Pooja Logistics Limited

Pooja Logistics Limited (formerly known as Pooja Logistics Private Limited) is an established, ISO and FSSAI-certified temperature-controlled logistics service provider in India. Incorporated in 2011, the company specializes in transporting perishable and temperature-sensitive goods across the country through an in-house fleet of refrigerated commercial vehicles ("reefers"). Its core value proposition lies in maintaining strict temperature integrity throughout the supply chain for both frozen (−18°C to −10°C) and chilled (0°C to +4°C) cargo, ensuring quality preservation, regulatory compliance, real-time shipment monitoring, and route optimization. The underlying business model operates on a B2B framework providing primary transportation (warehouse-to-warehouse inter-city movement) and secondary distribution (intra-city distribution) on a trip-to-trip model, monthly contracts, and long-term service agreements.

The company caters to leading corporate enterprises operating in the fast-moving consumer goods (FMCG), quick-service restaurants (QSRs), dairy and dairy products, confectionery and bakery, pharmaceuticals, and e-commerce retail sectors. Historically serving the pharmaceuticals sector, recent business growth has been heavily anchored in the FMCG segment, which generated 95.07% of operating revenue (₹157.54 Cr) in FY26. The company's key customer portfolio includes industry majors such as Jubilant FoodWorks, Snowman Logistics, and Rich Products & Solutions, with repeat customer orders accounting for 95.01% of its operating revenue.

Geographically, Pooja Logistics maintains an expansive nationwide footprint covering more than 26 states across India. Its marketing and client servicing infrastructure is managed through regional operations teams stationed at major logistics hubs, including Delhi–NCR, Mumbai, Pune, Ahmedabad, Bengaluru, Hyderabad, and Kolkata. In FY26, domestic logistics operations contributed 99.99% of operating revenue (₹165.69 Cr), with minor cross-border export distribution to Nepal contributing 0.01% (₹1.60 Lakhs).

As a specialized cold chain logistics and transport service enterprise rather than an original equipment manufacturer (OEM) or industrial manufacturing firm, Pooja Logistics Limited does not own or operate any manufacturing infrastructure, factories, or production plants. Consequently, there are no manufacturing facilities, factory locations, or factory capacity utilization figures to disclose. Instead, its core physical assets consist of a GPS-enabled commercial fleet of 424 owned refrigerated vehicles ranging from 5 to 20 tonnes capacity, alongside smaller delivery vehicles such as Boleros and electric vehicles (EVs). All existing commercial vehicles owned by the company are actively deployed in business operations, with only vehicles undergoing scheduled maintenance or pending decommissioning kept idle.

Operational highlights are centered around technology-driven fleet logistics and process automation rather than traditional industrial R&D. The company utilizes "Geo Trackers" GPS software to provide real-time vehicle tracking, route monitoring, and continuous in-transit temperature alerts. To enhance process automation, route optimization, and fleet management, Pooja Logistics is currently implementing a SaaS-based Transport Management System (TMS). Furthermore, to reduce reliance on third-party hired vehicles (which accounted for 32.37% of FY26 revenue), the company is deploying fresh issue IPO proceeds to acquire 92 new refrigerated trucks, directly strengthening service reliability, turnaround times, and operating EBITDA margins.

Based on its historical financial data, Pooja Logistics Limited posted total income and net profits of ₹125.14 Cr / ₹5.73 Cr in FY24, ₹150.49 Cr / ₹11.02 Cr in FY25, and ₹167.77 Cr / ₹12.34 Cr in FY26. The company has shown consistent top-line expansion with operating revenue growing at a CAGR of 15.71% and net profits growing at a CAGR of 46.73% over the FY24–FY26 period. While total borrowings increased from ₹31.03 Cr in FY24 to ₹39.21 Cr in FY26, its Debt-to-Equity ratio notably improved from 2.09x to 0.93x. The company boasts an average EPS of ₹10.63 and an average RoNW of 44.16% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.84 against a NAV of ₹40.53 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.90. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 28.66x (FY24), 14.90x (FY25), and 13.31x (FY26). According to the RHP, a comparison shows that Pooja Logistics Limited (at a Post-Issue P/E of 13.31x based on FY26 earnings) trades at a modest premium to listed peers AVG Logistics Limited (11.93x P/E) and Premier Roadlines Limited (6.94x P/E), but delivers superior profitability (PAT margin of 7.45% vs. peer average 4.42%) and a significantly higher Return on Net Worth (36.21% vs. peer average 12.23%).

On the Book Running Lead Manager (BRLM) front, the issue is managed by Share India Capital Services Private Limited, which has handled 26 public issues to date. Out of its last 10 managed IPOs, four listed below the issue price, while the remaining six listed at or above it. As of September 19, 2026, two of these recent issues are currently trading below their issue price, while the remaining eight are trading at or above it.

• 1 Mr. Deepak Khanna
• 2 Mrs. Anu Khanna