Key Decisions and Quantitative Figures

1. Financial Results Approval

The Board approved the unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026. The results were reviewed by the statutory auditors, Bilimoria Mehta & Co. (FRN: 101490W).

2. Warrant Conversion and Equity Allotment

The Board approved the allotment of 30,54,531 equity shares of face value ₹10 each upon conversion of an equivalent number of warrants. These warrants were originally allotted on a preferential basis to non-promoters on May 16, 2026, following shareholder approval in an Extra-Ordinary General Meeting held on January 08, 2026.

The warrant holders paid 75% of the balance consideration, aggregating to ₹2,74,90,779, to exercise their conversion rights. This amount is in addition to the 25% of the total consideration (₹91,63,593) received at the time of warrant allotment on May 16, 2026, making the total consideration for the 30,54,531 warrants ₹3,66,54,372.

The allotment details are as follows:

  • Manvi Bharat Poojary: Allotted 18,00,000 equity shares against 9,00,000 warrants; amount received ₹81,00,000
  • Amit Arora: Allotted 3,07,524 equity shares against 7,00,000 warrants; amount received ₹63,00,000
  • Ravishankar Sarvothaman: Allotted 9,71,775 equity shares against 14,54,531 warrants; amount received ₹1,30,90,779

Post this allotment, the paid-up share capital of the Company increased to ₹26,09,63,260 divided into 2,60,96,326 equity shares. The new shares will rank pari passu with existing equity shares and will be issued in dematerialized form.

Standalone Financial Results (₹ Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: 250.69
  • Other Income: 202.66
  • Total Income: 453.36
  • Total Expenses: 370.92
  • Profit Before Tax: 82.43
  • Tax Expense: 0.00
  • Profit After Tax: 82.43
  • Basic EPS: ₹0.76; Diluted EPS: ₹0.28

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from Operations: 635.09
  • Other Income: 212.60
  • Total Income: 847.69
  • Total Expenses: 640.98
  • Profit Before Tax: 206.70
  • Tax Expense: 28.10
  • Profit After Tax: 178.60
  • Basic EPS: ₹1.64; Diluted EPS: ₹0.60

Comparative Figures (Quarter Ended September 30, 2025)

  • Total Income: 40.22
  • Profit After Tax: 33.07
  • Basic EPS: ₹0.41; Diluted EPS: ₹0.41

Standalone Balance Sheet (as of September 30, 2026)

  • Total Assets: ₹5,579.58 lakhs (vs. ₹2,890.86 lakhs on March 31, 2026)
  • Equity Share Capital: ₹1,741.07 lakhs (vs. ₹797.40 lakhs)
  • Investments: ₹3,647.77 lakhs (vs. ₹1,897.07 lakhs)
  • Cash & Cash Equivalents: ₹794.36 lakhs (vs. ₹47.91 lakhs)
  • Trade Receivables: ₹515.41 lakhs (vs. ₹274.27 lakhs)

Consolidated Financial Results (₹ Lakhs)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: 4,657.39
  • Other Income: 162.83
  • Total Income: 4,820.22
  • Total Expenses: 4,620.84
  • Profit Before Tax: 199.38
  • Tax Expense: 57.15
  • Profit After Tax: 142.23
  • Basic EPS: ₹1.31; Diluted EPS: ₹0.48

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from Operations: 7,018.57
  • Other Income: 178.38
  • Total Income: 7,196.95
  • Total Expenses: 6,855.52
  • Profit Before Tax: 341.43
  • Tax Expense: 94.29
  • Profit After Tax: 247.14
  • Basic EPS: ₹2.27; Diluted EPS: ₹0.83

Consolidated Balance Sheet (as of September 30, 2026)

  • Total Assets: ₹8,876.03 lakhs (vs. ₹3,194.36 lakhs on March 31, 2026)
  • Equity Share Capital: ₹1,741.07 lakhs (vs. ₹797.40 lakhs)
  • Goodwill: ₹40.24 lakhs (vs. ₹2.68 lakhs)
  • Trade Receivables: ₹3,207.83 lakhs (vs. ₹1,459.60 lakhs)
  • Cash & Cash Equivalents: ₹1,648.50 lakhs (vs. ₹324.42 lakhs)

Subsidiary Acquisitions

The Company completed acquisitions during the quarter:

  • Seaman Logistics Solutions Private Limited: Acquired 68.77% stake for ₹18.50 crore
  • Divinus Express Logistics Solutions Private Limited: Acquired 80.56% stake for ₹12.00 crore
  • Total Agreed Consideration: ₹30.50 crore

As of September 30, 2026, ₹11.45 crore has been paid, with ₹19.05 crore outstanding (₹10.25 crore payable by Velox and ₹8.80 crore payable by Anchorage Shipping, a subsidiary).

The consolidated financials include the following subsidiaries:

1. Anchorage Shipping

2. International Logistics Associates LLC

3. Divinus Express Logistics Private Limited

4. Seaman Logistics Solutions Private Limited

The initial accounting for these business combinations is provisional and may be adjusted within the one-year measurement period.

Cash Flow Statements

Standalone (H1 FY27)

  • Cash from Operating Activities: ₹52.03 lakhs
  • Cash from Investing Activities: (₹1,511.70) lakhs (primarily investments of ₹1,521.59 lakhs)
  • Cash from Financing Activities: ₹2,206.11 lakhs (from share issue ₹1,132.40 lakhs and warrant money ₹1,073.71 lakhs)
  • Net Increase in Cash: ₹746.44 lakhs

Consolidated (H1 FY27)

  • Cash from Operating Activities: (₹1,657.15) lakhs
  • Cash from Investing Activities: ₹38.17 lakhs
  • Cash from Financing Activities: ₹2,501.62 lakhs (from share issue ₹1,132.66 lakhs, warrant money ₹1,073.44 lakhs, and long-term borrowing ₹555.50 lakhs)
  • Net Increase in Cash: ₹882.64 lakhs

Capital Structure Impact

The warrant conversion and subsequent equity allotment increased the paid-up capital from ₹797.40 lakhs (79,74,000 shares) to ₹1,741.07 lakhs (1,74,10,700 shares) as of September 30, 2026, before the current allotment. The current allotment of 30,54,531 shares further increases the capital to ₹2,609.63 lakhs (2,60,96,326 shares), representing significant dilution.