Pooja Logistics IPO DRHP: ₹33.97 Cr for 92 trucks; revenue hits ₹165.70 Cr
- Pooja Logistics files DRHP for SME IPO opening on 23-Sep-2026; listing expected on 30-Sep-2026.
- Revenue grew to ₹165.70 crore in FY2026, up from ₹123.75 crore in FY2024, with PAT reaching ₹12.34 crore.
- ₹33.97 crore of proceeds will fund the purchase of 92 new refrigerated vehicles to expand the fleet.
- Key risks include a ₹2,700.84 lakh GST contingent liability and high customer concentration.
*this image is generated using AI for illustrative purposes only.
Pooja Logistics Limited, a Delhi-based temperature-controlled logistics provider, has filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering. The company, which operates a fleet of over 424 GPS-enabled refrigerated trucks, aims to raise funds primarily through a fresh issue to expand its vehicle capacity and strengthen its balance sheet.
About the Company
Incorporated in 2011, Pooja Logistics specializes in the transportation of perishable goods across India, maintaining precise temperature ranges for frozen (-18°C to -10°C) and chilled (0°C to +4°C) products. The company serves clients in the confectionery, dairy, Quick Service Restaurants (QSRs), pharmaceuticals, and e-commerce sectors. Its operations span more than 26 states, with significant revenue contributions from Haryana (26.55%), Maharashtra (12.01%), and Uttar Pradesh (11.38%). Key clients include Country Delight, Haldiram, Jubilant, and Wow Momos. The company is led by Managing Director Mr. Deepak Khanna, who brings over 14 years of industry experience.
Financial Performance
The company has demonstrated consistent growth in revenue and profitability over the last three years. Revenue from operations increased from ₹123.75 crore in FY2024 to ₹165.70 crore in FY2026. Net profit after tax (PAT) nearly doubled over the same period, rising from ₹5.73 crore to ₹12.34 crore.
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 123.75 | 148.77 | 165.70 |
| Total Revenue (₹ Cr) | 125.14 | 150.49 | 167.77 |
| Profit Before Tax (₹ Cr) | 7.55 | 14.64 | 16.33 |
| Net Profit / PAT (₹ Cr) | 5.73 | 11.02 | 12.34 |
| Total Assets (₹ Cr) | 59.78 | 70.06 | 98.13 |
| Total Equity (₹ Cr) | 14.83 | 25.85 | 42.31 |
While profitability improved, operating cash flow declined sharply in FY2026 to ₹3.19 crore from ₹13.93 crore in FY2025, driven by increased investing outflows of ₹16.30 crore for capital deployment.
Why the Company Is Raising Funds
The primary objective of the IPO is to fund fleet expansion and corporate needs. The proceeds will be utilized as follows:
- Purchase of Vehicles: ₹33.97 crore allocated for buying 92 new refrigerated vehicles to reduce dependence on hired third-party operators and meet rising demand.
- General Corporate Purposes: Up to 15% of gross proceeds or ₹10 crore, whichever is lower.
- Public Issue Expenses: To be determined.
Business Strengths
- Owned Fleet Advantage: The company operates 424+ GPS-enabled refrigerated vehicles, with owned fleet revenue contributing 67.63% of total revenue in FY2026.
- Technology Integration: Real-time temperature monitoring and 'Geo Trackers' GPS software ensure product integrity and operational transparency.
- Strong Client Base: Long-standing relationships with marquee FMCG brands, including Country Delight and Haldiram, drive sustained demand.
- Pan-India Presence: Operations across 26+ states provide extensive geographic reach and market penetration.
Key Risks
- Customer Concentration: The top 10 customers contributed 68.15% of revenue in FY2026, with the single largest customer accounting for 27.69%. There are no long-term agreements with clients.
- Contingent Liabilities: The company faces a GST demand of ₹2,700.84 lakh (total contingent liabilities of ₹2,714.94 lakh) for the period 2018–19 to 2023–24. This amount is approximately 65.99% of its FY2026 total equity.
- Regulatory Compliance: History of delayed filings for e-forms, GST, EPF, ESIC, and TDS returns across multiple jurisdictions.
- Sector Concentration: 95.07% of revenue in FY2026 was derived from the FMCG sector, limiting diversification.
Important IPO Dates
- Opening Date: 23-Sep-2026
- Closing Date: 25-Sep-2026
- Allotment Date: 28-Sep-2026
- Listing Date: 30-Sep-2026
Offer Details
The IPO is structured primarily as a fresh issue with no Offer for Sale (OFS). The price band and lot size have not yet been disclosed in the available data. The issue targets investors looking for exposure to India’s growing cold chain logistics sector.
Bottom Line
Pooja Logistics presents a growth story driven by expanding revenue and a specialized fleet in the temperature-controlled logistics segment. While the company shows strong top-line and bottom-line growth, investors must weigh these gains against high customer concentration, significant contingent GST liabilities, and recent declines in operating cash flow.
How might the resolution of the ₹270 crore GST contingent liability impact Pooja Logistics' post-IPO equity structure and investor confidence?
Given the 68% revenue reliance on the top 10 clients without long-term contracts, what strategies will management employ to mitigate churn risk post-listing?
Will the acquisition of 92 new owned vehicles significantly improve operating cash flows that declined sharply in FY2026 due to heavy capital deployment?
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