Pooja Logistics IPO (23 Sep-25 Sep) Analysis

Temperature-Controlled Cold Chain Logistics | SME IPO | NSE Emerge

Based on the Red Herring Prospectus (RHP) filed by Pooja Logistics Limited, September 2026

STATUS: OPEN FOR SUBSCRIPTION | Issue Dates: September 23 to 25, 2026 | Price Band: Rs. 109 to Rs. 115 | Exchange: NSE Emerge

Pooja Logistics Limited, operating under the brand "Truck-it", is a Delhi-based temperature-controlled logistics company specialising in the transportation of perishable and temperature-sensitive goods across India.

The Company was incorporated on December 09, 2011 as a private limited company (CIN: U60300DL2011PLC228491) and subsequently converted to a public limited company ahead of its IPO. Its registered office is at 4, Community Centre, Industrial Area, Lawrence Road, Delhi 110035. The company also operates a subsidiary, Truckit India Private Limited.

The promoters are Mr. Deepak Khanna, who serves as Managing Director and holds 82.87% of pre-issue equity, and Mrs. Anu Khanna, who holds 4.79% pre-issue. Together, the promoter and promoter group hold a combined post-issue stake of 68.45%.

The Company owns and operates a fleet of refrigerated vehicles (reefers) equipped with GPS tracking to transport food products, pharmaceuticals, dairy items, and other perishable cargo requiring consistent temperature maintenance throughout transit. As on March 31, 2026, the company had an in-house fleet of over 424 GPS-enabled refrigerated vehicles dedicated to temperature-sensitive transportation.

In addition to its owned fleet, the Company also engages third-party fleet owners and agents to supplement capacity during peak demand periods. In FY2026, approximately 67.63% of revenue was derived from owned vehicles and 32.37% from hired vehicles, reflecting meaningful but manageable dependence on external fleet. The company aims to reduce hired vehicle reliance through IPO proceeds-funded fleet expansion.

The company served customers across perishables (food products, dairy, fruits and vegetables), pharmaceuticals, and other temperature-sensitive cargo. Customer payment terms are typically 45 to 60 days from invoice date, which is standard for organised logistics providers serving corporate clients.

Export revenue is negligible at 0.01% of total revenue, making this entirely a domestic India business. As of March 31, 2026, the company had 96 permanent employees managed by Mr. Deepak Khanna (MD), Mr. Ajay Rajpal (CFO), and Mr. Ashish Bisht (Company Secretary). FY2026 employee attrition was 24.28%, which the company has flagged as an operational risk.

Cold chain logistics in India is a structurally underpenetrated sector relative to developed markets. India produces over 300 million tonnes of perishable goods annually, of which only a fraction moves through organised cold chain infrastructure.

The market is growing driven by increasing organised retail, modern food processing, pharmaceutical distribution, and consumer demand for fresh and chilled products. Pooja Logistics, as an early mover with over 424 GPS-enabled reefers and an established brand in northern and central India, is positioned to benefit from this structural growth opportunity.

IPO BASICS

Document Type	The offer is based on a Red Herring Prospectus (RHP) filed by Pooja Logistics Limited. This is an NSE Emerge SME IPO, the SME listing platform of the National Stock Exchange of India. The issue is a pure Fresh Issue with no Offer for Sale component, meaning all proceeds flow to the company.
Issue Structure	This is a pure Fresh Issue of 38,46,000 equity shares. There is no OFS component, which means existing promoters are not selling any shares and all capital raised flows to the company for deployment. This is a positive governance signal as promoters are not exiting at the IPO stage.
Price Band	Rs. 109 to Rs. 115 per equity share of Rs. 10 face value. The issue will be completed through the book-building process with final price determined by investor demand within this band.
Issue Size	Total fresh issue of 38,46,000 equity shares aggregating approximately Rs. 44.23 Crores (Rs. 4,423 Lakhs) at the cap price of Rs. 115. Of this, 1,98,000 shares are reserved for Market Makers (Share India Securities and Prabhat Financial Services) and 72,000 shares are reserved for eligible employees. The net public issue size is 35,76,000 shares.
Lot Size	1,200 equity shares per lot, implying a minimum investment of Rs. 1,38,000 at the cap price. This is higher than typical retail lot sizes and targets investors with relatively larger capital allocations for SME IPOs.
Post-Issue Shareholding	Pre-issue shares: 1,04,38,000. Post-issue shares: 1,42,84,000 (total including fresh issue). Post-issue promoter and promoter group holding: 68.45% (Mr. Deepak Khanna: 60.56%, Mrs. Anu Khanna: 3.50%, Promoter Group: 4.40%). Post-issue market capitalisation at cap price: approximately Rs. 16,426.60 Lakhs (Rs. 164.27 Crores).
Promoters	Mr. Deepak Khanna (82.87% pre-issue, 60.56% post-issue) is the Managing Director and primary promoter. Mrs. Anu Khanna (4.79% pre-issue, 3.50% post-issue) is the other promoter. A minimum of 20% of post-issue capital will be locked in for 3 years from the date of allotment as per SEBI promoter lock-in requirements.
BRLM	Share India Capital Services Private Limited is the Book Running Lead Manager. Share India is an established financial services group with experience in NSE Emerge SME IPO transactions.
Registrar	Maashitla Securities Private Limited is the Registrar to the Issue, responsible for processing applications, managing allotments, and handling refunds.
Market Makers	Share India Securities Limited and Prabhat Financial Services Limited have been appointed as Market Makers. Two market makers provide enhanced post-listing liquidity support relative to a single market maker arrangement, which is positive for investors in an SME stock.
Bid / Issue Dates	Anchor Investor Bidding Date: September 22, 2026. Public subscription: September 23, 2026 to September 25, 2026.

The pure Fresh Issue structure is a particularly positive feature of this IPO. No promoter is selling shares, which signals that the founders believe in the business's growth trajectory and are not using the IPO as an exit mechanism.

All Rs. 44.23 Crores raised flow to Pooja Logistics Limited directly for fleet expansion and working capital. Investors benefit from the knowledge that their capital is funding actual business growth rather than enriching existing shareholders.

The post-issue promoter holding of 68.45% is comfortably above the minimum 20% SEBI requirement for lock-in purposes, and reflects strong promoter commitment to the business. The NAV per share as of March 31, 2026 was Rs. 40.53, and at the cap price of Rs. 115, the issue is offered at approximately 2.84x book value.

The post-issue market capitalisation of Rs. 164.27 Crores makes this a micro-cap company, with all associated risks of limited liquidity, analyst coverage, and institutional investor participation.

USE OF PROCEEDS

The net proceeds from the Fresh Issue are proposed to be utilised as follows. General Corporate Purposes are capped at 15% of gross proceeds or Rs. 10 Crores, whichever is lower, per SEBI ICDR Regulations.

Object of Issue	Amount (Rs. Lakhs)	Details and Rationale
Purchase of 92 new refrigerated vehicles (reefers)	3,397.39	Rs. 3,397.39 Lakhs (76.82% of gross proceeds approximately) will fund the acquisition of 92 new refrigerated vehicles from TVS Trucks and Buses Private Limited. The vehicle mix is: 30 units of Ashok Leyland AC U-Cabin 2820 CNG reefers, 20 units of 1110 Day Cabin CNG reefers, 20 units of 1215 Day Cabin Diesel reefers, 19 units of 1915 Day Cabin Diesel reefers, and 3 units of 3520 AC U-Cabin reefers. The addition of 92 vehicles will increase the owned fleet from 424 to approximately 516 reefers. This directly addresses the current 32.37% dependence on hired vehicles, which are more expensive per trip and less controllable on quality. Reducing hired vehicle share will improve gross margins and service consistency. The CNG variant vehicles also align with growing regulatory and commercial pressure to reduce carbon emissions in logistics.
General Corporate Purposes	Balance (capped at 15% of gross proceeds or Rs. 1,000 Lakhs)	The balance of net proceeds after vehicle purchase and issue expenses will be applied to general corporate purposes including working capital needs, maintenance and upkeep of the existing fleet, technology investments in the Truck-it platform, and other business development activities. SEBI caps general corporate purposes at 15% of gross proceeds (approximately Rs. 663 Lakhs at cap price) or Rs. 10 Crores (Rs. 1,000 Lakhs), whichever is lower. This allocation provides operational flexibility to management without requiring pre-committed deployment targets.

The use of proceeds is highly focused and operationally straightforward: approximately 77% flows directly into 92 identifiable vehicles from a named vendor (TVS Trucks and Buses Private Limited). This level of specificity is uncommon in SME IPOs and significantly reduces the risk of fund misutilisation.

Investors can track progress by monitoring the fleet count in quarterly and annual disclosures post-listing. The choice of TVS Trucks and Buses as the sole vendor concentrates execution risk; however, TVS Trucks is an established commercial vehicle dealer with a national service network, which supports post-purchase maintenance reliability.

The working capital pressure revealed by the FY2026 operating cash flow decline (from Rs. 1,392.61 Lakhs in FY2025 to Rs. 319.13 Lakhs in FY2026) is partly addressed by the general corporate purposes allocation.

However, investors should note that the company's growing trade receivables (Rs. 3,041.67 Lakhs in FY2026 from Rs. 2,294.49 Lakhs in FY2025) suggest that as revenue grows further with the expanded fleet, working capital requirements will intensify. The Rs. 4,423 Lakhs total raise may prove tight if revenue accelerates faster than expected and credit extended to customers continues to grow proportionally.

FINANCIAL PERFORMANCE

Revenue and Profitability

Particulars	FY2024	FY2025	FY2026	Key Observation
Revenue from Operations (Rs. Lakhs)	12,375.26	14,877.10	16,570.10	15.7% CAGR over two years; consistent growth trajectory
EBITDA (Rs. Lakhs)	1,912.96	2,309.09	2,730.03	EBITDA grew each year; absolute improvement of Rs. 817 Lakhs over two years
EBITDA Margin (%)	15.46%	15.52%	16.48%	Steady margin expansion; reflects improving fleet economics and operating leverage
Profit After Tax (Rs. Lakhs)	573.14	1,102.23	1,233.98	PAT more than doubled from FY2024 to FY2025; continued growth in FY2026
PAT Margin (%)	4.63%	7.41%	7.45%	Strong margin improvement from FY2024; stable in FY2026
Basic EPS (Rs. 10 FV)	Rs. 5.73	Rs. 11.02	Rs. 12.00	EPS nearly doubled in FY2025; maintained growth in FY2026

Revenue from operations grew from Rs. 12,375.26 Lakhs in FY2024 to Rs. 16,570.10 Lakhs in FY2026, a two-year CAGR of 15.7%. This steady growth reflects the durable demand for organised cold chain logistics in India.

More importantly, profitability improvements have been dramatic: PAT nearly doubled from Rs. 573.14 Lakhs in FY2024 to Rs. 1,102.23 Lakhs in FY2025, demonstrating significant operating leverage as the fixed cost base (largely depreciation and finance costs) was spread across a larger revenue base.

The FY2026 PAT of Rs. 1,233.98 Lakhs represents 11.9% year-on-year growth, slightly slower than FY2025 but still strong in absolute terms.

EBITDA margin improvement from 15.46% to 16.48% over three years reflects the company's ability to improve fleet utilisation and the economics of the owned fleet versus hired vehicles.

Employee benefit expenses declined from Rs. 1,302.26 Lakhs in FY2024 to Rs. 665.97 Lakhs in FY2026, partly reflecting restructuring or rationalisation of the workforce even as headcount adjustments were made.

Finance costs of Rs. 290.46 Lakhs in FY2026 remained manageable relative to EBITDA of Rs. 2,730.03 Lakhs, providing an EBITDA to finance cost coverage ratio of approximately 9.4x, which is comfortable.

Balance Sheet and Cash Flow

Particulars	FY2024	FY2025	FY2026
Net Worth / Equity (Rs. Lakhs)	1,482.59	2,584.81	4,230.51
Long-term Borrowings (Rs. Lakhs)	1,836.11	1,726.65	2,628.78
Short-term Borrowings (Rs. Lakhs)	1,267.08	1,173.58	1,292.58
Trade Receivables (Rs. Lakhs)	1,810.85	2,294.49	3,041.67
Cash and Cash Equivalents (Rs. Lakhs)	72.54	572.69	410.94
PPE / Fixed Assets (Rs. Lakhs)	1,982.12	1,773.91	2,515.21
Total Assets (Rs. Lakhs)	5,978.24	7,005.51	9,813.09
Debt-Equity Ratio	2.09x	1.12x	0.93x
Return on Net Worth (%)	47.92%	54.20%	36.21%
NAV per Share (Rs.)	14.83	25.85	40.53
Operating Cash Flow (Rs. Lakhs)	1,308.02	1,392.61	319.13
Investing Cash Flow (Rs. Lakhs)	(1,585.38)	(481.54)	(1,629.75)
Financing Cash Flow (Rs. Lakhs)	(30.44)	(410.92)	1,148.86

The balance sheet shows a materially strengthening equity position: net worth grew from Rs. 1,482.59 Lakhs in FY2024 to Rs. 4,230.51 Lakhs in FY2026, driven by retained profits and the August 2025 private placement of 4,38,000 shares at Rs. 94 per share.

The debt-equity ratio improved impressively from 2.09x to 0.93x as equity grew faster than borrowings. Post-IPO, additional equity of approximately Rs. 4,423 Lakhs will further reduce leverage. PPE grew from Rs. 1,773.91 Lakhs in FY2025 to Rs. 2,515.21 Lakhs in FY2026, reflecting fleet additions.

The company carries contingent liabilities of Rs. 2,714.94 Lakhs (predominantly a GST demand of Rs. 2,700.84 Lakhs for FY2018-19 through FY2023-24 raised under Section 74 of the CGST Act), which the company has appealed; an adverse outcome could materially affect the balance sheet.

The sharp decline in operating cash flow from Rs. 1,392.61 Lakhs in FY2025 to Rs. 319.13 Lakhs in FY2026 is the most concerning item in the financial statements. Despite PAT growth, OCF fell by 77% due to a Rs. 747.18 Lakh increase in trade receivables (from Rs. 2,294.49 Lakhs to Rs. 3,041.67 Lakhs).

Customers are being given 45 to 60 days of credit, and as revenues grow, the working capital trapped in receivables expands proportionally. This pattern, if not managed, will require ongoing infusion of capital or borrowings to fund operations. The investing outflow of Rs. 1,629.75 Lakhs in FY2026 reflects fleet additions during the year. Financing inflows of Rs. 1,148.86 Lakhs in FY2026 reflect the private placement proceeds received.

PEER COMPARISON

Company	Revenue FY2026 (Rs. Lakhs)	EPS (Rs.)	P/E (x)	RoNW (%)
Pooja Logistics Limited (Issuer)	16,570.10	12.00	9.58x (at cap price)	36.21%
AVG Logistics Limited	55,740.91	17.38	11.93x	10.11%
Premier Roadlines Limited	33,207.18	6.02	6.94x	14.34%

The peer comparison reveals two listed road logistics companies: AVG Logistics Limited (revenue of Rs. 55,740.91 Lakhs) and Premier Roadlines Limited (revenue of Rs. 33,207.18 Lakhs). Pooja Logistics is significantly smaller in revenue scale at Rs. 16,570.10 Lakhs, approximately 30% of AVG Logistics and 50% of Premier Roadlines.

The NSE industry P/E range for road transport is 6.94x to 11.93x, with a simple average of approximately 9.44x. At the cap price of Rs. 115 and FY2026 EPS of Rs. 12.00, Pooja Logistics is priced at 9.58x, marginally above the industry average but well within the peer range. This represents a reasonably modest valuation premium given the company's superior profitability metrics.

On profitability and return metrics, Pooja Logistics stands out decisively: RoNW of 36.21% compares to 10.11% for AVG Logistics and 14.34% for Premier Roadlines. PAT margin of 7.45% is also superior to both peers.

The company's higher returns reflect either better fleet utilisation, more efficient cost management, or the focused nature of cold chain (temperature-controlled) logistics as a higher-value-added specialisation relative to general road transport.

However, investors should note that the comparator set is limited to two listed peers and neither operates exclusively in cold chain logistics; the businesses are not perfectly comparable. Additionally, Pooja Logistics's smaller scale means it lacks the negotiating leverage and route density that larger peers command.

KEY RISKS

Material GST contingent liability of Rs. 2,700.84 Lakhs is a balance sheet overhang.  The company faces a GST demand of Rs. 2,700.84 Lakhs under Section 74 of the CGST Act for FY2018-19 through FY2023-24, constituting essentially all of the total contingent liability of Rs. 2,714.94 Lakhs. This figure equals 64% of FY2026 net worth (Rs. 4,230.51 Lakhs). While the company has filed an appeal, an adverse ruling would require a large cash outflow, potentially necessitating additional borrowings or dilutive equity raise, and could impair the post-IPO balance sheet significantly.

Sharp decline in operating cash flow to Rs. 319.13 Lakhs in FY2026 despite higher PAT.  OCF declined 77% from Rs. 1,392.61 Lakhs (FY2025) to Rs. 319.13 Lakhs (FY2026) primarily due to trade receivable build-up. The disconnect between PAT growth and OCF deterioration is a warning sign that the company is growing revenue on credit without receiving cash. If this pattern continues post-IPO as the fleet expands and revenue scales, the company may face working capital constraints requiring additional borrowings beyond what the IPO funds.

32.37% revenue dependence on hired vehicles reduces quality control and margin visibility.  Nearly a third of FY2026 revenue depends on third-party fleet operators whose performance the company cannot fully control. Hired vehicles may not maintain temperature integrity as reliably as company-owned GPS-monitored reefers, creating service quality risks. Additionally, hired vehicle costs are variable and typically higher per unit than owned fleet, compressing margins during periods of high demand when hired vehicle rates escalate.

High employee attrition of 24.28% in FY2026 disrupts operations.  Driver and logistics staff attrition of 24.28% is elevated for an operations-heavy business. Skilled cold chain drivers are difficult to recruit and train, and high turnover increases recruitment costs, reduces route familiarity, and risks service disruptions for customers depending on reliable, temperature-controlled delivery windows.

Small scale relative to listed peers limits negotiating power.  Revenue of Rs. 16,570.10 Lakhs is approximately 30% of AVG Logistics and 50% of Premier Roadlines. Smaller scale means fewer routes, lower vehicle utilisation from individual route density, and reduced negotiating power with fuel suppliers, vehicle manufacturers, and corporate customers who prefer national-scale cold chain providers.

SME platform listing constrains institutional investor participation and post-listing liquidity.  NSE Emerge listings are typically excluded from most institutional investor mandates, limiting the buyer base to retail investors and high net worth individuals. Daily trading volumes on NSE Emerge are a fraction of mainboard volumes, and exiting a position of meaningful size can take days or weeks. Investors should treat this as a longer-term illiquid investment rather than a liquid instrument.

Borrowing levels require ongoing debt service from operating cash flows.  Total borrowings of Rs. 3,921.36 Lakhs (long-term Rs. 2,628.78 Lakhs plus short-term Rs. 1,292.58 Lakhs) generate finance costs of Rs. 290.46 Lakhs annually. Post-IPO fleet additions will likely be financed through a combination of equity (IPO proceeds) and additional borrowings, potentially increasing the debt service burden. EBITDA to finance cost coverage of 9.4x provides comfort but will narrow if additional borrowings are taken for fleet expansion beyond the IPO-funded 92 vehicles.

KEY POSITIVES

Pure Fresh Issue with no promoter exit signals strong founder conviction.  All 38,46,000 shares being issued are fresh equity with zero OFS component. Neither promoter (Mr. Deepak Khanna nor Mrs. Anu Khanna) is selling a single share in this IPO. This structure demonstrates that the founders are using the IPO to fund business growth, not to exit, which aligns promoter and investor interests and is a meaningful positive signal.

Consistent three-year revenue growth at 15.7% CAGR with PAT more than doubling.  Revenue grew from Rs. 12,375.26 Lakhs (FY2024) to Rs. 16,570.10 Lakhs (FY2026). PAT grew from Rs. 573.14 Lakhs to Rs. 1,233.98 Lakhs over the same period, more than doubling. The combination of steady revenue growth and significantly faster profit growth demonstrates operating leverage in a fleet-heavy business as the fixed cost base is better utilised.

Superior return metrics versus listed peers: RoNW 36.21% versus 10.11% and 14.34%.  Pooja Logistics' RoNW of 36.21% far exceeds both listed peers (AVG Logistics at 10.11% and Premier Roadlines at 14.34%). Higher returns likely reflect the premium economics of temperature-controlled logistics as a specialised, higher-value-added service relative to standard road transport, combined with efficient fleet utilisation.

Fleet of 424 GPS-enabled reefers provides operational control and service quality.  The owned GPS-monitored fleet allows real-time temperature and location tracking, ensuring cargo integrity and enabling proactive intervention in case of equipment malfunction. This capability is a meaningful differentiator for pharmaceutical and high-value food product clients who require documented cold chain compliance for regulatory and quality assurance purposes.

Rapidly improving balance sheet with debt-equity declining from 2.09x to 0.93x.  The debt-equity ratio improved from 2.09x in FY2024 to 0.93x in FY2026, driven by strong retained profit accumulation and the FY2026 private placement. Post-IPO equity raise of approximately Rs. 4,423 Lakhs will further reduce leverage to well below 0.5x, significantly strengthening the balance sheet and reducing financial risk.

Focused, specific use of proceeds: 77% for 92 named vehicles from a named vendor.  The use of IPO proceeds is unusually specific and verifiable: Rs. 3,397.39 Lakhs for 92 reefers from TVS Trucks and Buses Private Limited, with the vehicle model mix detailed in the prospectus. This level of disclosure makes it easy for investors to track post-IPO fleet expansion against the stated plan and assess management execution quality.

Structural tailwinds in India cold chain logistics market.  India is a large agricultural economy with significant post-harvest losses due to inadequate cold chain infrastructure. Government initiatives under the National Cold Chain Development Policy and the incentives in the Pradhan Mantri Kisan Sampada Yojana are accelerating cold chain investment. Growing organised retail, online grocery, quick commerce, and pharmaceutical distribution all generate incremental demand for reliable, temperature-controlled logistics providers.

Two Market Makers improve post-listing liquidity for SME stock.  The appointment of two market makers (Share India Securities Limited and Prabhat Financial Services Limited) rather than just one is a positive structure. Dual market makers compete for order flow, which typically results in tighter bid-ask spreads and more reliable liquidity for investors looking to enter or exit positions in the secondary market.

Disclaimer: This report is prepared solely for informational purposes based on the Red Herring Prospectus filed by Pooja Logistics Limited with NSE Emerge. It does not constitute investment advice, a recommendation to subscribe, or an offer to buy or sell securities. Investors should read the full RHP carefully before making any investment decision.