Financial Results Overview

The Board of Directors meeting was held on November 07, 2026 (8:00 PM to 8:30 PM) to approve the standalone and consolidated unaudited financial results for Q2 and H1 ended September 30, 2026. The statutory auditor, Bilimoria Mehta & Co (FRN: 101490W), issued unmodified opinions on both standalone and consolidated results.

Standalone Financial Performance

Income Statement (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹250.69 lakhs (vs ₹0 lakhs in Q2 FY25)
  • Other Income: ₹202.66 lakhs (vs ₹40.22 lakhs in Q2 FY25)
  • Total Income: ₹453.36 lakhs (vs ₹40.22 lakhs in Q2 FY25)
  • Cost of Service: ₹359.00 lakhs
  • Employee Benefits Expense: ₹1.20 lakhs (vs ₹1.50 lakhs in Q2 FY25)
  • Depreciation: ₹0.02 lakhs (vs ₹0.03 lakhs in Q2 FY25)
  • Other Expenses: ₹10.71 lakhs (vs ₹1.74 lakhs in Q2 FY25)
  • Profit Before Tax: ₹82.43 lakhs (vs ₹36.95 lakhs in Q2 FY25)
  • Tax Expense: ₹0 lakhs (vs ₹3.88 lakhs in Q2 FY25)
  • Net Profit: ₹82.43 lakhs (vs ₹33.07 lakhs in Q2 FY25)
  • Basic EPS: ₹0.76 (vs ₹0.41 in Q2 FY25)
  • Diluted EPS: ₹0.28 (vs ₹0.41 in Q2 FY25)

Half Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹635.09 lakhs (vs ₹0 lakhs in H1 FY26)
  • Other Income: ₹212.60 lakhs (vs ₹50.21 lakhs in H1 FY26)
  • Total Income: ₹847.69 lakhs (vs ₹50.21 lakhs in H1 FY26)
  • Profit Before Tax: ₹206.70 lakhs (vs ₹42.22 lakhs in H1 FY26)
  • Tax Expense: ₹28.10 lakhs (vs ₹5.25 lakhs in H1 FY26)
  • Net Profit: ₹178.60 lakhs (vs ₹36.97 lakhs in H1 FY26)
  • Basic EPS: ₹1.64 (vs ₹0.46 in H1 FY26)
  • Diluted EPS: ₹0.60 (vs ₹0.46 in H1 FY26)

Standalone Balance Sheet (as of September 30, 2026 vs March 31, 2026)

  • Total Assets: ₹5,579.58 lakhs (vs ₹2,890.86 lakhs)
  • Property, Plant & Equipment: ₹0.14 lakhs (vs ₹0.18 lakhs)
  • Investments: ₹3,647.77 lakhs (vs ₹1,897.07 lakhs)
  • Loans: ₹417.76 lakhs (vs ₹400.00 lakhs)
  • Trade Receivables: ₹515.41 lakhs (vs ₹274.27 lakhs)
  • Cash & Cash Equivalents: ₹794.36 lakhs (vs ₹47.91 lakhs)
  • Equity Share Capital: ₹1,741.07 lakhs (vs ₹797.40 lakhs)
  • Other Equity: ₹1,475.63 lakhs (vs ₹34.59 lakhs)
  • Borrowings: ₹23.20 lakhs (unchanged)
  • Trade Payables: ₹388.41 lakhs (vs ₹232.51 lakhs)
  • Other Financial Liabilities: ₹1,855.00 lakhs (vs ₹1,776.59 lakhs)

Standalone Cash Flow (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 (equity issuance ₹1,132.40 lakhs + share warrants ₹1,073.71 lakhs)
  • Net Increase in Cash: ₹746.44 lakhs

Consolidated Financial Performance

Income Statement (Q2 FY27)

  • Revenue from Operations: ₹4,657.39 lakhs
  • Other Income: ₹162.83 lakhs
  • Total Income: ₹4,820.22 lakhs
  • Cost of Service: ₹4,203.33 lakhs
  • Employee Benefits Expense: ₹210.76 lakhs
  • Finance Costs: ₹34.28 lakhs
  • Depreciation: ₹25.71 lakhs
  • Other Expenses: ₹146.75 lakhs
  • Profit Before Tax: ₹199.38 lakhs
  • Tax Expense: ₹57.15 lakhs
  • Net Profit: ₹142.23 lakhs
  • Basic EPS: ₹1.31
  • Diluted EPS: ₹0.48

Half Yearly Consolidated Performance

  • Revenue from Operations: ₹7,018.57 lakhs
  • Other Income: ₹178.38 lakhs
  • Total Income: ₹7,196.95 lakhs
  • Profit Before Tax: ₹341.43 lakhs
  • Tax Expense: ₹94.29 lakhs
  • Net Profit: ₹247.14 lakhs
  • Basic EPS: ₹2.27
  • Diluted EPS: ₹0.83

Consolidated Balance Sheet (as of September 30, 2026 vs March 31, 2026)

  • Total Assets: ₹8,876.03 lakhs (vs ₹3,194.36 lakhs)
  • Property, Plant & Equipment: ₹449.21 lakhs (vs ₹172.38 lakhs)
  • Right of Use Asset: ₹69.74 lakhs
  • Goodwill: ₹40.24 lakhs (vs ₹2.68 lakhs)
  • Investments: ₹130.23 lakhs (vs ₹119.62 lakhs)
  • Loans: ₹417.76 lakhs (vs ₹400.00 lakhs)
  • Other Financial Assets: ₹1,556.02 lakhs (vs ₹14.03 lakhs)
  • Trade Receivables: ₹3,207.83 lakhs (vs ₹1,459.60 lakhs)
  • Cash & Cash Equivalents: ₹1,648.50 lakhs (vs ₹324.42 lakhs)
  • Equity Share Capital: ₹1,741.07 lakhs (vs ₹797.40 lakhs)
  • Other Equity: ₹1,593.84 lakhs (vs ₹98.53 lakhs)
  • Non-Controlling Interest: ₹1,165.25 lakhs (vs ₹20.83 lakhs)
  • Borrowings: ₹1,996.03 lakhs (vs ₹890.57 lakhs)

Subsidiaries Included in Consolidation

1. Anchorage Shipping (Subsidiary)

2. International Logistics Associates LLC (Subsidiary)

3. Divinus Express Logistics Private Limited (Subsidiary)

4. Seaman Logistics Solutions Private Limited (Subsidiary)

Acquisition Details

During Q1 FY27, the company entered into definitive agreements to acquire:

  • Seaman Logistics Solutions Private Limited: 68.77% stake for ₹18.50 crore
  • Divinus Express Logistics Solutions Private Limited: 80.56% stake for ₹12.00 crore

Total consideration: ₹30.50 crore

As of September 30, 2026:

  • Amount invested/paid: ₹11.45 crore
  • Outstanding consideration: ₹19.05 crore (₹10.25 crore through Velox + ₹8.80 crore through Anchorage)

The acquisitions were structured through Velox and its material subsidiary Anchorage (98% owned by Velox).

Accounting Treatment

The initial accounting for the business combinations is underway, with purchase price allocation to identifiable assets and liabilities to be finalized within the measurement period of one year from acquisition date. Provisional goodwill/capital reserve may undergo adjustments.

Segment Information

The company is primarily engaged in one business segment (logistics and shipping) as per Ind AS 108, hence no separate segment information is provided.