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By Nitin Negandhi
Glottis Ltd.
Established in 2004, Glottis Ltd. (GL) is a leading integrated logistics provider with operations spanning ocean and air freight, inland logistics, warehousing and customs brokerage. The company operates in 125 countries primarily as an ocean and air freight forwarder, supplemented by inland transportation, warehousing and value-added third-party logistics (3PL) services. Its business model combines asset-light execution—through partnerships with shipping lines and agencies—with selective ownership of vehicles and containers to enhance margins.
Objects of the issue:
The IPO proceeds will be utilised for the purchase of commercial vehicles and containers to augment the logistics fleet and container capacity, thereby enabling greater control over transportation and warehousing operations.
Financials:
Between March 2023 and March 2025, revenue recorded a compounded annual growth rate (CAGR) of 40% while net profit rose by 58%. A liberal 15:1 bonus issue to the promoters before the IPO expanded the equity base from Rs. 1 crore to Rs. 16 crore. According to the management, the sharp rise in revenue and profit in FY25 was driven by higher volumes, and this trend is expected to continue in the current financial year.
More than 70% of the company’s total assets are in the form of receivables, which almost doubled from Rs. 53.66 crore as on 31st March 2024 to Rs. 106 crore as on 31st March 2025, in line with higher revenue. The number of credit days extended to customers increased from 27 days in FY 2022-23 to 41 days in FY25.
Shareholding and competition:
Post IPO, promoter holding will decline from 99% to 73.4%. While GL is growing rapidly, it faces stiff competition from pan-India operators such as Allcargo, Blue Dart and Transport Corporation of India (TCI) as well as other regional players. However, expanding business activities across sectors are expected to provide sufficient opportunities for all participants in the logistics industry.
| Name of the Company | Glottis Ltd. | |
| Issue Open | 29-09-2025 | |
| Issue closes | 01-10-2025 | |
| Issue Size | ||
| Fresh Issue | Rs. in cr. | 160 |
| Offer for sale | Rs. in cr. | 114 |
| Face Value per share | Rs. | 2 |
| Upper issue price band | Rs. | 129 |
| Financials for the year ended | Mar-25 | Mar-24 | Mar-23 | CAGR (%) | |
| Total Income | Rs. in cr. | 943 | 499 | 479 | 40.3% |
| Net Profit | Rs. in cr. | 56 | 31 | 22 | 58.2% |
| Total Assets | Rs. in cr. | 1561 | 817 | 721 | 47.1% |
| Peer Comparison | Glottis | Allcargo | TCI | |
| Income from operations | Rs in cr. | 941 | 16,022 | 4,492 |
| EPS | Rs | 7 | 1.8 | 53 |
| Book value | Rs | 12 | 25 | 280 |
| P/e ratio | No of times | 18 | 18 | 23 |
| Face Value | Rs | 2 | 2 | 2 |
| Current market price (25th Sept 2025) | Rs | 129 – upper price band | 32 | 1204 |
Disclaimer:
The writer is not a SEBI registered analyst. He and his friends and relatives may or may not participate in the IPO. Investors should consult their financial advisor before investing. Grey market premium is just an indicator and should not be relied upon.
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