NSE: SNOWMAN · BSE: 538635
SNOWMAN LOGISTICS LTD.
Operates temperature-controlled warehousing and integrated cold-chain logistics in India. FY26 revenue of Rs. 604.38 crore split across three segments: Warehousing Services contributed 41.9% at an 8.0% EBIT margin, Trading and Distribution 37.2% at 6.4%, and Transportation Services 20.9% at 0.4%. Warehousing stores food, pharma, seafood, ice cream, QSR, fruits and vegetables at temperatures from minus 25 to plus 20 degrees Celsius; trading and distribution resells cold-chain products to deepen wallet share with the same customers. Transportation is being migrated from low-margin 3PL trucking toward higher-margin 5PL services. Costs are dominated by other operating expenses (43.3% of revenue, including freight, power and DG fuel) and depreciation (11.2%), with employee cost at 7.4%. The warehousing business added ~17,000 pallet positions in FY26 across four new facilities in Kolkata, Krishnapatnam, Kundli and Jaipur, and is developing 13,000 more at Pune and Patna. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Warehousing Services (42%), Trading and Distribution (37%), Transportation Services (21%). Asset-heavy cold-chain logistics with depot network, exposed to EXIM volume cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 286 | 418 | 503 | 553 | 604 |
| EBITDA (ex other income) | 70 | 89 | 102 | 89 | 88 |
| margin % | 24.4 | 21.2 | 20.2 | 16.2 | 14.6 |
| Owners' profit | 2 | 13 | 13 | 6 | 3 |
| EPS, as reported (₹) | 0.10 | 0.80 | 0.76 | 0.34 | 0.20 |
| ROE % · ROCE % | 0.4 · 3.4 | 3.2 · 6.8 | 3.0 · 7.5 | 1.4 · 4.5 | 0.8 · 3.5 |
| Debt / equity (x) | 0.29 | 0.25 | 0.23 | 0.32 | 0.23 |
| Cash from operations | 69 | 87 | 88 | 65 | 98 |
| Capex | (103) | (18) | (36) | (88) | (29) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 132 | 137 | 163 | 156 | 144 | 142 | 178 | 164 |
| Profit before tax | (1) | 3 | 4 | (4) | (3) | 1 | 7 | 2 |
| Net profit | (1) | 4 | 3 | (3) | (2) | 6 | 5 | 1 |
| EPS (₹) | (0.05) | 0.22 | 0.15 | (0.17) | (0.12) | 0.32 | 0.27 | 0.06 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Warehosing Services | 65 | 10.8 |
| Transportation Services | 126 | 20.9 |
| Trading and distribution | 47 | 7.8 |
| Warehouse Services | 64 | 10.6 |
| Trading and Distribution | 178 | 29.5 |
| Warehousing Services | 124 | 20.5 |
| Total, before eliminations | 604 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 33,496 | 27.4 | 2.48 | 16.9 | 4.6 | 5.6 | 7.2 | 23.1 |
| DELHIVERY LIMITED | 32,070 | 173.3 | 3.27 | 49.7 | 0.7 | 0.7 | — | 6.7 |
| SHADOWFAX TECHNOLOGIES L | 17,051 | 74.3 | 9.03 | 79.2 | 7.1 | 6.1 | — | 6.7 |
| BLUE DART EXPRESS LTD | 10,714 | 37.3 | 6.03 | 11.2 | 13.9 | 13.4 | 13.3 | 15.8 |
| TRANSPORT CORPN OF INDIA | 6,630 | 14.4 | 2.34 | 13.1 | 7.9 | 6.6 | 11.9 | 10.4 |
| VRL LOGISTICS LIMITED | 5,909 | 14.7 | 4.46 | — | — | — | — | 22.1 |
| TVS SUPPLY CHAIN SOL L | 5,173 | 80.3 | 2.51 | 7.3 | 5.7 | 4.8 | — | 6.7 |
| MAHINDRA LOGISTIC LIMITED | 4,180 | 55.6 | 3.39 | 10.9 | 4.6 | 4.5 | 16.5 | 5.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.2 | 15.5 | 46 of 51 | 10% |
| P/B | 1.4 | 1.4 | 18 of 41 | 55% |
| ROCE | 1.3 | 5.6 | 45 of 50 | 10% |
| ROE | 1.4 | 5.0 | 34 of 40 | 15% |
| Debt / Equity | 0.2 | 0.3 | 18 of 41 | 58% |
| EBITDA margin | 14.7 | 6.7 | 13 of 56 | 78% |
| Revenue growth | 5.1 | 12.6 | 29 of 43 | 33% |
| Profit growth | 132.9 | 78.2 | 14 of 36 | 63% |
| Market cap | 568 | 126 | 19 of 56 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Q2 FY27 call: warehousing grows, profit target retained | investor communications | medium | — | — |
| 29 Oct 2026 · Income tax penalty demand reduced by INR 34.43 lakh | investor communications | low | — | — |
| 29 Oct 2026 · Snowman Q2 and H1 FY27 results published in Business Standard and Sakal | compliance | minimal | — | — |
| 28 Oct 2026 · Snowman Logistics shares Q2 FY2027 earnings call recording | investor communications | low | — | — |
| 28 Oct 2026 · Q2 FY27 revenue up 5.1%, EBITDA up 22.8%, PAT turns profitable | investor communications | medium | — | — |
| 28 Oct 2026 · Quarterly revenue up 5.1%, EBITDA rises 22.8% | compliance | low | — | — |
| 28 Oct 2026 · Year-on-year profit positive; independent director change announced | results | high | — | — |
| 28 Oct 2026 · Q2 FY27 net profit turns positive; revenue rises 5% year on year | results | high | — | — |
| 28 Oct 2026 · Q2 swings to profit at INR 95.76 lakh; H1 profit INR 550.39 lakh | results | high | — | — |
| 28 Oct 2026 · September 2026 results: half-year profit jumps to INR 550.39 lakh | results | high | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.