ABC India Limited is an established, organized player in the Indian transportation and logistics sector. Operating through a service-based model, the company specializes in complex project logistics, including **Over Dimensional Consignments (ODC)** and **Over Weight Consignments (OWC)**, alongside a robust **Full Truck Load (FTL)** division and retail fuel operations. Headquartered in **Kolkata**, the company maintains a strategic competitive advantage in the **North Eastern States** and serves a blue-chip clientele across the infrastructure, power, and FMCG sectors. --- ### **Core Business Segments & Revenue Streams** The company’s revenue is generated through two primary reporting segments. While the "Construction" industry has been a historical focus, current growth is driven by specialized logistics and retail fuel. | Segment | Description | FY 2023-24 Revenue (₹ Cr) | FY 2022-23 Revenue (₹ Cr) | | :--- | :--- | :--- | :--- | | **Freight and Services** | Logistics, supply chain management, and specialized project transportation (ODC/OWC). | **97.88** | **76.56** | | **Petrol Pump** | Retail outlet operations and fuel distribution. | **66.72** | **68.62** | | **Total** | Combined segment earnings. | **164.60** | **145.18** | *Note: Total revenue reached **₹ 186.66 Crore** in **FY 2024-25**, reflecting a consistent upward trajectory.* --- ### **Strategic Project Execution: The NRL Contract** A significant portion of the company’s recent growth and operational focus is tied to its multimodal transportation contract for the **Numaligarh Refinery Limited (NRL)** under the **NREP** project. * **Contract Value Evolution:** Originally awarded in October 2021 for **₹ 69.39 crores**, the contract saw extensions of **₹ 22.78 crores** in FY 2023-24, bringing the total revised value to **₹ 92.17 crores**. * **Execution Timeline:** The project was largely completed by the end of FY 2024. Approximately **₹ 23 crores** of residual work is slated for **FY 2025-26**. * **Future Pipeline:** Management is actively pursuing a **new work order** for ancillary equipment transportation at the refinery for the **FY 2025-26** period. --- ### **Market Reach & Client Portfolio** ABC India operates as a **non-manufacturing unit**, utilizing a vast network of offices in major Indian cities to manage a diverse logistics fleet including trucks, trawlers, specialized containers, and vessels. * **FTL Segment Growth:** The Full Truck Load segment has shown steady expansion, growing from **₹ 55.72 Crore** in FY23 to **₹ 59.55 Crore** in FY25. * **Key Clients:** The company maintains long-term relationships with major corporate entities, including: * **FMCG/Consumer Goods:** Nestle India, Dabur India, Varun Beverages, Bisleri, Parle Agro, and Patanjali. * **Industrial/Infrastructure:** Godrej & Boyce, KEC International, and various government-backed projects. * **Growth Targets:** The company has set a specific sales target of **₹ 70-75 crores** within its core growth areas for the **FY 2025-26** fiscal year. --- ### **Financial Performance & Capital Structure** The company has demonstrated top-line growth over the last three fiscal years, though profitability remains sensitive to operational costs and sector-specific cycles. **Three-Year Financial Summary:** | Particulars (₹ in Crore) | **FY 2024-25** | **FY 2023-24** | **FY 2022-23** | | :--- | :---: | :---: | :---: | | **Total Revenue** | **186.66** | **165.15** | **145.89** | | **EBIDTA** | **5.95** | **6.41** | **5.48** | | **Profit After Tax (PAT)** | **2.47** | **2.28** | **4.26** | | **Finance Cost** | **2.01** | **2.22** | **2.10** | | **Depreciation** | **1.36** | **1.22** | **1.14** | **Solvency & Shareholder Equity:** The company monitors a **Net Debt to Equity Ratio** to maintain its "going concern" status. As of March 31, 2025, the ratio stood at **1.09**, a slight improvement from **1.15** in the previous year. * **Net Debt:** **₹ 59.54 Crore** (as of March 2025). * **Total Equity:** **₹ 54.64 Crore** (as of March 2025). * **Dividends:** The Board has maintained a consistent **5% dividend** (₹ 0.50 per share) for the last three consecutive years, resulting in a total outflow of **₹ 27.09 Lakhs** in FY25. --- ### **Corporate Restructuring & Asset Optimization** Management is currently executing a strategy to streamline the balance sheet and reduce overheads: * **Amalgamation:** Effective **May 27, 2025**, **Prabhu Dhan Infrastructure Pvt Ltd** was merged into **Bhoruka Properties Pvt Ltd (BPPL)**. This consolidated the promoter group's holdings, with BPPL now holding a **4.85%** direct stake in ABC India. This move is intended to achieve **economies of scale** and reduce regulatory compliance costs. * **Asset Monetization:** In March 2026, the Board approved the sale of land associated with the **Petrol Pump Unit** in Pune for **₹ 3.10 crores** to optimize the company's asset base. * **Operational Efficiency:** The company has undergone **workforce rationalization** and multi-functional training for its **97 permanent employees** to lower the break-even point. --- ### **Risk Profile & Governance Challenges** Investors should note several critical risk factors and regulatory hurdles currently facing the company: **1. Credit Rating Downgrades (as of August 2025):** | Facility Type | Previous Rating | Current Rating | Status | | :--- | :--- | :--- | :--- | | **Long Term Facilities** | **CARE BBB-** | **CARE BB+** (Stable) | **Downgraded** | | **Short Term Facilities** | **CARE A3** | **CARE A4+** | **Downgraded** | **2. Governance & Compliance Issues:** * **KMP Violation:** The company is currently in violation of **Section 203(1) of the Companies Act, 2013**, as **Mr. Sanjay Agarwal** holds the dual roles of **CFO and Company Secretary**. * **Listing Anomalies:** There are unresolved discrepancies with the **Calcutta Stock Exchange (CSE)** regarding the listing of **400,000 preferential shares**, **14,870 ESOP shares**, and a minor mismatch in bonus issue shares. The company is seeking to resolve these to complete a pending delisting from the CSE. * **Dematerialization:** **94.57%** of the share capital is dematerialized (**ISIN: INE 125D01011**). **3. Operational Risks:** * **Sector Sensitivity:** Performance is heavily reliant on the revival of the **infrastructure and power sectors**. * **Credit Risk:** While **₹ 26.53 Crore** of receivables are "No Risk," the company presumes default for payments **60 days past due**. * **Hedging:** The company **does not engage** in foreign exchange or commodity price hedging, leaving it exposed to market fluctuations.