Introduction – Two Leaders, One Sector
India’s logistics market, pegged at over ₹18 lakh crore, is a race where speed, reliability, and cost efficiency decide the winners.
In FY24, Instant Transport Solution Private Limited (ITS) and Raman Roadways Private Limited (RR) both crossed the ₹500 Cr revenue mark, but their playbooks differ.
- ITS focuses on premium express transport with tailor-made client solutions.
- RR offers multi-modal logistics backed by a large fleet, warehousing, and multiple branches.
Let’s break down how the numbers stack up.
Revenue & Growth Trends
| Metric | Instant Transport (ITS) | Raman Roadways (RR) |
| FY24 Revenue (₹ Cr) | 520.03 | 529.59 |
| FY23 Revenue (₹ Cr) | 533.52 | 484.84 |
| FY22 Revenue (₹ Cr) | 440.53 | 458.89 |
| 3-Year CAGR | 22.95% | 7.36% |
Insight:
ITS shows a stronger multi-year growth engine (22.95% CAGR).
Profitability – Margins & Absolute Earnings
| Metric | Instant Transport (ITS) | Raman Roadways (RR) |
| EBITDA FY24 (₹ Cr) | 67.68 | 46.89 |
| EBITDA Margin (%) | 13.02% | 8.85% |
| PAT FY24 (₹ Cr) | 18.79 | 15.05 |
| PAT Margin (%) | 3.61% | 2.84% |
Key Observations:
- ITS leads in both absolute EBITDA (+₹20.79 Cr over RR) and margins (+4.17 percentage points).
- Higher margins for ITS suggest better pricing power and cost management.
Return Ratios – Who Delivers More to Shareholders?
- ITS: ROE 35.80%, ROACE 30.73%
- RR: ROE 14.86%, ROACE 16.72%
Interpretation: ITS converts equity into profit more than twice as efficiently as RR.
This could be due to ITS’s higher leverage (D/E ratio of 1.3 vs. RR’s 0.4), which boosts returns but also adds financial risk.
Liquidity & Leverage – Stability vs Aggression
Here’s where the strategic DNA differs:
Instant Transport Solution (ITS)
- Current Ratio: 0.7 → Tight working capital cycles
- Quick Ratio: 0.5
- D/E: 1.3 → Higher dependence on debt
Raman Roadways (RR)
- Current Ratio: 3.0 → Strong short-term solvency buffer
- Quick Ratio: 2.3
- D/E: 0.4 → Conservative gearing
Takeaway:
RR is a liquidity fortress; ITS is playing the leverage card for faster scale.
Operational Strengths – Capacity to Deliver
Beyond financials, a logistics company’s real muscle lies in its ability to serve clients seamlessly, day after day.
Instant Transport Solution (ITS)
- Specializes in premium express transport, enabling time-critical deliveries for high-value cargo.
- Flexible service design ensures tailor-made solutions for diverse industries.
- Invests continuously in modern transport equipment, technology integration, and process optimization to stay ahead of client expectations.
Raman Roadways (RR)
- Operates a multi-modal logistics network, covering road, warehousing, and cross-docking facilities.
- Pan-India presence with 30+ major branches, enhancing reach and reliability.
- Maintains a large, well-serviced fleet to ensure delivery consistency and load versatility.
Why it Matters:
ITS shines in speed and customization, while RR leads in scale and geographic reach. Together, they showcase the two winning playbooks in Indian logistics, specialization vs. network dominance.
Cash Flow Dynamics
FY24 Net Cash from Operations
- ITS: ₹78.39 Cr – Strong inflows driven by operational efficiency.
- RR: ₹80.94 Cr – Healthy cash generation from core business activities.
Implication: Both companies are generating robust operational cash and channeling it into strengthening future capacity; ITS is pursuing a larger expansion push, while RR is implementing steady asset upgrades.
Verdict – Speed vs Stability
- ITS Strengths: Higher profitability, better ROE/ROACE, aggressive growth reinvestment.
- RR Strengths: Superior liquidity, lower leverage, wider operational footprint.
Final Analogy:
- ITS = Sports Car → Built for acceleration and high performance, but demands skillful handling.
- RR = Heavy-Duty Truck → Built for stability, load capacity, and endurance.
Instant Transport Solution and Raman Roadway, two ₹500+ Cr logistics leaders, each winning with a distinct playbook: high-margin agility vs scale-driven stability.
This PrivateCircle comparison reveals how both are shaping India’s logistics race, from growth rates to capital efficiency.