Glottis Limited is a Chennai-based company that provides comprehensive freight-forwarding and logistics solutions, including multimodal transportation, customs clearance, warehousing, and value-added services. The company operates across more than 120 countries, with a strong focus on renewable energy, engineering goods, and consumer-appliance logistics. Promoters Ramkumar Senthilvel and Kuttappan Manikandan continue to steer the firm’s growth strategy through a wide network of agents and strategic partnerships.
Offers details of the IPO
Price Band: INR 120 to INR 129 per Equity Share
Book‑Running Lead Manager (BRLM)
Indian Freight Forwarding & Logistics Industry – Overview
India’s freight‑forwarding industry is a fast‑growing, highly fragmented market that provides end‑to‑end movement of goods across sea, air and land. The sector is driven by the country’s expanding manufacturing base, rising exports of renewable‑energy equipment, timber, glass, home appliances and agricultural produce, and by government initiatives that promote local manufacturing, renewable‑energy deployment (e.g., PM‑KUSUM, rooftop‑solar schemes) and logistics‑infrastructure upgrades.
The industry can be broken down into three primary service segments:
| Segment | Core Activities | Key Drivers |
| Ocean Freight | Full‑container‑load (FCL) and less‑than‑container‑load (LCL) shipments, bulk cargo, trans‑shipment, and port‑to‑port services. | Dominant share of total freight value; strong growth in renewable‑energy imports (solar panels, wind‑turbine components) and bulk commodities; expanding container‑ship capacity and new Indian “solar parks”. |
| Air Freight | Time‑critical shipments, high‑value/low‑weight cargo, express services, and customs‑cleared door‑to‑door delivery. | Rising demand for fast delivery of electronics, pharmaceuticals and perishable goods; growth of e‑commerce and “last‑mile” logistics; increasing air‑cargo capacity at major Indian airports. |
| Customs & Ancillary Services | Customs clearance, bonded warehousing, value‑added services (packaging, labelling, reverse logistics), trade‑finance facilitation. | Greater cross‑border trade, liberalised customs procedures, adoption of digital customs platforms, and the need for integrated 3PL solutions. |
Source: RHP
Growth Profile (CAGR) – Past vs. Future
| Segment | CAGR FY 19‑24 (Past) | CAGR FY 24‑29 (Future) | Comment |
| Overall Freight‑Forwarding Industry | 10.3 % | 10.9 % | The market is expected to more than double in size, reflecting sustained macro‑economic expansion and continued diversification of cargo types. |
| Ocean Freight | 12.0 % | 11.9 % | Ocean freight remains the largest and fastest‑growing pillar, underpinned by bulk‑commodity imports and the surge in renewable‑energy equipment shipments. |
| Air Freight | 5.5 % | 6.6 % | Air cargo growth is accelerating as customers demand speed for high‑value and perishable goods; capacity additions at major hubs support this trend. |
| Customs & Ancillary Services | 14.9 % | 10.3 % | Value‑added logistics and customs facilitation are gaining traction, driven by digitalisation of trade processes and the rise of integrated 3PL offerings. |
Source: RHP
Glottis Limited – Company Overview
Chennai based Glottis Limited was founded in 2004 by Ramkumar Senthilvel and Kuttappan Manikandan. Following are its core business and services:
Competitive Positioning
Strengths
Weaknesses
Financial Profile
Robust Revenue Growth: Glottis Limited witnessed a revenue CAGR of ~40 % over FY 2023–25, with revenue rising from ₹4,782.73 mn in FY 2023 to ₹9,411.73 mn in FY 2025. The growth was driven by scale-up of core freight-forwarding operations across 120+ countries, strategic agency agreements expanding last-mile and customs-clearance services, right-of-use asset expansion, and strong organic growth from third-party customers. While FY 2024 growth was modest (+4 % YoY), FY 2025 revenue surged (+89 % YoY) on expanded network coverage and higher billable volumes.
Better Profitability: PAT grew from ₹224.37 mn in FY 2023 to ₹561.44 mn in FY 2025, representing a CAGR of ~58 %, while PAT margin remained stable at about 6 %. The EBITDA margin improved from 7.00 % in FY 2023 to 8.12 % in FY 2024 and 8.34 % in FY 2025, supported by operational efficiencies from the asset-light right-of-use model, disciplined cost management, and higher volumes in high-margin renewable-energy cargoes.
Table: Peers Comparison
| Name of the Company | Market Price (MP) (₹) | Revenue from Operations (₹ mn) | EPS (Basic & Diluted) (₹) | PAT Margin (%) | NAV (₹ per Share) | P/E Ratio |
| Glottis Limited | 129* | 9,411.73 | 7.02 | 5.97 | 12.32 | 18.4 |
| Allcargo Logistics Limited | 31.44 | 1,60,215.30 | 1.75 | 0.31 | 24.65 | 17.95 |
| Transport Corporation of India Limited | 1,156.50 | 44,917.76 | 53.43 | 9.26 | 279.65 | 25.60 |
Source: RHP; * – upper end of price band
Table: KPI Comparison
| Company | Particular (units) | FY23 | FY24 | FY25 | CAGR |
| Glottis Limited
|
Revenue from operations (₹ mn) | 4,782.73 | 4,971.77 | 9,411.73 | 40% |
| EBITDA (₹ mn) | 334.71 | 403.58 | 784.50 | 53% | |
| EBITDA Margin (%) | 7.00 | 8.12 | 8.34 | – | |
| PAT (₹ mn) | 224.37 | 309.58 | 561.44 | 58% | |
| PAT Margin (%) | 4.69 | 6.23 | 5.97 | – | |
| EPS – Basic & Diluted (₹) | 65.92 | 3.87 | 7.02 | – | |
| Total Borrowings (₹ mn) | 306.12 | 80.81 | 221.41 | – | |
| Net worth (₹ mn) | 115.17 | 423.51 | 985.29 | – | |
| ROE (%) | 194.82 | 73.10 | 56.98 | – | |
| ROCE (%) | 256.67 | 95.91 | 72.58 | – | |
| Debt – Equity Ratio | 2.66 | 0.19 | 0.22 | – | |
| Working Capital Days (days) | 5 | 17 | 29 | – | |
| Throughput Volumes (TEUs) | 59,417 | 95,072 | 112,146 | – | |
| Allcargo Logistics Ltd
|
Revenue from operations (₹ mn) | 1,80,507.70 | 1,31,878.30 | 1,60,215.30 | -6% |
| EBITDA (₹ mn) | 11,469.00 | 4,596.50 | 5,300.50 | -32% | |
| EBITDA Margin (%) | 6.35 | 3.49 | 3.31 | – | |
| PAT (₹ mn) | 6,532.10 | 1,400.00 | 491.80 | -73% | |
| PAT Margin (%) | 3.62 | 1.06 | 0.31 | – | |
| EPS – Basic & Diluted (₹) | 6.41 | 1.52 | 0.36 | – | |
| Total Borrowings (₹ mn) | 7,051.60 | 9,668.70 | 11,688.90 | – | |
| Net worth (₹ mn) | 28,142.10 | 25,216.30 | 24,225.60 | – | |
| ROE (%) | 23.21 | 5.55 | 2.03 | – | |
| ROCE (%) | 39.31 | 2.03 | 3.49 | – | |
| Debt – Equity Ratio | 0.25 | 0.38 | 0.48 | – | |
| Working Capital Days (days) | NA | NA | NA | – | |
| Throughput Volumes (TEUs) | 604,500 | 604,600 | 648,500 | – | |
| Transport Corporation of India Ltd
|
Revenue from operations (₹ mn) | 37,825.73 | 44,917.76 | 40,242.64 | 3% |
| EBITDA (₹ mn) | 4,683.70 | 4,864.17 | 5,506.69 | 8% | |
| EBITDA Margin (%) | 12.38 | 12.09 | 12.26 | – | |
| PAT (₹ mn) | 3,205.89 | 3,544.60 | 4,160.11 | 14% | |
| PAT Margin (%) | 8.48 | 8.81 | 9.26 | – | |
| EPS – Basic & Diluted (₹) | 40.96 | 45.18 | 53.43 | – | |
| Total Borrowings (₹ mn) | 625.22 | 1,503.35 | 1,552.49 | – | |
| Net worth (₹ mn) | 16,893.94 | 19,914.29 | 21,423.55 | – | |
| ROE (%) | 18.98 | 17.80 | 19.42 | – | |
| ROCE (%) | 22.14 | 17.49 | 19.56 | – | |
| Debt – Equity Ratio | 0.04 | 0.08 | 0.07 | – | |
| Working Capital Days (days) | 46 | 48 | 49 | – | |
| Throughput Volumes (TEUs) | NA | 139,000 | 154,000 | – |
Source: RHP
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