Key Metrics of Ritco Logistics Limited
About Ritco Logistics Limited
Sectors
Company details
- Registered office
- 508,5th Floor, Jyoti Shikhar Tower,district Centre Janakpuri, New Delhi, In-dl, 110058
- Listed
- NSE: RITCO · ₹265.10
Operational Areas of Ritco Logistics Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Jun 2025 | CARE | Reaffirmed | BBB+ | A2 | Stable | — | View |
| 16 Sep 2024 | CARE | Revised (from BBB) | BBB+ | — | Stable | ₹357 Cr | View |
| 07 Mar 2024 | CARE | Assigned | BBB | — | Stable | ₹357 Cr | View |
| 13 Feb 2023 | CARE | Non-cooperating | BB+ | — | Stable | — | View |
| 30 Sep 2022 | CARE | Non-cooperating (from BBB) | BB+ | — | Stable | ₹100 Cr | View |
| 31 Mar 2022 | CARE | Revised (from BBB+) | BBB | — | Stable | ₹50.0 Cr | View |
| 05 Jan 2021 | CARE | Reaffirmed | BBB+ | — | Stable | ₹50.0 Cr | View |
| 24 Dec 2019 | CARE | Assigned | BBB+ | — | Stable | ₹50.0 Cr | View |
Credit strengths (CARE, Jun 2025)
+ Improvement in financial risk profile supported by infusion of funds
The financial risk profile of RLL has continued to strengthen, backed by healthy growth in operational performance and improved coverage indicators. During FY25 (Abridged), the company reported a total operating income of Rs. 1,189.69 crore, registering a strong YoY growth of ~27% over Rs. 933.30 crore in FY24, primarily driven by sustained business from existing clientele and further traction in infrastructure-linked contracts. PBILDT also increased to Rs. 89.78 crore in FY25 from Rs. 75.08 cro
+ Established and diversified customer portfolio
The company has established relationship with several reputed customers across varied industries over the years, including several leading multi-nationals and domestic companies in the polymer sector, FMCG sector and Tyre sector. Further, the company has also ventured into the cement and steel sector by onboarding reputable clients. The established relationship with reputable customers helps the company in getting repeat orders, which also provides revenue visibility, minimizes counterparty cred
+ Integrated logistics player with Pan-India presence
RLL caters to a widely distributed Indian market through its 300+ locations with 50 branches, and 8-9 fleet hubs. The company has its own fleet size of approx. 476 dedicated vehicles as on March 31, 2025 and a dedicated fleet of 1800+ trucks from the market and also hires from the spot market if required (through brokers). The dedicated freight is the most preferable mode as it carries a fixed rate with no minimum guarantee involved of the trucks on road. However, RLL needs to maint ain its own
+ Experienced Promoters and management team
RLL is promoted by Mr. Manmohan Pal Singh Chadha, Chairman and CFO, and Mr. Sanjeev Kumar Elwadhi. Mr. Chadha has been in the supply chain business since 1989 and has experience of three decades in the field of finance as well as in transportati on and logistics. He has contributed significantly towards redesigning the process monitoring & analysing trends’ establishing forecast models to ensure greater financial control in the company. Mr. Sanjeev Elwadhi is a Commerce graduate from Delhi Unive
Credit challenges
− Working capital intensive nature of operations
The operations of the company continue to remain working capital intensive, as reflected in the elongated operating cycle of 114 days in FY25, compared to 102 days in FY24. The increase is primarily attributable to a stretch in collection period to 115 d ays (PY: 104 days), driven by credit terms extended to corporate clientele and geographical delivery delays. Given the nature of business, the company continues to offer credit periods of 90–120 days post-delivery, while also incurring substanti
− Vulnerability of profitability margins to trade cycle and competition
Logistics operations are dependent on the overall economic condition of the country. Higher economic activity translates into higher freight movement which drives demand for road freight transport industry. However, RLL’s major exposure to sectors like petrochemical and FMCG partially mitigates risk arising from inherent cyclicality in logistics sector on account of stable demand from both these sectors. RLL remains exposed to significant fluctuation in hire charges for market vehicles as the ra
− Competitive and fragmented nature of the freight logistics industry
Around 80-85% of the road freight transport industry consists of small transport operators that own less than five trucks. The highly fragmented and unorganized nature of the industry results in intense price competition and may lead to pressure on the company’s profitability in case of adverse situations. However, the players with superior quality of service and presence in different locations across country and clientele across various industries would enjoy competitive edge and would be able
Could lead to an upgrade
• Increase in TOI of the company to above Rs. 1300 crore with PBILDT margins above 9.0% on a sustained basis. • Efficient management of working capital cycle with operating cycle improving to below 90 days. • Total Debt/PBILDT < 2.5x on a sustained basis.
Could lead to a downgrade
• Decrease in TOI of the company to below Rs.950 crore along with PBILDT margins below 7% on a sustained basis. • Decline in interest coverage ratio <3.30x. • Any elongation in the collection period leading to further stretch in the operating cycle of more than 120 days on a sustained basis. • Overall gearing exceeding 1.20x on a sustained basis.
Agency-reported financials (CARE, 16 Sep 2024)
| Metric | March 31, 2023 | March 31, 2024 |
|---|---|---|
| Total operating income | ₹933 Cr | ₹252 Cr |
| PBILDT | ₹76.55 Cr | ₹19.88 Cr |
| PAT | ₹34.09 Cr | ₹8.64 Cr |
| Overall gearing (times) | 1.40× | 1.41× |
| Interest coverage (times) | 3.52× | 3.41× |
| Revenue growth (YoY) | — | −73.0% |
| EBITDA margin | 8.2% | 7.9% |
| Implied interest cost (EBITDA ÷ coverage) | ₹21.75 Cr | ₹5.83 Cr |
| PAT margin | 3.7% | 3.4% |
Borrowings & rated debt
Rated limits over time
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
Credit assessment · Services
Rating Methodology – Service Sector Companies · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 53% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 53% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
Rated limits by facility
Timeline
From the report
Gross cash accruals also improved significantly to Rs. 61.69 crore in FY25 (PY: Rs. 46.42 crore), reflecting enhanced cash generation capability.
From the report
Liquidity: Adequate The liquidity profile of the company remains adequate, supported by healthy gross cash accruals (GCA) of Rs. 61.69 crore against a repayment obligation of Rs. 14.92 crore during FY25.
From the report
Additionally, the company had unencumbered cash and fixed deposits amounting to Rs. 20.69 crore as on March 31, 2025.
From the report
Rationale and key rating drivers The revision in ratings assigned to the bank facilities of Ritco Logistics Limited (RLL) factors in the improvement in the capital structure and liquidity position of the company post infusion of Rs. 100.00 crore in the form of equity via preferential issue in July 2024.
From the report
Tendency to enter debt funded fleet addition The company has availed additional term debt during FY24, with outstanding long-term debt as on March 31, 2024 at Rs. 64.38 crore, against Rs. 26.55 crore as on March 31, 2023.
From the report
The company is expected to generate a GCA of ~Rs. 54.45 crore against repayment obligation of Rs. 14.92 crore during FY25.
From the report
The average maximum utilisation of its fund based working capital remains moderate at 90.23% over the past 12 months ending July 2024.
From the report
The company is expected to generate a GCA of ~Rs. 43.46 crore against repayment obligation of Rs. 10.29 crore during FY24.
From the report
The average maximum utilization of its fund based working capital remains at 96.69% over the past twelve months ending September 2023.
From the report
It is noteworthy that RLL has a significant buffer in their sanctioned wor king capital limits, which can be utilized to fuel the future growth of the company.
From the report
Moderate financial profile The company generated healthy cash accruals of Rs. 18.04 crore during FY21 and has cash and bank balances of Rs. 27.93 crore as on March 31, 2021.
From the report
Liquidity: Adequate The liquidity profile of RTL is adequate with current ratio of 2.01x (PY: 2.34x) and cash and cash equivalents of Rs. 32.80 cr as on March 31, 2020 (free: Rs. 29.35 cr) comprising of ~Rs. 31.78 cr as cash and bank balances and ~Rs. 1.02 cr as mutual funds.
From the report
Further, RTL has availed moratorium for the scheduled payments and interest servicing from its lenders for the vehicle loans (not rated by CARE) as part of COVID-19 - Regulatory Package announced by the RBI on March 27, 2020 and further extension on 2 CARE Ratings Ltd.
From the report
RTL has the sanctioned working capital limits of Rs. 157.25 cr (includ ing CC limits of Rs. 126.25 cr and non -fund based limits of Rs. 31 cr) for the business operations.
From the report
The fund based working capital utilization of the company stood at ~80% at a maximum level for the twelve months ending October 2020, while the average maximum utilization of the non-fund based limits stood at 89.52% for the last twelve months ending October 2020.
From the report
Moderate financial profile The company generated healthy cash accruals of Rs. 18.04 crore during FY21 and has cash and bank balances of Rs . 27.93 crore as on March 31, 2021.
From the report
Liquidity: Adequate The liquidity profile of RTL is adequate with current ratio of 2.01x (PY: 2.34x) and cash and cash equivalents of R s. 32.80 cr as on March 31, 2020 (free: Rs. 29.35 cr) comprising of ~Rs. 31.78 cr as cash and bank balances and ~Rs. 1.02 cr as mutual 2 CARE Ratings Ltd.
From the report
Further, RTL has availed moratorium for the scheduled payments and interest servicing from its lenders for the vehicle loans (not rated by CARE) as part of COVID-19 - Regulatory Package announced by the RBI on March 27, 2020 and further extension on May 22, 2020 for the periods April 2020 to August 2020, however, it has been regularly servicing the 3 CARE Ratings Limited Press Release interest due on its working capital limits.
From the report
RTL has the sanctioned working capital limits of Rs. 157.25 cr (including CC limits of Rs. 126.25 cr and non-fund based limits of Rs. 31 cr) for the business operations.
From the report
The fund based working capital utilization of the company stood at ~80% at a maximum level for the twelve months ending October 2020, while the average maximum utilization of the non-fund based limits stood at 89.52% for the last twelve months ending October 2020.
From the report
Moderate financial profile The company generated healthy cash accruals of Rs. 18.04 crore during FY21 and has cash and bank balances of Rs. 27.93 crore as on March 31, 2021.
From the report
Adequate Liquidity The liquidity profile of RTL is adequate with current ratio of 2.01x (PY: 2.34x) and cash and cash equivalents of Rs. 32.80 c r as on March 31, 2020 (free: Rs. 29.35 cr) comprising of ~Rs. 31.78 cr as cash and bank balances and ~Rs. 1.02 cr as mutual funds.
From the report
Furt her, RTL has availed moratorium for the scheduled payments and interest servicing from its lenders for the vehicle loans (not rated by CARE) as part of COVID -19 - Regulatory Package announced by the RBI on March 27, 2020 and further extension on May 22, 20 20 for the periods April 2020 to August 2020, however, it has been regularly servicing the 2 CARE Ratings Limited Press Release interest due on its working capital limits.
From the report
RTL has the sanctioned working capital limits of Rs. 157.25 cr (including CC limits of Rs. 126.25 cr and non-fund based limits of Rs. 31 cr) for the business operations.
From the report
The fund based working capital utilization of the company stood at ~80% at a maximum level for the twelve months ending October 2020, while the average maximum utilization of the non-fund based limits stood at 89.52% for the last twelve months ending October 2020.
From the report
Further, the maximum utilization for the working capital borrowing stood at 66.17% during the 12 month period ending September 2019.
From the report
The company had cash and bank balance of Rs. 26.80 crore (unencumbered/free balance of Rs. 20.02 crore) and liquid investments of Rs. 1.18 crore as on March 31, 2019 and the cash & bank balance stood at Rs. 28.58 crore as on September 30, 2019.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Ritco Logistics Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Tata Passenger Electric Mobility Limited |
Courier, Express & Freight · Logistics & Supply Chain | ev.tatamotors.com | — | Mumbai, Maharashtra, India |
 Allcargo Logistics |
Courier, Express & Freight · Logistics & Supply Chain | allcargologistics.com | — | Mumbai, India |
| Quess Corp Limited | Discovered Companies · Other Industries | — | — | Bangalore, Karnataka, India |
| Courier, Express & Freight · Logistics & Supply Chain | concorindia.co.in | — | New Delhi, India | |
 Mahindra Logistics |
Courier, Express & Freight · Logistics & Supply Chain | mahindralogistics.com | — | Mumbai, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
 Transport Corporation of India |
Courier, Express & Freight · Logistics & Supply Chain | tcil.com | — | Secunderabad, India |
| MSTC Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
| Jitf Infralogistics Limited | Courier, Express & Freight · Logistics & Supply Chain | — | — | Chhattisgarh, India |
 VRL Logistics |
Courier, Express & Freight · Logistics & Supply Chain | vrlgroup.in | — | Hubli, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.