Pooja Logistics IPO
Pooja Logistics IPO is an SME IPO raising ₹44 Cr at ₹109 – ₹115 a share. It listed on 30 Sept 2026 at ₹118, +2.6% against its issue price of ₹115, and trades at ₹120 today (+4.7% since issue). It was subscribed 3.72× in total.
3.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Pooja Logistics Limited is an India-based cold chain logistics company that transports perishable, temperature-sensitive goods using refrigerated trucks (reefers). Incorporated in 2011, it serves clients in confectionery, dairy, quick-service restaurants (QSRs), e-commerce and historically pharmaceuticals. Its in-house fleet of over 424 GPS-enabled vehicles operates across more than 26 Indian states, with negligible international revenue (Nepal only).
How it earns
It earns fees for transporting perishable goods on a per-trip basis (primary/inter-city transport) or via monthly contracts (secondary/intra-city and dedicated vehicle services), with revenue recognized in proportion to the stage of completion of the trip. FY2026 revenue from operations was ₹16,570.10 lakhs (₹165.70 crore), up from ₹14,877.10 lakhs (₹148.77 crore) in FY2025 and ₹12,375.26 lakhs (₹123.75 crore) in FY2024.
Who buys
Named clients include Country Delight (Beejapuri Dairy), Haldiram, Jubilant Consumer, McCain Food India, Savencia Fromage & Dairy India, Wow Momos and NIC Ice Creams (Walko QSR). Customer concentration is significant: Top 1 customer = 27.69% of FY2026 revenue (₹4,588.18 lakhs / ₹45.88 crore); Top 3 = 47.34%; Top 5 = 55.24%; Top 10 = 68.15%. Closing customer count fell to 205 in FY2026 from 224 in FY2025 and 155 in FY2024. Note: the company states it has not had any pharmaceutical/healthcare clients in the past three years despite listing that as a key segment.
Scale
424 owned GPS-enabled reefer vehicles (March 31, 2026); fleet mix 349 heavy commercial, 59 light commercial, 16 small vehicles; operations across 26+ Indian states plus Nepal; 101 employees as of July 31, 2026 (Operations 55, Repairs & Maintenance 14, Accounts/Finance 11, others 21); FY2026 revenue ₹165.70 crore (FY2025: ₹148.77 crore; FY2024: ₹123.75 crore).
What it says sets it apart
- Owned fleet of 424 GPS-enabled reefer vehicles as of March 31, 2026 (349 heavy commercial, 59 light commercial, 16 small vehicles) with load capacities from ~5 to 20 tonnes and temperature capability from +10°C down to −18°C (some vehicles to −25°C), supporting both frozen and chilled cargo.
- Diversified reefer fleet includes single- and multi-compartment vehicles, EVs (2 in operation) and ~141 CNG-powered vehicles, supporting different temperature and customer needs.
- Technology-enabled operations: GPS tracking via 'Geo Trackers', real-time in-transit temperature monitoring with customer portal access, and a SaaS-based Transport Management System under implementation for trip planning, route optimization and fleet monitoring.
- Pan-India geographic reach covering more than 26 states, with Haryana (26.55%), Maharashtra (12.01%), Uttar Pradesh (11.38%) and Delhi (10.86%) being the largest revenue states in FY2026.
- FSSAI certification for facilitating delivery of perishable goods, with multi-year relationships with named FMCG/QSR customers and recognitions from clients such as Jubilant Foodworks, Snowman Logistics and Rich Products & Solutions.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs115 / stated EPS Rs12 (FY26 (year ended March 31, 2026) diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹166 Cr+11% | ₹12 Cr+12% | 7.4% | ₹42 Cr | ₹39 Cr |
| FY2025 | ₹149 Cr+20% | ₹11 Cr+92% | 7.4% | ₹26 Cr | ₹29 Cr |
| FY2024 | ₹124 Cr | ₹6 Cr | 4.6% | ₹15 Cr | ₹31 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Share India Capital Services Private Limited — median +4.7% across the 9 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- Priced at 9.6× earnings — 2% above the median of the peers the issuer itself names.
- The register's top risk: Massive Rs. 2,700.84 lakh GST demand pending appeal (prospectus page 30).
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track POOJA LOGISTICS LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.