| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 123.75 | 148.77 | 165.70 |
| Expenses | 117.59 | 135.85 | 151.44 |
| Other Income | 1.39 | 1.71 | 2.07 |
| Total Revenue | 125.14 | 150.49 | 167.77 |
| Profit Before Tax | 7.55 | 14.64 | 16.33 |
| Net Profit | 5.73 | 11.02 | 12.34 |
Pooja Logistics
Pooja Logistics IPO
₹2,61,600
0.4 xOver-subscribedBidding Dates 23 Sept, 26 -25 Sept, 26
Min Investment ₹2,61,600
Lot Size1,200
Price Range ₹109 – ₹115
Issue Size ₹44.23 Cr.
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IPO Subscription Details
Retail Subscription Details
0.67 x
Non-Institutional Buyers (sHNI)
0.17 x
Non-Institutional Buyers (bHNI)
0.37 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0.3 x
Total0.4 x
0.4 x IPO Timeline
IPO Offer Start
23 Sept,26
IPO Offer Ends
25 Sept,26
Allotment Finalisation
28 Sept,26
Refund Initiation
29 Sept,26
Listing of Shares
30 Sept,26
IPO Analysis
Strengths
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.
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.
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.
Risks
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.
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.
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.
Objectives
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.
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 59.78 | 70.06 | 98.13 |
| Current Assets | 38.60 | 50.85 | 66.89 |
| Fixed Assets | 21.18 | 19.21 | 31.25 |
| Total Equity & Liabilities | 59.78 | 70.06 | 98.13 |
| Total Liabilities | 44.96 | 44.21 | 55.83 |
| Current Liabilities | 25.70 | 26.32 | 28.86 |
| Non Current Liabilities | 19.25 | 17.89 | 26.96 |
| Total Equity | 14.83 | 25.85 | 42.31 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -3.08 | 5.00 | -1.62 |
| Investing Activities | -15.85 | -4.82 | -16.30 |
| Operating Activities | 13.08 | 13.93 | 3.19 |
| Financing Activities | -0.30 | -4.11 | 11.49 |
About Pooja Logistics
Pooja Logistics Limited, incorporated in 2011, is engaged in providing temperature-controlled logistics services for the transportation of perishable goods across India through a GPS-enabled refrigerated truck fleet of over 424 vehicles. The company serves clients in confectionery, dairy, QSRs, pharmaceuticals, and e-commerce sectors, operating across 26+ states with revenue from...more
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Managing DirectorMr. Deepak Khanna
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