Company Overview

Glottis Limited (CIN: L63090TN2022PLC151443) is an integrated logistics solutions provider headquartered in Chennai, Tamil Nadu. The company completed its first full financial year as a listed entity after its IPO in October 2025, with shares listed on NSE and BSE.

Financial Performance Highlights

Revenue & Profitability

  • Revenue from Operations: ₹7,226 million in FY26 (down 23.2% from ₹9,412 million in FY25)
  • EBITDA: ₹495 million (6.9% margin) vs ₹783 million (8.3% margin) in FY25
  • Profit After Tax: ₹377 million (5.2% margin) vs ₹562 million (6.0% margin) in FY25
  • Basic EPS: ₹4.38 vs ₹7.02 in FY25

Capital Structure & IPO Impact

  • IPO comprised fresh issue of 1,24,03,000 equity shares at ₹129 per share, raising ₹1,600 million
  • Total IPO proceeds: ₹3,070 million (₹1,600 million fresh issue + ₹1,470 million offer for sale)
  • Post-IPO paid-up capital: ₹184.8 million (92.4 million shares)
  • Securities premium account: ₹1,428.9 million after adjusting ₹146.3 million IPO expenses
  • Key financial ratios declined due to IPO equity expansion, with Return on Equity falling to 19.91% from 80.52%

Balance Sheet Position

  • Net Worth: ₹2,810 million (up from ₹978 million in FY25)
  • Debt-to-Equity: 0.18x (improved from 0.23x)
  • Total borrowings: ₹497.1 million (increased from ₹221.4 million in FY25)
  • Cash & Cash Equivalents: ₹951 million
  • Bank Balances (excluding cash): ₹9,116 million (includes temporary deployment of IPO proceeds)
  • Trade Receivables: ₹17,330 million (increased approximately 60% YoY)

Operational Metrics

  • Ocean Freight Volumes: 89,098 TEUs (down 20.6% from 112,146 TEUs in FY25)
  • Repeat Customers: 959 (up from 871)
  • New Customers Added: 163
  • Top 5 Customer Concentration: ~33% of revenue

IPO Proceeds Utilization

The company raised ₹1,600 million through fresh issue in its IPO (October 2025):

  • Gross Proceeds: ₹1,600 million
  • Issue Expenses: ₹148 million
  • Net Proceeds: ₹1,452 million

Utilization as of March 31, 2026:

  • ₹713 million utilized toward objects of the issue
  • Balance proceeds temporarily invested in interest-bearing instruments
  • Board approved extension of deployment timeline to March 31, 2027

Business Segment Performance

Revenue by Service Line

  • Sea Import: ~78% of revenue
  • Sea Export: ~14% of revenue (increasing through the year)
  • Air Import: 2.4% of revenue (up from 1.5%)
  • Air Export: 1.2% of revenue (more than doubled)
  • Road Transport: ~5% of revenue

Industry Vertical Diversification

  • Renewable Energy: 40.9% of revenue (down from 47.5%)
  • Automobiles: 4.2% of revenue (up from 1.5%)
  • Agro Products: ~6% of revenue (up 58.7% YoY)
  • Engineering Products, Consumer Durables, Minerals & Granite: Meaningful contributors

Strategic Initiatives & Asset Expansion

Fleet Expansion

  • Owned commercial vehicles: 42 (up from 17)
  • Program underway for ~150 trailers and ~1,000 containers
  • Total planned investment: ~₹1,300 million
  • Capital commitments of ₹10.8 million for purchase of 25 units of 40 ft trailers

Geographic Expansion

  • New branch opened in Ahmedabad (total 9 branches across India)
  • Wholly owned subsidiary incorporated in Texas, USA (Glottis Inc) with investment approved up to USD 2,000
  • Entities in Singapore, UAE, and Vietnam
  • Sales organization expanded into Western and Northern India

Banking Relationships & Debt

  • Working capital facilities: ₹1,050 million from Kotak Mahindra Bank, HDFC Bank, and CitiBank
  • Cash credit facilities interest rates: 8.41-8.16% (floating)
  • Finance costs increased to ₹30.8 million due to higher utilization of working capital borrowings

Corporate Governance & Compliance

Board Composition

  • 6 Directors: 2 Executive, 1 Non-Executive, 3 Independent (including 1 woman director)
  • 11 Board meetings held during FY26
  • All mandatory committees constituted: Audit, NRC, SRC, CSR, Risk Management

Auditors & Key Audit Matters

  • Statutory Auditors: CNGSN & Associates LLP
  • Internal Auditor: PKF Sridhar and Santhanam LLP
  • Secretarial Auditor: Jayashree S Iyer
  • Key audit matters: Revenue recognition (principal vs agent status) and completeness of accrued income

Related Party Transactions

Key transactions with related parties:

  • Promoter remuneration: ₹122.68 million each to Mr. Ramkumar Senthilvel and Mr. Kuttappan Manikandan
  • Transactions with group entities: Glottis Shipping Pvt Ltd (₹654 million), Continental Shipping & Consulting Pte Ltd (₹1,634 million)
  • All transactions conducted at arm's length

Risk Factors

Identified Risks

1. Freight rate cyclicality and spread compression

2. Trade-policy and geopolitical disruption

3. Customer and vertical concentration

4. Working capital intensity (receivables increased 60% YoY)

5. Execution risk on asset-ownership transition

Mitigation Strategies

  • Diversification of corridors, service lines and verticals
  • Multi-corridor network with local entities
  • Customer-level credit limits and ageing reviews
  • Phased asset deployment aligned with operational absorption

Outlook

Management priorities for FY27:

  • Complete trailer program and commission ~1,000 owned containers
  • Convert Western and Northern India sales organization into meaningful origination
  • Scale emerging cargo categories (BESS, solar manufacturing raw materials, automobile logistics)
  • Grow ocean export, air freight and road transport share
  • Operationalize US subsidiary

Medium-term financial ambition: Progressive improvement in EBITDA margin toward double digits driven by owned-asset economics and operating leverage.

AGM Details

  • Date: September 28, 2026
  • Time: 11:00 AM IST
  • Mode: Video Conferencing/Other Audio-Visual Means
  • Record Date: September 21, 2026