As mentioned above TGL is a 3PL player and an apple to apple comparison would be difficult. However flexible fuel prices add another moving part to the entire logistics value chain causing uncertainty which market dont like and generally uncertainty penalises the lower rung players like tgl which bear the brunt.
The consolidation happening in this space is the big uncertainty and lowers the growth visibility runaway again. Lower the visibility lower the PE and when you look at TGL , as mentioned before its nowhere near the league and stature of the biggies & their tried and tested business models.
At a company level, the lack of free cash flow is another area to monitor and no matter however bullish one is about its prospects , free cash flow is a strong indicator of a healthy company and right now its not there.
That said, 3PL players have a self reinforcing business model and just need to keep on adding branches to increase their network - the business flows automatically.
Disc - Invested