Financial Results - Standalone (Amounts in ₹ Lakhs)

Income Statement

  • Revenue from operations: ₹23,450.96 (Q1 FY27) vs ₹16,815.51 (Q1 FY26) vs ₹19,585.18 (Q4 FY26)
  • Other income: ₹212.26 (Q1 FY27) vs ₹8.31 (Q1 FY26) vs ₹500.03 (Q4 FY26)
  • Total income: ₹23,663.22 (Q1 FY27) vs ₹16,823.82 (Q1 FY26) vs ₹20,085.21 (Q4 FY26)

Expenses

  • Cost of services rendered: ₹20,597.23 (Q1 FY27) vs ₹14,166.70 (Q1 FY26) vs ₹17,551.34 (Q4 FY26)
  • Employee benefits expense: ₹712.76 (Q1 FY27) vs ₹437.15 (Q1 FY26) vs ₹560.91 (Q4 FY26)
  • Finance costs: ₹156.68 (Q1 FY27) vs ₹26.13 (Q1 FY26) vs ₹100.84 (Q4 FY26)
  • Depreciation and amortization: ₹225.96 (Q1 FY27) vs ₹57.70 (Q1 FY26) vs ₹76.21 (Q4 FY26)
  • Other expenses: ₹511.94 (Q1 FY27) vs ₹521.35 (Q1 FY26) vs ₹453.73 (Q4 FY26)
  • Total expenses: ₹22,204.57 (Q1 FY27) vs ₹15,209.03 (Q1 FY26) vs ₹18,709.03 (Q4 FY26)

Profitability

  • Profit before tax: ₹1,458.65 (Q1 FY27) vs ₹161.79 (Q1 FY26) vs ₹1,376.18 (Q4 FY26)
  • Tax expense: ₹389.66 (Q1 FY27) vs ₹42.66 (Q1 FY26) vs ₹302.88 (Q4 FY26)
  • Current tax: ₹378.85 (Q1 FY27) vs ₹43.69 (Q1 FY26) vs ₹312.61 (Q4 FY26)
  • Deferred tax: ₹10.81 (Q1 FY27) vs ₹(16.28) (Q1 FY26) vs ₹(2.73) (Q4 FY26)
  • Profit for the period: ₹1,068.99 (Q1 FY27) vs ₹119.13 (Q1 FY26) vs ₹1,071.30 (Q4 FY26)
  • Total comprehensive income: ₹1,044.12 (Q1 FY27) vs ₹120.18 (Q1 FY26) vs ₹1,079.19 (Q4 FY26)

Share Capital and Earnings

  • Paid-up equity share capital: ₹3,696.12 lakhs (face value ₹2 each)
  • Earnings per share (basic and diluted): ₹1.16 (Q1 FY27) vs ₹1.49 (Q1 FY26) vs ₹1.16 (Q4 FY26)

Financial Results - Consolidated (Amounts in ₹ Lakhs)

Income Statement

  • Revenue from operations: ₹23,450.96 (Q1 FY27) vs ₹19,585.18 (Q4 FY26)
  • Other income: ₹212.26 (Q1 FY27) vs ₹497.37 (Q4 FY26)
  • Total income: ₹23,663.22 (Q1 FY27) vs ₹20,082.55 (Q4 FY26)

Expenses

  • Cost of services rendered: ₹20,597.23 (Q1 FY27) vs ₹17,517.34 (Q4 FY26)
  • Employee benefits expense: ₹712.76 (Q1 FY27) vs ₹560.91 (Q4 FY26)
  • Finance costs: ₹156.68 (Q1 FY27) vs ₹100.84 (Q4 FY26)
  • Depreciation and amortization: ₹225.96 (Q1 FY27) vs ₹76.21 (Q4 FY26)
  • Other expenses: ₹513.12 (Q1 FY27) vs ₹455.15 (Q4 FY26)
  • Total expenses: ₹22,205.75 (Q1 FY27) vs ₹18,710.45 (Q4 FY26)

Profitability

  • Profit before tax: ₹1,457.47 (Q1 FY27) vs ₹1,372.10 (Q4 FY26)
  • Tax expense: ₹389.66 (Q1 FY27) vs ₹304.88 (Q4 FY26)
  • Current tax: ₹378.85 (Q1 FY27) vs ₹312.61 (Q4 FY26)
  • Deferred tax: ₹10.81 (Q1 FY27) vs ₹(7.73) (Q4 FY26)
  • Profit for the period: ₹1,067.81 (Q1 FY27) vs ₹1,067.22 (Q4 FY26)
  • Total comprehensive income: ₹1,042.84 (Q1 FY27) vs ₹1,075.20 (Q4 FY26)

Subsidiary Performance

  • Glottis Inc (wholly owned subsidiary): Net loss after tax of ₹1.18 lakhs for Q1 FY27
  • Total assets: Nil
  • Total revenue: Nil
  • Financial results reviewed by other auditors

Share Capital and Earnings

  • Paid-up equity share capital: ₹3,696.12 lakhs (face value ₹2 each)
  • Earnings per share (basic and diluted): ₹1.16 (Q1 FY27) vs ₹1.15 (Q4 FY26)

IPO Proceeds Utilization

Fund Raising Details

  • Mode of fund raising: Public Issue
  • Date of raising funds: October 3, 2025
  • Amount raised: ₹15,999.87 lakhs
  • Fresh issue: 1,24,03,000 shares amounting to ₹15,999.87 lakhs
  • Offer for sale: 1,13,95,640 shares by selling shareholders amounting to ₹14,700.38 lakhs
  • Listing date: October 7, 2025 on NSE and BSE

Utilization Status (as of June 30, 2026)

  • Amount utilized: ₹7,238.10 lakhs
  • Amount unutilized: ₹8,761.77 lakhs
  • Temporary fixed deposits: ₹8,874.28 lakhs (pending utilization)
  • Monitoring bank account: ₹64.98 lakhs
  • Public issue bank account: ₹9.36 lakhs

Objects of Issue

  • Capital expenditure: ₹13,254.20 lakhs
  • General corporate purposes: ₹1,278.99 lakhs
  • Net proceeds: ₹14,533.19 lakhs
  • Issue expenses: ₹1,466.68 lakhs
  • Gross proceeds: ₹15,999.87 lakhs

Deviation/Variation Statement

  • No deviation/variation in use of funds raised
  • Monitoring agency: Crisil Ratings Limited
  • Audit committee comments: NIL
  • Auditor comments: NIL

Key Operational Highlights

Business Performance Drivers

  • Other income fluctuation: Primarily due to interest earned on temporary parking of IPO proceeds in fixed deposits pending utilization
  • Depreciation increase: Attributable to deployment of fixed assets funded through IPO proceeds and new warehouse lease agreements leading to higher amortization of right-of-use assets
  • Segment information: Single operating segment - freight forwarding activities, primarily within India

Compliance Status

  • No default in repayment of debt securities, borrowings, or subordinated liabilities during the quarter
  • No pending investor complaints: Nil direct complaints and Nil SEBI complaints for quarter ended June 30, 2026
  • Previous year figures regrouped/reclassified for consistency

Financial Ratios (Standalone)

Liquidity Ratios

  • Current ratio: 3.18 times (Q1 FY27) vs 3.81 times (Q4 FY26) vs 3.15 times (Q1 FY26)
  • Debt-equity ratio: 0.25 times (Q1 FY27) vs 0.18 times (Q4 FY26) vs 0.20 times (Q1 FY26)

Coverage Ratios

  • Debt service coverage ratio: 10.04 times (Q1 FY27) vs 9.16 times (Q4 FY26) vs 24.71 times (Q1 FY26)
  • Interest service coverage ratio: 13.12 times (Q1 FY27) vs 13.75 times (Q4 FY26) vs 80.60 times (Q1 FY26)

Profitability Ratios

  • Return on equity: 3.74% (Q1 FY27) vs 3.89% (Q4 FY26) vs 11.50% (Q1 FY26)
  • Operating margin: 6.95% (Q1 FY27) vs 5.38% (Q4 FY26) vs 10.05% (Q1 FY26)
  • Net profit margin: 4.56% (Q1 FY27) vs 5.47% (Q4 FY26) vs 7.10% (Q1 FY26)
  • Return on capital employed: 4.92% (Q1 FY27) vs 5.17% (Q4 FY26) vs 14.31% (Q1 FY26)

Other Ratios

  • Trade receivables turnover: 12.7 times (Q1 FY27) vs 13.1 times (Q4 FY26) vs 15.2 times (Q1 FY26)
  • Trade payables turnover: 6.78 times (Q1 FY27) vs 10.08 times (Q4 FY26) vs 6.11 times (Q1 FY26)
  • Net capital turnover: 0.92 times (Q1 FY27) vs 0.86 times (Q4 FY26) vs 1.72 times (Q1 FY26)
  • Total debts to total assets: 0.16 times (Q1 FY27) vs 0.14 times (Q4 FY26) vs 0.14 times (Q1 FY26)
  • Net worth: ₹29,137.83 lakhs (Q1 FY27) vs ₹28,097.94 lakhs (Q4 FY26) vs ₹10,988.33 lakhs (Q1 FY26)

Approval and Review Process

Board Meeting Details

  • Meeting date: August 10, 2026
  • Meeting timing: 4:18 PM to 5:30 PM
  • Approvals granted: Un-audited financial results (standalone and consolidated) and statement of deviation/variation for IPO proceeds

Auditor Review

  • Limited review conducted by CNGSN & Associates LLP, Chartered Accountants
  • Review standard: SRE 2410 issued by ICAI
  • Conclusion: No material misstatement found in financial results

Additional Information

  • Company CIN: L63090TN2022PLC151443
  • Results availability: Company website and BSE website (www.bseindia.com)