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Issue Details / Capital History
The firm is popping out with its maiden e-book constructing route IPO of 3846000 fairness shares of Rs. 10 every to mobilize Rs 44.23 cr. on the higher cap. The firm has introduced a value band of Rs. 109 – Rs. 115 per share. The minimal utility to be made is for 2400 shares and in multiples of 1200 shares thereon, thereafter. The IPO opens for subscription on September 23, 2026, and can shut on September 25, 2026. The IPO represent 26.93% of the post-IPO paid-up capital of the corporate. The shares will probably be listed on NSE SME Emerge. From the online proceeds, it is going to make the most of Rs. 33.97 cr. for capex for buy of automobiles, and the remaining for basic company functions.
The IPO is solely lead managed by Share India Capital Services Pvt. Ltd., whereas Maashitla Securities Pvt. Ltd., is the registrar to the difficulty. Share India Securities Ltd., and Prabhat monetary Services Ltd. are the market makers. The IPO is underwritten to the tune of 49.98% by Share India Capital Services and 50.02% by Turnaround Corporate Advisors Pvt. Ltd.
The firm has issued preliminary fairness capital at par worth, and issued additional fairness shares at a hard and fast value of Rs. 94 per share in August 2025. It has additionally issued bonus shares within the ratio of 99 for 1 in September 2024. The common price of acquisition of shares by the promoters is Rs. 0.00, and Rs. 0.06 per share.
Post-IPO, firm’s present paid-up fairness capital of Rs. 10.44 cr. (10438000 fairness shares) will stand enhanced to Rs. 14.28 cr. (14284000 fairness shares). Based on the higher band of the IPO pricing, the corporate is searching for a market cap of Rs. 164.27 cr.
On the monetary efficiency entrance, for the final three fiscals, the corporate has (on a consolidated foundation) reported a complete revenue/web revenue of Rs. 125.14 cr. / Rs. 5.73 cr. (FY24), Rs. 150.49 cr. / Rs. 11.02 cr. (FY25), and Rs. 167.77 cr. / Rs. 12.34 cr. (FY26). It marked progress in its high and backside strains for the reported durations. Its contingent liabilities stood at Rs. 27.15 cr. as of March 31, 2026.However, its margins are very shocking and seems to be a window dressing for paving the best way for fancy valuations of the IPO
For the final three fiscals, the corporate has reported a mean EPS of Rs. 10.63, and a mean RoNW of 44.16%. The challenge is priced at a P/BV of two.84 based mostly on its NAV of Rs. 40.53 per share as of March 31, 2026, however its post-IPO NAV knowledge is lacking from the supply paperwork.
If we attribute FY26 tremendous earnings to its post-IPO totally diluted paid-up fairness capital, then the asking value is at a P/E of 13.31, and based mostly on FY25 earnings, the P/E stands at 14.90. The challenge seems totally priced, based mostly on its common earnings.
For the reported durations, the corporate has posted PAT margins of 4.63% (FY24), 7.41% (FY25), 7.45% (FY26), and RoCE margins of 18.79%, 27.17%, 20.89%, respectively, for referred durations.
The firm has not declared any dividends for the reported durations of the supply doc. It will undertake a prudent dividend coverage, based mostly on its future prospects, and monetary efficiency.
Comparison with Listed Peers
As per the supply doc, the corporate has proven AVG Logistics, Premier Roadlines, as its listed friends. They are at present buying and selling at a P/E of 27.1, and seven.52 (as of September 21, 2026). However, they don’t seem to be really comparable on an apple-to-apple foundation. This comparability seems to be an eyewash. Outperforming margins compared with listed friends elevate eyebrows.
Pooja Logistics Ltd. (PLL) is engaged in offering temperature-controlled logistics providers for the transportation of perishable items throughout India by means of refrigerated vehicles (“reefers”). Since incorporation in 2011, it has been providing chilly chain logistics providers to a variety of industries. Its in-house fleet as on March 31, 2026 contains over 424 GPS-enabled automobiles devoted to the transportation of temperature-sensitive items. It caters to purchasers working within the confectionery, dairy and dairy merchandise, quick-service eating places (QSRs), prescription drugs, and e-commerce sectors. PLL transports temperature-sensitive consignments whereas sustaining operational methods designed to keep up compliance with relevant requirements.
Company’s fleet consists of vehicles with completely different sizes and capacities, enabling it to undertake a variety of assignments. PLL usually operates on a trip-to-trip mannequin, based mostly on buyer necessities. The detailed specs and categorization of its automobiles. It has carried out numerous technology-enabled operational processes, together with: (i) a course of for scheduling orders, the place items are picked up from the consumer’s origin warehouse, transported beneath monitored temperatures, and delivered on the vacation spot with verification; (ii) GPS-tracking software program “Geo Trackers” to supply visibility of car motion and cargo standing; (iii) automobile motion studies for monitoring and managing temperature ranges in reefers; and (iv) driver and truck administration methods.
These methods assist real-time temperature monitoring, route optimization, and monitoring of car operations. Its temperature-controlled logistics providers are aimed on the transportation of perishable merchandise beneath managed situations utilizing reefer automobiles. Upon reaching the supply location, items are unloaded as per outlined protocols. As of July 31, 2026, it had 101 staff on its payroll.
Merchant Banker’s Track Record
This is 25th mandate from Share India Capital, within the final 4 fiscals (together with the continuing fiscal. Out of the final 11 listings, 4 opened at low cost, 1 at par, and the remaining with premium starting from 3.03% to 90.00% on the date of itemizing.
Conclusion
PLL is a temperature-controlled logistics service supplier specializing in perishable items. It marked common progress in its high strains however backside strains posted stress regardless of greater than doubling for FY25 and FY26. It plans funding automobile acquisition price Rs. 33+ cr. from the IPO funds. Based on its latest common monetary knowledge, the difficulty seems totally priced. It is working in a extremely aggressive and fragmented section. Only well-informed buyers could park reasonable funds for medium time period.
Dilip Davda is a veteran monetary journalist related to the Indian inventory market since 1978. He has been contributing to print and digital media on capital markets, insurance coverage, and finance since 1985.
He is well known for reviewing public points and non-convertible debentures (NCDs) within the main market. Drawing on over three a long time of market expertise and shut interplay with service provider bankers, his critiques give attention to detailed elementary and monetary evaluation of firms, with a particular emphasis on SME public points.
Disclaimer: The data supplied herein is solely for academic and informational functions and doesn’t represent a proposal, solicitation, or advice to purchase or promote any securities. Readers are suggested to seek the advice of a certified monetary advisor earlier than making any funding choices. Investments within the securities market are topic to market dangers. The writer doesn’t intend to put money into the securities mentioned.
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