Financial Performance (Standalone)

  • Revenue from Operations: ₹23,371.11 lakhs (FY 2024-25: ₹25,725.39 lakhs), decrease of 9.15%
  • Other Income: ₹151.07 lakhs (FY 2024-25: ₹349.02 lakhs)
  • Total Income: ₹23,522.18 lakhs (FY 2024-25: ₹26,074.41 lakhs), decrease of 9.79%
  • Total Expenses: ₹22,539.41 lakhs (FY 2024-25: ₹24,760.00 lakhs), decrease of 8.97%
  • Profit Before Exceptional Items and Tax: ₹982.77 lakhs (FY 2024-25: ₹1,314.42 lakhs)
  • Exceptional Item: ₹(12.50) lakhs (FY 2024-25: ₹330.65 lakhs)
  • Profit Before Tax: ₹995.27 lakhs (FY 2024-25: ₹983.77 lakhs), increase of 1.17%
  • Tax Expense: ₹366.43 lakhs (Current Tax: ₹102.28 lakhs, Deferred Tax: ₹218.54 lakhs, Earlier Year Tax: ₹45.61 lakhs)
  • Net Profit: ₹628.84 lakhs (FY 2024-25: ₹667.05 lakhs), decrease of 5.73%
  • Earnings Per Share (Basic/Diluted): ₹4.59 (FY 2024-25: ₹6.67)

Capital Structure Changes

  • Authorized Share Capital: ₹14.00 crore (1.40 crore equity shares of ₹10 each) - unchanged
  • Paid-up Share Capital: Increased from ₹10.00 crore to ₹13.70 crore
  • IPO Details: Issued 37,00,000 equity shares on December 18, 2025, at ₹126 per share (Face value ₹10 + Premium ₹116) through fixed price issue
  • IPO Proceeds Utilization: ₹4,662.00 lakhs raised, ₹4,655.15 lakhs utilized as follows:
  • Purchase of trucks and equipment: ₹3,387.30 lakhs
  • Loan repayment: ₹200.00 lakhs
  • General corporate purpose: ₹602.96 lakhs
  • Issue expenses: ₹464.89 lakhs
  • Unspent IPO Amount: ₹6.85 lakhs in escrow account
  • Shares Outstanding: Increased from 1,00,00,000 to 1,37,00,000 shares
  • 100% Dematerialization: All shares held in demat form with CDSL (25,39,000) and NSDL (1,11,61,000)

Board and Governance

  • Board Composition: 5 Directors (2 Independent, 1 Non-Executive, 2 Executive)
  • Key Managerial Personnel:
  • Mr. Ankit Devidas Shah (Chairman & Managing Director)
  • Mrs. Reema Ankit Shah (Executive Director)
  • Mr. Sankaran Krishnamoorthy (CEO)
  • Mr. Nikunj Dhansukhbhai Damani (CFO)
  • Mrs. Manisha Jain (Company Secretary)
  • Board Meetings: 12 meetings held during FY 2025-26
  • Director Appointments:
  • Mr. Rushabh Anilkumar Shah appointed as Additional Independent Director effective April 6, 2026
  • Seeking shareholder approval for his appointment as Non-Executive Independent Director for 5 years (until April 5, 2031)
  • Director Retirement: Mr. Ankit Devidas Shah retires by rotation and seeks re-appointment

AGM Matters

  • 14th Annual General Meeting: Scheduled for September 21, 2026, at 3:30 PM at Registered Office in Gandhidham, Gujarat
  • Ordinary Business:
  • Adoption of audited financial statements
  • Re-appointment of Mr. Ankit Devidas Shah as Director
  • Special Business:
  • Appointment of Mr. Rushabh Anilkumar Shah as Independent Director
  • Amendment to Memorandum of Association to expand object clause to include software/IT solutions for logistics industry
  • E-voting Period: September 17-20, 2026 (9:00 AM to 5:00 PM IST)
  • Record Date: September 11, 2026

Corporate Actions

  • Dividend: No dividend declared for FY 2025-26
  • CSR Spending: ₹9.00 lakhs spent (required: ₹8.75 lakhs) through Karnavati Charitable Trust
  • Bonus Issue: In FY 2024-25, issued 90,00,000 bonus shares in 1:9 ratio

Auditors and Compliance

  • Statutory Auditors: J S Maheshwari & Co., Chartered Accountants (FRN: 001318C)
  • Secretarial Auditor: Ishali Desai & Associates, Company Secretaries
  • Internal Auditor: SEN & RAY Chartered Accountants
  • Audit Reports: Unmodified audit opinion with emphasis on:
  • Physical verification of inventory not observed (alternative procedures performed)
  • Management's assessment of useful lives of PPE different from Schedule II
  • Compliance Issues:
  • Few Companies Act forms filed late with additional fees
  • Quarterly financial results for September 2025 approved with 4-day delay
  • TDS short/non-deduction on various expenses
  • Delay in recovery of trade receivables

Legal and Regulatory Matters

  • Service Tax Dispute: Original demand of ₹2,677.94 lakhs for April 2012-June 2017 substantially reduced to ₹0.64 lakhs by adjudication order dated January 22, 2026; Department has appealed to CESTAT
  • Income Tax Dispute: Demand of ₹2,762.34 lakhs for AY 2013-14 substantially reduced to ₹0.64 lakhs by appellate order; effect not updated on IT portal
  • No wilful defaulter status or benami property proceedings

Operational Highlights

  • Business Segments: Transportation, freight forwarding, and integrated logistics solutions
  • Geographic Revenue:
  • Domestic: ₹17,826.38 lakhs
  • Export: ₹5,544.72 lakhs
  • Employee Strength: 86 employees (77 male, 9 female)
  • Key Ratios:
  • Current Ratio: 1.42 (1.21)
  • Debt-Equity Ratio: 0.78 (2.91)
  • Return on Equity: 9.28% (33.43%)
  • Net Profit Margin: 2.67% (2.56%)

Subsequent Events

  • Property sale agreement executed on April 22, 2026, for Ahmedabad property (I-1204, CASA Vyoma)
  • Implementation of new Labour Codes effective from April 1, 2026

Contingent Liabilities

  • Service tax and income tax matters under dispute as detailed above

Capital Commitments

  • Capital Work-in-Progress: ₹1,255.76 lakhs (commercial vehicles)
  • Intangible Assets Under Development: ₹147.50 lakhs (software ERP system)