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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2024-25)
Investment Thesis
Roadways India Limited is a legacy Delhi-based road freight and logistics company with nearly four decades of history. Despite operating in a sector benefiting from India's infrastructure expansion, the company's minimal public presence, low share price of ₹10, and absence of disclosed financials make it a high-risk, low-visibility investment proposition.
Pros
Cons
Business Segments
Road Transport & Logistics
Transport and storage services; road freight logistics; West Delhi Industrial Area base; MSEI + Calcutta SE listed; revenue ₹60.2 Cr (FY2024-25).
Revenue Model
Revenue is generated through road freight transport contracts (full truckload and part truckload), fleet deployment, and logistics management services for commercial customers across India.
Detailed Analysis
Growth Plans
National infrastructure push including PM Gati Shakti and dedicated freight corridors increasing organized road freight volumes
GST-driven formalization of logistics creating opportunities for compliant operators
Industry Tailwinds
National infrastructure push including PM Gati Shakti and dedicated freight corridors increasing organized road freight volumes
Recent Developments
Comparable Companies
VRLLOG · ~4,500 Cr
Frequently Asked Questions
About Roadways India Limited
Roadways India Limited is a Delhi-based road transport and logistics company incorporated on 27 January 1987. The company provides road freight transport, computerised logistics operations, and fleet management services across India. Revenue has been stable at approximately Rs. 60 Cr in recent years — Rs. 59.90 Cr in FY2023 and Rs. 60.2 Cr in FY2025 — suggesting modest but steady growth in a competitive transport market. The company employs 55 employees (FY2024, down 5% YoY) and has borrowed from multiple banks including HDFC Bank, Kotak Mahindra Bank, and Yes Bank, with total disclosed borrowings exceeding Rs. 34.1 Cr across 29 loans. This represents a significant debt load relative to the company's net worth of Rs. 21.39 Cr (FY2023), implying a high debt-to-equity ratio. Operations are managed by the Goyal family (Amit Goyal as MD, Vineet Goyal as CFO/Director). As a logistics company in India's growing freight market, Roadways India competes with large organised transporters and tech-enabled logistics platforms.
Key Milestones
Incorporated January 27, 1987 in Delhi (CIN: L63090DL1987PLC319212) — 38+ years old
MSEI + Calcutta SE listed (scrip code 28160); ISIN INE518C01019; road transport and storage
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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GST-driven formalization of logistics creating opportunities for compliant operators
Industry Headwinds
Disruption from tech-enabled logistics aggregators and large organized players
Rising diesel prices increasing operating costs
Inadequate scale to compete with listed logistics companies for large contracts
Key Strengths
35+ year operating history in Indian road freight — established client relationships
Stable revenue (~Rs. 60 Cr) with modest growth trajectory
Multi-bank borrowing relationships (HDFC, Kotak, Yes Bank) indicating commercial banking credibility
Key Weaknesses
High leverage — Rs. 34.1 Cr debt vs. Rs. 21.39 Cr net worth (debt > equity)
Declining headcount (55 in FY2024, -5% YoY) may indicate operational contraction
No publicly available website or investor relations — limited transparency
Debt of Rs. 34.1 Cr exceeds net worth of Rs. 21.39 Cr — high leverage risk
Source: Company Financial Filings
29 separate bank loan accounts suggests fragmented borrowing without strategic debt management
Source: Media Reports / Public Records
Declining headcount (-5% YoY) at stable revenue — possible distress signal
Source: Company Financial Filings
No publicly available website or investor communications
Source: AlphaHub Research
The Indian road logistics market is highly fragmented with large organized players (VRL Logistics, TCI Express, Delhivery) and millions of unorganized truck operators competing on price
Road transport companies face exposure to fuel price volatility, GST compliance requirements, and evolving vehicle safety and emission norms
A share price of ₹10 suggests minimal current scale or activity, which may limit operational capacity and fleet investments
TCIEXP · ~3,000 Cr
MAHLOG · ~2,500 Cr
Revenue ₹60.2 Cr (FY2024-25); net worth ₹21.39 Cr (FY2023); Goyal family management
Registered at Plot No. 53-A/8, Rama Road Industrial Area, West Delhi 110015; website: roadwaysindia.com