VRL Logistics (NSE:VRLLOG) Operating Income: ₹3,892 Mil (TTM As of Mar. 2026)

What is VRL Logistics Operating Income?

VRL Logistics NSE:VRLLOG -0.57% 86 Operating Income is ₹3,892 Mil as of Mar. 2026. GuruFocus rates NSE:VRLLOG with a GF Score™ of 86/100 and a GF Value™ of ₹302.31 (Modestly Undervalued). The stock has 3 warning signs investors should review.

VRL Logistics's Operating Income for the three months ended in Mar. 2026 was ₹1,140 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹3,892 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. VRL Logistics's Operating Income for the three months ended in Mar. 2026 was ₹1,140 Mil. VRL Logistics's Revenue for the three months ended in Mar. 2026 was ₹8,529 Mil. Therefore, VRL Logistics's Operating Margin % for the quarter that ended in Mar. 2026 was 13.36%.

Good Sign:

VRL Logistics Ltd operating margin is expanding. Margin expansion is usually a good sign.

VRL Logistics's 5-Year average Growth Rate for Operating Margin % was 11.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. VRL Logistics's annualized ROC % for the quarter that ended in Mar. 2026 was 12.14%. VRL Logistics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 20.44%.

VRL Logistics (NSE:VRLLOG) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

VRL Logistics's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	4558.8 * ( 1 - 26.15% )	/	( (0	+	27742.7)	/ 1 )
=	3366.6738	/	27742.7
=	12.14 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0	-	0	-	( 0	-	max(0, 0	-	0	+	0	))
=	0

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	26051.4	-	408.9	-	( 350	-	max(0, 4139.2	-	2039	+	350	))
=	27742.7

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

VRL Logistics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	4814	/	( ( (0 + max(0, 0))	+	(23260.1 + max(291.5, 0)) )	/	1 )
=	4814	/	( ( 0	+	23551.6 )	/	1 )
=	4814	/	23551.6
=	20.44 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(0	+	0	+	0)
=	0

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(855.8	+	437.5	+	395.7)	-	(408.9	+	0	+	988.6)
=	291.5

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

VRL Logistics's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	1139.7	/	8528.5
	=	13.36 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

VRL Logistics Operating Income Related Terms

VRL Logistics Operating Income Historical Data

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The historical data trend for VRL Logistics's Operating Income can be seen below:

VRL Logistics Operating Income Chart

VRL Logistics Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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2,322.09

2,449.12

1,786.42

3,205.60

3,891.90

VRL Logistics Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															1,228.50	869.48	863.90	1,018.77	1,139.70

86GF Score

VRL Logistics Ltd NSE:VRLLOG

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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VRL Logistics Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹3,892 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of ₹3,892 Mil mean?

VRL Logistics (NSE:VRLLOG) has a Operating Income of ₹3,892 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on VRL Logistics and its competitors.

Is VRL Logistics' Operating Income too high?

VRL Logistics' current Operating Income is ₹3,892 Mil. Overall, VRL Logistics has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does VRL Logistics' Operating Income compare to ODFL and XPO?

VRL Logistics' Operating Income of ₹3,892 Mil can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Transportation company?

A good Operating Income depends on the Transportation industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on VRL Logistics and its competitors. VRL Logistics's current Operating Income is ₹3,892 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is VRL Logistics stock overvalued right now?

Based on GuruFocus' analysis, VRL Logistics (NSE:VRLLOG) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹302.31, compared to a current price of ₹237.30 — trading 21.5% below its estimated fair value. The current Operating Income is ₹3,892 Mil. VRL Logistics' overall GF Score™ is 86/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For VRL Logistics (NSE:VRLLOG), the current Operating Income is ₹3,892 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is VRL Logistics (NSE:VRLLOG) Overvalued in 2026?

Based on GuruFocus' analysis, VRL Logistics stock appears to be undervalued. The current stock price of ₹237.30 is trading 21.5% below its estimated GF Value™ of ₹302.31. GuruFocus considers VRL Logistics to be Modestly Undervalued.

Key valuation signals for NSE:VRLLOG:

Operating Income: ₹3,892 Mil
GF Value™: ₹302.31 vs. price of ₹237.30 (21.5% below fair value)
GF Score™: 86/100 with 3 warning signs

No single metric tells the full story. See the NSE:VRLLOG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

VRL Logistics Business Description

Industry Industrials Transportation

Comparable Companies NSE:SVLL BOM:534615 BOM:541206 BOM:531977 BOM:520123 BOM:530259 BOM:544474 BOM:526622 BOM:544556 BOM:520131 ODFL XPO KNX TSX:TFII SAIA SNDR RXO TSE:9064 ARCB TSE:9076

Other Exchanges 539118:India

Address Circuit House Road, Giriraj Annexe, Hubballi, KA, IND, 580029

Website https://www.vrlgroup.in

VRL Logistics Ltd is engaged in the business of logistics services. The company is engaged in the Goods Transport Business segment. The company offers services for the transportation of goods across India using a range of road transportation solutions to its customers, including less than full truck load and full truck load. The company provides courier services for the transportation of small parcels and documents using a range of multi-modal solutions.

86GF Score

Get the complete analysis for NSE:VRLLOG

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹237.30

Price

₹302.31

GF Value

View NSE:VRLLOG Analysis

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