JL
Jayesh Logistics
Book Building issueSMENSE₹28.63 Cr issue
-1.64%
Listing gain over issue price
Issue size
₹28.63 Cr
1 lot at cut-off
₹1,22,000
Lot size
1,000shares
Open
27 Oct 2025
Close
29 Oct 2025
Allotment
30 Oct 2025
Listing
03 Nov 2025
Listing performance
Issue price
₹122
Listed at
₹120
Listing-day close
₹117.80
Latest price
₹140
Listing gain
-1.64%
Return since listing
+14.75%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹9
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Nov 2025 | ₹9 | +7.38% | ₹6,800 | ₹131 | ₹9,000 |
| 01 Nov 2025 | ₹9 | +7.38% | ₹6,800 | ₹131 | ₹9,000 |
| 31 Oct 2025 | ₹9 | +7.38% | ₹6,800 | ₹131 | ₹9,000 |
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
- 27 Oct 2025 – 29 Oct 2025
- Listing date
- 03 Nov 2025
- Face value
- ₹10 per share
- Issue price
- ₹122 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹28.63 Cr
- Market cap at offer price
- ₹106 Cr
- Promoter holding
- 97.57% → 71.22% pre-issue → post-issue
- ISIN
- INE1AE401014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Indcap Advisors Pvt.Ltd.
- Registered office
- 1, Crooked Lane, 3 rd Floor, Room no.322, West Bengal
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 | 5,56,000 | — | — |
| Market maker | 1,20,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹122
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,22,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,44,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,76,000 |
| B-HNI (min) | 9 | 9,000 | ₹10,98,000 |
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.
Shares allocated
5,56,000
Anchor portion
₹6.78 Cr
at ₹122 per share
Valuation and performance
Valuation at offer price
₹122 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.34 | 9.29 |
| P/E (×) | 10.76 | 13.13 |
| Price to book (×) | 4.47 | — |
| Market cap | — | ₹106 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 56.77%
- ROCE
- 27.23%
- Debt / equity
- 1.61
- PAT margin
- 6.43%
- EBITDA margin
- 15.13%
- NAV per share
- ₹27.32
- Price to book
- 4.47
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jayesh Logistics
Jayesh Logistics Limited, incorporated in 2011 and converted to a public company in 2024, is a logistics and supply chain management service provider primarily serving the Eastern India, India-Nepal corridor, and Nepal hinterland. The company provides freight services using road transportation (trucks and railways) and non-freight services including loading/unloading, truck-on-hire (TFN), customs clearance, and machinery hire. With over 200 clients from industries such as iron and steel, infrastructure equipment, cement, and heavy industrial machinery, the company operates a fleet of owned vehicles supplemented by hired vehicles during peak demand. The company is ISO 9001:2015 and ISO 14001:2015 certified. In FY 2024-25, the company generated revenue from operations of ₹11,188.21 lakhs with an EBITDA margin of 15.13%.
Company Analysis
from RHPJayesh Logistics Limited is a third-party logistics provider offering freight transportation and supply chain management services across India and Nepal, specializing in road and rail transport for heavy industrial cargo.
Jayesh Logistics Limited, incorporated in 2011 and converted to a public company in 2024, is a logistics and supply chain management service provider primarily serving the Eastern India, India-Nepal corridor, and Nepal hinterland. The company provides freight services using road transportation (trucks and railways) and non-freight services including loading/unloading, truck-on-hire (TFN), customs clearance, and machinery hire. With over 200 clients from industries such as iron and steel, infrastructure equipment, cement, and heavy industrial machinery, the company operates a fleet of owned vehicles supplemented by hired vehicles during peak demand. The company is ISO 9001:2015 and ISO 14001:2015 certified. In FY 2024-25, the company generated revenue from operations of ₹11,188.21 lakhs with an EBITDA margin of 15.13%.
Third-party logisticsFreight forwardingSupply chain managementRoad transportationRail freight services
Objects of the Issue
- To fund expenditure towards purchase of side wall trailers Up to 884.75 lakhs p.25
- To fund Working Capital Requirements Up to 1,123.75 lakhs p.25
- Funding the implementation for phase 2 of Smart Logistics Application Up to 71.37 lakhs p.25
- General Corporate Purpose p.25
- Funding the expenditure towards purchase of side wall trailers ₹884.75 Lakhs p.96
- Funding the working capital requirements ₹1,123.75 Lakhs p.96
- Funding the implementation for phase 2 of Smart Logistics Application ₹71.50 Lakhs p.96
- General Corporate Purposes p.96
- Repayment of borrowings p.103
- Funding working capital requirements p.104
- Funding the implementation for phase 2 of Smart Logistics Application ₹71.50 Lakhs p.103
- General corporate purposes Not to exceed ₹1,000 Lakhs or 15% of amount raised, whichever is lower p.104
- Not explicitly stated in this document excerpt
Issue Structure
- Total Issue
- Up to 23,47,000 equity shares aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 23,47,000 equity shares aggregating up to ₹ [●] lakhs
- Offer for Sale
- NIL
- Price Band
- FROM [●] TO [●]
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹ 10 each
Business Model
The company generates revenue primarily from road freight transportation services, customs clearance, loading and unloading services, and truck-on-hire (TFN) services. Revenue is derived from both domestic and cross-border consignments, with 92.18% of revenue from Nepal operations and 7.82% from India operations as of June 30, 2025. The company operates on a consignment basis without long-term fixed contracts, serving over 200 clients on order-by-order basis.
Business Segments
Road and rail freight transportation services for heavy industrial cargo including iron and steel, infrastructure equipment, cement, and heavy industrial machinery
Loading and unloading, truck on hire (TFN), customs clearance, and machinery on hire services
The company coordinates and arranges different logistics aspects including goods transportation, customs verification, and freight forwarding services using owned and hired truck fleets.
Revenue generated from providing road logistics via the company's own fleet of trucks
Revenue generated from providing road logistics via hired/sourced fleet of trucks; integrated logistics services to clients with contracts lasting up to one year
Revenue generated from leasing the company's fleet to other logistics players for movement of their cargo
Revenue generated from providing cargo handling and loading-unloading (mechanised) services at various points of the supply chain
Revenue generated from miscellaneous activities like custom clearance and other non-freight related services
Road transport operations including freight charges, supervision charges, and related logistics services
Ancillary logistics services including container handling, loading/unloading, documentation, insurance and related services
Provides freight transportation services using owned fleet, hired fleet, and railways
Road freight transportation using company's own vehicle fleet
Road freight transportation using hired vehicle fleet
Truck forwarding services on hire basis
Specialized logistics services including railways, shipping, supervision, loading, unloading, custom clearance, and machinery hire
Railway freight services, shipping coordination, and supervision of logistics operations
Machinery rental and miscellaneous non-freight services
SWOT Analysis
Strengths
- • ISO certifications demonstrating quality and environmental management standards(p.24)
- • Logistics specialization reduces labor intensity compared to broader industry(p.50)
- • No prior material disruptions from labor disputes(p.50)
- • No material instances of cargo transport restrictions historically(p.50)
- • No historical material adverse publicity affecting operations(p.54)
- • No material IT system failures in operations to date(p.56)
- • No material instances of cargo content non-verification causing financial harm(p.53)
- • Strong order book position(p.101)
- • Technological support through integrated logistics IT solution (SMART-SYS)(p.145)
- • Diverse customer base across multiple industrial sectors(p.145)
- • ISO certifications for quality and environmental management(p.145)
- • Experienced senior leadership with 13+ years in logistics(p.145)
- • Owned fleet enabling service control and reliability(p.134)
- • Decade-long specialization in Indo-Nepal logistics corridor(p.134)
- • Experience in logistics industry with over 13 years track record(p.165)
- • Multiple quality certifications demonstrating operational excellence(p.161)
- • Consistent recognition as leading regional operator(p.161)
- • Diversified revenue streams across freight and non-freight segments(p.208)
- • Strong promoter backing with significant equity commitment(p.177)
- • Diversified service portfolio spanning freight and non-freight logistics services(p.228)
- • Significant revenue growth trajectory with strong EBITDA margins improving over time(p.229)
- • Non-freight services commanding higher margins due to specialization and fewer competitors(p.231)
- • Strong profitability growth with PAT increasing 190% year-over-year(p.236)
- • Fleet expansion with 40 new vehicles added in FY 2023-24 enabling higher business volume(p.237)
- • Positive Return on Equity and Return on Capital Employed demonstrating efficient capital deployment(p.229)
Weaknesses
- • Revenue concentration from limited number of customers creates dependency risk(p.35)
- • Geographical concentration exposes company to regional disruptions(p.34)
- • Corporate office is rented and not owned, creating relocation risk(p.36)
- • Significant statutory filing discrepancies and RoC non-compliances(p.37)
- • High concentration in trade receivables with extended payment terms(p.43)
- • Promoters and directors involved in tax proceedings(p.33)
- • Unsecured loans from promoters and directors repayable on demand(p.42)
- • Negative cash flows from investing activities strain liquidity(p.38)
- • Dependence on few customers creates revenue concentration risk(p.61)
- • High financial leverage with secured and unsecured debt obligations(p.52)
- • Promoters personally guarantee loan facilities, creating management risk(p.52)
- • Persistent history of GST, TDS, PF and ESI filing delays and penalties(p.50)
- • High employee attrition rates in recent years(p.53)
- • Limited managerial experience in handling high business volumes(p.55)
- • No alternate financing arrangements identified for IPO capital requirements(p.50)
- • Heavy dependence on Nepal market geography(p.136)
- • High customer concentration in top clients(p.142)
- • Significant working capital intensity in operations(p.102)
- • Elevated trade receivables collection period(p.101)
- • Limited geographic presence outside Eastern India(p.136)
- • Trademark ownership dependent on related party license(p.153)
- • High dependence on promoter guarantees for financing(p.203)
- • Significant debt burden relative to equity(p.216)
- • High employee attrition rates in recent years(p.176)
- • Limited diversification in service offerings historically(p.162)
- • Concentrated trade receivables with aging concerns(p.207)
- • Significant dependence on a few key customers creating revenue concentration risk(p.239)
- • High financial leverage with debt-to-equity ratio of 1.53 as of June 30, 2025(p.221)
- • Substantial increase in trade receivables straining working capital(p.237)
- • Promoter exposure to significant direct tax demands and assessment disputes(p.242)
- • Weak free cash flow conversion with cash from operations declining relative to profitability(p.237)
- • Asset concentration and infrastructure dependence specific to West Bengal operations(p.223)
Opportunities
- • India's ambitious economic growth targets drive logistics sector expansion(p.24)
- • Transformation of India's logistics sector creates growth pathways(p.24)
- • Expansion into domestic India market where Nepal revenue was 92.18% provides growth potential(p.34)
- • Capital expenditure plan to purchase fleet expansion with new side wall trailers(p.45)
- • Working capital funding from IPO proceeds to enhance operational capacity(p.25)
- • Planned fleet expansion through new trucks acquisition(p.97)
- • Technology upgrade through Smart Logistics Application phase 2(p.96)
- • Working capital expansion to support revenue growth(p.100)
- • Shift to higher-margin owned fleet operations(p.101)
- • Enhanced corporate visibility through public listing(p.96)
- • Indian logistics sector growing at 10-12% CAGR with organized players expected to grow at 32% CAGR(p.126)
- • Expansion of transportation network across India(p.144)
- • Technology adoption in logistics sector driving demand(p.123)
- • Phase 2 software implementation with advanced analytics and AI/ML capabilities(p.147)
- • Growing e-commerce and cross-border trade demand(p.132)
- • Government initiatives improving logistics infrastructure and efficiency(p.126)
- • Expansion into IT and digital logistics solutions(p.161)
- • Growth in non-freight segment revenue(p.161)
- • Blockchain implementation for enhanced logistics transparency(p.161)
- • IT consulting and support services tailored to logistics(p.161)
- • Expansion of non-freight services segment with higher margin potential and lower competitive intensity(p.236)
- • Geographic expansion within India-Nepal corridor and cross-border logistics(p.228)
- • Growth in organized logistics sector driven by e-commerce and infrastructure development(p.239)
- • Potential for fleet modernization and technology adoption to enhance operational efficiency(p.239)
- • Capital availability from IPO to fund expansion and reduce cost of borrowing(p.224)
Threats
- • Revenue concentration geographically in Nepal corridor exposes to cross-border trade restrictions(p.49)
- • Highly competitive logistics industry with unorganized players(p.44)
- • Road transport dependent on infrastructure quality and weather conditions(p.35)
- • Working capital intensive business requires adequate credit facility access(p.34)
- • Aged vehicle fleet increases maintenance costs and reliability risks(p.45)
- • Industry cyclicality affects demand and freight rates(p.44)
- • Regulatory compliance requirements and potential license renewal failures(p.48)
- • Shortage of qualified drivers in high-demand labor market(p.45)
- • Risk of future labor unionization and work stoppages(p.50)
- • Exposure to foreign trade restrictions and customs clearance delays(p.50)
- • Intense competition from organized and unorganized operators(p.54)
- • Cyclicality and volatility in logistics and freight industry(p.61)
- • Customer payment delays and defaults impacting cash flows(p.61)
- • Natural calamities and economic disruptions to Indian economy(p.62)
- • Regulatory and tax law changes affecting business operations(p.62)
- • Global financial instability impacting Indian markets and economy(p.64)
- • Global economic slowdown reducing logistics demand(p.120)
- • Escalating US tariffs impacting Asia-Pacific logistics(p.122)
- • Highly fragmented and competitive logistics industry(p.150)
- • Competition from larger logistics players with greater resources(p.150)
- • Regulatory complexity and compliance burden in logistics sector(p.129)
- • Infrastructure deficits in India limiting logistics efficiency(p.129)
- • Regulatory compliance complexity across multiple states(p.158)
- • Customs and import-export regulatory requirements(p.158)
- • Competition regulation oversight(p.158)
- • Insolvency and bankruptcy proceedings exposure(p.159)
- • Fire safety and building regulation compliance requirements(p.159)
- • Heavy dependence on India-Nepal corridor making company vulnerable to regional economic and political instability(p.228)
- • Exposure to fuel price volatility and transportation cost fluctuations(p.228)
- • Vulnerability to supply chain disruptions and delivery delays from external factors(p.228)
- • Highly fragmented and competitive logistics market with low barriers to entry(p.239)
- • Risk of payment defaults and cash flow disruptions from customer non-payment(p.228)
- • Regulatory and compliance risks including transport licensing, labour, and environmental regulations(p.245)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Kumar Kundaliya | Promoter | 41.29% | 30.14% |
| Navita Kundaliya | Promoter | 26.32% | 19.21% |
| RHMB India Private Limited (Formerly known as Active Commotrade Private Limited) | Promoter | 27.46% | 20.05% |
| Bishnu Kumar Bajaj | Promoter | 2.49% | 1.82% |
| Rashmi Bajaj | Promoter | 0.00% | 0.00% |
| Rishi Maheshwari | Promoter | — | — |
| Sanjay Kumar Kundaliya | Promoter | 41.29% | 30.14% |
| Navita Kundaliya | Promoter | 26.32% | 19.21% |
| RHMB India Private Limited | Promoter | 27.46% | 20.05% |
| Bishnu Kumar Bajaj | Promoter | 2.49% | 1.82% |
| Rashmi Bajaj | Promoter Group | 0.00% | 0.00% |
| Sampat Mal Kundaliya | Promoter Group | 0.00% | 0.00% |
| Chanda Devi Kundaliya | Promoter Group | 0.00% | 0.00% |
| Sanjay Kumar Kundaliya | Promoter | — | — |
| Sanjay Kumar Kundaliya | Promoter/Chairman and Managing Director | 41.29% | — |
| Navita Kundaliya | Promoter/Whole Time Director | 26.32% | — |
| RHMB India Private Limited | Promoter | 27.46% | — |
| Bishnu Kumar Bajaj | Promoter | 2.49% | — |
| Rashmi Bajaj | Promoter | 0.00% | — |
| Rishi Maheshwari | Promoter | — | — |
| Sanjay Kumar Kundaliya | Promoter | — | — |
| Navita Kundaliya | Promoter | — | — |
| Bishnu Kumar Bajaj | Promoter | — | — |
| RHMB India Private Limited | Promoter Group | — | — |
Leadership
Sanjay Kumar Kundaliya · Managing Director
Navita Kundaliya · Whole Time Director
Surendra Kumar Tiwari · Chief Financial Officer
Shekhar Pareek · Company Secretary & Compliance Officer
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.