Recently, while screening for stocks for our Premium Members, I came across Ritco Logistics.
Ritco is third-party logistics (3PL) service provider that provides logistics services including transportation of cargo and warehousing services.
What I found interesting was that it has created a PORTER like platform called TrucksUp which can be used for long-haul online B2B truck booking.
Overall numbers also look interesting; below, we have shared notes from Q1 FY 26 concall of the company to understand management’s perspective on growth plans and TrucksUp operations.
Before that: Here’s the list of new recommendations released in last few weeks:
- On 14th Sep’25, we released our 5th stock report under “Insider Bets“ subscription. Herein the company’s performance has turned around with strong growth in PAT in FY 25 and management is targeting PAT margin to improve 3x. You can read about it by clicking HERE
- On 1st Sep’25, we released a new Special situation opportunity for our Alpha + members. It’s based on buy-back with upside potential of around 20% from our recommended levels (assuming full acceptance). You can read about it by clicking HERE
Ritco Logistics Q1 FY 26 concall notes
Source: TrucksUp.com
Financial & Operational Highlights
Revenue Growth
- The company reported 40% YoY growth in revenue for Q1 FY26.
- There was also a 3% sequential growth versus Q4 FY25, despite Q4 traditionally being the strongest seasonal quarter.
Revenue Mix
- ~90% of revenue still comes from the B2B transportation business.
- 10% comes from value-added services: warehousing, implant logistics, distribution, and most recently, multimodal logistics. These value-added services have been introduced over the last year and are expected to grow in significance.
Profitability & Margins
- Overall EBITDA margin stands at 8.1%.
- Warehouse and implant logistics segments deliver higher margins (~20% EBITDA), but their scale is currently limited; most B2B transport operates at a margin of 10–14%.
- Management expects margin expansion in the coming years as the higher-margin businesses form a larger share of the revenue mix.
- Working capital days have been reduced to 109 days (target for FY26: 103 days), with a long-term goal of 90 days.
Strategic Initiatives & Segment Updates
Multimodal Logistics Focus
- The company is investing in multimodal capabilities and has hired senior professionals from Concor, Adani, and railway backgrounds.
- Ambition: Within 3 years, multimodal to account for 30% of overall volumes.
Warehousing & Implant Logistics
- Now offers 10 leased warehouses for large blue-chip clients (Reliance, MRPL, Indian Oil, Mitsubishi, etc.).
- Implant logistics (providing skilled and unskilled labour and forklifts as a turnkey logistics solution within client facilities) is generating higher margins and is secured via longer-term contracts (1–3 years).
Key Sectors & Clients
- Ritco remains a leader in petrochemicals logistics (~42–44% market share by volume in that sector).
- Significant new expansion into steel, cement, and renewable energy logistics (with clients including Waaree, Adani Solar, Tata Solar, Vikram Solar).
TrucksUp Platform (Ritco’s Tech-Driven Aggregator Business)
Business Model and Monetization
- TrucksUp is not an intra-city aggregator like Porter; instead, it focuses on long-haul B2B trucking.
- Monetized via subscription plans (₹300–₹14,000) and value-added services (such as fuel and insurance).
- Reported ₹1.75 crore in revenue in Q1 FY26 with a target to surpass ₹3 crore in Q2 and ₹15 crore for the year.
- Over 3,68,000 trucks and 30,000 vendors registered on the platform.
User Activity
- 7,500–8,500 loads posted daily, with 18,000–19,000 daily active users on the platform.
Marketing and Investments
- Spends ₹1.7–2.2 crore/month on TrucksUp expenses, with 25–30% for branding and promotion; marketing strategies focus on YouTubers and digital reach rather than celebrities, to better connect with truck owners/operators.
- ₹20 crore capital allocated to TrucksUp from the recent equity fundraising (placed in FDs being drawn as per budgeted burn).
Profitability Timeline
- TrucksUp is expected to achieve breakeven in approximately 2 years.
Capital Allocation and Asset Strategy
- The company remains asset-light, maintaining only ~300–350 trucks (as required for tender eligibility) and relying on its vast network of 30,000 trucking vendors.
- Recent new funds: ₹100 crore raised via equity, with ₹20 crore earmarked for TrucksUp and the rest for working capital and technology upgrades.
- No major plans to expand owned fleet; preference for tech investment and capital-light growth.
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.
Use of Artificial Intelligence: RA may infrequently use Artificial Intelligence (AI) tools like chatgpt, notebooklm, etc. in its research services to enhance the quality and efficiency of the recommendations provided to clients. The tools are primarily used for data collection and generating con-call summaries for the purpose of research.
In accordance with Regulation 24(7) of the SEBI (Research Analyst) Regulations, 2014: We take full responsibility for the security, confidentiality, and integrity of client data used in conjunction with AI tools and we ensure compliance with applicable laws regarding the use of AI tools.
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