The cold-chain logistics company has more than doubled its profit in two years and plans to use most of the IPO proceeds to expand its refrigerated fleet.
Pooja Logistics Ltd is raising ₹44.23 crore through an NSE SME IPO that opens on September 23, 2026.
The company transports temperature-sensitive products in refrigerated trucks, commonly known as reefers. Its customers operate in sectors such as confectionery, dairy, quick-service restaurants, pharmaceuticals and e-commerce.
Pooja Logistics owned more than 424 GPS-enabled vehicles as of March 31, 2026. It plans to use ₹33.97 crore, or more than three-fourths of the IPO proceeds, to buy additional vehicles.
Revenue increased from ₹125.14 crore in FY24 to ₹167.77 crore in FY26, while net profit more than doubled to ₹12.34 crore. The sharp improvement in profit margins is encouraging, though investors must consider whether the company can sustain it in a competitive, capital-intensive business.
Pooja Logistics IPO details
| Particulars | Details |
|---|---|
| IPO opens | September 23, 2026 |
| IPO closes | September 25, 2026 |
| Basis of allotment | September 28, 2026 |
| Credit to demat account | September 29, 2026 |
| Listing date | September 30, 2026 |
| Listing platform | NSE Emerge |
| Price band | ₹109–₹115 |
| Face value | ₹10 |
| Issue size | ₹44.23 crore |
| Fresh issue | 38.46 lakh shares |
| Offer for sale | Nil |
| Lot size | 1,200 shares |
| Minimum retail application | 2,400 shares |
| Minimum retail investment | ₹2,76,000 |
| Post-issue market capitalisation | About ₹164.27 crore |
| Lead manager | Share India Capital Services |
| Registrar | Maashitla Securities |
| Market makers | Share India Securities and Prabhat Financial Services |
The IPO consists entirely of newly issued shares. Pooja Logistics will receive the proceeds after deducting issue-related expenses.
The company plans to spend ₹33.97 crore on new commercial vehicles. The remaining proceeds will be available for general corporate purposes.
Its paid-up equity capital will increase from ₹10.44 crore to ₹14.28 crore after the issue. The IPO represents approximately 26.93% of the enlarged equity capital.
| Shares offered | |
|---|---|
| Qualified institutional buyers | 17.76 lakh |
| Non-institutional investors | 5.40 lakh |
| Retail investors | 12.60 lakh |
| Employees | 72,000 |
| Market makers | 1.98 lakh |
Financial performance
| Particulars | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | ₹125.14 crore | ₹150.49 crore | ₹167.77 crore |
| Net profit | ₹5.73 crore | ₹11.02 crore | ₹12.34 crore |
| PAT margin | 4.63% | 7.41% | 7.45% |
| RoCE | 18.79% | 27.17% | 20.89% |
Revenue increased by 20.3% in FY25 and 11.5% in FY26. That indicates steady growth, although the pace slowed in the latest year.
Profit rose much faster. Net profit nearly doubled from ₹5.73 crore in FY24 to ₹11.02 crore in FY25 and increased by another 12% to ₹12.34 crore in FY26.
The PAT margin expanded from 4.63% in FY24 to 7.41% in FY25 and 7.45% in FY26. Investors should examine this improvement carefully because logistics companies face expenses related to fuel, drivers, vehicle maintenance, insurance and financing.
Return on capital employed increased to 27.17% in FY25 before falling to 20.89% in FY26. This decline matters because the IPO will substantially increase the company’s asset base through the purchase of vehicles.
Pooja Logistics had contingent liabilities of ₹27.15 crore as of March 31, 2026.
Price-band
At the upper price of ₹115, the company is seeking a post-issue market capitalisation of approximately ₹164.27 crore.
On FY26 earnings and the enlarged equity base, the IPO is valued at a price-to-earnings ratio of about 13.31 times. Based on FY25 earnings, the multiple is approximately 14.90 times.
The offer is priced at 2.84 times the company’s March 2026 net asset value of ₹40.53 per share. A post-issue net asset value has not been provided, making it difficult to assess the price-to-book multiple after accounting for the fresh capital.
Comparison with listed peers
Pooja Logistics has named AVG Logistics and Premier Roadlines as its listed peers.
| Company | Indicative P/E |
|---|---|
| Pooja Logistics | 13.31 |
| AVG Logistics | 27.1 |
| Premier Roadlines | 7.52 |
The wide difference between the peer valuations limits the usefulness of a simple P/E comparison.
AVG Logistics is valued considerably higher, while Premier Roadlines trades at a lower multiple than Pooja Logistics. Differences in scale, fleet ownership, service mix, debt, customer profile and margins make a direct comparison difficult.
Pooja Logistics’ margins also appear stronger than those of some listed logistics companies. Investors should watch whether this advantage continues after listing rather than assume that the recent margin level is permanent.
GMP
The Pooja Logistics IPO had no active grey-market premium, effectively ₹0, as of September 22, 2026.
GMP is unofficial and unregulated. It can change rapidly and should not be used as the sole basis for an investment decision.
Risks to consider
The PAT margin rose from 4.63% in FY24 to more than 7.4% in FY25 and FY26. Any reversal could materially reduce earnings because logistics remains a cost-sensitive business.
The company’s top 10 customers contributed about 68% of FY26 revenue. The loss of one or more large customers, or the renegotiation of contracts on less favourable terms, could affect revenue and fleet use.
Pooja Logistics plans to invest ₹33.97 crore in new vehicles. Those vehicles will need to be deployed quickly and consistently to generate adequate returns.
Fuel prices, repairs, tyres, insurance and driver expenses directly affect operating margins. The company may not always be able to pass higher costs on to customers immediately.
Contingent liabilities of ₹27.15 crore are substantial relative to the company’s size and annual profit. Investors should study their nature in the offer document.
