May 2026
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Largest Logistics & Air Freight Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Adani Ports & Special, Container Corp of India, Delhivery, Blue Dart Express and Shadowfax.
 | Adani Ports & Special Economic Zone Ltd is a port infrastructure company domiciled in India. The company owns, operates, develops, and maintains port terminals and port infrastructure in India, including operating and developing infrastructure at the Special Economic Zone in Mundra. Adani Ports & Special Economic Zone also owns and operates a private railway to transport container cargo, and provides storage, handling, and other logistics services. It has one business segment, namely developing, operating, and maintaining the ports services, ports-related Infrastructure development activities, and development of infrastructure at the contiguous Special Economic Zone at Mundra. The company generates the vast majority of its revenue domestically. | $19 | +21% | $44B | $50B | 12.2x | 19.7x | ||
| Container Corporation of India Ltd is a logistics and transport company. The company transports and handles shipping containers and operates logistics facilities, including dry ports and warehousing. Container Corporation of India is domiciled in India and derives the majority of its revenue domestically. The firm organizes itself into two segments: EXIM and Domestic. The EXIM segment, which derives key revenue, includes the company's export and import operations by engaging in handling, transportation, and warehousing activities. | $5 | -27% | $4B | $3B | 3.5x | 13.9x | ||
| Delhivery Ltd is engaged in providing a full range of logistics services, including delivery of express parcels and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation and assembly services, and fraud detection. It has one segment, which is Logistics Services. The company generates the majority of its revenue from India. | $5 | +11% | $3B | $3B | 2.9x | 31.6x | ||
| Blue Dart Express Ltd is a courier and package delivery company which focuses on express delivery using air and ground transportation in India. The company is headquartered in India, and generates all revenue domestically. Blue Dart Express operates through a single segment, and provides integrated air and ground transportation to distribute packages to various destinations within India. The company also operates and maintains aircraft for the purpose of package delivery. | $49 | -29% | $1B | $1B | 1.9x | 12.3x | ||
| Shadowfax Technologies Ltd is engaged in the business of providing platform for logistics services using technology to Business to Business customers. The company provides logistics services to enterprise clients across sectors including e-commerce, quick commerce, food marketplaces, and on-demand mobility. Its offerings include express parcel delivery, reverse logistics, exchange deliveries, scheduled and time-bound deliveries, hyperlocal and on-demand deliveries, mobility-related services, and other logistics solutions. The company derives revenue from the provision of its logistics and delivery services, with the majority generated from its Express forward parcel services. | $2 | -- | $1B | $1B | 2.4x | 41.5x | ||
| Mahindra Logistics Ltd is a domestic third-party logistics service provider. It operates in two business segments including Supply Chain Management Business, and Enterprise Mobility Service. The Supply chain management offers customized and end-to-end goods logistics solutions and services including transportation and distribution, warehousing, in-factory logistics, and value-added services. Enterprise Mobility Service provides technology-enabled and customized solutions for the daily pick-up and drop requirements of enterprises. The company derives the majority of its revenue from the Supply chain management segment. | $4 | +10% | $362M | $344M | 0.5x | 8.5x | ||
| VL E-Governance & IT Solutions Ltd operates mainly in the E-Governance and IT/ITES sector, specializing as a system integrator and end-to-end service provider for large-scale E-Governance projects. The company has expertise in managing extensive multi-state enrollment initiatives, data digitization, software development, and licensing. Its business activities encompass E-Governance services, IT/ITES system integration, B2B trading, and trading of IT/ITES equipment. The entire business is categorized under a single reportable segment called E-Governance & IT/ITES Business (B2B). | $0 | -73% | $15M | $15M | 8.4x | (149.6x) | ||
| Median | $5 | -9% | $1B | $1B | 2.9x | 13.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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