Industry research
Logistics moves goods across India by road, rail, air and sea, stores them in warehouses and delivers them to businesses and homes. This page measures the listed and private companies that provide freight, express and parcel, warehousing, supply-chain and container services together.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | TVS Supply Chain Solutions | Listed · TVSSCS | 9,996 | 7.2 | Tamil Nadu |
| 2 | Delhivery | Listed · DELHIVERY | 8,932 | 9.1 | Delhi |
| 3 | Container Corporation of India | Listed · CONCOR | 8,887 | 26.7 | Delhi |
| 4 | Blue Dart Express | Listed · BLUEDART | 5,720 | 16.0 | Maharashtra |
| 5 | CJ Darcl Logistics | Private | 5,161 | 5.3 | Haryana |
| 6 | Transport Corporation of India | Listed · TCI | 4,492 | 11.3 | Telangana |
| 7 | Smartshift Logistics Solutions (Porter) | Private | 4,306 | 1.9 | Maharashtra |
| 8 | Safexpress | Private | 3,870 | 20.8 | Haryana |
| 9 | VRL Logistics | Listed · VRLLOG | 3,161 | 18.9 | Karnataka |
| 10 | Busybees Logistics Solutions (Xpressbees) | Private | 2,874 | −5.0 | Maharashtra |
| 11 | Central Warehousing Corporation | Unlisted (govt) | 2,668 | 34.2 | Delhi |
| 12 | DTDC Express | Private | 2,465 | 7.8 | Karnataka |
| 13 | Ecom Express | Private | 2,360 | −13.6 | Delhi |
| 14 | JITF Infralogistics | Listed · JITFINFRA | 2,265 | 19.8 | Chhattisgarh |
| 15 | Om Logistics | Private | 2,264 | 11.5 | Delhi |
| 16 | J M Baxi Ports & Logistics | Private | 2,226 | 28.2 | Maharashtra |
| 17 | TM International Logistics | Private | 1,990 | 15.5 | West Bengal |
| 18 | Dahnay Logistics | Private | 1,855 | 6.2 | Tamil Nadu |
| 19 | Associated Road Carriers | Private | 1,816 | 7.6 | West Bengal |
| 20 | Team Global Logistics | Private | 1,787 | 9.0 | Maharashtra |
| 21 | Western Carriers (India) | Listed · WCIL | 1,726 | 7.7 | West Bengal |
| 22 | Gateway Distriparks | Listed · GATEWAY | 1,660 | 25.1 | Maharashtra |
| 23 | Swift Cargo | Private | 1,593 | 5.4 | Maharashtra |
| 24 | Sar Transport Systems | Private | 1,463 | 4.4 | Maharashtra |
| 25 | Logisteed India | Private | 1,447 | 6.1 | Maharashtra |
| 26 | Pristine Logistics & Infraprojects | Private | 1,426 | 19.1 | Delhi |
| 27 | Micropark Logistics | Private | 1,385 | 2.6 | Maharashtra |
| 28 | CEVA Logistics India | Private | 1,256 | 1.0 | Maharashtra |
| 29 | TCI Express | Listed · TCIEXP | 1,208 | 11.4 | Telangana |
| 30 | Ritco | Listed · RITCO | 1,190 | 8.0 | Delhi |
1699 logistics companies with statutory filings (47 listed, 1652 private) reported combined revenue of ₹2.12 lakh crore in FY2025, +15.1% on the same companies, and aggregate EBITDA of ₹22,583 crore. As filed each year, combined revenue was ₹72,026 crore in FY2018, reached ₹2.12 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 22 listed companies with an exchange price are worth ₹70,298 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of logistics companies was 10.7% in FY2025, 0.4 pts below FY2024, against a peak of 11.1% in FY2024. Profit after tax margin was 3.1% (+0.0 pts on FY2024). Aggregate EBITDA of listed and private logistics companies moved +37% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹22,583 crore (+8.1% on FY2024).
By FY2025 revenue the largest logistics companies are TVS Supply Chain Solutions (₹9,996 crore, 7.2% EBITDA margin); Delhivery (₹8,932 crore, 9.1% EBITDA margin); Container Corporation of India (₹8,887 crore, 26.7% EBITDA margin); Blue Dart Express (₹5,720 crore, 16.0% EBITDA margin); CJ Darcl Logistics (₹5,161 crore, 5.3% EBITDA margin, private). Among the ten largest, Container Corporation of India (26.7%) and Safexpress (20.8%) earn the widest EBITDA margins and Busybees Logistics Solutions (Xpressbees) (-5.0%) the thinnest. 15 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Net tone of fuel costs stories fell from +14 to -48 (-62 pts) over 802 stories, the largest drop of any theme. In buyer searches: Search interest in logistics business services queries (transport business) was +126% in the 12 months to 2026-09 vs the prior 12, led by “transport business” (+126%), followed by warehousing, storage & fulfilment (+38%); courier, parcel & online-order delivery moved -12%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of fuel costs turned more negative (Logistics in the news). Logistics EBITDA grew 37% since FY2022 (Industry financials). 38 private logistics providers pass an IPO-readiness screen (Top logistics companies in India). Logistics business services searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 7.2× and median P/E 13.1× across 22 priced logistics companies. (Market capitalisation & valuation).
The median trailing P/E is 13.1× and the median EV/EBITDA 7.2× across 22 priced companies.
Logistics is the business of moving, storing and handling goods between producers, traders and customers: road freight, express and courier delivery, freight forwarding, warehousing and cold chains, contract supply-chain services and container depots. In India it serves manufacturers, retailers and online sellers, and its costs and reliability shape what goods cost to reach the buyer.
Listed and private companies whose statutory activity code or legal name places them in goods transport and logistics services: road freight, courier and express, cargo handling and storage, freight forwarding and container logistics. Left out are shipping lines, airlines, railways, port and terminal owners, passenger transport, vehicle dealers, trading companies, software vendors, listed companies whose latest annual accounts are not in the filings record yet, and subsidiaries of listed logistics groups, whose revenue is already inside the parent's accounts.
Research information, not investment advice.
Industry research