The company operates an owned fleet of 424 refrigerated vehicles as of March 31, 2026. The fleet includes small, light commercial and heavy commercial vehicles, with capacities ranging from up to 1 tonne to over 2 tonnes, and includes single- and multi-compartment reefers.
The company’s owned fleet contributed 67.63% of its revenue from operations in FY26. Revenue from owned vehicles increased from Rs 95.90 crore in FY24 to Rs 112.07 crore in FY26, while the number of owned vehicles increased from 361 to 424 during the same period.
The company provides temperature-controlled logistics services across more than 26 states in India. In FY26, 99.99% of its revenue came from domestic operations, while the remaining 0.01% came from services provided in Nepal.
The company serves customers across multiple industries, with FMCG accounting for 95.07% of its FY26 revenue from operations. Its customer base includes businesses in pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, frozen meat and other FMCG segments.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 123.75 crore in FY24 to Rs 148.77 crore in FY25 and Rs 165.70 crore in FY25. PAT increased from Rs 5.73 crore in FY24 to Rs 11.02 crore in FY25 and Rs 12.34 crore in FY26.
The company had contingent liabilities of Rs 27.15 crore as of March 31, 2026, compared with Rs 13.64 crore as of March 31, 2025. Any adverse outcome or materialisation of these liabilities could affect the company’s financial position, results of operations and cash flows.
The company is dependent on a limited number of customers, with its top 10 customers contributing Rs 112.92 crore (68.15%) of revenue from operations in FY26, compared with Rs 112.39 crore (75.55%) in FY25 and Rs 100.99 crore (81.61%) in FY24. Any loss of key customers, reduction in business volumes, slowdown, regulatory change, or supply chain disruption in the FMCG industry could adversely affect the company’s business, results of operations, cash flows, and financial condition.
The company’s revenue is highly concentrated in the FMCG industry, which contributed Rs 157.54 crore (95.07%) of revenue from operations in FY26, compared with Rs 142.60 crore (95.85%) in FY25 and Rs 90.00 crore (72.73%) in FY24. Any slowdown or downturn in the FMCG industry, adverse regulatory changes, or changes in demand for the goods the company transports could reduce business volume and adversely affect its financial condition and operating results.
The company’s operations are concentrated in Delhi, Haryana, Maharashtra, and Uttar Pradesh, which together accounted for 60.80% of revenue from operations in FY26. Haryana accounted for 26.55%, Maharashtra 12.01%, Uttar Pradesh 11.38%, and Delhi 10.86% of revenue during the year. Adverse social, political, or economic developments; civil disruptions; or changes in state or central government policies in these regions could hurt the company’s business, operating results, financial condition, and cash flows.
The company, its promoters, and directors are involved in certain ongoing legal proceedings and potential litigations, including criminal, tax, statutory, regulatory, and other material matters. Any adverse decision in these proceedings could result in liabilities, penalties or prosecution and may adversely affect the company’s business and results of operations.
The company recorded negative cash flows from investing activities of Rs 16.30 crore in FY26, Rs 4.81 crore in FY25, and Rs 15.85 crore in FY24, while the net change in cash flow was negative at Rs 1.62 crore in FY26 and Rs 3.08 crore in FY24. The company’s operating cash flow remained positive at Rs 3.19 crore in FY26, Rs 13.93 crore in FY25, and Rs 13.09 crore in FY24, but continued investment-related outflows could put pressure on its cash position. Inability to generate sufficient cash from operations to fund investments, repay borrowings or meet other financial requirements could adversely affect its business and financial condition.
The company had outstanding financial indebtedness of Rs 39.21 crore as of March 31, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
The company had trade receivables of Rs 30.42 crore as of March 31, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.