Hello. Am I audible?

Yes, ma'am. Can you speak a little louder, please?

Okay. So, I have a few questions with me. So, the first one is the company has reported revenue growth of around 6% year-on-year in Q1. So, what is the outlook for the revenue growth in FY ‘27?

Yes. Good afternoon. We are very positive about the revenue growth of year '27. On the basis of our current business, new contract signed by us, additional fleet capacity in working towards sustainability, we are expecting revenue growth of around 15% to 20% for '27 and this growth will come from our existing customers and new customers and new contracts. We have -- I think you're aware that we have added new fleet and assets in the last year, which will given us the revenue, less revenue in the last year and this full year they are giving the revenue, so will support higher revenue as they will fully utilize during the '27.

Okay. And, sir, how much of the growth is organic versus the growth coming from the new customer and the contracts?

We are working towards the new business and increasing in business of our existing customer. So, our target is to make 15% to 20% growth. So, around 7% to 8% growth will come with the new business and around 8%-10% growth will come through existing customers through new contract, expansion of our business. The actual contribution may depend on timing of the new contract and development of that vehicle. We are sincerely working towards sustainable logistics, which is LNG, EV and CNG. So, lot of vehicles has been added and further we are having a plan to add new vehicles. So, overall, growth will come 15% to 20% by both the ways like existing customer and new customers.

Okay, sir. And is there any seasonality in the business that investors should consider while analyzing Q1 performance?

Yes. In logistics there is some seasonality in our business. Generally, Q1 and Q3, normal operating quarters, while four, quarter four usually have better volume. If you see the previous history, quarter four is always better due to higher demand for some of the industries we serve. Therefore, quarterly number should be looked at the manner of full financial year. We expect the higher volume in quarter three and four and overall performance of the year. If you see all our old '26, '25 or '24, these years quarter four and three are much better than quarter one or two.

Okay, sir. Thank you for answering the questions.

Thank you. Next question is from the line of Aditi Jain from Wealth Management. Please go ahead.

Yes, ma'am.

Yes, ma'am.

Okay. So, my question is what incremental revenue and PAT can company generate from the raised capital recently?

Can you repeat your question, please?

Yes, sure, sir. What incremental revenue and PAT can company generate from the capital raised?

Yes. This rights issue, you are talking about rights issue, ma'am?

Yes.

The rights issue will help us to strengthen our working capital position and support our growing business requirement. However, it is difficult to give a specific revenue or PAT number only against the rights issue proceed, but at overall business level, we expect incremental revenue and better PAT for new contract and higher fleet utilization and the capex which we have done in 25-26 and the current financial year. The new asset will -- the new asset which we have added will contribute for a longer period in 26-27which should support revenue growth and improve PAT margins. At the same time, depreciation will increase due to the addition of the new asset. So, depreciation may increase during that time, but overall profit and incremental growth will come in the company.

Okay, sir. Got it and What amount of capital expenditure we are planning to do this financial year?

Last year, ma'am, we did capex of around INR62 crores and benefit of these assets will come and will see in the current financial year as well as in the coming years. And for '26,'27, we are planning to do a further capex of around INR60 crores. At the same time, we are also evaluating the leasing of asset to our financial balance sheet. So that will -- our financial will be balanced. Instead of buying, we are talking to the companies and financial institute for the leasing of the asset. Our approach for that to maintain a balance between asset ownership and leasing so that we can support business growth while keeping our financial and capital requirement under control. So, this year capex will be INR50 crores, INR60 crores and other assets we are trying to take on lease. So, this will be -- leasing model will be much better in view of our balance sheet.

Okay. And can you please brief us about the Haldiram contract? How will the placement of 100 vehicles benefit the company business?

We have received the contract initially of 100 vehicles that is from Haldiram, Nagpur for their logistics requirement. And last week, on 21st August, 40 vehicles has been already deployed and the remaining 60 vehicles currently under the deployment process and expected to deploy next one month or maximum two months.

And this contract will add to our revenue and provide better revenue visibility as the vehicle become fully operational. Since these are dedicated vehicle, it will also help us to maintain better fleet utilization and planning. These vehicles are going -- logging from Nagpur and going to South, East and some part of the West also. So as of now we have signed the contract of 100 vehicles, but last week we met management of Haldiram, Nagpur they are asking us to add another 100 vehicles by December ’26, 2026 So, these are a reputed customer, good paymaster and these are helping us to build opportunity for our additional vehicle requirement in dedicated model in the future.

Okay, sir. Thank you. That's all.

Thank you. Next question is from the line of Keval Mehta from Mehta Securities. Please go ahead.

Hi, sir. Good afternoon. Sir, we have started liquid logistics train. So, are we planning to deploy some new liquid logistics train or are we purchasing the tanks or taking it on lease?

Two set of tankers we have already purchased and now further purchase, we are don't want to take our books. We want to take the future few tankers or two trains from leasing basis only. So, already two trains we have purchased and another train we will take on lease as of now for -- till last future -- one year or so. After that, we can think again to buy two more train from in our books.

Okay. And should investors expect some margins to improve further as we can see some increase in capex in fleet?

Yes. We expect our margins to improve as the benefit of the capex done during 25-26 start coming from this current year of '27. A major part of capex was done in second half of ’26, '25- 26. Therefore, these new asset vehicles, asset will higher contribution and higher utilization in '27, as they will be operational for the entire financial year. This sweating of the -- in our company, we are using the word sweat of asset. So sweating of asset are -- and better operational efficiency, we expect more improvement in our profit margin. Because if we run our vehicle more and both way loaded, then profitability will be much better. So we are working towards that and we are having the customer from both end, like Delhi to Bombay and Bombay to Delhi, both side we are loading the vehicle. So definitely the profitability will increase this year.

Got it. And sir which business segments are currently generating a good profit percentage?

Basically – currently, we are -- generally see better margin in dedicated vehicles, cold chain business, reefer trucks and warehousing and factory management. Now-a-days, we are doing business of customer warehouse operations. So these are specialized segment where competition is less and since the vehicles are dedicated to specific customer requirement, we are able to achieve better utilization and other margin compared to some of the traditional transportation activities.

We will continue to focus on specialized business where we can earn more profit instead of our normal transport business. So we are focusing on sustainability where LNG operational cost is less compared to the diesel vehicle. Electric, obviously, the investment is high but operational cost is very less compared to that. So business margin will increase only if we control our operational cost. So we are focusing on that and hopefully this year our margin will be much better.

Okay. And will the new liquor logistics, EV and LNG businesses have higher margin so than the traditional transportation business?

Yes, both are higher margin because these are the specialized business and lot of government policies and route management is required. So customers are giving better rate in terms of kilometer or in terms of destination-wise. So compared to normal goods, the freight of the liquor goods are little high. So margins are better there.

Got it.

And EV business is also because cost of operations is less in EV and LNG compared to the diesel, so the profit is little better in this segment.

Okay, sir. yeah,, that's all from my side, sir. Thank you.

Thank you. Next question is from the line of Dinesh Khenar, Individual Investor. Please go ahead.

Yes. Hello. Good afternoon, sir.

Yes. Good afternoon, sir.

Yes. So, I just have like a couple of questions. So can you like brief us about the Haldiram contract that you recently got? And like how this 100 vehicles placement like will benefit your business?

Yes, I have already explained now that somebody was asked previously asked same question. This we got the order in last, I think July month, and we have deployed the vehicle on 21st of August. So 100 vehicles out of 100, 40 vehicles already deployed and 60 is under fabrication, which will be placed in another one month or so. So deployment, this contract will add revenue and provide better revenue visibility as the vehicle become fully operational. Since these are dedicated vehicle to Haldiram, it will help us to maintain better fleet and utilization and planning. And we will take that backload also from the return journey from like Bhopal, Indore, Nagpur, Jabalpur, this area we will bring the backload also. Overall, these 100 vehicles are deployed, we expect a contract, good contribution to our revenue of 2026-2027 and also strengthen our relationship with the reputed customer, and which will help us build opportunities for additional vehicle requirement in dedicated model in future.

So, these are FMCG and companies, and the festive season is coming up—Ganesh Chaturthi, followed by Dussehra, Diwali, and Durga Puja. So, during the festive season, there is usually a lot of demand. So they are having a huge demand of the vehicles. They are giving us another off after deployment of these 100 vehicles, they will give another 100 vehicle contract to us, which will we are trying to deploy by December '26.

Okay. Okay, sir. And in total, how many new fleets are you adding in uh current year, FY27?

'27 we are choosing two type of model. One is the lease model, another is the purchase model. So around CNG, around 50-60 vehicle, LNG, we got the contract of 100 vehicles and electric, as of now we got the order of 30 vehicles, but our 70 vehicle order is discussion is going on. So total target is to add around 200 vehicle in this March '27.

Okay. Okay. Nice. All right Congrats, sir. I'll rejoin back the queue. Thank you.

Thank you. Next question is from the line of Mayur Parekh from VY Capital Please go ahead.

Yes. Good afternoon. Can you hear me?

Good afternoon.

Yes. So I just wanted to know like the company has highlighted its in-house software for real- time vehicle tracking. So, like what exactly this software does, and how it will benefit the company overall?

Yes. Nowadays the we can do lot of things by using the technology and AI is also coming up as an advancement in technology. So, company has developed in-house software for tracking the real-time running and controlling them through GPS, dashcam also. So we have put camera also in our vehicles for the safety purpose. And this software enabled us to provide our customer through access of track, locate and the vehicle provided them for logistics operation on dedicated basis. For example, if we send one vehicle from Delhi to Bangalore, so they want to understand where is our vehicle, when it will reach. So, this GPS and technology will inform them by when this vehicle is reaching to destination. So, we put some uh kilometer running around 350 km per day vehicle should run. If Bangalore is 2,100, so it should reach in six days or five days. So, our technology platform or our dashboard will inform to the customer that vehicle will reach at destination on so-and-so date. So, this is the, means better utilization, sweating of asset, and customer can plan better way of loading, unloading that they know when the vehicle is coming. So, it help us to plan the task in a better way. And we have now start giving access of this software to the customer also so that they can plan better way, and our total overall running has increased now. So for example, if our vehicles are running 1 lakh km in a month, so now we are targeting to make it minimum 15% to 20% growth, 1,20,000, by utilizing the latest software, etcetera.

In August we did this incremental growth in our running.

Okay. Got it. And like can you also throw some light on the progress of JV business with Baidyanath Group?

The Baidyanath Group JV, all the formalities has completed. And I hope you must be aware that we have incorporated a company called Carbonlite Logistics Private Limited. With initial capital has been deployed. And I'm talking to the customers long-term contract providing LNG and electric vehicle. That company is specially looking after only dealing sustainable of the green business only, green transportation that is CNG, LNG and electric. And we are arranging finance and leasing of new vehicles for deployment with the customer and hopefully the operation will start from 1st of October in this group and it will be a very good opportunity and we expect a good business in this Carbonlite because lot of companies which are steel, cement, FMCG companies wish to transfer their business to that electric vehicle.

Okay. Okay. Got it. Thank you for answering.

Thank you very much. Ladies and gentlemen, we'll take that as the last question. I now hand the conference over to Mr. Harsh Gosavi for closing comments.

Thank you everyone for joining the conference call of AVG Logistics Limited. If you have any queries, you can write to us at research@kirinadvisors.com. Once again, thank you everyone for joining the conference.

Thank you very much. On behalf of Kirin Advisors that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.

Thank You.