Financial Results - Standalone (FY26 vs FY25)
- Revenue from operations: ₹476.92 crore (vs ₹490.14 crore in FY25) - decrease of 2.4%
- Total income: ₹482.46 crore (vs ₹494.06 crore in FY25)
- Profit before tax: ₹20.72 crore (vs ₹29.17 crore in FY25) - decrease of 29%
- Profit after tax: ₹15.38 crore (vs ₹21.65 crore in FY25) - decrease of 29%
- Total comprehensive income: ₹11.68 crore (vs ₹21.55 crore in FY25)
- Basic EPS: ₹4.70 (vs ₹6.79 in FY25)
- Diluted EPS: ₹4.70 (vs ₹6.79 in FY25)
Financial Results - Quarterly Performance (Q4 FY26)
- Revenue from operations: ₹149.54 crore
- Total income: ₹151.27 crore
- Profit before tax: ₹5.46 crore
- Profit after tax: ₹4.05 crore
- Total comprehensive income: ₹0.37 crore
- Basic EPS: ₹1.20
- Diluted EPS: ₹1.20
Balance Sheet Position (Standalone as at March 31, 2026)
- Paid-up equity share capital: ₹33.68 crore (3,36,75,442 equity shares of ₹10 each)
- Other equity: ₹171.49 crore
- Cash and cash equivalents: ₹35.82 crore
Consolidated Financial Results (FY26)
- Profit after tax: ₹16.04 crore
- Total comprehensive income: ₹12.34 crore
- Basic EPS: ₹4.90
- Diluted EPS: ₹4.90
- Other equity: ₹173.86 crore
IPO Details
The company completed its Initial Public Offering (IPO) through fresh issue of 18,10,042 equity shares of face value of ₹10 at a premium of ₹125 per share (offer price of ₹135 per share), raising ₹24.44 crore.
- Allotment date: October 6, 2025
- Listing date: October 8, 2025 on NSE and BSE
- Post-IPO paid-up capital: ₹33.68 crore
- Securities premium: ₹19.87 crore
IPO Proceeds Utilization (as of March 31, 2026)
| Purpose | Amount Allocated (₹ crore) | Amount Utilized (₹ crore) | Unutilized (₹ crore) |
| Funding of capital expenditure requirements | 17.15 | 14.87 | 2.28 |
| General Corporate purposes | 4.52 | 4.52 | 0.00 |
| Net Issue Proceeds | 21.67 | 19.39 | 2.28 |
| Offer related expenses | 2.77 | 2.77 | 0.00 |
| Gross Issue Proceeds | 24.44 | 22.16 | 2.28 |
The company is in process of filing Statement of Deviation as the utilization of IPO funds differs from the originally stated objects in the Prospectus in terms of amount allocated, model, quantity of assets to be procured, and timeline of utilization.
Norway Investment
The company holds an investment in a Norway-based entity. During Q4 FY26:
- The entity divested its assets and remitted the first tranche of sale proceeds
- Partial proceeds recorded as "Liabilities directly associated with assets classified as held for sale"
- Remaining consideration expected in forthcoming months
- Investment currently classified as "Asset held for sale" and measured at Net Realizable Value
- Resultant loss of ₹3.63 crore recognized in Other Comprehensive Income
Board Approvals
1. Approved audited standalone and consolidated financial results for quarter and year ended March 31, 2026
2. Re-appointment of M/s. Gala & Associates, Practicing Chartered Accountants, as Internal Auditor for Financial Year 2026-27
Management Changes
- Mr. Hiren Bhanushali, Company Secretary, vacated office effective February 14, 2026
- Ms. Manisha Kaur Saluja appointed as new Company Secretary on May 13, 2026
Audit Details
- Statutory Auditor: Viren Gandhi & Co, Chartered Accountants (Firm Registration No. 111558W)
- Audit report issued with unmodified opinion for both standalone and consolidated financial results
- Board meeting duration: 5:05 PM to 7:50 PM IST on May 27, 2026
Segment Information
The company operates as a single segment - Third-Party Logistics Provider, with no reportable business segments as per Ind AS 108.
Associates
Consolidated results include share of profit/loss from two associates:
1. Arha Warehousing and Translift Private Limited
2. Oscar Freight Private Limited