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Neptune Logitek IPO
Neptune Logitek Ltd
₹2,52,000 /1000 sharesMinimum Investment
Neptune Logitek IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| -- | ₹126.00 | ₹100.80 | -₹25.20 (20.00%) |
Neptune Logitek IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 15 Dec ‘25 - 17 Dec ‘25 | ₹2,52,000 | 1,000 | ₹126 - ₹126 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 46.62 Cr | RHP PDF | 18 Dec ‘25 | 22 Dec ‘25 |
| Face value |
|---|
| 10 |
About Neptune Logitek
Founded in
2012
MD/CEO
Mr Ankit Devidas Shah
Parent organisation
Neptune Logitek Ltd
Strengths & Risks of Neptune Logitek
Strengths
Risks
Neptune Logitek claims to provide integrated solutions, which enable it to handle cargo movement across various modes within a single operational framework. This structure helps streamline coordination and reduces dependency on external providers, the company claims.
Neptune Logitek claims to follow an asset-based model where key logistics assets, such as commercial vehicles and containers, are either owned or leased through partners. As of August 31, 2025, the company owned 192 trucks, suggesting control over vehicle availability and maintenance.
The company claims to use custom-built ERP software and GPS-enabled fleet management tools for tracking shipments and monitoring operations in real time. Additional systems, such as route optimisation, automated workflows, and predictive analytics, are stated to support planning and reduce downtime. Its platform also integrates IoT-based security features like geo-fencing and digital locking for fleet safety.
The company claims to operate a dedicated maintenance facility in Gandhidham, Gujarat, equipped for servicing its fleet, including vehicles not covered under warranty. The facility reportedly handles routine repairs and engages manufacturer representatives for technical support.
Neptune Logitek claims to serve a broad base of customers across industries such as ceramics, agriculture, cement, and capital goods. During FY25, it claims to have handled assignments for 2,185 customers, indicating exposure to diverse demand sources.
The company’s operations depend heavily on container traffic at more than 10 ports, including Kandla, Mundra, and Chennai. Decline in container movement or diversion of cargo due to new port capacity could reduce business volumes and revenue. In addition, social, political, or policy-related disruptions at these ports may require the company to alter its operating model, leading to higher costs and lower profitability.
The top five suppliers accounted for 97.13 percent of the company’s total purchases for the period ended August 31, 2025; 97.32 percent in FY25, 95.15 percent in FY24, and 96.25 percent in FY23. Such concentration exposes the company to the risk of supply disruption, pricing changes, and reduced bargaining power.
The company’s business spans multiple logistics segments, but a major portion of its revenue continues to come from forwarding and export income, indicating a concentration risk within transportation verticals. Forwarding income contributed Rs 76.08 crore for the period ended August 31, 2025; Rs 213.82 crore in FY25, Rs 139.76 crore in FY24, and Rs 176.15 crore in FY23, while export income contributed Rs 28.53 crore for the period ended August 31, 2025; Rs 42.82 crore in FY25, Rs 34.88 crore in FY24, and Rs 9.14 crore in FY23. If the company is unable to effectively manage these service lines, strengthen internal and financial controls, or improve diversification of revenue streams, it could result in higher concentration risks, which would adversely affect the company’s business, financial condition, and cash flows.
The company reported negative cash flow from operating activities amounting to Rs 1.40 crore in FY24 and Rs 3.90 crore in FY23. Cash flows from investing activities remained negative across all periods at Rs 0.69 crore for the period ended August 31, 2025; Rs 2.72 crore in FY25, Rs 17.72 crore in FY24, and Rs 12.75 crore in FY23. Furthermore, negative cash flows from financing activities amounted to Rs 3.81 crore for the period ended August 31, 2025, and Rs 10.08 crore in FY25. Sustained negative cash flows in any division could limit working capital availability, restrict planned investments, and impact business growth.
As of August 31, 2025, outstanding trade receivables were Rs 68.54 crore, representing 65.35 percent of total revenue. This is an increase from Rs 65.22 crore (25.35 percent) in FY25, Rs 45.51 crore (26.02 percent) in FY24, and Rs 42.23 crore (22.77 percent) in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company incorporates third-party service provider charges into customer pricing. Sudden cost increases may not be immediately recoverable if customer contracts are fixed or renewed infrequently. Conversely, if customers demand lower prices, the company may not be able to negotiate similar reductions with its service providers, affecting margins.
The company generates 100 percent of its revenue from the state of Gujarat. This geographical concentration increases vulnerability to regional economic slowdown, regulatory changes, or disruptions specific to Gujarat.
The company is involved in ongoing tax proceedings. Any adverse judgment in these cases can be detrimental to the company’s business prospects.
As of August 31, 2025, the company had outstanding financial indebtedness of Rs 56.40 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Neptune Logitek Financials
*All values are in Rs. Cr
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Application Details of Neptune Logitek IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹126 - 126 | ₹2 - 5 Lakh | 1000 |
For Neptune Logitek IPO, eligible investors can apply as Individual investor.