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Glottis IPO
Glottis Ltd
₹13,680 /114 sharesMinimum Investment
Glottis IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 29 Sep ‘25 - 1 Oct ‘25 | ₹13,680 | 114 | ₹120 - ₹129 |
| Issue Size | IPO Doc |
|---|---|
| 307.00Cr | RHP PDF |
About Glottis
Founded in
2004
Managing director
Mr. Ramkumar Senthilvel
Parent organisation
Glottis Ltd
Strengths & Financials of Glottis
Strengths
Risks
In FY25, Glottis served 1,908 customers across 125 countries. Through its group companies, namely Continental Shipping & Consulting Pte Ltd (Singapore), Continental Worldwide Shipping Service LLC (United Arab Emirates), and Continental Shipping & Consulting Vietnam Co. Ltd, the company claims to have established a strong local presence in major international markets, enabling it to manage operations efficiently in key trade hubs.
The company states that it has built a collaborative ecosystem of shipping lines and customs house agents. By maintaining close relationships with these intermediaries and local freight forwarders, Glottis gains timely market intelligence on cargo ship movements and available space on its preferred routes. The company states that this helps it match customer demand with shipping capacity, ensuring consistent service quality.
The company claims that tie-ups with multiple shipping lines allow it to book additional cargo space on a spot basis at competitive rates, ensuring it can meet customer commitments promptly. The company’s reliability is reflected in its past recognition: it was the top supporter of SAFMARINE for four consecutive years (FY13–FY16) and ranked third among MAERSK supporters for two consecutive years (FY15–FY16).
Glottis claims to have built a specialised client base in the renewable energy sector, including power generation and component manufacturing companies. Through its network of intermediaries, it manages complex shipments involving fragile and specialised products across this supply chain. With renewable energy demand growing due to its sustainability and cost advantages, the company’s tailored services align well with this expanding industry.
As of August 31, 2025, Glottis operated through a large network comprising 256 overseas agents, 124 shipping lines and agencies, 77 transporters, 59 customs house agents, 16 airlines, and 32 consolidation agents and container freight stations. The company also owns 17 commercial vehicles and supplements this fleet with hired transportation. During FY25, FY24, and FY23, it completed 4,209, 1,126, and 2,557 trips, respectively, using hired vehicles. The company claims that this balanced mix of owned and rented assets gives Glottis greater control over capacity, scheduling, routing, and the secure storage and delivery of goods and containers.
The company states that its wide range of logistics services strengthens customer relationships and supports cross-selling opportunities. For example, for a long-term client in the renewable energy sector, which the company served for over eight years, it did not just handle the main transportation of solar power project components but also secondary deliveries to end customers and the movement of raw materials.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 478.27 crore in FY23 to Rs 497.18 crore in FY24 and Rs 941.17 crore in FY25. PAT increased from Rs 22.44 crore in FY23 to Rs 30.96 crore in FY24 and Rs 56.14 crore in FY25.
The company derives a significant portion of its revenue from the ocean freight (import) segment. It accounted for Rs 780.86 crore (82.97 percent) of the company’s total revenue in FY25, Rs 428.15 crore (86.12 percent) in FY24, and Rs 407.62 crore (85.23 percent) in FY23. Any adverse developments in this particular sector or the company’s inability to grow its business into other sectors could adversely affect its operations and finances.
The company depends on a few third parties to execute some portions of its order. The top 5 intermediaries accounted for Rs 479.72 crore (57.88 percent) of the company’s total cost of service rendered in FY25, Rs 251.44 crore (57.66 percent) in FY24, and Rs 220.66 crore (51.25 percent) in FY23. The largest intermediary accounted for Rs 256.09 crore (30.90 percent) of the company’s total cost of service rendered in FY25, Rs 70.82 crore (16.24 percent) in FY24, and Rs 63.99 crore (14.86 percent) in FY23. Any deterioration in their quality of work or the company’s inability to maintain cordial relations with them could adversely affect its operations.
The company derives a major portion of its revenue from the renewable energy sector. This sector accounted for Rs 447.43 crore (47.54 percent) of the company’s total revenue in FY25, Rs 210.88 crore (42.42 percent) in FY24, and Rs 62.24 crore (13.01 percent) in FY23. Any adverse developments in this sector, sudden fluctuations in the prices of the components of renewable energy projects, or any changes in the government policies could affect the company’s imports and exports and negatively impact its finances and operations.
The company’s top 10 customers accounted for Rs 496.30 crore (52.73 percent) of the company’s total revenue in FY25, Rs 218.53 crore (43.95 percent) in FY24, and Rs 140.37 crore (29.35 percent) in FY23. Failure to retain key customers, grow the customer base, or prevent loss of business from these clients could hurt the company’s operations and finances.
The company also generates the majority of its revenue from repeat customers. They accounted for Rs 771.15 crore (81.94 percent) of the company’s total revenue in FY25, Rs 382.79 crore (76.99 percent) in FY24, and Rs 399.35 crore (83.50 percent) in FY23. Any loss of these repeat customers, a reduction in orders from them, or a failure to maintain relations could adversely impact the company’s financial condition.
The company reported negative cash flows from investing activities amounting to Rs 8.64 crore in FY25 and Rs 19.72 crore in FY23. This was mainly due to the purchase of property, plant, equipment, and intangible assets, partially offset by proceeds from the sale of assets and interest income. It also recorded negative cash flows from financing activities amounting to Rs 22.74 crore in FY24 and Rs 22.54 crore in FY23. This was driven by loan repayments, interest payments, and lease repayments. Any sustained negative cash flow could impact the company’s ability to meet its obligations and fund future growth, which may hurt its financial condition and business prospects.
The company generates some revenue from international operations as well. They accounted for Rs 100.14 crore (10.64 percent) of the company’s total revenue in FY25, Rs 37.26 crore (7.49 percent) in FY24, and Rs 50.77 crore (10.62 percent) in FY23. Operating across multiple countries exposes the company to a variety of legal, tax, regulatory, and economic risks. Any inability to manage these geographically diverse operations effectively could hurt the company’s business performance and financial results.
The company is vulnerable to fluctuations in freight charges, including sudden changes in US tariff rates. Any sharp increase or unpredictable movement in these rates could negatively impact the company’s business operations, financial condition, and overall results.
The company’s warehousing services have only a short operating history, which makes it difficult for investors and stakeholders to evaluate their long-term prospects and financial viability in this segment.
Although Glottis operates across six continents and serves customers in more than 125 countries, a major share of its revenue comes from Asia, particularly China, Vietnam, and Malaysia. Any reduction in order volumes, adverse economic developments, deterioration in customers' financial health, or renegotiation of contracts in these markets could lead to a substantial decline in revenue and overall business scope.
The company is involved in certain ongoing legal proceedings. Any adverse judgment in any of the cases could be detrimental to the company’s business prospects.
As of August 31, 2025, the company’s total indebtedness amounted to Rs 50.01 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Glottis Financials
*All values are in Rs. Cr
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Application Details of Glottis IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹120 - 129 | Upto ₹2 Lakh |
| High Networth Individual | ₹120 - 129 | ₹2 - 5 Lakh |
For Glottis IPO, eligible investors can apply as Regular.