Snowman Logistics Limited has submitted copies of newspaper publications for its postal ballot notice to the National Stock Exchange and BSE. The notice, published in Business Standard and Sakal on May 15, 2026, seeks member approval through remote e-voting for the appointment of two Non-Executive Independent Directors.

The appointments are necessitated by the completion of the second consecutive five-year term of Mr. Arun Kumar Gupta and Mr. Bhaskar Avula Reddy on April 26, 2026. The Board approved the appointment of Mr. Raghav Chandra and Ms. Sriparna Ganguly Chaudhuri as Additional Directors designated as Non-Executive Independent Directors, subject to shareholder ratification via special resolutions.

Proposed Appointments

The key details of the proposed appointments are summarised below:

E-Voting Schedule and Process

The Company has engaged MUFG Intime India Private Limited (formerly Link Intime India Private Limited) to facilitate the e-voting process. The notice was sent electronically to members whose names appear on the Register of Members as on the cut-off date of May 8, 2026.

The Board appointed M/s. Nagendra D Rao & Associates LLP as the Scrutinizer to conduct the postal ballot process. The voting results will be declared on or before June 15, 2026, and displayed on the Company's website and stock exchanges.

Snowman Logistics Limited participated in a joint Q4 FY26 earnings conference call with Gateway Distriparks Limited on May 07, 2026, providing investors with a detailed update on operational performance, margin dynamics, capital expenditure plans, and the competitive landscape in India's organised cold chain sector. The call was attended by senior management including CEO and Director Mr. Padamdeep Singh Handa and CFO Mr. Raghav Garg, alongside Gateway Distriparks leadership.

Operational Performance and Capacity Utilisation

Management reported that Snowman Logistics maintained an average capacity utilisation of approximately 86-87% for the full financial year. The company's total pallet capacity stands at approximately 160,000 pallets, positioning it as the market leader in the organised cold storage segment. The next largest competitor operates at less than half of Snowman's pallet capacity, and management noted that this competitor has further reduced its capacity.

Despite its leadership in the organised segment, management acknowledged that when the unorganised cold storage market — including potato cold storages and B-grade warehouses — is factored in, Snowman's share of total market capacity amounts to approximately 3-4%.

Margin Pressures and Cost Drivers

Management explained that EBIT margins declined across segments during the full year, attributing this to a combination of factors:

• New facility start-up costs: Warehouses in Kolkata and Krishnapatnam, which were onboarded in the previous financial year, incurred elevated power and operational costs during their ramp-up phase before reaching optimum utilisation levels toward the end of the year.
• Diesel generator (DG) expenses: Power cuts necessitated heavy reliance on DGs across facilities, inflating operating costs.
• 5PL segment one-time costs: Accelerated import procurement in the final month of the financial year led to one-time procurement expenses within the 5PL business, contributing to a decline of approximately 40 basis points in EBIT margins for that segment.
• Trading and distribution growth: Revenue from the trading and distribution segment grew 23%, and since all cost of goods sold (COGS) is attributable to this segment, the overall COGS increase of approximately 20% against a 10% overall revenue growth was explained by this mix effect.

Management indicated that gross margins in the 5PL segment remain broadly stable and are expected to continue in a similar range.

Capital Expenditure Guidance for FY27

For FY27, management guided total capex of approximately INR50 crores for Snowman Logistics. The planned deployment covers:

• Build-to-suit (BTS) warehouse additions
• Land acquisition for future owned facilities
• Construction of one owned warehouse
• Fleet and vehicle additions

On the balance sheet, management confirmed that debt repayments due in FY27 stand at approximately INR30 crores. Annual lease rent payments are approximately INR40 crores for the full year. Cash on hand as of March end was INR14 crores.

Long-Term Revenue and Margin Targets

Management reaffirmed its long-term revenue target of INR1,000 crores for Snowman Logistics, though acknowledged that the timeline has been pushed back given ongoing macroeconomic disruptions, particularly the West Asia conflict affecting trade flows. Management indicated FY29 as a more realistic target compared to the earlier FY28 aspiration.

At the INR1,000 crores revenue level, management targets a blended EBITDA margin of 15%, translating to an EBITDA of approximately INR150 crores. Management clarified that lease costs are accounted for below this EBITDA line under Ind AS accounting standards, and indicated that a more detailed cash flow disclosure framework may be introduced from the next quarter.

For the medium term, management guided approximately 15% volume growth for Snowman Logistics, consistent with the company's long-term expansion strategy.

Competitive Landscape and Pricing Environment

On the pricing front, management described the environment as positive, noting that price increases necessitated by rising input costs — including changes to wage laws in Haryana — have been successfully passed through to customers. Management confirmed that price hikes are being pursued at every contract renewal, with customers broadly accepting the increases.

Regarding the transportation segment, management noted the fleet currently comprises approximately 250-260 owned vehicles alongside approximately 200 vehicles operated on lease. The company is transitioning to an online transport management system, expected to go live in Q1 FY27, which will enable trip-level profitability analysis across lanes. Management reaffirmed its commitment to maintaining a mixed owned-and-leased fleet model to manage operational risk.

On the 5PL competitive landscape, management noted that while some 3PL companies own stock (making them 4PL operators), no large players currently offer a comparable 5PL model with owned warehousing infrastructure in the cold chain space in India.

West Asia Disruption and Near-Term Outlook

Management highlighted that the ongoing West Asia conflict continues to affect trade volumes, with EXIM customers experiencing container availability delays and some cargo overstaying in Snowman's facilities. Import over-ordering has also been observed as a precautionary measure by certain customers. Management noted that the situation in April remained broadly similar to March, without significant further deterioration, but acknowledged uncertainty on the timing of a recovery, linking it to a resolution between Iran and the United States.