Tgtmc Supply Chain Limited IPO

01At a glance

What the company does: provides warehousing, transportation, order fulfilment and pallet repair services to businesses, trades whey protein concentrate and sports nutrition products through its own and marketplace channels, and acts as strategic consultancy and execution partner in India for one sports nutrition brand owned outside India (DRHP p.120, DRHP p.122, DRHP p.124).

Who pays it: businesses in home interior furnishing, FMCG, beverages and asset pooling for the logistics services, online consumers for the nutrition products, and a brand owner outside India for the consultancy; FY26 export revenue from Canada of ₹751.72 lakh equals the consultancy revenue (DRHP p.121, DRHP p.124, DRHP p.133). No customer is named. The largest customer was 16.77% of FY26 revenue and the top ten 66.20% (DRHP p.22).

Why it is raising money: ₹1,918.85 lakh for working capital, ₹557.26 lakh to repay unsecured business loans from 15 lenders, and ₹363.70 lakh of equipment and fit-outs for six proposed warehouses, plus general corporate purposes left blank (DRHP p.84).

How fast it has grown: revenue from ₹881.35 lakh in FY24 to ₹3,513.22 lakh in FY25 and ₹6,978.97 lakh in FY26, about 181.4% a year across the two years, and profit after tax from ₹41.97 lakh to ₹584.19 lakh, about 273.1% a year (our arithmetic, DRHP p.52).

The one thing to understand: almost half the revenue is trading, not logistics. In FY26 sale of products was ₹3,202.36 lakh, 45.89% of revenue, made up of whey protein concentrate of ₹849.00 lakh, direct-to-consumer sales of ₹1,822.77 lakh and marketplace sales of ₹530.59 lakh, all of it bought in from outside suppliers, the largest of which was 66.39% of FY26 purchases (DRHP p.209, DRHP p.28).

02The business, in plain words

Brands need somewhere to keep their stock and someone to move it. This company rents warehouses, stores goods for business customers, picks and packs orders, and arranges trucks from outside operators to carry them. Alongside that, it buys sports nutrition products and whey protein from outside suppliers and sells them online and to manufacturers, and it is paid a fee by a foreign brand owner to build that brand in India.

A brand or manufacturer hires warehouse space and dispatch → the company stores, picks, packs and ships from rented premises with hired trucks → it is paid warehousing, transport and fulfilment charges. A consumer orders a protein product online → the company buys it from the licensed vendor and ships it → it keeps the sale price less the purchase cost, platform fees and delivery.

The company was incorporated in May 2016 as Digitalx Advertising and Events Private Limited, doing marketing and advertising work; it began warehousing in December 2019, took its present name in July 2024 and became a public company in October 2024 (DRHP p.57, DRHP p.119).

It owns no property: 14 facilities are on leave and licence or rent, and 6 fulfilment centres run under no-objection certificates from Amazon Seller Services Private Limited (DRHP p.120, DRHP p.137, DRHP p.139). It owns no vehicles (DRHP p.25). It had 160 employees on its rolls at June 2026 and engaged about 253 workmen through contractors (DRHP p.136).

The trademark it uses is registered to a promoter group company, 360 Degree Supply Chain Management Private Limited, and used under a royalty agreement of February 02, 2026 (DRHP p.140).

Earnings equation: Profit ≈ warehousing and transport fees − warehouse rent and hired labour and trucks + (product sales − purchase cost − platform and D2C charges) + consultancy fee − staff and interest. In FY26 warehousing expenses were ₹974.95 lakh, labour and manpower charges ₹890.23 lakh, transport charges ₹360.02 lakh and purchases ₹2,574.51 lakh (DRHP p.210, DRHP p.211).

03Where the money comes from

Source: DRHP p.209. The document files trading under "Fulfilment Operations", so its segment table shows fulfilment at ₹3,202.36 lakh, 45.89% of FY26 revenue (DRHP p.132).

By place, FY26 domestic revenue came mostly from Delhi at 25.18%, Maharashtra 24.35% and Karnataka 22.18%, with West Bengal at 8.69%; export revenue from Canada, ₹751.72 lakh or 10.77%, equals the strategic consultancy revenue (DRHP p.133, DRHP p.209). All revenue is from private customers, none from government (DRHP p.133).

Source: DRHP p.22. Outside online sales there were only eleven identifiable customers in FY26, eight in FY25 and five in FY24 (DRHP p.22). So the business-to-business revenue sits with a handful of names, and the top ten carried two thirds of all FY26 revenue. On the purchase side the largest supplier was 66.39% of FY26 purchases and the top five 100.00% (DRHP p.28).

04The growth record

Source: DRHP p.52, DRHP p.53, DRHP p.99. Return on net worth was 9.82%, 39.20% and 45.39%, and return on capital employed 13.97%, 58.59% and 51.72% (DRHP p.99). The company computes PAT margin on total income, not revenue (DRHP p.101).

Our arithmetic over FY24 to FY26: revenue grew about 181.4% a year, EBITDA about 257.9% and profit about 273.1%; EBITDA margin rose 490 basis points and PAT margin 361 basis points (DRHP p.52, DRHP p.99). Year by year, revenue rose 298.6% in FY25 and 98.6% in FY26, and profit 556.5% and 112.0% (our arithmetic, DRHP p.52). Earnings a share, adjusted for the June 2026 bonus, were ₹0.70, ₹4.58 and ₹9.72 (DRHP p.52).

The other figures a reader will want next to that record:

• Cash: operating cash flow was negative ₹377.70 lakh in FY26 against profit of ₹584.19 lakh, mainly because trade receivables rose by ₹1,016.12 lakh and short-term loans and advances by ₹353.39 lakh (DRHP p.23, DRHP p.53).
• Receivable days: 152 in FY24, 56 in FY25 and 82 in FY26, on the company's own count (DRHP p.90).
• Other income: ₹13.98 lakh in FY26, about 1.8% of profit before tax of ₹790.76 lakh (our arithmetic, DRHP p.52).
• Debt: borrowings of ₹930.40 lakh less cash of ₹54.50 lakh were about 1.0 times FY26 EBITDA (our arithmetic, DRHP p.51); return on capital employed was 51.72% in FY26 (DRHP p.99).
• Contingent liabilities: ₹64.50 lakh at March 2026, tax deducted at source and GST claims (DRHP p.54).
• Related-party sales: ₹240.00 lakh in FY26, 3.44% of revenue, to two group companies (DRHP p.55).
• Concentration: the largest customer was 16.77% of FY26 revenue and the top ten 66.20% (DRHP p.22); the largest supplier was 66.39% of FY26 purchases (DRHP p.28).
• Online share: online revenue was 33.72% of FY26 revenue (DRHP p.134).

05What the growth is made of

New lines, mostly. Of the ₹6,097.62 lakh by which revenue rose between FY24 and FY26, direct-to-consumer and marketplace nutrition sales added ₹2,308.52 lakh, warehousing ₹1,999.18 lakh, strategic consultancy ₹751.72 lakh from nothing, whey protein trading ₹678.49 lakh, pallet repair ₹183.38 lakh from nothing and transportation ₹176.34 lakh (our arithmetic, DRHP p.209). The company itself attributes the growth to the expansion of warehousing, growth in D2C and marketplace trading, and the addition of consultancy and auxiliary services (DRHP p.227, DRHP p.228).

Within FY26 the mix moved from products to services: service income rose from 41.34% of revenue in FY25 to 54.11% in FY26, which is the reason the company gives for purchases falling from 52.70% to 36.82% of total income (DRHP p.230, DRHP p.231). Warehousing income almost trebled, from ₹811.71 lakh to ₹2,342.18 lakh, while warehousing expenses rose from ₹162.57 lakh to ₹974.95 lakh (DRHP p.209, DRHP p.211).

The document does not disclose square feet used, pallets handled, orders shipped, units sold or price per unit for any line, so none of the increase can be split into volume and price. The warehouse network grew too: all 15 lease and rent agreements listed are dated between July 2025 and August 2026 (DRHP p.137, DRHP p.138, DRHP p.139).

06Earnings quality

Two items need explaining. First, cash: over three years the company booked ₹901.71 lakh of profit and consumed ₹359.26 lakh in operations (our arithmetic, DRHP p.53). The money went into receivables, up from ₹368.13 lakh to ₹1,559.34 lakh, and short-term loans and advances, up from ₹531.63 lakh to ₹1,130.87 lakh, which at March 2026 included ₹817.52 lakh of advances to suppliers (DRHP p.51, DRHP p.205).

Second, the group: trade receivables from two group companies were ₹394.59 lakh at March 2026, and ₹301.33 lakh of the supplier advances were paid to the same two companies (DRHP p.56). Read from the filing: the related-party receivable and the receivables aged six months to a year are the same figure, ₹394.59 lakh; the document does not say whether they are the same balances (DRHP p.56, DRHP p.205).

07The balance sheet

At March 31, 2026 total assets were ₹3,767.62 lakh: trade receivables ₹1,559.34 lakh, short-term loans and advances ₹1,130.87 lakh, property plant and equipment ₹328.61 lakh, other current assets ₹329.95 lakh, other non-current assets ₹190.48 lakh, inventory ₹161.18 lakh and cash ₹54.50 lakh (DRHP p.51). Against that were borrowings of ₹930.40 lakh, trade payables of ₹694.87 lakh owed to three creditors, other current liabilities of ₹733.19 lakh including ₹257.92 lakh of statutory dues payable, and net worth of ₹1,287.18 lakh (DRHP p.51, DRHP p.204, DRHP p.241).

Borrowings are working-capital money: ₹314.87 lakh drawn on an Axis Bank cash credit at repo rate plus 3%, guaranteed personally by the three promoters, and ₹615.53 lakh of unsecured business loans from banks and finance companies at 15.00% to 26.40% a year, including ₹146.25 lakh from Insta Capital Private Limited at 1.8% a month (DRHP p.206, DRHP p.222, DRHP p.223). Two more loans of ₹65.00 lakh were taken in April 2026 (DRHP p.223). There is no credit rating (DRHP p.36). Contingent liabilities are ₹64.50 lakh (DRHP p.54).

After the issue: the offer repays ₹557.26 lakh of unsecured loans outstanding at July 31, 2026 (DRHP p.92). On the March 2026 balance sheet that would take borrowings from ₹930.40 lakh to about ₹373.14 lakh, before any new borrowing since (our arithmetic, DRHP p.51, DRHP p.92). The share count rises from 60,10,000 to 92,46,400 on full allotment; with no price, the money raised cannot be stated (our arithmetic, DRHP p.71).

08What the money is for

Source: DRHP p.84; percentages are our arithmetic. The whole amount is scheduled for FY27 (DRHP p.85).

Working capital: the company puts its FY27 working capital gap at ₹4,072.29 lakh, of which ₹1,918.85 lakh is to come from the issue, ₹1,803.44 lakh from internal accruals and ₹350.00 lakh from borrowings (DRHP p.90, DRHP p.92). This rests on the company's own estimate of revenue of ₹10,879.08 lakh in FY27, on receivable days of 90 and inventory days of 45, against 82 and 22 in FY26 (DRHP p.89, DRHP p.90).

Loan repayment: 15 business loans sanctioned between June 2025 and April 2026, at 15.00% to 21.60% a year (DRHP p.93).

Warehouses: ₹21.04 lakh of racks, pallet trucks, furniture, computers, CCTV and electrical work for each of Banur, Vapi, Bhiwandi, Manesar and Dhulagarh, and ₹258.52 lakh for Sreerampore, which adds a ₹128.00 lakh pallet racking system and four electric forklifts for ₹109.48 lakh (DRHP p.87, DRHP p.88). The spending is not for buying or building any warehouse; the sites are to be leased, and they rest on non-binding requests for quotation from customers (DRHP p.86).

No orders have been placed and one quotation, for the forklifts, was valid only until September 25, 2026 (DRHP p.88). None of the objects has been appraised by a bank or any agency, and no monitoring agency is appointed (DRHP p.60, DRHP p.62, DRHP p.85).

Into the business the whole issue: up to 32,36,400 new shares, not priced at draft stage (DRHP p.84). To selling shareholders nothing: there is no offer for sale (DRHP p.84).

09Who is selling

No one. The issue is a fresh issue of up to 32,36,400 shares with no offer for sale, and none of the promoters or promoter group will bid in it (DRHP p.84, DRHP p.83). The three stated objects add up to ₹2,839.81 lakh before general corporate purposes and issue expenses (our arithmetic, DRHP p.84). Up to 1,62,000 of the shares are reserved for the market maker (DRHP p.49). The issue is made under Regulation 229(1), for a company whose post-issue paid-up capital will be no more than ₹10 crore (AP p.1).

10Promoters

The promoters are Avik Sanyal, 52, Managing Director, a science graduate with a postgraduate qualification in logistics and supply chain management from XLRI Jamshedpur, associated with the company since October 2019; Soumya Putatunda, 51, Whole Time Director, a science graduate of the University of North Bengal, associated since August 2019; and Soma Maitra, 51, Non-Executive Director, a hospitality management graduate, on the board since August 2024 (DRHP p.169, DRHP p.183, DRHP p.184, DRHP p.185).

The document records Avik Sanyal and Soma Maitra as spouses (DRHP p.170). Soumya Putatunda cannot trace the mark sheet or degree for a postgraduate diploma from IMT Ghaziabad, and the CFO and company secretary could not locate some records of past employment, so the prospectus relies on affidavits (DRHP p.38, DRHP p.184).

Other businesses: all three are directors of 360 Degree Supply Chain Management Private Limited, which the document says is in a similar line of business, and of Sparkz Digital Private Limited; all three are partners in the firm 360 Degree Supply Chain Management; Avik Sanyal is karta of Avik Sanyal HUF; and Avik Sanyal and Soumya Putatunda are directors of Zest S C M Food Supplements Trading L.L.C in Dubai (DRHP p.166, DRHP p.167, DRHP p.187).

360 Degree Supply Chain Management Private Limited had a net worth of negative ₹570.05 lakh after a FY25 loss of ₹444.89 lakh (DRHP p.249). The three promoters closed The Go to Market Company INC on June 29, 2026 (DRHP p.187).

Pay: the promoters drew nothing in FY24, ₹60.00 lakh in FY25 and ₹120.00 lakh in FY26, of which ₹72.00 lakh went to Avik Sanyal (DRHP p.55). Approved limits are now up to ₹74 lakh a year for Avik Sanyal and up to ₹60 lakh for Soumya Putatunda (DRHP p.171, DRHP p.172). Avik Sanyal HUF was paid ₹79.32 lakh, ₹40.20 lakh and ₹40.00 lakh in the three years (DRHP p.55). No promoter share is pledged (DRHP p.76).

Promoter economics: the company was founded in 2016 with 10,000 shares at ₹10 each, subscribed by two other individuals; the present promoters bought those shares at ₹10 in March 2022 and rearranged them among themselves at ₹10 in July 2024 (DRHP p.72, DRHP p.76, DRHP p.77). A bonus issue of 600 shares for every share on June 22, 2026 then turned 10,000 shares into 60,10,000 (DRHP p.72). The stated average cost of acquisition after the bonus is ₹0.02 a share for each promoter (DRHP p.29). There has been no allotment for cash since 2016 (DRHP p.72).

11Who already owns it

Source: DRHP p.77. There are seven shareholders and no public, institutional, private equity or employee holder, and no option scheme (DRHP p.74, DRHP p.81). The promoters hold 99.96% and the promoter group the rest (DRHP p.77). On full allotment of 32,36,400 new shares the count rises to 92,46,400, and the promoters and promoter group together would hold 100.0% before and about 65.0% after the issue (our arithmetic, DRHP p.71). The new shares are about 35.0% of the post-issue capital (our arithmetic, DRHP p.71). There is no securities premium before the issue (DRHP p.71).

12What changed just before the IPO

• Revenue and profit multiplied: revenue went from ₹881.35 lakh in FY24 to ₹6,978.97 lakh in FY26 and profit after tax from ₹41.97 lakh to ₹584.19 lakh (DRHP p.52).
• Receivable days moved from 152 in FY24 to 56 in FY25 and 82 in FY26 (DRHP p.90).
• Promoters started drawing pay: nil in FY24, ₹60.00 lakh in FY25, ₹120.00 lakh in FY26 (DRHP p.55).
• A 600 for 1 bonus issue on June 22, 2026 turned 10,000 shares into 60,10,000, capitalising reserves (DRHP p.72).
• No pre-IPO placement: the company has not proposed any placement before listing (DRHP p.83). The last allotment before the IPO is that bonus of June 2026; the only allotment for cash was the 10,000 subscriber shares at ₹10 each in May 2016 (DRHP p.72).
• The auditor changed: Jaimin B. Shah and Associates resigned on April 7, 2025 citing personal reasons, and R. Soni & Co was appointed on May 03, 2025 to fill the casual vacancy (DRHP p.68).
• The company became a public company in October 2024, three months after its change of name from Digitalx Advertising and Events Private Limited (DRHP p.57).
• New lines of business: strategic consultancy began in FY25, D2C nutrition sales in FY25 and pallet repair in FY26 (DRHP p.209).
• Loans to group entities were repaid and replaced: loans to related parties of ₹676.69 lakh at March 2025 were nil at March 2026, when ₹301.33 lakh of supplier advances stood with two group companies (DRHP p.56).
• A compounding order: on August 17, 2026 the Regional Director imposed ₹6,00,000 each on the company and the three promoter directors for an alleged breach of the Companies Act rule on loans to entities in which directors are interested, concerning dealings with the firm 360 Degree Supply Chain Management; ₹24,00,000 was paid by September 01, 2026 (DRHP p.30, DRHP p.236).
• Board rebuilt: two independent directors resigned in September 2025, two new ones joined on May 02, 2026, and a CFO and company secretary were appointed in February 2026 (DRHP p.173, DRHP p.218).
• Borrowing tripled: from ₹296.07 lakh at March 2025 to ₹930.40 lakh at March 2026 (DRHP p.51).

13Capacity and expansion

The business has no plant; its capacity is rented floor space. The largest leased sites:

Source: DRHP p.137, DRHP p.138, DRHP p.139. The company describes its lease tenures as generally short-term, most ending within 2026 or early 2027 (DRHP p.24, DRHP p.139). The document does not disclose how much of any warehouse is in use, pallet positions, or throughput by site.

The issue funds equipment for six sites: Banur, Vapi, Bhiwandi, Manesar, Dhulagarh and Sreerampore, with Vapi the first in Gujarat (DRHP p.130). The document states no area, capacity or expected use for them, and the requests for quotation behind them are non-binding (DRHP p.86). Read from the filing: a Sreerampore warehouse is already leased from July 2026 and a Bhiwandi one since December 2025, and the document does not say whether the proposed sites at those places are the same premises (DRHP p.137, DRHP p.139).

14Market size and industry structure

As claimed: the industry chapter is drawn mainly from www.ibef.org and other public sources, not a commissioned report, and the company has not verified it (DRHP p.108). It says India's logistics sector was valued at US$ 250 billion in 2021 and that the warehousing market is predicted to reach US$ 34.99 billion by 2027 at 15.64% a year from 2022 (DRHP p.113). It says the Indian protein supplement market was ₹7,461 crore in 2024 and cites MarkNtel for a whey protein market of ₹795 crore in 2023 (DRHP p.116).

The part that is addressable: third-party warehousing and fulfilment for consumer brands, plus online sale of imported sports nutrition products. The document does not size either.

What the company is today: ₹6,978.97 lakh of FY26 revenue, 20 facilities in 11 states and union territories, 160 employees (DRHP p.52, DRHP p.120, DRHP p.136).

On structure, the company describes logistics as highly competitive and fragmented, with low barriers to entry and exit and pricing often decisive in winning contracts (DRHP p.134). In nutrition, it competes with domestic and international brands and distributors (DRHP p.134).

15Competitive position

Source: DRHP p.99, DRHP p.100, FY26 figures, converted from ₹ lakh by us. The company says the two are "not strictly comparable" and are included for broad comparison only (DRHP p.100).

What the document offers as reasons customers use it: one provider for storage, transport and fulfilment; an asset-light model on rented space; a presence in 11 states; an ERP with warehouse and order management systems; and the promoters' experience (DRHP p.128, DRHP p.129). Against that: it owns no warehouse or vehicle, most leases are under a year, six centres depend on no-objection certificates from one marketplace that can be revoked, and the trademark belongs to a group company (DRHP p.24, DRHP p.27, DRHP p.137). The nutrition line depends on a single vendor that holds the licence to distribute the brand in India, with no alternative source identified (DRHP p.28).

16Peers the company named

Peers named in the offer document: TVS Supply Chain Solutions Limited and Delhivery Limited (DRHP p.98).

Both are listed logistics companies with FY26 revenue of about ₹11,003 crore and ₹10,508 crore, roughly 150 to 158 times this company's ₹69.8 crore (our arithmetic, DRHP p.98). Neither sells nutrition products or does brand consultancy, which were 56.66% of this company's FY26 revenue between them (our arithmetic, DRHP p.209). Their PAT margins were 1.06% and 1.40% against 8.35% here (DRHP p.99, DRHP p.100). The basis-for-price chapter prints market prices and price to earnings multiples for both as of August 18, 2026; with no price band, this study does not set the company against them (DRHP p.98, DRHP p.99).

17Risks, in plain words

Customers: the top ten were 66.20% of FY26 revenue and the largest 16.77%, out of only eleven identifiable business customers (DRHP p.22) → losing one or two would remove a large share of the logistics revenue → only a limited number of customers have written agreements (DRHP p.22).

Suppliers: the largest supplier was 66.39% of FY26 purchases and the top three 98.90% (DRHP p.28) → the nutrition products come from one vendor holding the Indian licence, with no alternative → the trading line was 45.89% of FY26 revenue (DRHP p.28, DRHP p.132).

Cash and working capital: operating cash flow was negative ₹377.70 lakh in FY26 (DRHP p.53) → growth has been paid for with receivables and supplier advances → the company's own plan puts the FY27 working capital gap at ₹4,072.29 lakh (DRHP p.90).

Premises: most leases run under a year and six centres rest on revocable marketplace certificates (DRHP p.24) → a lost lease means relocating stock and customers → the company owns no property (DRHP p.137).

Borrowing cost: unsecured loans carry 15.00% to 26.40% interest and the debt service coverage ratio fell to 0.90 in FY26 (DRHP p.206, DRHP p.214) → finance charges rose from ₹44.15 lakh to ₹78.07 lakh → part of the issue repays ₹557.26 lakh of these loans (DRHP p.52, DRHP p.92).

Promoters and group: the group company 360 Degree Supply Chain Management Private Limited does similar work and had negative net worth of ₹570.05 lakh (DRHP p.37, DRHP p.249) → the trademark the company uses belongs to that group company (DRHP p.27) → a compounding fee was paid in 2026 over dealings with a promoter firm (DRHP p.30).

Compliance record: GST returns were filed late in every year from FY18, provident fund returns up to 191 days late in FY26, and 32 company-law filings are listed as late, one by 1,157 days (DRHP p.30, DRHP p.31, DRHP p.32) → late filings carry fees and interest → no show cause notice has been received on the company-law filings (DRHP p.32).

Issue-specific: none of the objects has been appraised, general corporate purposes are left blank, no monitoring agency is appointed and there is no price band (DRHP p.60, DRHP p.62, DRHP p.84, DRHP p.85).

18Litigation and regulatory matters

There are no criminal proceedings and no material civil suits by or against the company, promoters, directors or group companies (DRHP p.237, DRHP p.238). The summary table counts three tax matters against promoters and directors for ₹9.25 lakh, more than the two demands of ₹1.87 lakh described in detail (DRHP p.21, DRHP p.240). Contingent liabilities of ₹64.50 lakh cover ₹24.17 lakh of TDS and ₹40.33 lakh of GST (DRHP p.54).

19Related-party transactions

Source: DRHP p.55; the loan row is our arithmetic on the lines listed there.

Related-party sales were 19.35% of revenue in FY24, 4.55% in FY25 and 3.44% in FY26 (DRHP p.55). In FY24 whey protein trading revenue was ₹170.51 lakh, the same amount as FY24 sales to 360 Degree SCM Private Limited (DRHP p.55, DRHP p.209).

What appeared in the last two years: promoter pay from FY25; ₹117.03 lakh of expenses paid to the promoters' partnership firm in FY26; supplier advances of ₹229.52 lakh to 360 Degree Supply Chain Management Private Limited and ₹71.81 lakh to Sparkz Digital Private Limited at March 2026; a trademark royalty agreement with the group company in February 2026 (DRHP p.56, DRHP p.140).

What disappeared: loans to related parties, ₹676.69 lakh at March 2025 and nil a year later (DRHP p.56). The document does not state the royalty rate.

20What the offer document does not say

No customer, supplier or brand is named, apart from Amazon Seller Services Private Limited as the grantor of the fulfilment-centre certificates. Warehouse utilisation, square feet in use, orders shipped, units sold and prices are not disclosed, so growth cannot be split into volume and price. The margin of the trading line on its own is not given. The royalty payable for the trademark is not stated.

What the ₹817.52 lakh of supplier advances at March 2026 were paid for, and why ₹301.33 lakh of them sit with group companies that were previously borrowers, is not explained. Whether the ₹394.59 lakh of receivables aged six months to a year are the group-company receivables of the same amount is not said. The ₹155.66 lakh of "Business Expansion Expenses" carried as an asset is not described.

The general corporate purposes amount, issue expenses and price are blank. Two document matters are worth recording: the abridged prospectus lists "Jamshedpur" and "Chennai" in a table of states where the DRHP says Jharkhand and Tamil Nadu (AP p.3, DRHP p.133), and the company-law filing table dates the conversion to a public company August 26, 2024 while the certificate is dated October 07, 2024 (DRHP p.32, DRHP p.57).

21Five questions for management

1. What gross margin did the whey protein and D2C nutrition sales earn in FY25 and FY26, separately from the logistics services?
2. What were the ₹817.52 lakh of supplier advances at March 2026 for, and when are the ₹301.33 lakh with group companies to be settled?
3. Are the ₹394.59 lakh of receivables aged six months to a year the amounts owed by the two group companies, and when will they be collected?
4. How many square feet were in use and how many orders were shipped in FY25 and FY26, by site?
5. What royalty does the company pay 360 Degree Supply Chain Management Private Limited for the trademark, and on what terms can it be withdrawn?

2Sources and cited facts

This study was read from 2 documents the company filed. The 110 figures it cites are listed under the document each came from, with the page and the sentence as printed.