Ashapura Logistics Limited is an Ahmedabad-based integrated supply chain solutions provider with over **two decades** of operational experience. The company utilizes an **asset-based business model**, combining owned infrastructure with a network of leased assets to provide end-to-end logistics services across India. Following its successful **IPO** on the **NSE SME** platform in **August 2024**, which raised **₹52.66 crore**, the company is transitioning from a regional player into a pan-India integrated logistics powerhouse. --- ### **Core Service Verticals & Specialized Cargo Handling** The company operates through four primary service segments, maintaining a strategic presence in key industrial hubs including **Gujarat, Maharashtra, Karnataka, and Tamil Nadu**. * **Transportation (53.41% of FY2024 Revenue):** The primary revenue driver, operating via **B2B term contracts** and spot business as a **Goods Transportation Agency (GTA)**. * **Cargo Handling & Freight Forwarding:** Provides ocean/air freight and custom clearance (CHA). It specializes in three distinct cargo types: * **Standard Container:** Handling **20-foot** and **40-foot TEUs**. * **Open Cargo (Bulk & Break Bulk):** Managing non-containerized goods like coal, ores, and machinery using specialized securing methods (straps/chains). * **Over Dimensional Cargo (ODC):** Specialized logistics for freight exceeding standard limits, such as wind turbine blades and industrial equipment, requiring custom routing and permits. * **Warehousing & Distribution (W&D):** Established in **2014**, offering **G+5 multi-level racking** and value-added services with a target of **99%+** order fulfillment accuracy. * **Multimodal Solutions:** Includes **coastal movement** and integrated road-rail-road or road-coastal-road solutions designed to reduce transport costs by **10-15%**. --- ### **Infrastructure, Asset Base, and Technology** As of **March 31, 2025**, the company’s operational capacity is supported by a robust mix of owned and leased assets: | Asset Category | Quantity / Detail | Ownership / Status | | :--- | :--- | :--- | | **Commercial Trucks** | **304** Units | **123** owned by Company; **181** by Subsidiary | | **Containers** | **60** Units (**40 TEUs**) | Owned | | **Warehouses** | **07** Facilities | Leased (Chennai, Bangalore, Mundra, Nhava Sheva) | | **Branch Offices** | **09** Offices | Pan-India network | | **W&D Built-up Area** | **95,000 sq. ft.** | High-density storage (G+5) | **Technological Integration:** The company utilizes proprietary **IMPEX** software for real-time track-and-trace of cargo and fleet operations, ensuring transparency for its **560+ customers** across the Automobile, Paper, Textile, and Steel industries. --- ### **Strategic Growth Pillars & Expansion Roadmap** Ashapura is executing a multi-pronged strategy to scale its domestic footprint and infrastructure: * **Fleet Augmentation:** Aggressively scaling capacity to meet rising demand. * Added **15 new fleets** in H1 **FY 2025-26**, bringing the total owned fleet to **321** units as of **October 2025**. * Targeting an additional **20 fleets** by the end of **FY 2025-26**. * **Domestic Logistics Diversification:** Launched in **2024**, this vertical has already established operations in **11 locations** (including Guwahati, NCR, and Kolkata). * **Key Wins:** Secured a **₹49 crore** order from **Tycoons Industries** and a **₹7.34 crore** order from **Hindustan Coca-Cola Beverages**. * **Infrastructure Development:** * **Mundra Logistics Park:** A consolidation hub for EXIM cargo, expected to be fully operational by **November 2025**. * **Future Facilities:** Construction of new warehouses in **Bangalore (Dodaballapura)** and **Chennai** is slated for early **2026**. * **Inorganic Expansion:** In **April 2026**, the Board approved a strategic investment in **Synergy Cargo Logistics Private Limited** via **Optionally Convertible Debentures**, providing future acquisition rights. --- ### **Financial Performance & Capital Allocation** The company reports under Indian GAAP and operates in a single segment: **Logistics and Freight Forwarding**. **Consolidated Financial Highlights:** | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **230.97** | **199.01** | **221.82** | | **Net Profit** | **12.36** | **12.35** | **9.09** | | **Growth (YoY %)** | **+0.04%** | **+35.94%** | - | **Key Ratios (FY 2024-25):** * **Operating Profit Margin:** **8.67%** * **Debt to Equity Ratio:** **0.55** * **Current Ratio:** **1.96** * **Interest Coverage Ratio:** **4.18%** **Dividend Policy:** To support this high-growth phase, the Board did **not declare a dividend** for **FY 2024-25**, opting to reinvest internal accruals into fleet and warehouse expansion. --- ### **IPO Proceeds Utilization (Estimated)** | Purpose | Amount (₹ in Lakhs) | | :--- | :--- | | Purchase of Vehicles and Equipment | **1,502.05** | | Construction of Warehouses (Mundra, Gujarat) | **1,639.82** | | Working Capital Requirements | **600.00** | --- ### **Risk Management & Compliance Profile** The company operates under a Board-led **Risk Management Framework** to address operational and regulatory threats. **Contingent Liabilities (as of March 31, 2025):** The company has **₹297.67 Lakhs** in quantified contingencies, primarily related to **Goods and Service Tax (₹286.04 Lakhs)** and minor Income Tax and Labour Law matters. **Key Business Risks:** * **Regulatory:** Challenges in maintaining customs approvals and statutory licenses. * **Operational:** Equipment failure and capacity constraints; mitigated by fleet modernization. * **Human Capital:** Workforce shortages and the challenge of attracting talent in a competitive sector. **Compliance Observations:** Recent audits noted administrative lapses, including the appointment of auditors for a **3-year** instead of a **5-year** term (since rectified) and delays in filing specific forms under the **Companies Act, 2013**. The company also corrected a reporting lapse regarding its subsidiary, **Jai Ambe Transmovers Private Limited**, in previous filings.