Pooja Logistics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.73×
- Big non-institutionalbNII · above ₹10 lakh
- 4.11×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.49×
- Retail individualRII · up to ₹2 lakh
- 1.88×
- Employeesreserved quota
- 0.38×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 22 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
| 21 Sep 2026 | ₹0 | — | ₹0 | ₹115 | ₹0 |
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.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 7,14,000 | 17,85,600 | ₹20.53 Cr | 2.50× |
| Non-institutional | 5,40,000 | 26,28,000 | ₹30.22 Cr | 4.87× |
| Big non-institutionalwithin NII | 3,60,000 | 18,46,800 | ₹21.24 Cr | 5.13× |
| Small non-institutionalwithin NII | 1,80,000 | 7,84,800 | ₹9.03 Cr | 4.36× |
| Retail individual | 12,60,000 | 36,00,000 | ₹41.40 Cr | 2.86× |
| Total | 25,86,000 | 80,48,400 | ₹92.56 Cr | 3.11× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 25 Sept, 06:57 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 23 Sep 2026 – 25 Sep 2026
- Listing date
- 30 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹109 – ₹115
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹44.23 Cr
- Fresh issue
- ₹41.95 Cr 36,48,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹164 Cr
- Promoter holding
- 93.68% → 68.45% pre-issue → post-issue
- ISIN
- INE1C2Q01017
- CIN
- U60300DL2011PLC228491
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- 4 - Community Centre, Industrial Area Lawrence Road- 110035, Delhi, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 7,14,000 | 28.40% | 25.65% |
| Anchor investor · within QIB | 10,62,000 | — | 38.15% |
| NII (HNI) | 5,40,000 | 21.48% | 19.40% |
| bNII > ₹10L · within NII | 3,60,000 | — | 12.93% |
| sNII < ₹10L · within NII | 1,80,000 | — | 6.47% |
| Retail (RII) | 12,60,000 | 50.12% | 45.26% |
| Employee | 72,000 | — | 2.59% |
| Market maker | 1,98,000 | — | 7.11% |
| Total issue | 27,84,000 | — | 100.00% |
Net offer to the public of 25,14,000 shares, out of a total issue of 27,84,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹115
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,76,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,66,000 |
| B-HNI (min) | 8 | 9,600 | ₹11,04,000 |
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
₹115 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.82 | 8.64 |
| P/E (×) | 9.73 | 13.31 |
| Price to book (×) | 4.45 | — |
| Market cap | — | ₹164 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 54.20%
- ROCE
- 26.00%
- Debt / equity
- 1.12
- PAT margin
- 7.41%
- EBITDA margin
- 15.52%
- NAV per share
- ₹25.85
- Price to book
- 4.45
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 167.77 | 150.49 | 125.14 |
| Revenue from operations | 165.7 | 148.77 | 123.75 |
| Other income | 2.07 | 1.71 | 1.39 |
| Total expenses | 151.44 | 135.85 | 117.59 |
| Operating profit | 16.33 | 14.64 | 7.55 |
| Operating margin | 9.73% | 9.73% | 6.03% |
| Profit before tax | 16.33 | 14.64 | 7.55 |
| Profit after tax | 12.34 | 11.02 | 5.73 |
| PAT margin | 7.36% | 7.32% | 4.58% |
| Balance sheet | |||
| Total assets | 98.13 | 70.06 | 59.78 |
| Current assets | 66.89 | 50.85 | 38.6 |
| Current liabilities | 28.86 | 26.32 | 25.7 |
| Total liabilities | 55.83 | 44.21 | 44.96 |
| Net worth | 42.31 | 25.85 | 14.83 |
| Current ratio | 2.32× | 1.93× | 1.50× |
| Return on equity | 29.17% | 42.63% | 38.64% |
| Cash flow | |||
| Operating cash flow | 3.19 | 13.93 | 13.08 |
| Investing cash flow | -16.3 | -4.82 | -15.85 |
| Financing cash flow | 11.49 | -4.11 | -0.3 |
| Net cash flow | -1.62 | 5 | -3.08 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Purchase of Vehicles (Goods Carriages) ₹33.97 Cr
The company intends to expand its existing fleet by adding 92 new refrigerated vehicles to meet rising demand from existing customers, broaden its customer base, reduce dependence on hired vehicles, and improve EBITDA margins. The total estimated capital expenditure for vehicle purchase is to be fully funded from the Net Issue Proceeds.
2 General Corporate Purpose —
The company intends to deploy a portion of the Net Issue Proceeds towards general corporate purposes, including strategic alliances, funding growth opportunities, strategic initiatives, and ongoing general corporate exigencies, subject to not exceeding 15% of Gross Proceeds or Rs. 10 crores, whichever is lower.
3 Public Issue Related Expenses —
The company plans to utilize a portion of the Issue Proceeds to meet public issue-related expenses, including underwriting and management fees, printing and distribution expenses, advertisement expenses, legal fees, and listing fees.
2 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Pooja Logistics
Pooja Logistics Limited, formerly a private limited company incorporated on December 09, 2011, was converted to a public limited company on November 18, 2024. The company operates in the temperature-controlled logistics segment, providing refrigerated transportation services for perishable goods across India through a fleet of refrigerated trucks (reefers). The company generates revenue primarily from the FMCG industry (95.07% in FY 2026) and logistics and supply chain operations (4.93% in FY 2026). As of March 31, 2026, the company operates 424 owned vehicles and also engages hired vehicles for transportation services. The company is headquartered in Delhi and maintains operations in multiple states including Delhi, Haryana, Maharashtra, Uttar Pradesh, West Bengal, Telangana, Karnataka, Rajasthan, Tamil Nadu, and Madhya Pradesh.
Management
Mr. Deepak Khanna
MD
Mrs. Anu Khanna
Director
Strengths
As stated in the offer document
Owned Refrigerated Vehicle Fleet
The company owns and operates a fleet of more than 424 GPS-enabled refrigerated vehicles with load capacities ranging from approximately 5 tonnes to 20 tonnes, capable of maintaining frozen (?18�C to ?10�C) and chilled (0�C to +4�C) temperatures, generating ₹11,206.93 Lakhs (67.63%) of revenue from owned vehicles in FY 2025-26.
Long-standing Relationship with Key Customers
The company has established long-term business relationships with a diverse set of domestic clients; the top 10 customers contributed ₹11,292.12 Lakhs (68.15%) of revenue from operations in Fiscal 2026, reflecting sustained demand across FMCG, QSR, dairy, and logistics sectors.
Geographic Reach
Temperature-controlled logistics services are provided by the company across more than 26 states in India, with Haryana (26.55%), Maharashtra (12.01%), and Uttar Pradesh (11.38%) being the top revenue-contributing regions in FY 2025-26, totalling ₹16,570.10 Lakhs in revenue from operations.
Organizational Stability Along with Promoter's Experience
The company has a 14-year track record in the temperature-controlled logistics industry, with its Promoter and Managing Director, Mr. Deepak Khanna, holding over 14 years of industry experience, enabling the company to scale operations and manage evolving customer requirements.
Owned Fleet with Temperature Monitoring
The company operates its own fleet of vehicles equipped with GPS and temperature control systems, ensuring real-time monitoring and maintenance of product integrity during transit, supported by 'Geo Trackers' GPS-tracking software.
Experienced Management Team
The business is led by a team with significant experience in logistics, transport operations, and client servicing, providing strategic direction and operational efficiency, contributing to revenue growth from ₹12,375.26 Lakhs in FY 2024 to ₹16,570.10 Lakhs in FY 2026.
Existing Client Relationships
The company provides services to a diverse range of clients across various sectors including FMCG (95.07% of revenue in FY 2026), resulting in long-term associations and repeat business with key clients such as Country Delight, Haldiram, Jubilant, and Wow Momos.
Operational Transparency
The company provides visibility to clients for shipment tracking and data access through real-time GPS tracking and temperature monitoring portals, promoting transparency and accountability in service delivery.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company is heavily dependent on a limited number of customers, with the top 10 customers contributing 68.15% of revenue from operations in Fiscal 2026, and the top customer alone accounting for 27.69%. The company has no long-term agreements with clients, making revenue highly vulnerable to customer attrition or reduced order volumes, particularly in the FMCG sector which contributed 95.07% of revenue in Fiscal 2026.
Substantial Indebtedness and Financial Risk
As of March 31, 2026, the company's total outstanding indebtedness stood at ₹2,900.23 lakhs on a consolidated basis, with a debt-to-equity ratio of 1.12. This level of indebtedness limits financial flexibility, increases vulnerability to adverse economic conditions, and could adversely affect profitability through higher interest expenditure.
Contingent Liabilities – GST and Legal Proceedings
The company faces contingent liabilities of ₹2,714.94 lakhs as of March 31, 2026, primarily comprising a GST demand of ₹2,700.84 lakhs for the period 2018–19 to 2023–24 under Section 74, against which appeals have been filed. If these liabilities materialize, they could significantly impair the company's financial condition and cash flows.
Geographical Concentration Risk
The company's operations are primarily concentrated in Delhi, Haryana, Maharashtra, and Uttar Pradesh, which together account for a substantial portion of revenue. Any adverse social, political, economic, or regulatory developments in these regions could materially disrupt operations and negatively impact financial performance.
Fuel and Operating Cost Pass-Through Risk
Fuel costs, toll charges, and refrigeration-related expenses constitute major operating costs, and the company may not always be able to fully pass on cost increases to customers despite price variation clauses in contracts. Inability to recover rising fuel or temperature-control costs could adversely impact profitability and results of operations.
Dependence on Promoters and Key Managerial Personnel
The company's entire business is substantially dependent on its Promoters, and its success is closely tied to the expertise of its Directors and Key Managerial Personnel. The loss of any key individual or the disassociation of Promoters could cause severe and potentially irreparable damage to business operations and growth prospects.
Regulatory Non-Compliance – Statutory Filings and GST
The company has a history of delayed filings of e-forms with the Registrar of Companies and repeated delays in GST, EPF, ESIC, and TDS return filings across multiple jurisdictions and financial years. Such non-compliance exposes the company to penalties, fines, and regulatory actions that could adversely affect its financial condition and reputation.
Transportation and Operational Liability Risk
The company is exposed to claims arising from accidents, refrigeration failures, theft, or damage to temperature-sensitive goods during transit, with shortage and deduction expenses rising to ₹16.28 lakhs (0.11% of total expenses) in Fiscal 2026. Insurance coverage may not fully cover all losses, and uninsured or underinsured liabilities could negatively affect financial condition and reputation.
Vendor Dependency for Hired Fleet
Approximately 32.37% of the company's revenue in Fiscal 2026 was generated through hired vehicles from third-party vendors, creating dependency on external operators over whom the company has limited control regarding maintenance standards, driver quality, and availability. Any disruption in vendor services or consolidation in the transportation industry could increase costs and impair the company's ability to fulfill customer obligations.
Negative Cash Flows from Investing Activities
The company reported negative net cash flows from investing activities of ₹1,629.75 lakhs in Fiscal 2026 and a net change in overall cash flow of negative ₹161.75 lakhs. Sustained negative cash flows could constrain the company's ability to fund capital expenditure, service debt, and support business growth without relying on external financing.
Company Analysis
from RHPPooja Logistics Limited is a temperature-controlled logistics provider specializing in refrigerated transportation of perishable goods primarily for the FMCG industry across India.
Pooja Logistics Limited, formerly a private limited company incorporated on December 09, 2011, was converted to a public limited company on November 18, 2024. The company operates in the temperature-controlled logistics segment, providing refrigerated transportation services for perishable goods across India through a fleet of refrigerated trucks (reefers). The company generates revenue primarily from the FMCG industry (95.07% in FY 2026) and logistics and supply chain operations (4.93% in FY 2026). As of March 31, 2026, the company operates 424 owned vehicles and also engages hired vehicles for transportation services. The company is headquartered in Delhi and maintains operations in multiple states including Delhi, Haryana, Maharashtra, Uttar Pradesh, West Bengal, Telangana, Karnataka, Rajasthan, Tamil Nadu, and Madhya Pradesh.
Objects of the Issue
- Funding capex for purchase of vehicles and equipment for transportation segment ₹3,397.39 lakhs p.47
- Purchase of Vehicles (Goods carriages) for capital expenditure requirement - specifically 92 new refrigerated vehicles to expand fleet capacity and reduce dependence on hired vehicles ₹3,397.39 lakhs p.101
- General Corporate Purposes including strategic initiatives, strengthening marketing network and capability, meeting business exigencies, brand building exercises, and funding growth opportunities [●] lakhs (not exceeding 15% of Gross Proceeds or ₹10 crores, whichever is lower) p.104
- Public Issue Related Expenses including underwriting and management fees, printing and distribution expenses, advertisement expenses, legal fees and listing fees [●] lakhs p.104
- Funding capex for purchase and addition of refrigerated vehicles
- Repayment of borrowings
- General corporate purposes
Issue Structure
- Total Issue
- 38,46,000 Equity Shares of face value of ₹10 each aggregating to ₹[●] Lakhs
- Fresh Issue
- 38,46,000 Equity Shares of face value of ₹10 each aggregating to ₹[●] Lakhs
- Offer for Sale
- NIL
- Price Band
- ₹109 to ₹115 per Equity Share
- Lot Size
- 1200 Equity shares (Bid Lot: 2400 equity shares in first instance, then in multiples of 1200)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through providing temperature-controlled logistics and refrigerated transportation services. Revenue is generated from transporting perishable goods for customers, primarily in the FMCG sector. The company operates both owned vehicles (generating 67.63% of revenue in FY 2026) and hired vehicles (generating 32.37% of revenue in FY 2026). The company maintains warehouses and storage facilities in key locations for inventory management and goods handling.
Business Segments
SWOT Analysis
- • Fresh IPO with 100% book-built issue and listing on NSE EMERGE SME platform(p.2)
- • Temperature-controlled logistics capabilities with owned GPS-enabled fleet(p.100)
- • Growing revenue and profitability trajectory(p.110)
- • Strong return on net worth performance(p.109)
- • Improving profit after tax margins over past three years(p.58)
- • Diversified customer base across multiple industries(p.58)
- • Stable workforce retention in key operational roles(p.60)
- • Established cold chain logistics operations with diverse fleet capabilities(p.222)
- • FSSAI certification enabling perishable goods delivery(p.222)
- • Significant fleet expansion and geographic reach(p.179)
- • Revenue growth trajectory over three years(p.219)
- • Strong profitability with improving margins(p.219)
- • Temperature-controlled logistics fleet with GPS tracking(p.276)
- • Diversified client base across multiple industries(p.276)
- • Strong revenue growth and profitability(p.279)
- • Improved operational efficiency with declining debt-to-equity ratio(p.265)
- • Strong EBITDA generation capability(p.305)
- • High customer concentration risk with top 3 customers representing 47.34% of FY2026 revenue(p.31)
- • Geographic concentration with major operations in Delhi, Haryana, Maharashtra, and Uttar Pradesh(p.31)
- • No ownership of key operating premises; dependent on leased/rented offices and warehouses(p.32)
- • Substantial indebtedness with total debt of ₹3,921.36 lakhs as of March 31, 2026(p.34)
- • History of delayed GST returns and statutory filings with penalties paid(p.48)
- • Non-compliance with Companies Act sections including failure to file CHG-1 forms for vehicle loan charges(p.39)
- • Significant dependence on promoters and key managerial personnel for business continuity(p.39)
- • Contingent liabilities of ₹2,714.94 lakhs primarily from GST demands pending appeals(p.30)
- • High dependence on a few major customers for revenue(p.59)
- • Significant contingent liabilities from GST and tax disputes(p.70)
- • High employee attrition rates in workforce(p.63)
- • Limited insurance coverage for fixed assets beyond vehicles(p.53)
- • Directors lack prior experience as directors of listed entities(p.62)
- • High leverage with debt-to-equity ratio of 0.93:1(p.103)
- • High dependence on limited customer base(p.179)
- • Significant capital requirements for fleet expansion(p.220)
- • Substantial debt obligations(p.218)
- • Significant GST demand pending appeals(p.290)
- • Substantial outstanding debt obligations(p.286)
- • High vehicle replacement costs and depreciation(p.281)
- • Reliance on contractual driver arrangements(p.280)
- • Litigation with significant contingent liability(p.259)
- • Expansion into new geographical markets beyond current concentration in Delhi-NCR-Haryana region(p.32)
- • Growth potential through fleet expansion with capital expenditure of ₹3,397.39 lakhs for new vehicles and equipment(p.47)
- • Diversification opportunities across FMCG and Logistics sectors with flexibility for new industry segments(p.31)
- • Fleet expansion to reduce hired vehicle dependence(p.102)
- • Replacement of aging vehicle fleet to meet customer standards(p.103)
- • Strong customer demand for owned fleet deployment(p.103)
- • Operational margin improvement through owned fleet strategy(p.104)
- • Listing provides access to capital markets and corporate visibility(p.100)
- • Expansion into new geographic markets(p.179)
- • Technology integration for hybrid cooling mechanisms(p.179)
- • Growing demand across multiple industry segments(p.222)
- • Expansion into new customer segments(p.279)
- • Growth in cold chain logistics demand(p.278)
- • Fleet modernization and capacity expansion(p.241)
- • Technology-enabled service enhancement(p.276)
- • Subsidiary acquisition integration benefits(p.241)
- • Industry cyclicality and downturns in customer sectors, particularly FMCG with 95.07% revenue contribution in FY2026(p.31)
- • Volatility in fuel costs and refrigeration expenses not fully recoverable from customers(p.38)
- • Regulatory risks including transport regulations, environmental compliance, and licensing requirements(p.51)
- • Competition from national and local players with established presence and stronger relationships(p.32)
- • Transportation industry risks including accidents, vehicle malfunction, temperature control failures, and spoilage of goods(p.39)
- • First public issue with no established market history or assurance of active trading post-listing(p.2)
- • Dependence on availability of hired vehicles and third-party transportation vendors (32.37% of FY2026 revenue)(p.52)
- • Intense competition and pricing pressure from customers(p.62)
- • Customer dependence on external logistics performance and industry cyclicality(p.58)
- • Operational risks from adverse weather and disruptions(p.57)
- • Fuel price volatility and input cost fluctuations(p.62)
- • Labor market pressures driving wage and salary cost inflation(p.60)
- • Regulatory and compliance risks including emissions standards(p.61)
- • Environmental regulations and compliance requirements(p.171)
- • Fuel price volatility and operating cost pressures(p.219)
- • Regulatory compliance burden on employment and labor(p.173)
- • Complex regulatory framework across multiple states(p.171)
- • Pending GST tax litigation with massive exposure(p.290)
- • Rising vehicle operating and maintenance costs(p.280)
- • Competitive pressure requiring vehicle hiring(p.283)
- • Fuel price volatility exposure(p.246)
- • Regulatory compliance burden and permit renewal(p.299)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Deepak Khanna | Promoter | — | — |
| Anu Khanna | Promoter | — | — |
| Deepak Khanna | Promoter | 82.87% | 60.56% |
| Anu Khanna | Promoter | 4.79% | 3.50% |
| Vijay Kumar Khanna | Promoter Group | 5.87% | 4.29% |
| Sarika Arora | Promoter Group | 0.05% | 0.04% |
| Pooja Kapur | Promoter Group | 0.05% | 0.04% |
| Anu Dua | Promoter Group | 0.05% | 0.04% |
| Deepak Khanna | Individual Promoter | 82.87% | — |
| Anu Khanna | Individual Promoter | 4.79% | — |
| Deepak Khanna | Promoter | — | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Pooja Logistics Ltd. THIS ISSUE | 12.00 | 41.14 | 13.31, computed at the offer price | 4.45, computed at the offer price | 54.20% |
| 17.38 | 180.09 | 11.93 | — | — | |
| 6.02 | 45.00 | 6.94 | — | — |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.