Kaushalya Logistics began as a small construction-era enterprise and, in 2010, made a decisive pivot into logistics for the cement industry - a shift that built the company’s core identity. Today, it is a diversified Indian conglomerate with pan-India operations across 19 states, running an asset-light logistics backbone for the country’s largest cement makers, a fast-growing freight network, a consumer e-commerce business, and a small portfolio of owned retail property. The recurring approach is to use deep, sticky relationships with a handful of blue-chip industrial clients as the foundation, then layer on new, adjacent services - first for those same clients, then for new industries - while operating with an asset-light model that prioritizes flexibility over ownership. # Business segments Three engines at different stages - a cement-logistics cash cow that is the company’s reason for being, a consumer-electronics trading platform that now rivals it in scale, and a young freight-and-property portfolio built on the relationships of the first. ## 1. Cement logistics: the clearing-and-forwarding backbone **KLL is the outsourced post-dispatch logistics department for India’s biggest cement companies, running their warehouses and rake points without owning them - an asset-light model that turns fixed client costs into a variable service.** - **Manages the customer’s own warehouses** - it operates as a Clearing and Forwarding (C&F) and Clearing Consignment and Forwarding Agent (CCFA), handling everything after cement leaves the factory: warehousing, documentation, rail movement, depot operations, and secondary trucking to distribution points, all from depots and rake heads that are owned or rented by the client, not by KLL. - **Serves four of the top five cement makers** - its client list reads like the Indian cement industry’s leadership board: Dalmia Cement (its longest-standing partner, with 72 depots), ACC and Ambuja (both part of the Adani Cement Group), JK Cement, Shree Cement, and JSW Cement, giving it a concentrated, blue-chip revenue base. - **Added a higher-responsibility CCFA model** - in January 2025, it launched a new service line where it takes on clearing and consignment duties, not just forwarding, starting with a depot for ACC (Adani Group) at Sarai and targeting an overall volume of up to 3 lakh metric tons of cement per month from this initiative. - **A network of 124 depots and counting** - the depot footprint has grown relentlessly from a regional base into a pan-India network spanning Bihar, Uttar Pradesh, West Bengal, Punjab, Haryana, Tamil Nadu, Maharashtra, and Kerala, crossing the 100-depot milestone in March 2025 and reaching 124 by March 2026. ## 2. E-commerce: a high-volume online retailer of electronics and appliances **KLL buys branded home appliances and consumer electronics in bulk from authorized distributors and sells them as a top-tier “Diamond” seller on a major online platform - a trading business that generates scale without holding inventory risk.** - **A curated catalogue of 115 brands** - the product range covers televisions (MI, TCL, Realme), washing machines (IFB, Whirlpool), refrigerators (Godrej, Haier), and seasonal home items like air coolers, geysers, and room heaters from brands such as Orient Electric, Hindware, and Crompton, alongside kitchen appliances from Butterfly, Prestige, and Pigeon. - **The platform handles the hard parts** - sales invoicing is outsourced, goods are supplied through platform-managed entities, and the platform collects payment from customers and remits it to KLL after deducting charges and commission, so KLL’s role is sourcing and bulk-buying, not last-mile delivery or payment collection. - **Processed over 640,000 orders in half a year** - in the second half of FY24 alone, the e-commerce operations handled 6,40,088 orders or invoices, reflecting the high-volume, small-ticket nature of the business. ## 3. Freight and multimodal logistics: the expansion beyond cement **KLL is building a domestic freight transportation business that started with Full Truck Load services in 2024 and has already added rail-based multimodal moves - taking the logistics know-how from cement and selling it to new industries.** - **Full Truck Load for a cross-industry client base** - launched in August 2024, the FTL vertical now serves a diverse roster including a construction-equipment company (VMS Equipment, a group company of ACE), a beverage bottler (Epicu Beverages for Parle Agro), an infrastructure firm (Bondada Engineering), a PSU seed corporation (UKS & TDC), and a global shipping giant (Maersk Line), for whom KLL manages surface transportation across India. - **First rail rake loaded in early 2026** - in February 2026, the company commenced multimodal operations by loading its first BCN rake from Nagpur to Durgapur, carrying irrigation pipe systems for Premier Irrigation Adritech, and has begun surveying demand from other prospective clients like Indorama to scale the rail-linked offering. # Commercial real estate **A small, owned portfolio of 18 retail shops in Udaipur generates steady rental income from national-brand tenants - a low-risk side bet, not a growth engine.** - **Leased to high-street retail names** - tenants include Tata Starbucks, Arvind Lifestyle Brands, and Aditya Birla Fashion Retail, and in September 2024 KLL signed a Letter of Intent with McDonald’s to open a restaurant on one of its properties, adding a global quick-service brand to the roster. - **Rental income on a straight-line basis** - lease income from these investment properties is recognized evenly over the lease term, providing a predictable, if small, income stream alongside the main operating businesses. # Group structure and partners **KLL is a promoter-led, publicly listed company that attempted a logistics demerger before reversing course, and its partner roster now includes a global container-shipping leader.** - **Listed on the NSE’s SME platform** - incorporated in 2007 and converted to a public limited company in May 2023, KLL listed on NSE Emerge in January 2024, with promoters holding roughly 74% as of March 2024. - **Demerger planned, then withdrawn** - a Scheme of Arrangement to demerge the logistics business into a separate entity, Bhumika Logistics and Services Limited, received NSE’s no-objection in November 2025, but the board withdrew the scheme in May 2026 citing migration challenges and practical difficulties with registrations, systems, and processes. - **Maersk is a signature partner** - in November 2024, KLL signed an agreement with Maersk Line, the world’s second-largest container shipping company, to manage its surface transportation requirements throughout India, marking the company’s entry into serving global logistics majors.