Nature of the Disclosure

This document is a transcript of the Q1 FY27 earnings conference call held on September 18, 2026, hosted by Dolat Capital Markets Private Limited. The call was conducted by management to discuss the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.

Key Quantitative Figures

Financial Performance (Consolidated, YoY for Q1):

  • Operating Revenue: Increased 90.4% to ₹1,216.53 crore from ₹639 crore.
  • Operating EBITDA: Increased 83.5% to ₹50.12 crore from ₹27.31 crore.
  • Profit After Tax (PAT): Increased to ₹26.79 crore from ₹11.01 crore.
  • PAT Margins: Expanded to 2.2% from 1.72%.
  • Employee Benefit Expense (% of revenue): Reduced to 2.94% from 4.41%.
  • Other Expenses (% of revenue): Reduced to 1.76% from 2.5%.

Segment-wise Performance (YoY for Q1):

  • Air Cargo: Volume growth of 23%. Yield improved significantly, cited as a pass-through of higher fuel costs.
  • Ocean Freight: Volume growth of 18%. Realization growth of 64%.
  • Express Cargo: Revenue growth of 64% to ₹63 crore. Handled 59,700 shipments across 31 locations.

Historical Growth (Audited):

  • Operating Revenues grew from ₹1,289 crore in FY24 to ₹2,812 crore in FY26, a 48% CAGR over 2 years.

Finance Cost:

  • Finance cost for the quarter was ₹17.7 crore.

Strategic and Operational Updates

Market Position:

  • Retained position as the number one air freight forwarder in India (WorldACD data).
  • Global ranking improved to 44th.
  • Indian market share strengthened to 6.2% from 5.9% on a quarter-to-quarter basis.

Expansion and Capex:

  • The board approved an expansion into five new geographies in Asia.
  • A total of ₹30 crores is approved for investment in new international offices over a period of time.
  • Approximately 10-15% of this amount (₹3-4.5 crore) is earmarked for capex (office setup, small warehouses), with the remainder for working capital and setup costs.
  • An additional ₹20 crores was approved for investment into existing overseas subsidiaries (UAE, Saudi Arabia, Vietnam).
  • The generic annual capex for the group is ₹35-40 crores, excluding a cold chain warehouse project slated to be operational next quarter.
  • The typical gestation period for a new international market is 2-4 years to become a significant contributor, with EBITDA break-even targeted in 15-18 months.

Technology:

  • The company is piloting a new technology platform named ASAP, integrating air, ocean, express, and trucking services.
  • Three transportation mediums are in pilot testing, with the fourth in final development stages.
  • The platform is expected to be launched in the next 30-60 days.

Response to Geopolitical Events:

  • Successfully navigated the Middle East crisis by creating alternate airline and shipping capacities.
  • This effort strengthened relationships with existing customers and aided in acquiring new customers.
  • The asset-light business model allows for quick pivoting between trade lanes and markets during disruptions.

Commodity Focus:

  • The company remains diversified across commodities, with a focus on pharmaceuticals, textiles, consumer electronics, automotive, defense equipment, auto parts, and fruits & vegetables. It does not handle non-vegetarian products.
  • The pharmaceutical segment, bolstered by the Odyssey acquisition, grew from 8-9% of the business to 23% last year and was sustained in Q1.
  • Odyssey's standalone revenue grew from ~₹130 crore to ₹182 crore quarter-on-quarter.

Legal Matter:

  • An EOW matter referenced in the prospectus remains sub judice and under investigation in its final stages.
  • Management, based on legal advice, does not anticipate any material financial or operational impact from this case and is confident in a positive outcome.

Guidance and Outlook

  • Management does not provide formal revenue guidance but indicated that volume growth trends are reflecting positively in Q2 as well.
  • The focus remains on volume growth, which has historically compensated for dynamic yield fluctuations.
  • A conscious effort is being made to focus on higher-yield trade lanes to improve realizations.
  • The targeted Return on Equity (ROE) range is around 15%.

Capital Structure Impact

  • Post-IPO, the company has repaid approximately ₹140 crores of borrowings, which is expected to ease finance costs in Q3 and Q4.
  • The expanded equity base post-listing will be reflected in the September-ended quarter.

Other Corporate Updates

  • The acquisition of Wintop Logistics was clarified as a greenfield project with a minimal investment of ~₹1.8 crores.
  • A bid for a project with Swissport International AG did not materialize as the company was the second-highest bidder.