Glottis Limited, a leading logistics services provider, has reported its financial results for the second quarter of fiscal year 2026, showcasing a mixed performance with year-over-year declines but sequential improvements.

Key Financial Highlights

• Revenue: Rs. 2,147.00 million in Q2 FY26, down 25.2% year-over-year but up 27.7% quarter-over-quarter
• EBITDA: Rs. 181.00 million, with a margin of 8.4%
• Profit After Tax (PAT): Rs. 124.00 million, with a margin of 5.8%

Revenue and Profitability

Glottis Limited's revenue from operations for Q2 FY26 stood at Rs. 2,147.00 million, marking a significant 25.2% decrease compared to the same quarter last year. However, the company showed resilience with a 27.7% sequential growth from Q1 FY26, indicating a recovery trend.

The company maintained profitability despite challenging market conditions. EBITDA for the quarter was Rs. 181.00 million, translating to an EBITDA margin of 8.4%. Profit After Tax (PAT) reached Rs. 124.00 million, resulting in a PAT margin of 5.8%.

Operational Performance

During Q2 FY26, Glottis Limited handled 21,972 Twenty-foot Equivalent Units (TEUs), reflecting the ongoing market dynamics in the logistics sector. The company's sea import segment remained the primary revenue driver, contributing approximately 81% to the quarterly revenue.

Segment Performance

The air freight segment showed encouraging growth:

• Air Import revenue increased by 17.3% year-over-year
• Air Import's share of total revenue rose to 2.11% in Q2 FY26 from 1.34% in Q2 FY25
• Air Export revenue more than doubled year-over-year, increasing its contribution to 0.66% of total revenue

Customer Traction and Geographic Presence

• Top 5 customers contributed 41% to the revenue in Q2 FY26, up from 39% in Q1 FY26
• Asia remained the dominant region, contributing 86% to revenue in Q2 and 84% during H1 FY26

Industry Focus

The renewable energy sector showed positive momentum:

• Share of revenue improved to 46% in Q2 from 43% in Q1
• Growth supported by sustained global capacity expansion in the clean energy value chain
• Rising import flows into India contributed to the sector's growth

Management Commentary

Ramkumar Senthilvel, Managing Director of Glottis Limited, commented on the performance: "The second quarter of FY2026 reflects a stable performance in a changing trade environment. Despite market-wide pressure on freight rates and a moderation in global shipment movement, the company continued to build on its growth strategy, focusing on strengthening core business segments, enhancing customer engagement, and capturing emerging opportunities across trade lanes."

Future Outlook

Glottis Limited plans to focus on:

• Expanding service capabilities across both sea and air segments
• Deepening customer relationships
• Leveraging its presence across high-growth end-industries and trade lanes
• Driving scale and efficiency through continued strengthening of internal processes and customer reach

Regulatory Update

Glottis Limited disclosed receiving an order from the Office of Commercial Tax Officer, Chennai, regarding non-remittance/short remittance of Reverse Charge Mechanism (RCM) on import of services for FY 2019-20, 2021-22, and 2022-23. Key points:

• The company has fully paid the required amounts, including interest, totaling approximately Rs. 1.18 crore in September 2025
• The matter has been concluded
• The company states that there is no material impact on its operations due to this order

Glottis Limited's Q2 FY26 results demonstrate the company's ability to navigate challenging market conditions while positioning itself for future growth in the logistics sector.

Glottis Limited, a prominent player in the freight forwarding industry, has successfully resolved a Goods and Services Tax (GST) investigation conducted by the Commercial Tax Officer in Chennai. The company has paid a total of Rs 1.18 crore to settle outstanding tax liabilities and interest for the financial years 2019-20 and 2022-23.

Settlement Details

The GST investigation focused on the non-remittance and short remittance of Reverse Charge Mechanism (RCM) on import of services. Glottis Limited has provided a detailed breakdown of the settlement:

The company completed all payments, effectively concluding the matter with the tax authorities.

Impact on Operations

Glottis Limited has stated that the settlement has no material impact on its operations. This resolution demonstrates the company's commitment to regulatory compliance and its ability to address tax-related issues promptly.

Conclusion

The settlement of this GST investigation marks a positive step for Glottis Limited, allowing the company to move forward without the burden of pending tax issues. As the freight forwarding industry continues to play a crucial role in global trade, Glottis Limited's proactive approach to regulatory compliance may help reinforce investor confidence and support its ongoing operations.