Financial Performance Highlights

Q2 FY27 Performance:

  • Revenue from operations: ₹156 crores (37% YoY growth from ₹113.72 crores in Q2 FY26)
  • EBITDA: ₹16.94 crores (90% YoY growth from ₹8.91 crores)
  • EBITDA margin: 10.88% (expanded 304 basis points from 7.84%)
  • PBT: ₹6.09 crores (compared to loss of ₹0.78 crores)
  • PAT: ₹4.32 crores (compared to loss of approximately ₹1 crore)

H1 FY27 Performance:

  • Revenue from operations: ₹275.65 crores (28.15% YoY growth from ₹215.10 crores)
  • EBITDA: ₹28.14 crores (80.48% YoY growth from ₹15.6 crores)
  • EBITDA margin: 10.21% (expanded 297 basis points from 7.24%)
  • PBT: ₹8.82 crores (compared to loss of ₹4.07 crores)
  • PAT: ₹6.39 crores (compared to loss of ₹3.99 crores)

Business Segment Analysis

Q2 FY27 Revenue Mix:

  • Sea Export: 38%
  • Air and Sea Import: 30%
  • Air Export: 14%
  • Warehousing: 13%
  • Air and Sea Import Clearance: 5%

H1 FY27 Revenue Mix:

  • Sea Export: 33%
  • Air and Sea Import: 31%
  • Air Export: 16%
  • Warehousing: 14%
  • Air and Sea Import Clearance: 6%

Freight forwarding accounts for approximately 86% of total revenue.

Operational Updates

Warehousing Expansion at Bhiwandi:

  • Commissioned in July-September 2026 period
  • Multi-tier storage structure: Ground plus three-tier design adding 15,000 sq ft storage (converted 5,000 sq ft to 20,000 sq ft effective area)
  • Occupied by quick commerce customer since September 2026
  • Long-span pallet racking: G+5 level racking adding 2,000+ pallet positions
  • Total warehouse capacity increased to approximately 8,000 pallets
  • Occupied by FMCG customer since October 2026
  • Expected annual revenue contribution: Approximately ₹1 crore (₹50 lakh from storage, ₹40-50 lakh from pallet positions)

Business Operations:

  • 25 branches and 30+ warehouses across India
  • Over 5,000 active customers across SME and enterprise segments
  • 42,000+ shipments handled in FY26
  • Repeat customers accounted for 51% of business in FY26
  • Top 15 customers contributed over 20% of turnover
  • Current warehouse capacity utilization: 97.5%

Market Environment

Freight Rate Dynamics:

  • Significant increase in freight rates across international trade routes during July-September 2026
  • Example: India to US 40-footer rates increased from $2,800 (Feb/Mar) to $9,600 (Aug/Sep)
  • Rates increased considerably to destinations including Manzanillo, Buenaventura, and Callao
  • Movement not uniform across all routes

Geopolitical Impact:

  • Current challenges in Gulf region affecting shipping routes
  • Increased lead times and transit times
  • Company finding alternative routings and solutions

Strategic Priorities

  • Scale warehousing business to increase contribution from 14% to 17-18% in coming quarters, eventually to 20%
  • Strengthen project cargo and specialized logistics capabilities
  • Deepen relationships with existing customers through integrated services
  • Leverage technology to improve operational efficiency
  • Expand only where clear customer visibility and appropriate margin potential exists
  • Focus on mid-sized customers for better margins and payment discipline

Management Commentary

  • Growth primarily driven by freight rate increases rather than volume growth (volume growth 6-7% in Q1)
  • Asset-light model continues to be foundation of growth
  • Focus on improving quality of revenue and maintaining healthy operating margins
  • Warehousing margins appear high due to Ind AS 116 accounting treatment (rent shown in interest and depreciation)
  • Open to new branch expansion based on manufacturing sector potential and import/export geography
  • Air freight focus on US, South America, and Africa destinations with contractual space agreements

Conference Call Participants

  • Mr. Lancy Barboza – Chief Executive Officer and Managing Director
  • Mr. Alan Barboza – Executive Director and Assistant General Manager Sales
  • Mr. Abhinandan Gupta – Chief Financial Officer