Sampark India Logistics IPO (30 June - 2 July) Analysis
Updated: Aug 11
IPO Analysis | BSE SME Platform | 100% Book Built Fresh Issue
Based on Red Herring Prospectus dated June 22, 2026 | Pan-India Carrying and Forwarding Agent | Faridabad, Haryana
STATUS: RHP FILED | Fresh Issue: up to 32,40,000 Equity Shares | No OFS | Anchor Bidding June 29, Bid/Issue Opens June 30, Closes July 2, 2026 | BSE SME Platform | Faridabad, Haryana |
Sampark India Logistics Limited (SILL) is a Faridabad, Haryana-based carrying and forwarding agent offering comprehensive logistics and supply chain solutions spanning the entire journey from origin to destination. Originally incorporated as Sampark India Logistics Private Limited on October 11, 2012, the company converted to a public limited company effective March 31, 2024.
Its registered office is at Plot No. 48, Bhule Ram Colony, Block B, Gali No. 7, Rangpuri Extension, Palam Airport, South West Delhi, New Delhi 110037. Its corporate office is at 17/3, Mathura Road, Ground and Second Floor, Faridabad City, Haryana 121002. Its website is https://silpl.rathigroup.info. Its CIN is U63090DL2012PLC245542.
Business model: SILL operates as a pan-India logistics service provider through a network of 50 branch offices as of the date of this RHP. The company delivers integrated logistics solutions including freight forwarding, warehousing, and last-mile distribution to clients across industries including automotive, pharmaceuticals, consumer durables, textiles, and more.
The company relies significantly on third-party transportation providers for its fleet, operating on an asset-light model where a majority of vehicles used in transportation are procured from vendors rather than owned directly, reducing capital expenditure requirements but also creating third-party dependency risk.
Geographic concentration: the company derives a significant portion of its revenue from logistics operations concentrated in certain geographical regions. While the company operates across India, certain states and corridors represent disproportionate revenue shares, meaning regional disruptions such as economic downturns, regulatory changes, or natural calamities in these areas could have outsized financial impact.
Promoters: Mr. Sanjay Kumar Rathi and Mrs. Renu Rathi are the promoters of the company.
Statutory Auditors: M/s. SPG Associates, Chartered Accountants, who have certified the KPIs by examination report dated June 18, 2026. The company's Financial Year runs April 1 to March 31. The most recent reporting period is the nine months ended December 31, 2025 (9M FY2026).
Key Basics
This is a 100% Fresh Issue with no Offer for Sale component, listing on the BSE SME platform. The RHP is dated June 22, 2026. The Issue is made under Regulation 229(2) of SEBI ICDR Regulations, as the company's post-issue paid-up capital would exceed Rs.10 crore. Post-Issue dilution is 26.43% (Issue) and 25.10% (Net Issue) of post-issue paid-up equity share capital.
Document Type | Red Herring Prospectus (RHP) dated June 22, 2026. Bidding dates confirmed; Price Band to be announced before the Bid/Issue Opening Date. |
Issue Type | 100% Book Built Fresh Issue of up to 32,40,000 Equity Shares of face value Rs.10 each. No OFS. Company receives full net proceeds after expenses. |
Face Value | Rs.10 per Equity Share |
Market Maker | Up to 1,63,200 Equity Shares reserved for the Market Maker. Net Issue (ex-Market Maker): up to 30,76,800 shares. |
Post-Issue Dilution | Issue constitutes 26.43%, Net Issue 25.10% of post-issue paid-up equity share capital. |
Promoters | Mr. Sanjay Kumar Rathi and Mrs. Renu Rathi. |
Eligibility | Regulation 229(2) of SEBI ICDR Regulations (post-issue paid-up capital exceeds Rs.10 crore). |
Listing Exchange | SME Platform of BSE Limited (BSE SME). Designated Stock Exchange: BSE. |
BRLM | Finshore Management Services Limited (sole BRLM). Contact: Mr. S. Ramakrishna Iyengar. |
Registrar | Maashitla Securities Private Limited. Contact: Mr. Mukul Agarwal. |
Anchor Bidding | Monday, June 29, 2026 (one Working Day prior to Bid/Issue Opening). |
Bid/Issue Opens | Tuesday, June 30, 2026. |
Bid/Issue Closes | Thursday, July 2, 2026. QIB bidding may close one Working Day earlier. |
Listed Peers | Orissa Bengal Carrier Limited, GB Logistics Commerce Limited, and VRL Logistics Limited (three named listed peers, explicitly noted as not strictly comparable). |
This is a 100% Fresh Issue. The entire net proceeds go to SILL. The use of proceeds is simple and focused: almost entirely working capital, with the balance for general corporate purposes. There is no capital expenditure allocation.
Object | Amount (Rs. Lakhs) | Details |
Funding Working Capital Requirements | 1,972.16 | The sole specific object, representing the vast majority of identified Net Proceeds. Funds are required to support freight forwarding operations, maintain branch office infrastructure across 50 locations, fund trade receivables, and meet day-to-day operational liquidity needs of a carrying and forwarding business where collections from logistics customers typically follow completed delivery cycles. |
General Corporate Purposes | [TBD] | Capped at the regulatory maximum. To be finalised upon determination of the Issue Price. |
TOTAL FRESH ISSUE (up to 32,40,000 shares) | [TBD] | 100% Fresh Issue. No OFS. None of the Objects have been independently appraised by any bank or financial institution. |
The exclusive focus on working capital is consistent with the asset-light, service-intensive nature of a carrying and forwarding business, where the principal financial requirement is funding the receivables cycle between service delivery and customer payment. The absence of any capex allocation reflects the company's continued reliance on third-party vehicle providers rather than building its own fleet, keeping capital requirements low but also maintaining the operational dependency risks disclosed in the risk factors.
Financial Performance
Note: All figures in Rs. lakhs unless stated. Financial periods: Nine months ended December 31, 2025 (9M FY2026, stub); Fiscal 2025 (year ended March 31, 2025); Fiscal 2024 (year ended March 31, 2024); Fiscal 2023 (year ended March 31, 2023). Restated Standalone Financial Statements certified by M/s SPG Associates.
Revenue, EBITDA, and Profitability
Metric | 9M FY26 (Rs. L) | FY2025 (Rs. L) | FY2024 (Rs. L) | FY2023 (Rs. L) |
Revenue from Operations | 15,288.32 | 20,096.51 | 18,149.08 | 18,816.83 |
Revenue Growth % YoY | N/A (stub) | +10.74% | -3.54% | N/A |
Other Income | 35.76 | 65.28 | 114.15 | 1.38 |
Total Income | 15,324.08 | 20,161.79 | 18,263.23 | 18,818.21 |
EBITDA (Operating Profit) | 1,296.69 | 1,616.48 | 1,200.91 | 833.09 |
EBITDA Margin % | 8.48% | 8.04% | 6.62% | 4.43% |
Finance Costs | 302.69 | 328.87 | 317.67 | 217.41 |
Depreciation and Amortisation | 182.33 | 234.10 | 208.03 | 233.18 |
Profit Before Tax | 855.24 | 1,229.53 | 871.42 | 421.23 |
Tax Expenses | 223.05 | 353.75 | 234.08 | 93.30 |
Profit After Tax | 632.19 | 875.78 | 637.34 | 327.93 |
PAT Growth % YoY | N/A (stub) | +37.41% | +94.35% | N/A |
PAT Margin % | 4.14% | 4.36% | 3.51% | 1.74% |
Return on Net Worth (RoNW) % | 14.39% (stub) | 23.29% | 22.09% | 14.59% |
Return on Capital Employed (ROCE) % | 21.01% | 33.54% | 30.93% | 22.04% |
Basic and Diluted EPS (Rs., post-bonus) | 7.01 | 9.71 | 7.07 | 3.64 |
Weighted Average EPS (Rs.) | 7.82 (3-yr weighted) | N/A | N/A | N/A |
NAV per Share (Rs., post-bonus) | 48.71 (9M FY26) | 41.70 (FY25) | N/A | N/A |
The financial trend shows consistent improvement over the four reporting periods. EBITDA margin expanded meaningfully from 4.43% (FY2023) through 6.62% (FY2024), 8.04% (FY2025), and 8.48% (9M FY2026), a genuine structural margin improvement as the company scaled its network and improved operational efficiency.
PAT growth has been strong: 94.35% in FY2024 and 37.41% in FY2025, driven by margin expansion and revenue recovery. Revenue declined slightly in FY2024 (-3.54%) but recovered 10.74% in FY2025. The 9M FY2026 revenue of Rs.15,288.32 lakhs, annualised to approximately Rs.20,384 lakhs, implies continued modest growth. RoNW has improved significantly from 14.59% (FY2023) to 23.29% (FY2025) before dipping to 14.39% in the non-annualised stub period.
Balance Sheet and Cash Flow
Item | 9M FY26 (Rs. L) | FY2025 (Rs. L) | FY2024 (Rs. L) | FY2023 (Rs. L) |
Total Net Worth | 4,392.69 | 3,760.50 | 2,884.72 | 2,247.38 |
Total Borrowings | 3,915.01 | 3,354.66 | 3,339.42 | 2,575.58 |
Debt to Equity Ratio (times) | 0.89x | 0.89x | 1.16x | 1.15x |
Total Assets | 12,137.40 | 11,044.59 | 10,465.88 | 8,043.70 |
Trade Receivables | 9,180.11 | 8,869.58 | 7,525.58 | 5,229.39 |
Cash and Cash Equivalents | 170.48 | 68.19 | 79.68 | 94.08 |
Net Cash from Operating Activities | (145.57) | 301.98 | (107.06) | (26.93) |
The balance sheet reveals a capital structure that is moderately leveraged with total borrowings of Rs.3,915.01 lakhs against net worth of Rs.4,392.69 lakhs (debt-to-equity of 0.89x), an improvement from the 1.16x level in FY2024. Trade receivables of Rs.9,180.11 lakhs as of December 2025, representing approximately 60% of annualised revenue, reflect the extended receivable cycles typical of logistics service providers.
Cash and cash equivalents are thin at Rs.170.48 lakhs, reflecting the working capital-intensive nature of the business and consistent with the IPO's primary focus on funding working capital requirements.
Operating cash flow is negative in three of the four reporting periods: Rs.145.57 lakhs outflow (9M FY2026), Rs.107.06 lakhs outflow (FY2024), and Rs.26.93 lakhs outflow (FY2023), with only FY2025 generating positive operating cash of Rs.301.98 lakhs.
This recurring pattern of negative or near-zero operating cash flow, despite positive and growing PAT in the same periods, reflects the structural working capital intensity of freight forwarding and carrying operations, where trade receivables grow faster than profitability in an expanding business. The IPO proceeds targeting working capital will help bridge this gap.
How Does It Compare to Peers?
The RHP names three listed peers: Orissa Bengal Carrier Limited, GB Logistics Commerce Limited, and VRL Logistics Limited. All three are explicitly noted as not strictly comparable to SILL given differences in nature, scale, and services offered.
Metric (FY2025) | Sampark India | Orissa Bengal | GB Logistics | VRL Logistics | |
Revenue from Ops (Rs. L) | 20,096.51 | 30,489.24 | 6,485.31 | 3,16,094.80 | |
EBITDA Margin % | 8.04% | 3.24% | 9.97% | 18.13% | |
PAT (Rs. L) | 875.78 | 107.94 | 360.55 | 18,293.29 | |
EPS (Rs.) | 9.71 | 0.51 | 5.87 | 20.91 | |
P/E Ratio (as at 17-Jun-2026) | (TBD) | 114.90x | 6.01x | 11.60x | |
RoNW % | 23.29% | 1.19% | 8.24% | 18.02% | |
Debt to Equity (times) | 0.89x | 0.58x | 0.25x | 1.13x | |
NAV per Share (Rs.) | 41.70 | 42.95 | 53.39 | 123.99 | |
Industry P/E Range | Highest: 101.94x, Lowest: 6.65x, Average: 54.30x | ||||
Sampark's RoNW of 23.29% in FY2025 is the highest among the peer group, comfortably exceeding VRL Logistics (18.02%), GB Logistics Commerce (8.24%), and Orissa Bengal Carrier (1.19%), indicating superior capital efficiency. Its EBITDA margin of 8.04% is higher than Orissa Bengal Carrier (3.24%) and approaching GB Logistics Commerce (9.97%), though significantly below the scale advantage of VRL Logistics (18.13%).
The industry P/E range is very wide (6.65x to 101.94x, average 54.30x), making precise valuation benchmarking difficult. Orissa Bengal trades at 114.90x on near-zero profitability, while VRL trades at 11.60x reflecting its large scale, and GB Logistics at just 6.01x. Investors should use these as a broad reference range rather than precise anchors given the significant differences in business models and scale.
Key Risks
l Negative operating cash flow in three of four reporting periods despite growing PAT: SILL posted negative net cash from operating activities in 9M FY2026 (Rs.145.57 lakhs outflow), FY2024 (Rs.107.06 lakhs outflow), and FY2023 (Rs.26.93 lakhs outflow), with only FY2025 generating positive operating cash of Rs.301.98 lakhs. This persistent pattern of working capital absorption, where trade receivables of Rs.9,180 lakhs represent approximately 60% of annualised revenue, means PAT consistently converts to cash more slowly than it appears on the income statement. The company itself cites this as a top-15 risk factor, and the IPO's entire working capital allocation is designed to partially address it.
l Extreme dependence on third-party vendors for transportation fleet: SILL does not own the majority of vehicles used in its logistics operations, relying on third-party providers for transportation. Any disruption in the availability of these vehicles, adverse changes in vendor terms, or failure of key transportation partners could directly impair service delivery capability. This asset-light model keeps capital requirements low but creates an operational concentration risk that the company cannot fully control or substitute quickly in the event of vendor disruption.
l Moderate customer concentration with top 10 at 34 to 39 percent of revenue: top 10 customers accounted for 34.34% (9M FY2026), 38.72% (FY2025), 37.27% (FY2024), and 36.39% (FY2023) of revenue from operations. While moderate compared to some other SME issuers reviewed, the top 1 customer alone contributed 9.56% (9M FY2026) to 12.46% (FY2024), and the company operates without long-term contracts with its customers, meaning customer relationships are entirely at-will and subject to change with limited notice.
l High supplier concentration with top 1 supplier at 25 to 32 percent of purchases: on the supply side, the top 1 supplier represented 25.15% (9M FY2026), 32.23% (FY2025), 31.49% (FY2024), and 27.12% (FY2023) of total purchases. Top 5 suppliers represented 54.61% (9M FY2026). In a logistics business where third-party vehicle providers and sub-contractors are the core supply chain, this degree of supplier concentration in procurement is a meaningful operational vulnerability.
l Geographic revenue concentration creates regional risk exposure: SILL derives a significant portion of revenue from specific geographic corridors and regions, making it vulnerable to regional economic downturns, disruptions in transportation infrastructure, regulatory changes, or natural calamities affecting those specific areas. The company itself discloses this as a material risk factor given that branch office infrastructure and customer relationships are geographically distributed but not uniformly so.
l Thin cash balances relative to operating scale: cash and cash equivalents of Rs.170.48 lakhs (9M FY2026) against annual revenue of approximately Rs.20,000 lakhs represents less than three days of annualised revenue in liquid cash. This extremely thin cash position, combined with the recurring negative or near-zero operating cash flow pattern, means the company has very limited financial buffer to absorb unexpected payment delays, customer defaults, or operational disruptions without external financing support.
l First-time public issue with no established market price: this is the company's first public offering, with no prior trading history for price reference. The absence of a formal secondary market for the shares prior to listing means the Issue Price is set entirely through book building, with no market benchmark to validate valuation.
l Logistics sector sensitivity to fuel prices: carrying and forwarding businesses are exposed to freight cost fluctuations, including through increased third-party vendor charges when fuel prices rise, which the company may not always be able to immediately pass through to customers.
l Legal proceedings: the RHP discloses that the Company, its Directors, and Promoters are parties to certain ongoing legal proceedings, the outcomes of which the company cannot guarantee will be favourable.
l No independent appraisal of use of proceeds: the Rs.1,972.16 lakh working capital allocation has not been appraised by any bank, financial institution, or BRLM, meaning the stated requirement rests on management estimates without external validation.
Positives to Note
l Consistent EBITDA margin expansion across all four reporting periods: EBITDA margin grew from 4.43% (FY2023) to 6.62% (FY2024) to 8.04% (FY2025) to 8.48% (9M FY2026), a genuine structural improvement indicating better cost management, pricing power, or operating leverage as the 50-branch network has matured. This is a positive signal that the business model is scaling efficiently.
l Industry-leading RoNW of 23.29% (FY2025) versus peers: Sampark's Return on Net Worth comfortably leads all three named listed peers, including the substantially larger VRL Logistics (18.02%), indicating that the company generates superior returns on its equity capital base relative to comparable logistics businesses, despite being much smaller in absolute scale.
l Strong PAT growth trajectory: PAT grew 94.35% in FY2024 and 37.41% in FY2025, and the 9M FY2026 PAT of Rs.632.19 lakhs, if sustained at a similar run rate, implies full-year FY2026 PAT approaching Rs.843 lakhs, a further meaningful improvement. EPS has grown from Rs.3.64 (FY2023) to Rs.9.71 (FY2025) on a post-bonus adjusted basis.
l Pan-India network of 50 branch offices provides genuine geographic reach: a 50-branch logistics network built over 13 years since 2012 represents a meaningful operational infrastructure that is difficult and capital-intensive for new entrants to replicate quickly, providing a modest but real competitive barrier in the carrying and forwarding segment.
l Asset-light model limits capital expenditure requirements and balance sheet risk: by relying on third-party vehicle providers rather than building a proprietary fleet, SILL avoids the heavy capital expenditure requirements and asset depreciation burden of asset-heavy logistics operators, keeping the balance sheet leaner and IPO proceed requirements focused on working capital rather than fixed asset funding.
l Improving balance sheet leverage: the debt-to-equity ratio improved from 1.16x (FY2024) to 0.89x (FY2025 and 9M FY2026), indicating the company has been generating sufficient retained earnings to grow its equity base faster than its debt, a trend that the IPO proceeds will accelerate by adding fresh equity capital without a corresponding increase in debt.
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