Financial Performance

H1 FY27 Financial Highlights:

  • Revenue: ₹297 crore
  • PAT Margin: 1.55%
  • EBITDA Margin: 4.58%
  • Number of shipments increased 56% YoY to 674 shipments
  • Tonnage increased 32.84% YoY to 744 tons

Full Year FY27 Guidance:

  • Revenue target: ₹580-600 crore
  • PAT margin expected to double from current levels
  • EBITDA target: ₹12.5 crore for H1 (implied full-year projection not specified)

Business Operations and Revenue Mix

  • 98% of business is international freight forwarding
  • Revenue mix: 45% perishable goods (agro-products), 25-30% courier/e-commerce within general cargo category
  • Air exports (perishable + general cargo) constitute approximately 96% of total revenue
  • Maintains asset-light model with no owned warehouses or land
  • 250 employees across 14 offices in India

Strategic Initiatives and Expansion Plans

Geographical Expansion:

  • Hiring team for South America trade lanes (India-Brazil, India-Argentina)
  • Senior representative hired in Brazil, inquiries materializing into business
  • Planning physical presence in other South American countries based on volume growth

Dubai Acquisition:

  • Acquiring NatWest company in Dubai to strengthen Gulf/Middle East operations
  • Valuation based on future orders from NatWest promoters and software synergy benefits
  • Expected to enable direct charter brokering (vs current outsourcing) and improve margins
  • Transaction not completed in FY27; significant growth expected in next financial year

New Business Verticals:

  • Launching retail courier services (B2C) alongside existing wholesale B2B model
  • Developing cold chain solutions for small temperature-controlled parcels
  • Expanding ocean freight operations from centralized Delhi office
  • Building technology platform for instant cargo booking (similar to MakeMyTrip model)

Technology Development

  • Unified ERP system under development for instant rate generation and booking
  • Platform to include live shipment tracking, KYC onboarding, and customer history
  • Planned rollout to franchisees and customers to improve efficiency and reduce costs
  • Target completion: end of calendar year 2026

Operational Highlights

  • First company to ship cargo from Navi Mumbai Airport (Air India flight)
  • Top 3 freight forwarder for major airlines (Air India, Emirates, Qatar, Lufthansa)
  • Market leader in perishable exports from India (mangoes to US/UK, roses to UK)
  • Executed 70+ charters for large supermarkets like Lulu, Nesto
  • 40 years in operation, main board listed since 2021

Management Commentary

Margin Outlook:

  • Industry margins range 7-8% to 25% (typically 10-15%)
  • Company maintains margins regardless of freight charge fluctuations
  • Expect margin improvement with volume growth as infrastructure can handle double current business

Growth Drivers:

  • E-commerce international growth mirroring domestic e-commerce expansion
  • New routes emerging as volumes justify direct shipments vs consolidation points
  • Both new customer acquisition and organic growth from existing customers contributing
  • Ocean freight identified as key revenue growth opportunity due to market size