Om Freight Forwarders
Book Building issueMainboardNSE₹122 Cr issue
-38.89%
Listing gain over issue price
Issue size
₹122 Cr
1 lot at cut-off
₹14,985
Lot size
111shares
Open
29 Sep 2025
Close
03 Oct 2025
Allotment
06 Oct 2025
Listing
08 Oct 2025
Listing performance
Issue price
₹135
Listed at
₹82.50
Listing-day close
₹86.60
Latest price
₹107.97
Close on 12 Oct 2026
Listing gain
-38.89%
Return since issue
-20.02%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Sep 2025 – 03 Oct 2025
- Listing date
- 08 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹135 per share
- Lot size
- 111 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹122 Cr
- Market cap at offer price
- ₹455 Cr
- Promoter holding
- 99.04% → 72.09% pre-issue → post-issue
- ISIN
- INE1BZC01019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 101, Jayant Apts, Wing, Opp, Sahar Cargo Complex, Sahar, Andheri East, 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 | 11,77,710 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 111 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 111 | ₹14,985 |
| Retail (max) | 13 | 1,443 | ₹1,94,805 |
| S-HNI (min) | 14 | 1,554 | ₹2,09,790 |
| S-HNI (max) | 66 | 7,326 | ₹9,89,010 |
| B-HNI (min) | 67 | 7,437 | ₹10,03,995 |
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
11,77,710
Anchor portion
₹15.90 Cr
at ₹135 per share
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.90 | 6.53 |
| P/E (×) | 19.57 | 20.67 |
| Price to book (×) | 2.48 | — |
| Market cap | — | ₹455 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.68%
- ROCE
- 15.80%
- Debt / equity
- 0.17
- PAT margin
- 4.49%
- EBITDA margin
- 7.69%
- NAV per share
- ₹54.44
- Price to book
- 2.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Om Freight Forwarders
Om Freight Forwarders Limited was incorporated on June 16, 1995, and converted to a public limited company in April 2024. The company operates as a 3PL provider delivering cost-effective, end-to-end logistics solutions for businesses globally. It generates revenue from freight forwarding services (52.12% in FY2025), customs clearance activities (17.34%), vessel agency services (14.43%), transportation services (10.01%), warehousing and distribution (0.00%), and other value-added services (6.10%). The company serves 1,715 customers as of March 31, 2025, with significant concentration in Maharashtra (88.73% of revenue). It operates through both standalone and consolidated operations including associates Oscar Freight Private Limited and Arha Warehousing and Translift Private Limited.
Company Analysis
from RHPOm Freight Forwarders Limited is a third-party logistics (3PL) provider offering integrated freight forwarding, customs clearance, vessel agency, multimodal transportation, warehousing, distribution, and project cargo handling services across international and domestic markets.
Om Freight Forwarders Limited was incorporated on June 16, 1995, and converted to a public limited company in April 2024. The company operates as a 3PL provider delivering cost-effective, end-to-end logistics solutions for businesses globally. It generates revenue from freight forwarding services (52.12% in FY2025), customs clearance activities (17.34%), vessel agency services (14.43%), transportation services (10.01%), warehousing and distribution (0.00%), and other value-added services (6.10%). The company serves 1,715 customers as of March 31, 2025, with significant concentration in Maharashtra (88.73% of revenue). It operates through both standalone and consolidated operations including associates Oscar Freight Private Limited and Arha Warehousing and Translift Private Limited.
Freight ForwardingCustoms ClearanceVessel Agency ServicesMultimodal TransportationWarehousing and DistributionProject Cargo HandlingLogistics
Objects of the Issue
- Funding of the capital expenditure requirements of our company related to the acquisition of commercial vehicle and heavy equipment 171.45 million p.34
- General corporate purposes p.34
- Funding of the capital expenditure requirements of our company related to the acquisition of commercial vehicle and heavy equipment ₹171.45 million p.63
- General corporate purpose p.63
- Funding of the capital expenditure requirements of our company related to the acquisition of commercial vehicle and heavy equipment ₹171.45 million p.119
- General corporate purposes p.117
- Funding of capital expenditure requirements related to purchase of commercial vehicles and heavy equipment to enhance fleet capacity p.214
- —
- Funding capex for expansion ₹244.36 million p.402
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹244.36 million
- Offer for Sale
- Up to 7,250,000 Equity Shares aggregating up to ₹[●] million (comprising up to 3,987,500 by Rahul Jagannath Joshi, up to 2,537,500 by Harmesh Rahul Joshi, and up to 725,000 by Kamesh Rahul Joshi)
- Price Band
- [●] per Equity Share (Floor Price: ₹[●]; Cap Price: ₹[●])
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
Revenue generation through provision of integrated logistics services including international freight forwarding, customs clearance services, vessel agency services, multimodal transportation, warehousing, distribution, and specialized project cargo handling. Services are delivered on a per-consignment or short-term contract basis to customers across multiple industries.
Business Segments
International freight forwarding services
Customs clearance and clearing and forwarding services
Vessel agency services
Multimodal transportation services
Warehousing and distribution services
Specialized services including project cargo handling and other value-added logistics services
Core operations involving custom clearance, freight forwarding, and related services
Manages international movement of goods and freight documentation
Provides customs clearance and handling services
Provides vessel agency services for shipping operations
Coordinates transportation using multiple modes of transport
Provides warehousing and distribution services
Specialized logistics solutions for project cargo requiring detailed planning and technical expertise
Comprehensive customs clearance services as authorized Customs House Agents (CHA), including customs documentation, carting and receiving goods, inland clearance, routine imports, home consumption shipments, various licensing (DEPB, EPCG, DFCEC, advance licenses), 100% EOU, STPI, SEZ services, project import clearance, re-imports, high seas sales, ATA carnet clearance, second-hand capital goods, and export services including duty drawbacks and DEPB/EPCG schemes.
Management of projects ranging from simple to complex, including specialized lifts, oversized cargo, multimodal shipments, and customized logistics solutions. Services include ODC (Over Dimensional Cargo) and heavy lifts handling, chartering for sea and air transportation, ocean towing, yacht and boat logistics, MTO, FLO-FLO, and RO-RO operations, industrial plants and turnkey operations for oil and gas, infrastructure, and port projects.
Specialized cargo handling including lightering (ship-to-ship transfers between vessels), stevedoring (loading and unloading cargo using specialized equipment), and handling of bulk cargo, break bulk cargo, and liquid bulk cargo. In FY2025, company handled 65.81 MMTs bulk cargo (98.43%), 0.81 MMTs breakbulk (1.21%), and 0.24 MMTs liquid bulk (0.36%).
Handling of over 90,000+ TEUs of FCL & LCL cargo annually for 1,600+ corporate clients worldwide, offering C&F services with clearing and forwarding, confirmed flight and vessel bookings, shipment monitoring, pre-arrival notices, documentation and customs brokerage, warehousing, distribution, expedited delivery, DAP and DDP shipments worldwide, bonded trucking, charter services for air, sea and barge transportation, and door-to-door pickup and delivery.
IATA-accredited air freight services offering nominated cargo services and comprehensive freight solutions to 800+ national and international locations, with competitive rates for both export and import shipments from India, supported by arrangements with reputable airlines.
Comprehensive vessel agency services including vessel arrival and departure coordination, documentation, regulatory compliance, customs clearance, crew management (crew changes, accommodation, transportation), cargo operations (safe loading/unloading), and port services (pilotage, towing, berth booking). Company has handled substantial number of agency vessels for various owners and charterers worldwide.
Multi-Modal Transport Operator (MTO) services offering integrated transportation from origin to destination under single contract, domestic transportation including general cargo, heavy and over-dimensional consignments, hydraulic axle trailers for very heavy consignments, on-site unloading, and LCL cargo collection and consolidation.
Warehousing and distribution services as part of integrated logistics offerings, supporting customer supply chain operations.
Facilitating shipment of cargo including full container load (FCL) and less-than-container load (LCL) cargo through consolidation services and international freight forwarding
Providing customs brokerage and clearing agent services for import and export of goods at ports and airports
Acting as shipping agents providing vessel agency services at ports
Providing comprehensive transportation solutions including domestic transportation (short, medium and long-haul) and international freight forwarding services via rail and road
Providing warehousing, distribution, and related logistics infrastructure services through in-house and third-party vendors; includes public bonded warehouse facility and general warehousing services
Providing ancillary logistics services including fumigation/phytosanitary certificates, hand carry cargo delivery, palletizing, refund claims, document legalization, post shipment activities, DGFT liaising, survey & insurance, and assistance with inspection reports
Custom House Agency, Freight Booking & Freight Forwarding, Transportation services, Vessel Agency Service, Warehousing Services
Miscellaneous operating revenues including amounts written off, commissions, excess liabilities written off, excess recovery, short payment to creditors, insurance claims
International freight forwarding services
Vessel agency services
Transportation services
Other supporting services including customs clearance, warehousing and distribution
Provides comprehensive transportation logistics services to customers both in India and internationally, offering transportation via land, sea, inland waterways, air, and multimodal transport. It also delivers efficient management solutions for warehouses, containers, and logistics centers.
Principal activity is freight forwarding, packing, and crating services, with container services (excluding container rental) as its secondary activity.
Provides a wide range of logistics services, including customs clearance, multi-modal transport operations, freight forwarding, warehousing, cargo consolidation, and clearing sea cargo for both export and import.
Specializes in providing comprehensive services for clearing goods from customs and acting as a Custom House Agent (CHA). Offers multi-modal transport operations, freight forwarding, warehousing facilities, and cargo consolidation for both export and import sea cargo.
SWOT Analysis
Strengths
- • Integrated service offerings across freight forwarding, customs clearance, vessel agency, multimodal transportation, warehousing, and project cargo(p.33)
- • Long-standing relationships with key customers, with 5 of top 10 customers having relationships exceeding 5 years(p.49)
- • Diversified customer base across multiple industries reducing reliance on single sector(p.49)
- • Revenue growth in freight forwarding services, increasing from 27.95% (FY2024) to 52.12% (FY2025) of total revenue(p.33)
- • Long-standing relationships with shipping companies enabling favorable vessel space procurement(p.50)
- • Established fleet and logistics infrastructure(p.51)
- • Significant workforce with specialized expertise in core operations(p.62)
- • Diverse third-party logistics service offerings(p.119)
- • Substantial investment in fleet and equipment(p.119)
- • Asset-based business model with owned fleet(p.119)
- • Capability in specialized project cargo handling(p.119)
- • Established pan-India network with 28 branches and 800+ international destinations(p.201)
- • Over four decades of operational expertise in customs clearance and freight forwarding(p.200)
- • Multimodal transport capabilities across sea, air, road, and rail(p.201)
- • Hybrid asset model combining owned (135 vehicles) and rental assets for operational flexibility(p.201)
- • Diverse customer base of 1,715 clients across multiple industries(p.201)
- • Specialized capabilities in project cargo and over-dimensional cargo handling(p.205)
- • Industry recognition and awards for service excellence(p.201)
- • End-to-end logistics services with customized solutions driving client retention and cross-selling(p.210)
- • Long-term customer relationships with high retention rates and 75%+ revenue from existing customers(p.212)
- • Diversified customer base across 1,700+ clients spanning multiple industry verticals(p.212)
- • Experienced management team with 29+ years in logistics and shipping industry(p.213)
- • Owned asset base including vessel, cranes, trailers and equipment to reduce third-party dependency(p.214)
- • Technology-enabled operations providing real-time visibility and supply chain optimization(p.213)
- • Pan-India presence through 28 branches at major commercial hubs, airports and ports(p.216)
- • Strong financial position with equity capital increased to support business expansion(p.301)
- • Diversified service portfolio across custom house agency, freight forwarding, transportation, and warehousing(p.279)
- • Growth in revenue from operations year-over-year(p.305)
- • Established presence with significant investments in strategic operating locations(p.295)
- • Established customs clearance expertise with decades of operational experience(p.328)
- • Diversified service portfolio spanning international freight forwarding, customs clearance, vessel agency, transportation, warehousing, and project cargo handling(p.328)
- • Strong financial profitability recovery with PAT margin improving 78% to 4.49% in FY2025(p.332)
- • Healthy debt-to-equity ratio of 0.17 indicating conservative leverage(p.333)
- • Strong debt service coverage capability with DSCR of 8.13x in FY2025(p.333)
- • Pan-India network with 28 branches and 800+ international destinations covered(p.329)
- • Quality certifications demonstrating operational standards: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018(p.374)
- • Licensed trademark portfolio in logistics and freight forwarding(p.377)
- • Diversified group company ecosystem across logistics, warehousing, and supply chain(p.378)
- • International presence and operational reach through group entities(p.378)
- • Non-Compete agreements with key logistics subsidiaries(p.380)
Weaknesses
- • High customer concentration with top 10 customers accounting for 40.39% of revenue(p.49)
- • Short-term customer contracts with termination capability without notice(p.49)
- • Significant geographic concentration with Maharashtra contributing 88.73% of revenue(p.50)
- • Heavy dependence on shipping company relationships not formalized in long-term agreements(p.39)
- • Decline in revenue from operations with FY2025 revenue of 4,881.82 million compared to FY2024 of 4,083.74 million showing overall decline trajectory(p.39)
- • Dependence on third-party service providers and vendors for operational aspects(p.39)
- • Material litigation including criminal proceedings and tax disputes(p.39)
- • Severe revenue decline in recent fiscal years(p.50)
- • Significant decline in profitability and returns(p.51)
- • Heavy dependence on third-party service providers for transportation and logistics(p.51)
- • Lack of long-term agreements with shipping companies creating relationship vulnerability(p.50)
- • Outstanding litigation involving workplace fatality creating legal and reputational risk(p.52)
- • Significant outstanding indebtedness constraining financial flexibility(p.67)
- • Trademark ownership and control held by promoter creating dependency risk(p.66)
- • Directors signed financial statements during period of disqualification(p.67)
- • Loss or damage to cargo and potential liability not fully insured(p.63)
- • Substantial outstanding creditor dues creating payment risk(p.65)
- • Historical non-compliance with filing and regulatory requirements(p.55)
- • Dependence on vendor quotations without firm orders(p.119)
- • Cargo volume composition heavily concentrated in bulk cargo (98.43% in FY2025)(p.205)
- • EBITDA margin of 7.69% remains below industry benchmarks despite improvement(p.203)
- • Modest PAT margin of 4.49% indicating limited profitability(p.203)
- • Operational staff limited to 447 members for customs clearance activities(p.204)
- • High dependence on top 10 customers representing 40% of revenues; largest customer represents 11.6%(p.218)
- • Geographic concentration with Maharashtra accounting for 88.73% of revenues(p.216)
- • Heavy reliance on third-party warehousing vendors for execution of warehousing services(p.210)
- • Significant capital expenditure required for fleet and equipment; invested ₹85.16 million over three years(p.214)
- • Multiple property leases from related parties expiring by 2027, creating operational continuity risk(p.222)
- • Employee attrition rate of 13.06% in FY2025, above historical levels(p.221)
- • High dependence on trade receivables with significant aging in collection(p.298)
- • Significant increase in financial indebtedness(p.302)
- • Concentration of promoter shareholding creates governance risk(p.264)
- • Estranged relationships within promoter group limiting disclosure completeness(p.269)
- • Significant allowance for doubtful debts indicating credit quality concerns(p.298)
- • Significant customer concentration with top 10 customers representing 40.39% of FY2025 revenue(p.358)
- • Largest customer concentration at 11.60% of FY2025 revenue exposes to single customer dependency risk(p.358)
- • Multiple pending customs-related show cause notices and penalties across major ports(p.366)
- • Criminal proceedings pending for dock worker death involving alleged breach of safety regulations(p.365)
- • Contingent liabilities of ₹115.43 million as of March 31, 2025 related to tax disputes(p.318)
- • Estranged relationship with one promoter group member limiting disclosure(p.389)
- • Incomplete registration compliance for certain branch offices(p.377)
- • Reliance on group company cooperation for non-compete compliance(p.380)
Opportunities
- • Growth in Indian logistics sector driven by government infrastructure initiatives(p.33)
- • Rising e-commerce sector driving demand for logistics services(p.33)
- • Expansion of specialized services including project cargo handling and vessel agency(p.33)
- • Utilization of IPO proceeds for capital expenditure on commercial vehicles and heavy equipment(p.35)
- • Expansion into new geographical markets and service offerings(p.50)
- • Fleet expansion through IPO proceeds to reduce dependency on third-party providers(p.63)
- • Growth through acquisition and customer retention strategies(p.51)
- • Expansion of commercial vehicle and heavy equipment fleet(p.119)
- • Reducing reliance on third-party providers through in-house capabilities(p.120)
- • Fleet modernization to enhance operational efficiency(p.120)
- • India's strong GDP growth and logistics sector expansion(p.140)
- • Growing demand for integrated supply-chain solutions(p.120)
- • Primary BTKM freight growth of 6-8% driven by manufacturing and economic expansion(p.202)
- • E-commerce and quick commerce expansion driving last-mile delivery demand(p.202)
- • Government infrastructure initiatives reducing logistics costs (PM Gati Shakti, NLP, Bharatmala, Sagarmala)(p.202)
- • Manufacturing sector expansion through Make in India and PLI schemes(p.202)
- • Urbanization and smart city projects generating construction and distribution freight(p.202)
- • Agricultural supply chain growth and cold chain logistics improvements(p.202)
- • Rising middle-class consumption driving FMCG, electronics and automobile freight(p.202)
- • GST-driven consolidation of warehousing into larger, tech-enabled facilities with strong 3PL demand(p.214)
- • Organized warehousing sector expected to grow at 11-16% CAGR through FY2025-29; 3PL to be largest demand driver(p.215)
- • Strategic warehouse setup in Bhiwandi near Mumbai-Nashik Highway to drive logistics efficiency and scale(p.214)
- • Expansion into underserved sectors including FMCG, Automotive, and Oil & Gas with minimal current penetration(p.216)
- • Customer acquisition with 890 new customers added in FY2025; opportunity to cross-sell services(p.216)
- • Technology investments in advanced TMS, warehouse management, IoT and supply chain visibility systems(p.216)
- • Expansion through investment in associates and strategic acquisitions(p.297)
- • Growing international freight and logistics demand(p.307)
- • Expansion of vessel agency and shipping services(p.287)
- • Growth in warehousing and container terminal operations through associated entities(p.268)
- • Revenue growth in freight forwarding services increased 123% to ₹2,544.38 million in FY2025(p.348)
- • Expansion into transportation services growing from near zero to ₹488.49 million in FY2025(p.348)
- • Rising e-commerce demand driving increased logistics requirements for last-mile deliveries(p.334)
- • Economic growth and infrastructure development creating demand for specialized project cargo handling(p.334)
- • Technological advancements enabling operational efficiency improvements through automation and digital transformation(p.334)
- • Container volume growth with TEUs handled increasing from 91,519 to 109,914 annually(p.348)
- • Recent entry into shipping services and acquisition of Arha Warehousing stake providing diversification(p.348)
- • Expansion through multi-modal logistics services across geographies(p.379)
- • Growth in international hospitality and logistics solutions market(p.379)
- • Scaling customs and freight forwarding capabilities(p.379)
- • Access to capital markets for growth and expansion(p.382)
Threats
- • Dependence on performance of multiple industries including minerals, mining, steel, EPC infrastructure, and coal sectors(p.49)
- • Intense competition from domestic and international logistics players(p.39)
- • Significant operational and legal risks related to workplace accidents at ports and during transportation(p.39)
- • Economic sensitivity of key customer industries to macro factors(p.49)
- • Risk of liquidated damages from non-performance of client contracts(p.39)
- • Adverse geopolitical developments disrupting global maritime trade(p.50)
- • General slowdown in logistics industry affecting trade volumes(p.50)
- • Intense competition from domestic and international logistics players(p.51)
- • Volatility in fuel prices and operating costs beyond company control(p.58)
- • Inability to pass cost increases to customers due to competitive pressure(p.58)
- • Risk of unsold container and vessel space capacity causing cost recovery issues(p.58)
- • Economic cyclicality affecting freight volumes and industry demand(p.74)
- • Regulatory compliance costs and changing environmental requirements(p.73)
- • Natural calamities and health pandemics disrupting operations(p.75)
- • Port infrastructure disruptions and cargo handling delays(p.56)
- • Global trade policy changes and tariff uncertainties(p.74)
- • Piracy and maritime security disruptions in shipping lanes(p.76)
- • High inflation increasing operating expenses and reducing margins(p.75)
- • Global macroeconomic uncertainties and tariff pressures(p.139)
- • Projected decline in global economic growth(p.139)
- • Exposure to external demand shocks from tariff policies(p.142)
- • India's higher logistics costs relative to global peers(p.149)
- • Logistics costs at 14-16% of GDP remain significantly above global benchmarks of 7-9%(p.150)
- • Highly fragmented logistics sector with 80-85% unorganized players creating intense competition(p.165)
- • Rising fuel and freight costs impacting operational margins(p.199)
- • Foreign exchange volatility affecting international freight operations(p.199)
- • Port congestion and equipment shortages slowing cargo movement(p.199)
- • Natural calamities and geopolitical tensions disrupting supply chains(p.199)
- • Regulatory and trade policy changes creating uncertainty and delays(p.199)
- • Shortage of skilled workforce in logistics industry(p.199)
- • Highly fragmented and competitive logistics industry with low barriers to entry(p.220)
- • Competitors may have greater financial, technical and marketing resources than the Company(p.220)
- • Significant increase in fuel costs impacting margins if unable to pass increases to customers(p.219)
- • Risk of cargo loss or damage claims and potential insurance coverage inadequacy(p.222)
- • Accident and operational risks from human error potentially disrupting logistics operations(p.220)
- • Regulatory changes in customs, shipping, warehousing and environmental compliance requirements(p.227)
- • Exposure to foreign exchange volatility impacting operations(p.312)
- • Dependence on bank financing with restrictive covenants(p.270)
- • Operating leverage and cost pressures in logistics industry(p.305)
- • Interest rate sensitivity on borrowings(p.302)
- • Regulatory and compliance risks in customs and maritime operations(p.279)
- • Global trade demand fluctuations significantly impacting freight forwarding volumes and revenues(p.334)
- • Customs regulation changes influencing clearance times and operational costs(p.334)
- • Supply chain disruptions from geopolitical tensions affecting logistics operations(p.334)
- • Fuel price volatility directly increasing transportation costs particularly in road and sea freight(p.334)
- • Intense competition from both local and global logistics providers impacting market share(p.334)
- • Regulatory compliance requirements including environmental and safety standards increasing operational costs(p.334)
- • Economic slowdown reducing demand evidenced by industry-wide revenue decline in FY2024(p.352)
- • Regulatory uncertainty regarding promoter group classification and disclosures(p.389)
- • Exposure to regulatory changes in securities law post-IPO(p.399)
- • Dependency on multiple intermediaries for UPI mechanism execution and compliance(p.385)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rahul Jagannath Joshi | Promoter/Promoter Selling Shareholder | 45.00% | — |
| Harmesh Rahul Joshi | Promoter/Promoter Selling Shareholder | 26.82% | — |
| Jitendra Maganlal Joshi | Promoter | 10.00% | — |
| Kamesh Rahul Joshi | Promoter/Promoter Selling Shareholder | 9.82% | — |
| Rahul Jagannath Joshi | Promoter | — | — |
| Harmesh Rahul Joshi | Promoter Group | — | — |
| Kamesh Rahul Joshi | Promoter Group | — | — |
| Rahul Jagannath Joshi | Promoter | 45.00% | — |
| Harmesh Rahul Joshi | Promoter | 26.82% | — |
| Jitendra Maganlal Joshi | Promoter | 10.00% | — |
| Kamesh Rahul Joshi | Promoter | 9.82% | — |
| Maya Rahul Joshi | Promoter Group | 7.00% | — |
| Kejal Harmesh Joshi | Promoter Group | 0.18% | — |
| Lachita K Joshi | Promoter Group | 0.18% | — |
| OM Finmart Services Private Limited | Promoter Group | 0.04% | — |
| Rahul Jagannath Joshi | Promoter and Managing Director | — | — |
| Jitendra Maganlal Joshi | Promoter | — | — |
| Harmesh Rahul Joshi | Promoter | — | — |
| Kamesh Rahul Joshi | Promoter | — | — |
| Rahul Jagannath Joshi | Promoter | 45.00% | — |
| Jitendra Maganlal Joshi | Promoter | 10.00% | — |
| Harmesh Rahul Joshi | Promoter | 26.82% | — |
| Kamesh Rahul Joshi | Promoter | 9.82% | — |
| Rahul Jagannath Joshi | Promoter, Chairman and Managing Director | 91.65% | — |
| Jitendra Maganlal Joshi | Promoter, Executive Director | 91.65% | — |
| Harmesh Rahul Joshi | Promoter, Executive Director | 91.65% | — |
| Kamesh Rahul Joshi | Promoter, Executive Director | 91.65% | — |
| Rahul Jagannath Joshi | Promoter/Promoter Selling Shareholder | — | — |
| Harmesh Rahul Joshi | Promoter Selling Shareholder | — | — |
| Kamesh Rahul Joshi | Promoter Selling Shareholder | — | — |
| Rahul Jagannath Joshi | Promoter/Selling Shareholder | — | — |
| Harmesh Rahul Joshi | Promoter/Selling Shareholder | — | — |
| Kamesh Rahul Joshi | Promoter/Selling Shareholder | — | — |
Leadership
Rahul Jagannath Joshi · Chairman and Managing Director
Jitendra Maganlal Joshi · Executive, Non-Independent Director
Harmesh Rahul Joshi · Executive, Non-Independent Director
Kamesh Rahul Joshi · Executive, Non-Independent Director
Pankaj Premji Mav · Chief Financial Officer
Hiren Khimji Bhanushali · Company Secretary and Compliance Officer
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