Mann Fleet Partners Limited IPO

01At a glance

What the company does: provides chauffeured ground transport, economy, premium and luxury cars and coaches, for events, short-term hire and long-term rental, with over 364 vehicles in its fleet at 31 May 2026 (AP p.2).

Who pays it: corporates, government ministries, embassies, event managers, transporters and travel agencies, which make up 97.74% of revenue; individuals make up the rest (AP p.2). The largest customer was 51.96% of revenue in the nine months to December 2025 (AP p.3).

Why it is raising money: ₹650 million to repay borrowings, and the rest for general purposes (AP p.4).

How fast it has grown: unevenly: revenue was ₹567 million in FY23, ₹1,331 million in FY24, ₹953 million in FY25 and ₹897 million in the nine months to December 2025 (AP p.5).

The one thing to understand: a business whose revenue follows a few large contracts. The largest customer's share has swung between 9% and 52% of revenue from year to year, and the top-five share between 26% and 61% (AP p.3).

02The business, in plain words

A chauffeured-rental company owns or hires cars and coaches, employs drivers, and bills clients per trip, per day or per month. Large events can need many vehicles at once, and the company tops up its own fleet with vendors' vehicles.

A government ministry hosts an international meeting in Delhi → it contracts Mann Fleet to move delegates → the company deploys its own luxury cars and coaches plus vendor vehicles, with chauffeurs → it bills the ministry for the event.

The company has operated for over 33 years, with offices in Delhi, Mumbai, Noida, Gurugram, Chennai and Ahmedabad, and serves about 80 cities through its own and vendors' vehicles (AP p.3). It says handling assignments such as India's G20 presidency brought repeat mandates and long-term contracts (DRHP p.55).

Earnings equation: Profit ≈ vehicle-days billed × (rate − chauffeur, fuel and vendor cost) − depreciation − interest. EBITDA margin was 53.15% in the nine months to December 2025 (AP p.6).

03Where the money comes from

Source: AP p.2, AP p.3.

The largest customer paid ₹641.77 million in FY24 and ₹467.16 million in the nine months to December 2025 (AP p.3). The document does not name it in the pages read. Operations are concentrated in Delhi (AP p.7).

04The growth record

Source: AP p.5, AP p.6.

05What the growth is made of

Revenue more than doubled in FY24 and fell 28% in FY25 (our arithmetic, AP p.5). The swings match the largest customer's share, which rose to 48% in FY24, fell to 22% in FY25 and rose again to 52% (AP p.3). Revenue in the nine months to December 2025 was already 94% of FY25's (our arithmetic).

06Earnings quality

Operating cash flow has been positive every period and close to or above profit (AP p.6). The company has spent heavily on vehicles: investment outflows were ₹979 million in FY24 and ₹429 million in the nine months to December 2025 (AP p.6). The current ratio has been below one in every period (AP p.8). The auditors have expressed no qualification or emphasis of matter (AP p.9). Trade receivable days were 98 in FY23, 48 in FY24, 97 in FY25 and 58 in the nine months to December 2025 (DRHP p.42).

07The balance sheet

Source: AP p.5, AP p.6.

Equity share capital rose from ₹17.72 million to ₹248.02 million in FY25, including a 13-for-1 bonus issue (AP p.5, AP p.8).

08What the money is for

Source: AP p.4.

09Who is selling

Source: AP p.1, AP p.8. The five individual sellers are Samir Bakshi and Adish Jain, up to 3,000 shares each, Pankaj Tyagi up to 2,500, Prateek Goel up to 1,500 and Harsh Goel up to 600 (DRHP p.1).

10Promoters

The promoters are Amrit Pal Singh Mann, managing director, with the company since 7 August 1992; Parmjeet Mann, executive director, since August 2005; and Robin Singh Mann, executive director, since March 2024, previously a senior analyst at Evercore and Citigroup in New York (AP p.4). The board has three independent directors (AP p.8).

11Who already owns it

Source: AP p.5.

Promoters and promoter group hold 96.62% (AP p.5, our arithmetic).

12What changed just before the IPO

• Largest customer: back to more than half of revenue (AP p.3).
• Bonus issue: 13 shares for every one held, February 2025 (AP p.8).
• Fleet: ₹429 million of investment in nine months (AP p.6).
• Records: the company cannot trace bank statements for certain past share allotments (AP p.8).
• Share split: the face value was sub-divided from ₹100 to ₹10 in April 2023 (DRHP p.110).
• Last allotment: a preferential issue of 827,023 shares at ₹130 each in April 2025 (DRHP p.111).
• Auditor: V APS & Co was appointed statutory auditor in April 2026 to fill the casual vacancy left by Bharat Bhushan Vij & Co (DRHP p.103).
• Company form: the company became a public limited company in October 2024 (DRHP p.98).

13Capacity and expansion

The fleet was over 364 vehicles at 31 May 2026, supplemented by vendors' vehicles (AP p.2, AP p.3). No vehicle purchases are funded from the proceeds; the fresh issue repays debt (AP p.4).

14Market size and industry structure

The ICRA report cited in the offer document describes rising demand for premium and luxury chauffeured rentals within the organised cab and coach market (AP p.3). The document says much of corporate car rental is held by unorganised operators (AP p.7).

15Competitive position

What the document claims, and what it rests on:

• Scale and experience: over 33 years and a luxury fleet (AP p.3).
• Government and event work, including G20 assignments (DRHP p.55, DRHP p.158).

Against that: dependence on a few large contracts, Delhi concentration, and unorganised competitors (AP p.3, AP p.7).

16Peers the company named

Source: DRHP p.161. Peer P/E uses prices on 26 June 2026.

No P/E is possible for the company until a price band is set.

17Risks, in plain words

• Customer concentration. One customer was 52% of recent revenue, with no long-term contracts with all key customers (AP p.3, AP p.7).
• Delhi. Operations are concentrated there (AP p.7).
• Chauffeurs. Shortages and rising pay (AP p.7).
• Fuel. Fuel and EV charging costs (AP p.8).
• Liquidity. Current ratio below one (AP p.8).
• Records. Missing RoC filings and untraceable allotment bank statements (AP p.7, AP p.8).

18Litigation and regulatory matters

Source: AP p.9.

No proceedings are outstanding against the promoters, directors or key staff (AP p.9).

19Related-party transactions

Not read in detail for this study.

20What the offer document does not say

In the sections read for this study, the document does not give:

• Who the largest customer is, in the pages read.
• Why FY24 revenue more than doubled and FY25 fell back.
• The share of revenue from government clients.
• Fleet size in earlier years, in the pages read.
• The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

1. Who is the customer that provided 52% of revenue in the nine months to December 2025, and on what contract terms?
2. How much of FY24 revenue came from one-off events?
3. What is fleet utilisation, and how many vehicles are owned versus hired from vendors?
4. Which borrowings will the ₹650 million repay, and at what interest rates?
5. Which share allotments lack bank records, and what has been done to regularise them?

2Sources and cited facts

This study was read from 2 documents the company filed. The 65 figures it cites are listed under the document each came from, with the page and the sentence as printed.