LEAP INDIA LIMITED

Pools wooden pallets and rents them to manufacturers, retailers and logistics companies, charging per-trip or per-period fees for standardised platforms in supply chains. India is at 14-17% palletisation penetration versus 89-94% in developed markets, and Indian pallets circulate only 0.4 trips a year on average versus 4 trips globally — the structural gap the company is closing. Revenue comes from two hire formats: 'static hire' where pallets stay at one customer's site, and 'Movement Hire' where pallets move between shippers and receivers, with movement-hire moves rising 8% YoY to 766,000 in Q1 FY27 at a per-pallet yield of ₹1.54 versus ₹1.45 a year earlier. A separate Material Handling Equipment line rents forklifts and stackers and added 174 machines in the quarter for INR35.3 crore, up 33% YoY. The largest cost is pallet procurement and refurbishment: Q1 FY27 asset deployment was INR76 crore versus INR110 crore a year earlier, with the company leaning on 89.2% utilisation and in-house repair of about 1.4 million pallets given raw-material inflation. Q1 FY27 consolidated revenue was INR2,134 million (+19% YoY), EBITDA margin 53.5%, and PAT INR247 million, against an asset base valued at over INR1,690 crore.