The results season is on and it’s quite a busy period for us analyzing results of so many companies.
Recently, while going through Mar’25 results, I came across Ritco Logistics.
Ritco is third-party logistics (3PL) service provider that provides logistics services including transportation of cargo and warehousing services.
The overall numbers reported by the company look interesting and therefore we decided to read in detail about it. Below, we have shared notes from Sep’24 Care Rating report on the company.
Before that, in the month of April 2025 and May 2025, we have released the following new stock recommendations:
- On 11th Apr’25, we released a new recommendation under “Insider Bets” subscription. You can read about it by clicking HERE
- On 16th Apr’25, we released a new Special situation opportunity for our Alpha + members. You can read about it by clicking HERE
- On 6th May’25, we released a new medium/long term investment recommendation for our Alpha + members. You can read about it by clicking HERE
Ritco Logistics – Sep’24 Care Rating report
Integrated Logistics Operations:
- Operates across 300+ locations with 50 branches and 8–9 fleet hubs
- Owns approximately 339 vehicles and leases around 3 lakh sq. ft. of warehouse space across six states
- Utilizes a dedicated fleet of over 1,700 trucks and hires additional vehicles as needed
- Developed an in-house vehicle aggregator platform to enhance operational efficiency, with revenue generation expected from Q3 FY25
Source: Screener
Diversified and Reputed Customer Base:
- RLL has established relationships with clients across various sectors, including polymers, FMCG, tyres, cement, and steel
- Contracts typically span 1 to 3 years and include clauses for diesel cost escalations
Experienced Management Team:
- Promoted by Mr. Manmohan Pal Singh Chadha (Chairman and CFO) and Mr. Sanjeev Kumar Elwadhi, both with over 30 years of experience in logistics and finance
- Supported by a team of professionals with substantial industry experience
Improved Capital Structure:
- In July 2024, RLL raised Rs 100 crore through a preferential equity issue
- 80% of the funds were allocated to working capital, and 20% to its subsidiary for developing a logistics aggregator platform
Weaknesses:
- Provides a credit period of 90–120 days to clients, while making approximately 85% of vendor payments in advance, especially for fuel
- This mismatch leads to significant working capital requirements, primarily funded through working capital facilities backed by cash-based collaterals
- Profitability is susceptible to fluctuations in fuel prices and hire charges, which are influenced by demand-supply dynamics
- Timely pass-through of fuel cost variations is crucial to maintain margins
Hope you found the blog post useful and it added value to your investment decisions. Sign up for more interesting stock ideas and industry notes.
Disclaimer: This is not a recommendation to buy/sell any of the stocks mentioned above. The securities quoted are for illustration only and are not recommendatory.
Ekansh Mittal
Research Analyst
SEBI Research Analyst Registration No. INH100001690
Research Analyst Details
Name: Ekansh Mittal Email Id: [email protected] Ph: +91 727 5050062
Details of Associate: Not Applicable
Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.
Disclaimer: http://www.
Registered Address – 7, Panch Ratan, 7/128, Swaroop Nagar, Kanpur – 208002
Place of Business – 205, Ratan Floor, 113/120, Swaroop Nagar, Kanpur – 208002
Compliance Officer/Grievance Redressal – Mr. Ekansh Mittal, +91-9818866676, info@
“Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors”.
“Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision
This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Ekansh Mittal/Mittal Consulting/Katalyst Wealth is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Ekansh Mittal or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Neither Ekansh Mittal, nor its employees, agents nor representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Ekansh Mittal/Mittal Consulting or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
The recipients of this report should rely on their own investigations. Ekansh Mittal/Mittal Consulting and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. Mittal Consulting has incorporated adequate disclosures in this document. This should, however, not be treated as endorsement of the views expressed in the report.
We submit that no material disciplinary action has been taken on Ekansh Mittal by any regulatory authority impacting Equity Research Analysis.
Disclaimer: You can access it here – LINK
Whether the research analyst or research entity or his associate or his relative has any financial interest in the subject company/companies and the nature of such financial interest – No
Whether the research analyst or research entity or his associates or his relatives have actual/beneficial ownership of 1% or more securities of the subject company (at the end of the month immediately preceding the date of publication of the research report or date of the public appearance) – No
Whether the research analyst or research entity or his associate or his relative has any other material conflict of interest at the time of publication of the research report or at the time of public appearance – No
Whether it or its associates have received any compensation from the subject company in the past twelve months – No
Whether it or its associates have managed or co-managed public offering of securities for the subject company in the past 12 months – No
Whether it or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months – No
Whether it or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months – No
Whether the subject company is or was a client during twelve months preceding the date of distribution of the research report and the types of services provided – No
Whether the research analyst has served as an officer, director or employee of the subject company – No
Whether the research analyst or research entity has been engaged in market making activity for the subject company – No