Pooja Logistics IPO
IPO price, dates, issue details, strengths, risks and financial performance
₹2,61,600 / 2,400 shares
Bidding Dates23 Sept, 26 – 25 Sept, 26
Min Investment₹2,61,600
Lot Size1,200
Price Range₹109 – ₹115
Issue Size₹44.23 Cr.
IPO Timeline
IPO Offer Start23 Sept, 26
IPO Offer Ends25 Sept, 26
Allotment Finalisation28 Sept, 26
Refund Initiation29 Sept, 26
Listing of Shares30 Sept, 26
Strengths
Large refrigerated fleetThe company owns and operates more than 424 GPS-enabled refrigerated vehicles with capacities of around 5 to 20 tonnes. The fleet can support frozen and chilled temperature ranges, while owned vehicles generated ₹11,206.93 lakhs, or 67.63% of FY2026 revenue.
Established customer relationshipsThe company has developed long-standing relationships with domestic customers across FMCG, QSR, dairy and logistics. Its ten largest customers contributed ₹11,292.12 lakhs, representing 68.15% of FY2026 revenue from operations.
Wide geographical coverageTemperature-controlled logistics services are offered across more than 26 states. Haryana, Maharashtra and Uttar Pradesh were the largest revenue-contributing regions in FY2026, together generating ₹16,570.10 lakhs of revenue from operations.
Industry experienceThe business has around 14 years of experience in temperature-controlled logistics. Promoter and Managing Director Deepak Khanna also has more than 14 years of industry experience, supporting operational expansion and customer management.
Technology-enabled fleet managementThe company's vehicles use GPS and temperature-control systems for real-time monitoring. Its Geo Trackers software supports tracking and helps maintain product conditions during transportation.
Experienced management teamThe business is supported by personnel with experience in logistics, transport operations and customer servicing. Revenue from operations increased from ₹12,375.26 lakhs in FY2024 to ₹16,570.10 lakhs in FY2026.
Diverse customer industriesThe company serves clients across several sectors, although FMCG represented 95.07% of FY2026 revenue. Key customers include Country Delight, Haldiram, Jubilant and Wow Momos, supporting recurring business relationships.
Real-time customer visibilityCustomers receive shipment visibility and access to operational data through GPS tracking and temperature-monitoring portals, supporting transparency and accountability throughout transportation.
Risks
Customer concentrationThe ten largest customers contributed 68.15% of FY2026 revenue from operations, while the largest customer alone represented 27.69%. The absence of long-term customer contracts increases exposure to customer attrition or lower order volumes, particularly given the FMCG sector's 95.07% revenue contribution.
Significant indebtednessAs of March 31, 2026, consolidated outstanding debt stood at ₹2,900.23 lakhs, with a debt-to-equity ratio of 1.12. Higher leverage can reduce financial flexibility and increase sensitivity to economic conditions and interest costs.
Material contingent liabilitiesContingent liabilities stood at ₹2,714.94 lakhs as of March 31, 2026. This primarily includes a GST demand of ₹2,700.84 lakhs for 2018–19 to 2023–24 under Section 74, against which appeals have been filed.
Regional concentrationA significant share of business is concentrated in Delhi, Haryana, Maharashtra and Uttar Pradesh. Adverse social, political, economic or regulatory developments in these markets could disrupt operations and affect financial performance.
Exposure to operating costsFuel, tolls and refrigeration expenses form important components of operating costs. Although contracts contain price variation clauses, the company may not always be able to recover the full impact of rising costs from customers.
Dependence on key personnelThe company's performance is closely linked to its Promoters, Directors and Key Managerial Personnel. The departure or disassociation of important individuals could materially affect operations and future growth.
Past compliance delaysThe company has reported delayed filings of certain ROC e-forms as well as GST, EPF, ESIC and TDS return delays across jurisdictions and financial years. Further non-compliance could result in penalties, fines or regulatory action.
Transit-related claimsThe business is exposed to accidents, refrigeration failures, theft and damage to temperature-sensitive goods. Shortage and deduction expenses reached ₹16.28 lakhs in FY2026. Insurance may not fully cover every potential loss.
Dependence on hired vehiclesThird-party hired vehicles generated approximately 32.37% of FY2026 revenue. Dependence on external operators creates exposure to their maintenance standards, driver availability and service continuity, potentially affecting costs and fulfilment.
Negative investing cash flowInvesting activities generated negative cash flow of ₹1,629.75 lakhs in FY2026, while the overall net cash flow change was negative ₹161.75 lakhs. Continued cash outflows could constrain capital expenditure, debt servicing and business expansion.
Objectives
The company plans to use Net Issue Proceeds to purchase 92 additional refrigerated vehicles. The fleet expansion is intended to meet demand from existing customers, broaden the customer base, reduce reliance on hired vehicles and support EBITDA margins. The proposed vehicle purchase is to be fully funded through the Net Issue Proceeds.
A portion of the Net Issue Proceeds is proposed for general corporate purposes, including strategic alliances, growth opportunities, strategic initiatives and routine corporate requirements. Such use is subject to the stated limit of 15% of Gross Proceeds or ₹10 crores, whichever is lower.
Part of the Issue Proceeds is intended to cover public issue expenses, including underwriting and management fees, printing and distribution costs, advertising, legal expenses and listing fees.
Yearly Financial Results
Consolidated
| 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 |
Above figures are in Rs. Crores
Balance Sheet
Consolidated
| 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 |
Above figures are in Rs. Crores
Cash Flow
Consolidated
| 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 |
Above figures are in Rs. Crores
About Pooja Logistics
Pooja Logistics Limited, established in 2011, provides temperature-controlled transportation services for perishable goods across India. Its operations are supported by a fleet of more than 424 GPS-enabled refrigerated trucks. The company serves customers across confectionery, dairy, quick-service restaurants, pharmaceuticals and e-commerce and operates in more than 26 states. Revenue from operations reached ₹16,570.10 lakhs in FY2026. Technology systems covering GPS tracking, temperature monitoring and a Transport Management System support real-time shipment visibility and route management. The company is led by Promoter and Managing Director Mr. Deepak Khanna, who has more than 14 years of experience in the industry.
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