Pooja Logistics Limited IPO

01At a glance

What the company does — transports perishable goods across India in refrigerated trucks ("reefers"), using its own fleet of 424 GPS-enabled vehicles and trucks hired from other operators (RHP p.99, RHP p.52).

Who pays it — companies shipping temperature-sensitive goods; the largest customer was 27.69% of FY26 revenue and the top ten 68.15% (RHP p.30).

Why it is raising money — ₹3,397.39 lakh for new goods carriages, plus general corporate purposes (RHP p.100).

How fast it has grown — revenue from ₹12,375.26 lakh in FY24 to ₹16,570.10 lakh in FY26, about 15.7% a year; profit from ₹573.14 lakh to ₹1,233.98 lakh, about 46.7% a year (our arithmetic, RHP p.68).

The one thing to understand — a fleet business growing by adding trucks, with profit up faster than revenue; against that, two tax proceedings against the company involve ₹2,714.94 lakh, about 2.2 times FY26 profit (our arithmetic, RHP p.32, RHP p.68).

02The business, in plain words

Pooja Logistics carries chilled and frozen goods by road in refrigerated trucks, from its own fleet and from hired trucks (RHP p.99).

A food or pharmaceutical company needs goods moved cold → it books Pooja Logistics → the goods travel in a company-owned or hired reefer → the customer pays freight per trip.

Earnings equation: Profit ≈ trips × freight rate − fuel, tolls and hire charges − depreciation of the fleet − interest. Operating expenses were ₹12,242.62 lakh and depreciation ₹1,013.14 lakh against revenue of ₹16,570.10 lakh in FY26 (RHP p.68).

03Where the money comes from

Source: RHP p.52, RHP p.30. The split between owned and hired vehicles is an internal assessment, the prospectus says (RHP p.52). The company has no long-term agreements with its customers (RHP p.30).

04The growth record

Source: RHP p.110, RHP p.68, RHP p.69, RHP p.109. Our arithmetic: revenue grew about 15.7% a year from FY24 to FY26, EBITDA about 19.5% and profit about 46.7%; the EBITDA margin rose 102 basis points (RHP p.110).

05What the growth is made of

More trucks and more hired capacity. Owned vehicles rose from 361 to 424, and revenue from hired vehicles almost doubled from FY24 to FY26 (RHP p.52). Profit rose faster than revenue partly because employee costs fell from ₹1,302.26 lakh to ₹665.97 lakh while depreciation fell in FY25 (RHP p.68). The prospectus does not give trips, tonnage or kilometres in the pages read.

06Earnings quality

FY26 operating cash flow fell to ₹319.13 lakh because other current assets rose by ₹1,082.47 lakh and loans and advances by ₹469.95 lakh (RHP p.69). The prospectus does not break down those assets in the pages read.

07The balance sheet

At March 2026 borrowings were ₹2,628.78 lakh long-term and ₹1,292.58 lakh short-term, against net worth of ₹4,230.51 lakh (our arithmetic, RHP p.67). Cash was ₹410.94 lakh and current investments ₹797.05 lakh (RHP p.67). The company spent ₹2,225.11 lakh on vehicles and other assets in FY26 and had ₹450.30 lakh of capital work in progress (RHP p.69, RHP p.67).

After the issue: at the upper band the fresh issue adds ₹4,422.90 lakh before expenses (our arithmetic, RHP p.1).

08What the money is for

Source: RHP p.99, RHP p.100. The vehicles are to be funded entirely from the issue (RHP p.100).

Into the business 38,46,000 new shares, ₹4,422.90 lakh at the upper band (our arithmetic, RHP p.1). To selling shareholders nothing: there is no offer for sale (RHP p.1).

09Who is selling

No one. The issue is only new shares (RHP p.1).

10Promoters

The promoters are Deepak Khanna and Anu Khanna (RHP p.1). Deepak Khanna holds 86,50,000 shares, 82.87%, and Anu Khanna 5,00,000 shares, 4.80% (RHP p.91). One tax proceeding against the promoters involves ₹1.37 lakh (RHP p.32).

11Who already owns it

Source: RHP p.91. Malakshmi Trust was allotted its 4,38,000 shares in a private placement at ₹94 each (RHP p.87). After the issue the two promoters would hold about 64.1% of 1,42,84,000 shares (our arithmetic, RHP p.91, RHP p.65).

12What changed just before the IPO

• A bonus issue of 99,00,000 shares (RHP p.87).
• A private placement of 4,38,000 shares at ₹94 to Malakshmi Trust (RHP p.87).
• The owned fleet grew from 364 to 424 vehicles in FY26 (RHP p.52).
• Long-term borrowings rose by ₹902.14 lakh in FY26 (RHP p.69).
• Some key managerial personnel have been with the company for less than a year (RHP p.52).

13Capacity and expansion

The fleet is the capacity: 424 owned vehicles at March 2026, supplemented by hired trucks whose number varies through the year (RHP p.52). The issue funds more goods carriages (RHP p.100). The prospectus does not give fleet utilisation in the pages read.

14Market size and industry structure

As claimed — the industry overview runs from RHP p.119; this study does not restate its figures.

The part that is addressable — road transport of temperature-sensitive goods in India.

What the company is today — FY26 revenue of ₹16,570.10 lakh with 424 owned reefers (RHP p.68, RHP p.52).

15Competitive position

Source: RHP p.112, RHP p.113; P/E at closing prices of September 15, 2026. The company lists as strengths its mix of own and hired fleet, supply-chain efficiency and national coverage (RHP p.108).

16Peers the company named

Peers named in the offer document: AVG Logistics and Premier Roadlines (RHP p.112).

Both are larger: AVG Logistics has about 3.4 times Pooja's revenue and Premier Roadlines about 2.0 times (our arithmetic, RHP p.112). The peer average P/E is given as 9.44 (RHP p.109).

17Valuation at the issue price

At the upper band of ₹115, the 38,46,000 new shares take the total from 1,04,38,000 to 1,42,84,000 (our arithmetic, RHP p.65, RHP p.1):

Source: RHP p.109, RHP p.110, RHP p.68. At ₹109 the market capitalisation is ₹15,569.56 lakh and the prospectus's P/E 9.08 (our arithmetic, RHP p.65; RHP p.109). Enterprise value uses the shares before the issue, borrowings of ₹3,921.36 lakh, and cash and current investments of ₹1,207.99 lakh: ₹14,717.07 lakh (our arithmetic, RHP p.67). The prospectus gives FY26 book value per share as ₹40.53 in one table and ₹41.14 in the peer table (RHP p.110, RHP p.112).

The two named peers traded at 6.94 and 11.93 times earnings on September 15, 2026 (RHP p.109). At the upper band the issue is priced at 9.58 times FY26 EPS on the prospectus's basis and 13.3 times FY26 profit on the enlarged share count.

18Subscription

Bidding opens on September 23, 2026 and closes on September 25, 2026, per the NSE issue page. This study was written before bidding opened. The issue reserves 1,98,000 shares for the market maker, 72,000 for employees and 10,62,000 for anchor investors (RHP p.65). The lot is 1,200 shares, ₹1,38,000 at the upper band.

19Risks, in plain words

Tax proceedings — two tax proceedings against the company involve ₹2,714.94 lakh (RHP p.32) → an adverse outcome would exceed two years of profit at the FY26 level (our arithmetic, RHP p.68).

Customers — the top ten customers were 68.15% of FY26 revenue, without long-term agreements (RHP p.30).

Hired fleet — about a third of revenue comes from trucks hired from others, whose number the company cannot fix in advance (RHP p.52).

Cash — FY26 operating cash flow fell to ₹319.13 lakh as current assets rose (RHP p.69).

Management — some key managerial personnel joined within the last year (RHP p.52).

20Litigation and regulatory matters

Source: RHP p.32.

21Related-party transactions

The summary of related-party transactions runs from RHP p.71; this study did not reproduce it.

22What the offer document does not say

The nature of the two tax proceedings involving ₹2,714.94 lakh is not described in the pages read. Trips, tonnage and fleet utilisation are not given in the pages read. The make-up of the ₹1,632.29 lakh of other current assets is not given in the pages read.

23Five questions for management

1. What are the two tax proceedings involving ₹2,714.94 lakh, and at what stage are they?
2. How many vehicles will ₹3,397.39 lakh pay for, and what revenue does a new reefer earn in its first year?
3. What are the ₹1,632.29 lakh of other current assets at March 2026?
4. Why did employee costs halve between FY24 and FY26 while revenue rose?
5. What margin does the company earn on hired trucks compared with its own?

1Sources and cited facts

This study was read from 1 document the company filed. The 46 figures it cites are listed under the document each came from, with the page and the sentence as printed.