Kaushalya Logistics
Book Building issueSME₹36.60 Cr issue
+33.33%
Listing gain over issue price
Issue size
₹36.60 Cr
1 lot at cut-off
₹1,20,000
Lot size
1,600shares
Open
29 Dec 2023
Close
03 Jan 2024
Allotment
04 Jan 2024
Listing
08 Jan 2024
Listing performance
Issue price
₹75
Listed at
₹100
Listing-day close
₹105
Latest price
₹36
Close on 23 Oct 2026
Listing gain
+33.33%
Return since issue
-52.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Dec 2023 – 03 Jan 2024
- Listing date
- 08 Jan 2024
- Face value
- ₹10 per share
- Issue price
- ₹75 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹36.60 Cr
- Market cap at offer price
- ₹139 Cr
- Promoter holding
- 99.99% → 72.98% pre-issue → post-issue
- ISIN
- INE0Q2V01012
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- 19, Community Centre, First and Second Floor, East of Kailash, 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 | 13,34,400 | — | — |
| Market maker | 2,44,800 | — | — |
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.
Shares allocated
13,34,400
Anchor portion
₹10.01 Cr
at ₹75 per share
Valuation and performance
Valuation at offer price
₹75 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 470.58 | — |
| P/E (×) | 0.16 | — |
| Market cap | — | ₹139 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.50%
- ROCE
- 70.48%
- Debt / equity
- 3.40
- PAT margin
- 1.12%
- EBITDA margin
- 2.19%
- NAV per share
- ₹1,289.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kaushalya Logistics
Kaushalya Logistics Limited, formerly known as Kaushalya Buildcon Private Limited, was incorporated on August 24, 2007 and converted to a public company in May 2023. The company is engaged in providing clearing and forwarding (C&F) services to leading cement companies, particularly Dalmia Cement (Bharat) Limited, which accounts for approximately 60% of total profit. The company also operates an online e-commerce platform for selling electronic and white good products and has ventured into commercial property rental. The company generates revenue through logistics services, e-commerce sales, and rental income from related party entities.
Company Analysis
from DRHPKaushalya Logistics Limited provides clearing and forwarding services to cement companies, sells electronic and white goods on e-commerce platforms, and rents commercial properties.
Kaushalya Logistics Limited, formerly known as Kaushalya Buildcon Private Limited, was incorporated on August 24, 2007 and converted to a public company in May 2023. The company is engaged in providing clearing and forwarding (C&F) services to leading cement companies, particularly Dalmia Cement (Bharat) Limited, which accounts for approximately 60% of total profit. The company also operates an online e-commerce platform for selling electronic and white good products and has ventured into commercial property rental. The company generates revenue through logistics services, e-commerce sales, and rental income from related party entities.
Logistics and Clearing & ForwardingE-commerce (Electronic and White Goods retail)Real Estate/Commercial Property Rental
Objects of the Issue
- Repayment of unsecured loans ₹171.00 lakh p.19
- Working capital ₹1,726.37 lakh p.19
- General Corporate Purposes p.19
- Repayment of Unsecured Loans ₹171.00 lakh p.62
- Funding of working capital requirements of our Company ₹1,726.37 lakh p.63
- General Corporate Purposes p.64
Issue Structure
- Total Issue
- 50,50,000 Equity Shares
- Fresh Issue
- 35,50,000 Equity Shares
- Offer for Sale
- 15,00,000 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through three main channels: (1) Clearing and Forwarding (C&F) agency services for cement companies, generating ₹4,953 lakh in FY2023; (2) Online e-commerce sales of electronic and white goods products; and (3) Rental income from commercial properties, which commenced in FY2022-23. The company charges customers for logistics services and earns margins on product sales.
Business Segments
Provides clearing and forwarding agency services for cement companies, primarily for Dalmia Cement (Bharat) Limited
Selling of electronic and white good products on online e-commerce platforms
Renting of commercial properties
Providing end-to-end logistics support for cement companies, primarily Dalmia Cement Bharat Limited, including clearing rail racks from railways, transportation to warehouses, loading/unloading, dispatches to distributors, invoicing, warehouse management, insurance, and depot audits across 70 warehouse locations. Services include multimodal transportation (road/rail), surface transportation, warehousing and distribution, invoicing and challans, and door-to-door delivery.
Operating as a preferred partner to a major online e-commerce platform since January 2022, selling electronics and white goods such as televisions, refrigerators, and washing machines. Products are procured at bulk discounts from authorized distributors, stored in warehouses managed by the platform, with goods supplied through platform-associated companies. The platform handles invoicing, collection of proceeds, and reimburses the company after deducting commissions and charges.
Owning and renting out 18 retail shops in the Urban Square commercial project in Udaipur, generating steady monthly rental income.
Providing clearing and forwarding services including freight, handling, and transportation services to a major cement company in India
Selling of electronics, white goods, and cement on major online e-commerce platforms
Provides cargo handling services
SWOT Analysis
Strengths
- • Established logistics business with major customer relationship(p.26)
- • Diversified revenue streams across multiple business segments(p.19)
- • Strong financial growth trajectory(p.20)
- • Growing industry opportunity in logistics sector(p.19)
- • Integrated, end-to-end logistics services with multi-modal transportation capabilities(p.88)
- • Established network across India with 70 warehouses and strong customer relationships(p.89)
- • Asset-light business model without owning warehouses or fleet(p.84)
- • Strong promoter expertise and experience in logistics and warehousing management(p.89)
- • Well-equipped warehouse facilities with modern material handling equipment and surveillance(p.89)
- • Diversified revenue streams across logistics, e-commerce, and commercial real estate(p.86)
- • Diversified service offerings across logistics, e-commerce, and real estate(p.146)
- • Strong revenue growth with 894% increase in FY2023(p.173)
- • Experienced and capable management team with clear strategic direction(p.111)
- • Improved profitability with 87.5% growth in net profit(p.173)
- • No prior litigation or regulatory violations against directors(p.112)
- • Strong revenue growth trajectory(p.174)
- • Improved profitability and net profit growth(p.174)
- • Positive net worth trajectory(p.189)
- • Operating profitability established(p.189)
- • Multiple business locations and geographic reach(p.182)
Weaknesses
- • Extreme customer concentration risk in primary business(p.26)
- • No long-term customer contracts(p.26)
- • Significant debt burden(p.28)
- • High inventory dependence(p.28)
- • Large contingent liabilities not provided(p.21)
- • Non-owned operating facilities creating dependency(p.26)
- • Corporate governance and filing compliance issues(p.27)
- • Unsecured related-party loans repayable on demand(p.30)
- • Significant related party transaction exposure(p.29)
- • High trade receivables relative to revenue(p.29)
- • Heavy dependence on a single major customer (Dalmia Cement Bharat Limited) for logistics revenue(p.86)
- • Dependence on third-party service providers for transportation and warehouse operations(p.88)
- • Limited company-owned physical assets creates vulnerability to operational disruptions(p.84)
- • No insurance policies held in company name; relies on customers and group companies for coverage(p.92)
- • Dependency on single major customer for logistics business(p.169)
- • Lack of owned office and warehouse facilities(p.169)
- • High financial leverage with substantial indebtedness(p.170)
- • Outstanding litigation proceedings affecting the company(p.169)
- • Corporate governance deficiencies and regulatory non-compliance(p.169)
- • Unstamped gift deeds for promoter shareholding(p.169)
- • High finance costs burden(p.174)
- • Outstanding tax demands(p.177)
- • Outstanding dues to creditors(p.180)
- • Litigation involving group companies(p.179)
- • Multiple pending RERA complaints against group entity(p.180)
Opportunities
- • Expansion into growing e-commerce and real estate sectors(p.19)
- • India as fastest-growing major economy with infrastructure development(p.19)
- • Growth in logistics sector(p.19)
- • Expansion through reducing customer concentration(p.26)
- • Expansion to new geographical markets and customer segments beyond cement industry(p.88)
- • Diversification into managing material transportation for infrastructure players(p.89)
- • Growth in Indian e-commerce and logistics market with expected CAGR of 10-12% annually(p.81)
- • Expansion of warehousing business in tier-2 and tier-3 cities(p.89)
- • Real estate business expansion in commercial property rental segment(p.88)
- • Strong sector growth driven by rising e-commerce penetration and organized logistics adoption(p.82)
- • Expansion into e-commerce sales channel on major online platforms(p.107)
- • Growth in commercial real estate leasing business(p.107)
- • Expanding property investment portfolio in industrial areas(p.152)
- • Potential to leverage platform for allied services and value-added offerings(p.155)
- • Expansion in cargo handling and logistics operations(p.174)
- • Growth through increased operational capacity(p.175)
- • Geographic expansion across India(p.182)
- • E-Commerce and Logistics sector tailwinds(p.221)
Threats
- • Economic slowdown in India affecting demand(p.34)
- • Global economic downturn affecting markets(p.34)
- • Infrastructure inadequacy in India(p.34)
- • Competitive pressures and pricing pressure(p.29)
- • Regulatory changes and compliance risks(p.35)
- • Third-party dependency risks(p.27)
- • Geopolitical risks and terrorism threat(p.34)
- • India credit rating downgrade risk(p.34)
- • Customer demand fluctuations(p.26)
- • Changes in government policy affecting taxation(p.18)
- • Easy entry of new competitors with limited regulatory barriers in fragmented logistics industry(p.88)
- • Intense competition from organized and unorganized logistics players(p.88)
- • Risk of regulatory and policy changes affecting logistics operations(p.88)
- • Fragmented industry with numerous small competitors and global players like Expeditors International and Allcargo(p.90)
- • Volatility in global economic conditions impacting logistics demand and commodity prices(p.76)
- • Dependence on third-party transportation providers for supply chain(p.170)
- • Requirement for multiple regulatory approvals and permits(p.169)
- • Exposure to inventory management risks(p.170)
- • Risk from inadequate insurance coverage(p.169)
- • Highly competitive fragmented industry(p.175)
- • Motor vehicle accident litigation exposure(p.176)
- • Group company real estate project delays impacting reputation(p.179)
- • Regulatory compliance burden and tax exposure(p.179)
- • Foreign investment restrictions impacting capital markets access(p.221)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Uddhav Poddar | Promoter | 31.77% | — |
| Uddhav Poddar (HUF) | Promoter Group | 10.00% | — |
| Master Vedant Poddar | Promoter Group | 18.89% | — |
| Master Shiven Poddar | Promoter Group | 18.33% | — |
| Bhumika Realty Pvt. Ltd. | Promoter Group | 19.67% | — |
| Anubhav Minerals Pvt. Ltd. | Promoter Group | 1.33% | — |
| Uddhav Poddar | Promoter | 31.77% | 23.73% |
| Uddhav Poddar (HUF) | Promoter Group | 10.00% | 8.10% |
| Master Vedant Poddar | Promoter Group | 18.89% | 15.30% |
| Master Shiven Poddar | Promoter Group | 18.33% | 14.85% |
| Bhumika Realty Pvt. Ltd. | Promoter Group | 19.67% | 9.92% |
| Anubhav Minerals Pvt. Ltd. | Promoter Group | 1.33% | 1.08% |
| Uddhav Poddar | Promoter | 31.77% | — |
| Uddhav Poddar | Promoter | — | — |
Leadership
Uddhav Poddar · Chairman and Managing Director
Ram Gopal Choudhary · Non-Executive Director
Sunira Chamaria · Non-Executive Director
Uma Verma · Independent Director
Narendra Kumar Somani · Independent Director
Vinay Kumar Poddar · Chief Financial Officer
Prateek Sharma · Company Secretary & Compliance Officer
Auto-extracted from the company's DRHP 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 DRHP before relying on it.
Kaushalya Logistics IPO FAQs
What is the lot size of Kaushalya Logistics IPO?
The minimum lot size of Kaushalya Logistics IPO is 1,600 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Kaushalya Logistics IPO open and close?
Kaushalya Logistics IPO opened for subscription on 29 Dec 2023 and closed on 03 Jan 2024.
What is the listing date of Kaushalya Logistics IPO?
Kaushalya Logistics IPO listed on 08 Jan 2024.