BLT Logistics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2025 – 06 Aug 2025
- Listing date
- 11 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹75 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹9.72 Cr
- Market cap at offer price
- ₹35.97 Cr
- Promoter holding
- 99.95% → 72.94% pre-issue → post-issue
- ISIN
- INE0W4K01013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Plot No 304, A/2 Kh 14/20/1 F/F, Patel Garden, Kakrola, South West, New Delhi
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 | 3,58,400 | — | — |
| Market maker | 94,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.97 | 8.00 |
| P/E (×) | 6.84 | 9.38 |
| Price to book (×) | 2.99 | — |
| Market cap | — | ₹35.97 Cr |
Key performance indicators
- Return on net worth
- 43.73%
- ROCE
- 22.34%
- Debt / equity
- 1.55
- PAT margin
- 6.27%
- EBITDA margin
- 19.44%
- NAV per share
- ₹25.08
- Price to book
- 2.99
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About BLT Logistics
BLT Logistics Limited, originally incorporated as BLT Logistics Private Limited on September 06, 2011, was converted into a Public Limited Company on December 30, 2023. The company is engaged in providing surface transportation of goods in containerized trucks and warehousing services to various B2B customers requiring bulk transportation within India. Its logistics operations are supported by its own fleet of 106 owned vehicles (capacity ranging from 3.5MT to 18MT) and 15 vehicles from its 99.99% subsidiary, Sabarmati Express India Private Limited, supplemented by third-party operators. The company has recently expanded into end-to-end warehousing solutions and services including packing and moving and transportation of project cargo. Based on Restated Standalone Financial Information, the company generated total income of ₹4,818.80 lakhs in FY 2025, with revenue from operations of ₹4,792.48 lakhs, representing growth from ₹3,971.44 lakhs in FY 2024.
Company Analysis
from RHPBLT Logistics Limited provides surface transportation of goods in containerized trucks and warehousing services to various industries and businesses in India.
BLT Logistics Limited, originally incorporated as BLT Logistics Private Limited on September 06, 2011, was converted into a Public Limited Company on December 30, 2023. The company is engaged in providing surface transportation of goods in containerized trucks and warehousing services to various B2B customers requiring bulk transportation within India. Its logistics operations are supported by its own fleet of 106 owned vehicles (capacity ranging from 3.5MT to 18MT) and 15 vehicles from its 99.99% subsidiary, Sabarmati Express India Private Limited, supplemented by third-party operators. The company has recently expanded into end-to-end warehousing solutions and services including packing and moving and transportation of project cargo. Based on Restated Standalone Financial Information, the company generated total income of ₹4,818.80 lakhs in FY 2025, with revenue from operations of ₹4,792.48 lakhs, representing growth from ₹3,971.44 lakhs in FY 2024.
Objects of the Issue
- Funding capital expenditure requirement for purchase of trucks and ancillary equipment ₹387.88 lakhs p.23
- To meet working capital requirements ₹280.00 lakhs p.24
- General corporate purposes p.24
- Funding capital expenditure requirement of our company towards purchase of trucks (Vehicles) and ancillary equipment (Equipment) ₹387.88 lakhs p.96
- To Meet Working Capital Requirements ₹280.00 lakhs p.96
- General Corporate Purpose p.96
- Not explicitly stated in Part 5 - Objects of Issue section not present in this excerpt
Issue Structure
- Total Issue
- 12,96,000 Equity Shares aggregating to ₹[●] lakhs
- Fresh Issue
- 12,96,000 Equity Shares of Face Value of ₹10 each
- Offer for Sale
- Nil - Not Applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price), including share premium
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue primarily from transportation and allied services (99.76% of revenue in FY 2025) and warehousing services (0.24% of revenue). Revenue is earned by providing containerized truck transportation services to B2B customers and warehousing solutions. The company operates through a mix of owned vehicles and hired fleet from its subsidiary and third-party operators, charging customers on a per-shipment or service basis.
Business Segments
SWOT Analysis
- • Own operational fleet with diverse capacity range(p.23)
- • Diversified service offerings across transportation and warehousing(p.23)
- • Revenue growth trajectory across financial years(p.25)
- • Profitability improvement demonstrated(p.25)
- • Promoters retain majority control post-IPO(p.55)
- • Diversified customer base and established business relationships(p.105)
- • Comprehensive logistics service portfolio(p.105)
- • Experienced promoter management(p.105)
- • Long-standing business with 13+ years of operational history(p.138)
- • Strong track record of revenue and profitability growth(p.135)
- • High profitability margins and efficient capital deployment(p.136)
- • Owned fleet providing control and flexibility(p.130)
- • Diversified customer base across multiple industries(p.130)
- • Experienced promoter leadership with 25+ years combined industry experience(p.130)
- • Established board governance with independent directors and specialized committees(p.171)
- • Structured audit and risk management framework through constituted committees(p.171)
- • Low attrition of key managerial personnel relative to industry(p.177)
- • Long-standing founder-promoter involvement with 13 years of industry experience(p.178)
- • Stable promoter control with no change in management since incorporation(p.179)
- • Established asset-based business model with growing fleet(p.238)
- • Strong revenue growth trajectory across three years(p.241)
- • Improving profitability and margins(p.243)
- • High return on equity performance(p.231)
- • Technology integration for operational efficiency(p.238)
- • Improving financial leverage ratios(p.231)
- • Strategic diversification into warehousing services(p.248)
- • Significant order growth demonstrating market demand(p.241)
- • Extreme customer concentration risk(p.34)
- • High supplier concentration risk(p.35)
- • Significant geographic revenue concentration(p.35)
- • High debt-to-equity ratio(p.40)
- • Negative cash flow from investing activities(p.37)
- • Unsecured loans repayable on demand(p.37)
- • Substantial outstanding trade receivables and bad debts(p.46)
- • Dependence on rented premises with no ownership(p.47)
- • History of delayed statutory filings and compliance(p.47)
- • Related party transaction dependence for vehicle sourcing(p.35)
- • Heavy reliance on future equity issuances may dilute shareholding(p.55)
- • No monitoring agency for fund utilization (due to issue size)(p.56)
- • Proposed capex and fund requirements lack independent appraisal(p.56)
- • No guarantee of timely dividend payments(p.57)
- • Significant compliance burden post-listing(p.57)
- • High customer concentration risk(p.109)
- • Limited fleet size relative to scale of operations(p.141)
- • Warehouse space constraints and limited geographic coverage(p.136)
- • Significant reliance on borrowed capital for vehicle financing(p.149)
- • Limited financial resources for market expansion(p.141)
- • High financial leverage with debt-to-equity ratio of 1.59x(p.208)
- • Concentrated shareholding with two promoters holding 80% of equity(p.192)
- • Minimal cash reserves relative to operational scale(p.189)
- • Low current ratio indicating potential working capital strain(p.206)
- • Absence of employee stock option schemes limiting incentive alignment(p.177)
- • High concentration of revenue in top customers(p.249)
- • Significant customer concentration risk(p.249)
- • High supplier concentration(p.249)
- • Material debt obligations requiring servicing(p.246)
- • Operating expense pressure on margins(p.242)
- • Expansion into organized logistics market(p.45)
- • Geographic expansion beyond current concentration(p.36)
- • Growth in warehousing and end-to-end logistics solutions(p.46)
- • Potential for transition to Third-Party Logistics (3PL) provider(p.44)
- • Capital expenditure deployment for fleet expansion(p.43)
- • Working capital strengthening for business growth(p.24)
- • Expansion of vehicle fleet to capture growing demand(p.98)
- • Improved customer terms to drive sales growth(p.99)
- • Enhanced warehouse and warehousing solutions capability(p.97)
- • Geographic expansion and market presence(p.99)
- • Expansion into 3PL and 4PL warehousing and distribution services(p.131)
- • Development of warehousing facilities to capitalize on e-commerce growth(p.139)
- • Geographical expansion beyond current operating states(p.139)
- • Increase business volume with existing customers(p.139)
- • Government infrastructure initiatives supporting logistics sector growth(p.125)
- • India's transformation into a global manufacturing hub creating logistics demand(p.124)
- • Revenue growth trajectory with 20.7% CAGR over three years(p.188)
- • Improving profitability with net profit growing 121.5% over three years(p.188)
- • Expansion into warehousing services with growing contribution(p.196)
- • Subsidiary company providing additional revenue and market reach(p.205)
- • Capital investment program underway with CWIP of ₹123.63 lakh(p.195)
- • Expansion from 2PL to 3PL model(p.237)
- • Geographic expansion across India(p.241)
- • Growing demand for organized logistics services(p.241)
- • Fleet expansion and asset acquisition(p.247)
- • Technology advancement and innovation(p.238)
- • Intense competition from organized and unorganized logistics players(p.45)
- • Vulnerability to fuel price fluctuations(p.43)
- • Transportation and operational hazards(p.36)
- • Dependence on road network and external disruptions(p.45)
- • Regulatory and compliance risks affecting industry(p.43)
- • Economic downturn impact on regional operations(p.36)
- • Environmental and safety compliance burden(p.54)
- • Macroeconomic sensitivity and cyclicality(p.46)
- • Tax and regulatory demand risks(p.53)
- • Dependence on Indian economic conditions(p.57)
- • Global economic volatility impacts operations(p.57)
- • Infrastructure disruptions risk(p.58)
- • Financial market instability and contagion risk(p.58)
- • Infectious disease outbreak risk(p.58)
- • Natural calamities and environmental disruption(p.58)
- • Regulatory changes and GST implementation uncertainty(p.59)
- • Capital gains taxation on share sales(p.59)
- • Share price volatility post-listing(p.60)
- • High dependence on road infrastructure; traffic and parking constraints for last-mile delivery(p.141)
- • Shortage of qualified drivers and road safety concerns(p.141)
- • Changing regulatory framework and compliance burdens(p.141)
- • Intense competition from organized and unorganized logistics players(p.142)
- • Vulnerability to fuel price volatility and input cost inflation(p.143)
- • Exposure to vehicle accidents, cargo damage and liability claims(p.144)
- • Contingent GST liability of ₹38.95 lakh under appeal(p.200)
- • Dependence on diesel and fuel costs which are volatile external inputs(p.196)
- • Declining margins on operations despite revenue growth(p.206)
- • Trade receivables growing faster than revenue, indicating collection pressure(p.206)
- • Competitive intensity in logistics with thin margins(p.196)
- • Highly fragmented and competitive logistics industry(p.239)
- • Competition from larger, better-resourced competitors(p.239)
- • Macroeconomic sensitivity of transportation volumes(p.238)
- • Fuel price and input cost volatility(p.238)
- • Operating cost pressures from wage inflation(p.242)
- • Technology disruption risk in logistics(p.239)
- • Trade and tariff policy risks(p.238)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Krishan Kumar | Promoter | 40.00% | 29.19% |
| Rakesh Kumar | Promoter | 40.00% | 29.19% |
| Krishan Kumar | Promoter | 40.00% | 29.19% |
| Rakesh Kumar | Promoter | 40.00% | 29.19% |
| Anita | Promoter Group | 5.00% | 3.65% |
| Roshani | Promoter Group | 5.00% | 3.65% |
| Kiran | Promoter Group | 4.95% | 3.61% |
| Raveen Kumar | Promoter Group | 5.00% | 3.65% |
| Krishan Kumar | Promoter | 14.00% | — |
| Rakesh Kumar | Promoter | 14.00% | — |
| Krishan Kumar | Promoter | 40% | — |
| Rakesh Kumar | Promoter | 40% | — |
| Not explicitly named in Part 5 | Promoter/Promoter Group | — | — |
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.