 26.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 |
| FII | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.41 | 0.48 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -16% | +173% | — | — |
| Operating Profit CAGR | +25% | +46% | — | — |
| PAT CAGR | +33% | +44% | — | — |
| Share Price CAGR | -55% | — | — | — |
| ROE Average | +22% | +31% | +33% | +33% |
| ROCE Average | +19% | +21% | +21% | +21% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 | 73.65 |
| FII | 1.27 | 0.12 | 0.08 | 0.07 | 0.07 | 0.06 | 0 | 0 | 0 |
| DII | 2.69 | 0.12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.35 | 26.35 | 26.35 | 26.35 | 26.35 | 26.35 | 26.35 | 26.35 | 26.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 |
| FII | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 |
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