1. Industry Structure and Developments
Alphalogic Industries Limited specializes in the design, manufacturing, supply, and installation of industrial racking systems and advanced storage solutions. Operating from a cutting-edge manufacturing facility in Pune, the company holds ISO and BIFMA certifications and has been recognized with multiple awards for its innovation and industry leadership.
The company offers a comprehensive product portfolio including Industrial Racks, Medium and Heavy Duty Racks, Mezzanine Floors, Mobile Compactor Storage Systems, Staff Lockers, and Metal Pallets. This wide array of offerings allows Alphalogic Industries Limited to cater to diverse client needs across various sectors.
Over the years, Alphalogic has built a strong and satisfied client base, serving renowned organizations such as Blinkit, Shoppers Stop, Baskin Robbins, Haldirams, Grasim Industries, JSW, Bharat Forge, Swiggy, Saint Gobain, Fuji Electric, Rentomojo, Autobahn Trucking, P. N. Writers, and Wilo Mather & Platt Pumps, among others.
The company operates within a dynamic and evolving industrial landscape that emphasizes innovation, efficiency, and customized solutions. As industries increasingly adopt automation and smart warehousing practices, Alphalogic continues to play a pivotal role in enabling businesses to optimize their storage and operational efficiency, thus driving transformation across multiple sectors.
Indias industrial racking market is undergoing a period of remarkable growth, fueled by multiple macroeconomic and sector-specific factors. The rapid expansion of the manufacturing sector, exponential growth in e-commerce, and accelerated development of logistics infrastructure have significantly increased the demand for efficient, scalable, and space-optimizing storage solutions. In this evolving landscape, industrial racking systems have become critical enablers for modern warehousing, distribution, and inventory management, making them an indispensable part of supply chain ecosystems.
As organizations strive for operational efficiency, automation, and lean warehousing practices, the need for robust racking systems that offer flexibility, durability, and optimization of vertical space has never been more essential. Recognizing these trends early, Alphalogic Industries Limited has strategically positioned itself as a leading provider of innovative racking and storage solutions. Leveraging its state-of-the-art manufacturing facility in Pune, Alphalogic has built a strong presence in the Indian market by delivering customized, high-quality products designed to enhance space utilization and operational productivity.
According to industry reports, the Indian industrial racking market was valued at approximately USD 545.3 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.9%, reaching an estimated USD 990.4 million by 2031. Medium-duty racking systems currently dominate the market with a 50% share, attributed to their cost-effectiveness, versatility, and adaptability across various business types and warehouse formats. The e-commerce sector continues to be the largest end-user, accounting for nearly one-third of total market demand, followed closely by third-party logistics (3PL), retail, FMCG, and manufacturing industries.
Geographically, Western India-particularly Maharashtra and Gujarat-leads in market adoption, supported by a strong industrial base, favorable government policies, advanced logistics networks, and the presence of multiple industrial parks and SEZs. This regional dominance aligns well with Alphalogics manufacturing base in Pune, enabling the company to effectively serve high-demand clusters with reduced delivery times and enhanced service quality.
At Alphalogic Industries Limited, our business philosophy is deeply rooted in customer-centricity. We maintain continuous feedback loops to closely monitor client experiences, enabling us to refine our product offerings in alignment with evolving market expectations. This agile and responsive approach allows us to develop and deliver flexible, scalable, and innovative solutions that meet the unique requirements of each client.
Our growth strategy is centered on technological innovation, value engineering, and market responsiveness. By integrating feedback-driven
development, process automation, and smart warehousing concepts into our product design and delivery models, we aim to empower businesses across India to achieve greater operational excellence. This strategic direction not only strengthens our market position but also aligns with Indias broader industrial transformation journey-allowing Alphalogic Industries Limited to play an active role in the countrys economic development.
Our Valued Clients
The Company has had the privilege of working with a broad and distinguished clientele over the years. Our strong client relationships are a reflection of the trust placed in our expertise, professionalism, and commitment to delivering value-driven services. We consider these associations as one of our greatest strengths and continue to nurture them with integrity and dedication.
Presented below is an illustrative list of some of our esteemed clients:
Sr. No. Client Name |
1 Atomberg Technologies Pvt Ltd |
2 Bharat Electronics Ltd |
3 Blink Commerce Pvt Ltd (Blinkit) |
4 Cars24 Services Pvt Ltd |
5 Bajaj Group |
6 Chitale Bandhu |
7 Central Ordnance Depot |
8 Dakshana India Educational Trust Fund |
9 Divgi Torqtransfer Systems Ltd |
10 MIT World Peace University |
11 Edunetwork Pvt Ltd (Rentomojo) |
12 Fuji Electric India Pvt Ltd |
13 Grasim Industries |
14 Graviss Foods Pvt Ltd (Baskin Robbins) |
15 Haldirams |
16 Kinetic |
17 Kiranakart Technologies Pvt Ltd (Zepto) |
18 Saint Gobain India Pvt Ltd |
19 Mangalore Refinery and Petrochemicals Ltd |
20 Mapro Foods Pvt Ltd |
21 National Film Development Corporation Ltd |
22 Orient Electric Limited |
23 Posco |
24 Praj Industries Ltd |
25 Sansui Electronics |
26 Scootsy Logistics Pvt Ltd (Swiggy) |
27 Shoppers Stop Ltd |
28 Automotive Research Association of India (ARAI) |
29 Thermax Ltd |
30 Thyssenkrupp Industries India Pvt Ltd |
31 Wilo Mather and Platt Pumps Pvt Ltd |
17 Kiranakart Technologies Pvt Ltd (Zepto) |
18 Saint Gobain India Pvt Ltd |
2. Opportunities and Threats Opportunities
1. Expanding E-Commerce and 3PL Sectors
The exponential growth of e-commerce and third-party logistics (3PL) providers continues to drive demand for efficient warehousing and smart storage solutions. With a significant portion of warehouse infrastructure being developed to support this boom, Alphalogic Industries Limited is well-positioned to cater to the increasing need for scalable and modular racking systems.
2. Government Initiatives & Infrastructure Push
Government-led initiatives such as Make in India, the National Logistics Policy, and the development of multimodal logistics parks are expected to significantly enhance supply chain infrastructure. These developments create opportunities for companies like Alphalogic to become key contributors to the backbone of Indias industrial and warehousing ecosystem.
3. Rising Demand for Warehouse Automation
As industries adopt automation and digital warehousing, there is a growing demand for intelligent storage systems that seamlessly integrate with automated picking and inventory technologies. Alphalogics focus on innovation and customization positions it strongly to meet these emerging needs.
4. Untapped Tier II & III Markets
While major metros and industrial clusters have seen high adoption of industrial racking systems, Tier II and Tier III cities are now witnessing rising warehousing activity. This presents significant untapped potential for market expansion and customer acquisition.
5. Diversified Customer Base & Customization Capability
With a wide and diverse client portfolio across sectorssuch as retail, FMCG, electronics, automotive, and pharmaceuticals, Alphalogic enjoys a natural hedge against sectoral slowdowns. Our capability to offer tailored solutions to varying business needs enhances client retention and opens avenues for repeat and referral business.
Threats
1. Rising Raw Material Costs
The prices of key raw materials such as steel are subject to global supply-demand dynamics and geopolitical influences. Any sustained increase in input costs may impact profit margins, especially in highly price-sensitive market segments.
2. Intense Competitive Pressure
The Indian racking and storage solutions market is becoming increasingly competitive, with the entry of both organized and unorganized players. This could lead to pricing pressures and commoditization of standard products, impacting overall margins.
3. Dependence on Key Clients and Industrial Cycles
While diversification efforts are ongoing, revenue concentration from certain large clients or sectors can expose the company to cyclical risks and fluctuations in capital expenditure from those industries.
4. Technological Disruption
Rapid advancements in warehousing technologies, including robotics and AI-driven storage systems, may outpace conventional racking solutions. Alphalogic must continue to invest in R&D to remain aligned with future- ready trends.
5. Policy and Regulatory Changes
Changes in import-export regulations, tax structures, labor laws, or environmental compliance requirements may introduce uncertainties or operational challenges, particularly for manufacturing and infrastructure-focused industries.
3. Outlook
The outlook for the industrial racking and storage solutions sector in India remains highly promising, driven by sustained momentum across e-commerce, manufacturing, and logistics infrastructure. As businesses continue to prioritize efficiency, scalability, and automation in their warehousing and distribution networks, the demand for innovative and customized racking systems is expected to witness steady growth over the coming years.
Alphalogic Industries Limited is strategically positioned to benefit from these favorable industry dynamics. With a strong product portfolio, robust manufacturing capabilities, and a proven track record of delivering high-quality, space-optimizing solutions, the Company is well-prepared to cater to the evolving needs of both large enterprises and emerging businesses. Our focus on expanding into Tier II and Tier III cities, backed by our customer-centric approach, gives us a competitive edge in addressing the growing demand across a wider geographic base.
Looking ahead, we aim to deepen our presence in high- growth verticals such as e-commerce, 3PL, retail, FMCG, and pharmaceuticals, while also strengthening our footprint in industrial and manufacturing segments. Investments in automation, technology integration, and smart warehousing solutions will continue to be a strategic priority, ensuring that Alphalogic remains aligned with the future of industrial storage.
We also anticipate increased adoption of customized, modular storage systems that align with modern supply chain requirements and sustainability goals. In this regard, Alphalogic is actively exploring eco-friendly materials, lean manufacturing techniques, and energy- efficient operations to support a greener and more sustainable industrial ecosystem.
While macroeconomic factors and commodity price fluctuations may present short-term challenges, the medium-to-long-term outlook for the Company remains positive. By leveraging innovation, operational excellence, and a deep understanding of customer needs, Alphalogic Industries Limited is well-poised to deliver sustained value to its stakeholders and contribute meaningfully to Indias economic and industrial progress.
4. Internal Control Systems and their Adequacy
Alphalogic Industries Limited has established a robust internal control framework that is commensurate with the size, nature, and complexity of its operations. The internal control systems are designed to ensure the accuracy and reliability of financial reporting, safeguard the Companys assets, promote operational efficiency, and ensure compliance with applicable laws, regulations, and corporate policies.
The Company follows a structured and well- documented set of standard operating procedures (SOPs) across all functions including procurement, production, inventory management, sales, finance, and human resources. These procedures are periodically reviewed and updated to reflect changing business needs and regulatory requirements.
An independent internal audit function, reporting directly to the Audit Committee of the Board, evaluates the adequacy and effectiveness of the internal control systems. The audit team conducts regular risk-based audits covering key operational, financial, and compliance areas. Any deviations, control lapses, or process inefficiencies identified are promptly brought to the attention of the management, and corrective measures are implemented in a time-bound manner.
Further, the Company has implemented ERP software to strengthen its control over inventory, procurement, billing, and other operational processes. This technology integration enhances transparency, ensures data integrity, and facilitates real-time monitoring of business activities.
The Audit Committee of the Board periodically reviews internal audit reports, risk assessments, and management responses. This ongoing oversight ensures that the internal control environment remains strong, responsive, and aligned with best corporate governance practices.
In the opinion of the Board and management, the internal control systems in place at Alphalogic Industries Limited are adequate and effective in meeting the operational, financial, and compliance objectives of the Company.
5. Financial Performance
(A) Analysis of Statement of Profit and Loss (Amount in INR Lakhs)
Total Income: 76,359.46
The Company recorded a total income of 76,359.46 lakhs during the year, reflecting consistent growth driven by robust operational performance and contribution from other income streams.
Revenue from Operations: ?6,236.82
Revenue from core operations formed 98% of the total income, underlining the Companys strong market positioning and continued customer demand across product segments.
Other Income: 7122.64
Other income primarily includes interest income and miscellaneous receipts. The steady flow of other income reflects efficient cash management and utilization of surplus funds.
Depreciation: 712.14
Depreciation expense remained moderate, signifying the companys lean and efficient asset base and prudent capital expenditure.
Finance Cost: 734.45
The finance cost is within acceptable limits, reflecting limited dependence on borrowings and an optimal capital structure.
Net Profit: 7292.79
The Company achieved a net profit of 7292.79 lakhs, reflecting operational efficiency and cost control. The profitability further strengthens the Companys ability to invest in growth and innovation.
(B) Analysis of Balance Sheet (Amount in INR Lakhs)
Net Worth: 72,198.34
A strong net worth base highlights the Companys solid financial foundation, adequate reserves, and sustainable capital structure.
Total Assets: 72,696.72
The total asset base reflects continued investment in business infrastructure, inventory management, and receivables to support business operations and growth.
Inventories: 7425.46
Inventory levels have been maintained in alignment with production schedules and market demand, ensuring timely fulfillment of customer orders.
Short Term Borrowing: 776.98
Short-term borrowings have been kept minimal and primarily used for working capital requirements. The absence of long-term borrowings indicates a debt-light structure.
Current Liabilities: 7494.67
The Company maintains a healthy current ratio, with liabilities well-supported by current assets, ensuring strong liquidity and operational flexibility.
Non-Current Liabilities: 73.72
Non-current liabilities are negligible, indicating minimal long-term obligations and reflecting a low-leverage financial model.
Summary:
The Company has delivered steady financial performance with strong operational revenues, healthy profit margins, and a sound balance sheet. Its debt-light and asset-efficient approach positions Alphalogic Industries Limited well for future expansion and resilience amidst evolving market dynamics.
6. Human Resources
The Companys philosophy is to establish and build a high-performing organization, where each individual is motivated to perform to the fullest capacity, to contribute to developing and achieving individual excellence and departmental objectives and to continuously improve performance to realize the full potential of our personnel. Industrial relations are cordial and satisfactory.
7. Ratios
The key financial ratios along with the comparative changes and requisite details forms part of the balance sheet forming part of this annual report.
8. Disclosure in Accounting Treatment
For the financial year 2024-25, Indian Accounting Standards are applicable to the company. In the preparation of financial statements, no different treatment from that prescribed in applicable Accounting Standard has been followed.
9. Cautionary Statement
This Management Discussion and Analysis Report contains certain statements that pertain to the Companys strategic objectives, projections, estimates, plans, and assessments of industry trends and market conditions. These are deemed to be "forward-looking statements" as defined under applicable laws and regulations.
Such statements are predicated upon a range of assumptions and expectations concerning future events and circumstances. However, there can be no assurance that these underlying assumptions or expectations will prove to be accurate or will materialize as anticipated. Consequently, actual outcomes, performance, or results may vary materially from those expressed or implied in these forward-looking statements.
The Company undertakes no obligation to publicly update, revise, or modify any forward-looking statements, whether as a result of new information, future developments, or otherwise.
By order of the Board of Directors |
For Alphalogic Industries Limited |
Vedant Goel |
Managing Director |
DIN: 08290832 |
Montubhai Gandhi |
Director & CEO |
DIN:07352079 |
Place: Pune |
Date: 30.08.2025 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.