Snowman Logistics Limited has announced that India Ratings and Research Private Limited has affirmed the company's credit rating for its bank loan facilities. The rating affirmation was communicated through an official letter dated March 10, 2026, and disclosed to the stock exchanges on March 11, 2026, in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Credit Rating Details

India Ratings has maintained the credit rating for Snowman Logistics' bank loan facilities with specific parameters:

The rating affirmation covers the company's bank loan facilities, which have been reduced from INR 2,025 million to INR 1,665 million. Despite the reduction in facility size, the rating agency has maintained the same credit rating with a stable outlook.

Facility Breakdown

The bank loan facilities are distributed across different instruments with Axis Bank Limited:

Regulatory Compliance

The disclosure was made by Company Secretary and Compliance Officer Sohan Singh Dhakad, ensuring compliance with stock exchange requirements. The communication was addressed to both the National Stock Exchange of India Limited and BSE Limited, maintaining transparency with all stakeholders.

Rating Agency Communication

India Ratings' letter, signed by Senior Director Abhishek Bhattacharya, outlined the rating methodology and the factors considered in the affirmation process. The rating agency emphasized that the ratings are based on established criteria and methodologies that are continuously evaluated and updated to reflect current market conditions and company performance.

Snowman Logistics has released its comprehensive investor presentation for the quarter and nine months ended December 31, 2025, showcasing strong operational performance despite facing regulatory challenges. The cold chain logistics leader reported revenue of ₹143.7 crores for Q3FY26 compared to ₹131.8 crores in the corresponding quarter of the previous year, registering a growth of 9.0%.

Q3FY26 Financial Performance

The company's quarterly results demonstrate solid operational improvements with revenue growth accompanied by enhanced EBITDA performance. The total income for the quarter reached ₹145.0 crores, marking an 8.3% increase from ₹133.9 crores in Q3FY25.

Segment-wise Performance Analysis

Snowman Logistics operates through three key business segments, with warehousing services leading the growth trajectory during the quarter.

Nine-Month Performance Highlights

For the nine months ended December 31, 2025, the company maintained its growth momentum with total income reaching ₹464.7 crores compared to ₹419.4 crores in the corresponding period of the previous year, representing a 10.8% increase.

Management Commentary and Strategic Outlook

Padamdeep Singh Handa, CEO & Whole-time Director, expressed satisfaction with the continued positive growth trajectory. "We are pleased to report a continued positive growth into Q3FY26, with revenue for Q3 standing at ₹143.7 crore, reflecting a 9% year-on-year growth. This performance is a testament to the strategic investments made in expanding our cold chain infrastructure and strengthening our integrated logistics solutions," he stated.

The company has expanded its capacity by adding a temperature-controlled facility in Jaipur with 1,440 pallet positions, bringing the total capacity to 1,55,099 pallets across 45 warehouses in 21 cities.

Impact of Labour Code Implementation

The company reported exceptional items of ₹2.8 crores during Q3FY26, primarily related to the impact of newly notified Labour Codes by the Government of India. These codes consolidate 29 existing labour laws and have created incremental compliance costs, affecting the bottom line performance.

Corporate Actions and Dividend Declaration

Despite the quarterly loss, the Board of Directors declared the first interim dividend for FY2025-26 at ₹0.50 per equity share, representing 5.00% of the face value. The record date for dividend eligibility has been fixed as February 12, 2026.