Ashwini Container Movers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Dec 2025 | ₹5 | +3.52% | ₹3,800 | ₹147 | ₹5,000 |
| 18 Dec 2025 | ₹5 | +3.52% | ₹3,800 | ₹147 | ₹5,000 |
| 17 Dec 2025 | ₹1 | +0.70% | ₹800 | ₹143 | ₹1,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 Dec 2025 – 16 Dec 2025
- Listing date
- 19 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹142 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹71 Cr
- Market cap at offer price
- ₹213 Cr
- Promoter holding
- 100.00% → 66.47% pre-issue → post-issue
- ISIN
- INE1A6Q01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Professionals Capital Pvt.Ltd.
- Registered office
- 409, Skylark Premises Co-op Society Ltd., Sector 11, Plot No.63, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,16,000 | — | — |
| Market maker | 2,50,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹142
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,42,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,84,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,94,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,36,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹142 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.45 | 13.21 |
| P/E (×) | 12.40 | 10.75 |
| Price to book (×) | 6.95 | — |
| Market cap | — | ₹213 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 76.82%
- ROCE
- 25.39%
- PAT margin
- 12.17%
- EBITDA margin
- 26.44%
- NAV per share
- ₹20.42
- Price to book
- 6.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ashwini Container Movers
Ashwini Container Movers Limited, incorporated on April 12, 2012, and converted to a public limited company on August 7, 2024, operates in the commercial transportation and logistics sector in India. The company provides surface transportation of goods in containerized trucks, with operations concentrated in Maharashtra and Gujarat. It maintains a fleet of over 300 vehicles consisting of 20-feet and 40-feet containers as of September 30, 2025. The company primarily serves B2B customers requiring bulk transportation from factories to ports or vice versa, specifically catering to customers engaged in importing and exporting containerized goods. The company leverages a standardized GPS tracking system and responsive customer support while adhering to government regulations and maintaining updated permits.
Company Analysis
from RHPAshwini Container Movers Limited is a commercial transportation provider engaged in surface transportation of containerized goods across India, primarily serving B2B customers in import-export logistics.
Ashwini Container Movers Limited, incorporated on April 12, 2012, and converted to a public limited company on August 7, 2024, operates in the commercial transportation and logistics sector in India. The company provides surface transportation of goods in containerized trucks, with operations concentrated in Maharashtra and Gujarat. It maintains a fleet of over 300 vehicles consisting of 20-feet and 40-feet containers as of September 30, 2025. The company primarily serves B2B customers requiring bulk transportation from factories to ports or vice versa, specifically catering to customers engaged in importing and exporting containerized goods. The company leverages a standardized GPS tracking system and responsive customer support while adhering to government regulations and maintaining updated permits.
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company INR 4,250.00 Lakhs p.26
- Funding capital expenditure requirement of our company towards purchase of trucks INR 903.37 Lakhs p.26
- General Corporate Purpose p.26
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company INR 4,250.00 lakhs p.88
- Funding capital expenditure requirement of our company towards purchase of trucks INR 903.37 lakhs p.88
- General Corporate Purposes p.88
- Funding capex for purchase of new fleet/vehicles to strengthen existing service p.134
- To be determined post-finalization of issue structure - Objects of the Offer section not fully detailed in this part of the document
Issue Structure
- Total Issue
- Up to 50,00,000 Equity Shares of face value of INR 10 each aggregating up to INR [●] Lakhs
- Fresh Issue
- Up to 50,00,000 Equity Shares of face value of INR 10 each aggregating up to INR [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●]
- Face Value
- INR 10 per Equity Share
Business Model
The company generates revenue through surface transportation of containerized goods between ports and factories for B2B customers. Revenue is derived from transporting bulk quantities of goods for clients engaged in import-export activities. As of September 30, 2025, the company had generated revenue of INR 5,586.32 Lakhs for the six-month period, with INR 4,575.00 Lakhs (83.32%) from Maharashtra operations.
Business Segments
SWOT Analysis
- • Established containerized transport operations with 300+ vehicle fleet(p.25)
- • GPS tracking and standardized operational systems(p.25)
- • Improved customer concentration; top 10 customer dependency decreased(p.38)
- • B2B focus in high-value containerized logistics segment(p.25)
- • Reliance on advanced technology for vehicle tracking and GPS systems(p.52)
- • 25+ years combined promoter expertise in logistics and transportation(p.133)
- • Owned fleet of 300+ containerized vehicles (20-ft and 40-ft)(p.122)
- • Advanced GPS tracking and real-time fleet monitoring via Elixia(p.122)
- • High customer retention with top 10 customers from FY23 retained through FY25(p.133)
- • Strategic network at JNPT (50% of India's containerized cargo volume) and Hazira Ports(p.135)
- • ISO 9001, 14001, 45001 certifications and FSSAI, CTPAT US compliance(p.122)
- • Diversified customer base across multiple industries reducing concentration risk(p.125)
- • Strong EBITDA margin growth: 15.84% (FY23) to 34.62% (Sep 2025)(p.129)
- • Established fleet of over 300 containerized trucks(p.223)
- • Significant operational presence in high-demand states(p.223)
- • Strong profitability improvement with 18% PAT margin(p.226)
- • GPS tracking and responsive customer support infrastructure(p.223)
- • Improved fleet efficiency with BS VI-compliant vehicles(p.231)
- • Revenue growth of 19.48% in FY 2024-25(p.227)
- • Negative cash flows from investing activities due to sustained truck purchases(p.34)
- • No long-term client agreements; reliance on periodic renewal(p.33)
- • Fleet parking dependent on rented facilities without long-term agreements(p.37)
- • High leverage with total borrowings of ₹7,490.01 Lakhs(p.27)
- • Multiple instances of delayed statutory and regulatory filings(p.36)
- • Non-filing of Return of Allotment Forms for 2012 and 2015 issuances(p.35)
- • Delayed bonus share allotment without ISIN in violation of dematerialization requirements(p.36)
- • Auditor appointment non-compliance regarding tenure specification(p.36)
- • Vulnerability to technology disruptions affecting core operations(p.52)
- • Resource strain from transitioning to public company compliance requirements(p.52)
- • Risk of equity dilution from future share issuances(p.52)
- • Uncertainty regarding listing and trading commencement(p.53)
- • Limitations on foreign capital raising due to regulatory constraints(p.53)
- • High customer concentration with top 5 customers contributing 23.86% of revenue(p.130)
- • Geographic concentration with Maharashtra representing 83.32% of revenue(p.130)
- • Dependency on third-party software (Claysoft and Elixia) with monthly service charges(p.127)
- • Insufficient insurance coverage exposes company to operating hazards(p.139)
- • Traffic violation history for drivers indicating compliance gaps(p.133)
- • Limited operational presence outside Maharashtra and Gujarat (96.57% of revenue)(p.130)
- • High debt-to-equity ratio indicating significant leverage(p.241)
- • Significant dependence on top customers(p.237)
- • Low working capital position turning negative(p.218)
- • Outstanding income tax litigation and penalties(p.246)
- • Outstanding GST liability and tax compliance issues(p.247)
- • Indian logistics market projected to grow at 8-9% CAGR to reach US$ 159.54 billion by FY28(p.25)
- • National Logistics Policy emphasis on dedicated freight corridors and reduced logistics costs(p.25)
- • Expansion into new geographies; only 83.32% of revenue concentrated in Maharashtra(p.33)
- • Capital expenditure planned for truck fleet expansion of ₹903.37 Lakhs(p.26)
- • Debt reduction strategy with ₹4,250 Lakhs planned for repayment of borrowings(p.26)
- • Expansion of logistics fleet to meet rising customer demand(p.90)
- • Enhanced corporate visibility and market positioning through listing(p.88)
- • Strategic expansion through acquisition and joint ventures(p.91)
- • Indian logistics market projected to grow at 8-9% CAGR from $107B (FY23) to $159.54B (FY28)(p.115)
- • Express logistics segment projected to grow at 14% CAGR FY23-FY28 driven by e-commerce(p.115)
- • Dedicated Freight Corridors 96% complete expected to enhance rail freight capacity(p.115)
- • Government targeting logistics cost reduction from 14% to 8-9% of GDP via National Logistics Policy(p.115)
- • Maharashtra Logistics Policy 2024 targets 10,000 acres of dedicated logistics infrastructure by 2029(p.121)
- • LTL (Less-than-truckload) segment expected to grow at 10% CAGR through 2028(p.115)
- • Expansion strategy into new geographic regions beyond Maharashtra and Gujarat(p.134)
- • Plan to increase fleet size through capital raised via IPO(p.134)
- • Strategic expansion of fleet with cost-efficient vehicles(p.229)
- • Growth through increased container movements and pricing power(p.227)
- • Reduction in freight charges dependency through fleet ownership(p.231)
- • Improved fuel efficiency through modern fleet composition(p.231)
- • International logistics certifications enabling service expansion(p.255)
- • Heavy concentration of revenue in Maharashtra (83.32% for H1 FY26)(p.33)
- • Vulnerability to socio-economic and political disruptions in concentrated geographic regions(p.34)
- • Transportation network disruptions from weather, accidents, road construction, and strikes(p.37)
- • Past nationwide driver strikes under Bharatiya Nyaya Sanhita 2023 affecting operations(p.37)
- • Client trade restrictions on imports/exports could disrupt revenue(p.45)
- • Rising vehicle acquisition costs and depreciation risks(p.36)
- • Increasingly stringent environmental regulations may affect operations and require investments(p.51)
- • Competition from local players with established networks in new geographies(p.34)
- • Share price volatility and market conditions beyond company control(p.53)
- • Foreign investor participation constraints from regulatory restrictions(p.54)
- • Tax liability exposure for investors on capital gains(p.54)
- • Infectious disease outbreaks disrupting operations(p.54)
- • Natural disasters impacting Indian economy and operations(p.54)
- • Terrorism, war, and geopolitical conflicts(p.54)
- • Regulatory and tax law changes creating business uncertainty(p.55)
- • Rising fuel costs increase operational expenses(p.134)
- • Global trade uncertainties and emerging market currency pressures(p.114)
- • Natural disasters and adverse weather can disrupt logistics services(p.134)
- • Highly fragmented and largely unorganized logistics industry with intense competition(p.134)
- • Regulatory changes could disrupt operations(p.134)
- • Cybersecurity and technology system failures(p.134)
- • Motor transport labor regulations and compliance requirements(p.147)
- • Intense market competition with pricing pressure(p.232)
- • Regulatory compliance and licensing renewal requirements(p.251)
- • Economic policy changes and capital market volatility(p.223)
- • Infrastructure and road construction impacting operations(p.232)
- • Dependence on reliable lender relationships and financing availability(p.240)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Bhaskar Kisan Pawar | Promoter | 48.60% | — |
| Mr. Govind Janabhau Sable | Promoter | 48.60% | — |
| Mr. Sainath Bhaskar Pawar | Promoter | 0.40% | — |
| Mr. Bhaskar Kisan Pawar | Promoter | 48.60% | 32.40% |
| Mr. Govind Janabhau Sable | Promoter | 48.60% | 32.40% |
| Mr. Sainath Bhaskar Pawar | Promoter | 0.40% | 0.27% |
| Mr. Bhaskar Kisan Pawar | Promoter | 48.60% | — |
| Mr. Govind Janabhau Sable | Promoter | 48.60% | — |
| Mr. Sainath Bhaskar Pawar | Promoter | 0.40% | — |
| Bhaskar Kisan Pawar | Promoter | 48.60% | — |
| Govind Janabhau Sable | Promoter | 48.60% | — |
| Mr Sainath Bhaskar Pawar | Promoter | 0.40% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.