**Amiable Logistics (India) Limited** (NSE: **AMIABLE**) is a specialized logistics service provider and a licensed **Custom House Broker** authorized by the **Ministry of Finance**. The company serves as a critical intermediary between commercial trade entities and government authorities, including **Customs** and the **Directorate General of Foreign Trade (DGFT)**. Listed on the **NSE EMERGE** platform, the company is currently undergoing a strategic transition from a pure-play service provider to an asset-backed logistics firm. --- ### **Core Service Portfolio and Revenue Streams** The company operates through a single primary segment—**Logistics**—but maintains a diversified revenue mix across four distinct service lines. As of the **FY 2024-25** reporting period, the revenue distribution is as follows: | Service Activity | Revenue (Rs. In Lakhs) | % of Total Revenue | | :--- | :--- | :--- | | **Freight** | **826.12** | **36.67%** | | **Agency and Forwarding** | **550.67** | **24.44%** | | **Other Logistics Services*** | **876.21** | **38.89%** | ***Includes Customs Brokerage, Warehousing, and Transportation services.** The company’s operational backbone is its status as a registered **Custom House Broker** under the Department of Revenue. It maintains high industry standing through active memberships in **The Brihanmumbai Custom Broker's Association (BCBA)** and **The Bombay Custom House Agents' Association (BCHAA)**. --- ### **Strategic Growth and Capital Allocation Policy** Amiable Logistics is currently executing a long-term strategy focused on **capital appreciation** and **infrastructure expansion**. The Board has adopted a disciplined **zero-dividend policy** for the fiscal years ending **March 2024** and **March 2025**, choosing instead to reinvest **100% of retained earnings** into the business. #### **Key Strategic Priorities:** * **Infrastructure Investment:** The company has authorized a **₹4,00,00,000 (Four Crore)** investment to purchase new office premises in **Ghatkopar, Mumbai**. This **1,500.72 Sq. Ft.** facility in the "Planet Neptune" project is intended to centralize operations and support future scaling. * **Technological Innovation:** Reinvested capital is being directed toward **Last-mile delivery** technology and **Extended Warehouse Management** systems to improve shipment visibility. * **Market Diversification:** Management is actively pursuing expansion into **e-commerce logistics** and the **diversification of its transport fleet** to mitigate reliance on third-party carriers. --- ### **Financial Performance and Capital Structure** The company has recently entered a phase of financial consolidation. While net worth continues to grow, top-line revenue and profitability saw a contraction in the most recent fiscal year following a period of high margin expansion. #### **Three-Year Financial Summary** | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **23.88** | **25.59** | **30.19** | | **Revenue from Operations** | **22.53** | **24.40** | **29.46** | | **Profit After Tax (PAT)** | **0.78** | **1.34** | **1.08** | | **Earnings Per Share (EPS)** | **Rs. 4.47** | **Rs. 7.67** | **N/A** | | **Net Worth** | **9.01** | **8.23** | **6.89** | #### **Equity and Shareholding Details:** * **Authorized Share Capital:** **Rs. 1.85 Crore** (1,850,000 shares at **Rs. 10** par). * **Paid-up Share Capital:** **Rs. 1.75 Crore** (1,748,200 shares). * **Promoter Holding:** As of **January 2026**, the Promoter held **4,28,952 equity shares**. * **Incentive Structure:** In a notable governance move, the Promoter voluntarily gifted **6,400 shares** to the CEO, **Mr. Kishor Mange**, to align leadership interests with shareholder value. --- ### **Leadership and Governance Restructuring** In **May 2025**, the company overhauled its executive team to drive its new growth phase. This restructuring emphasizes operational efficiency and long-term compliance. * **Executive Leadership:** * **Mr. Lalit Mange:** Chairman & Managing Director. * **Mr. Kishor Mange:** Appointed **CEO** (transitioned from Director) to lead executive strategy. * **Mr. Punit Daiya:** Appointed **Chief Operating Officer (COO)** to optimize logistics workflows. * **Mr. Vrutant Ashwin Shah:** Appointed as **Executive Director**. * **Audit and Oversight:** To ensure rigorous internal controls during its expansion, the company appointed **M/s K.C. Suthar & Co** as Secretarial Auditors for a **five-year term** (2025-2030). --- ### **Risk Profile and Mitigation Strategies** Amiable Logistics operates in a high-stakes regulatory environment where its role as a **Custom House Agent (CHA)** exposes it to vicarious liability for client actions. #### **Regulatory and Legal Exposure** The company frequently receives **Show Cause Notices (SCN)** from the Custom Department. * **Recent Case:** In **February 2026**, the company received **SCN No. 45/2025-26** and **SCN No. 1546/2025-26** regarding a client, **Agarwal Trade Links**. * **Mitigation:** The company successfully defended over **12 cases** in **July 2025**, where the **Commissioner of Customs (Appeals)** ruled that agents cannot be penalized without evidence of "knowing abetment." The company strictly adheres to **CBIC Advisory No. 02/2024** to protect its licensing status. #### **Operational and Macroeconomic Risks** | Risk Factor | Impact & Context | | :--- | :--- | | **Labor Shortage** | Critical deficit of **Heavy Goods Vehicle (HGV)** drivers and a skill gap in managing modern logistics tech. | | **Fuel Volatility** | Geopolitical conflicts (e.g., **Russia-Ukraine**) cause price swings that necessitate complex fuel surcharges. | | **Operational Inefficiency** | "Empty miles" and global tracking inconsistencies remain the primary hurdles to margin improvement. | | **Related Party Risks** | The **₹4 Crore** office purchase involves a related party (**M/s Ami Housing Limited**), requiring transparent governance. | --- ### **Future Outlook** Despite a **7.69%** dip in revenue and a **41.74%** decrease in net profitability in **FY 2024-25**, Amiable Logistics maintains a strong balance sheet with **Reserves and Surplus** of **Rs. 6.48 Crore**. The company is betting on a recovery in global consumption and its own transition into a more asset-heavy, technologically integrated logistics provider to drive its next cycle of growth.