Altman Z″
Needs current assets and current liabilities.
LEAP · Logistics · INE00GO01025
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2013 and backed by global investor KKR, Leap India Limited operates a circular asset-pooling model that helps clients optimize supply chain logistics and reduce capital expenditures. As of March 31, 2026, the company manages a massive pool of 14.70 million assets, including pallets, containers, and material handling equipment (MHE) like forklifts and stackers. It serves a diversified blue-chip customer base of over 1,000 clients across high-growth sectors such as FMCG, food & beverages, e-commerce, quick commerce, automotive, and third-party logistics (3PL). Leap operates a pan-India network of over 10,100 customer touchpoints and 29 fulfilment centres, ensuring high asset utilization and availability. Its supply chain utilizes premium Forest Stewardship Council (FSC) certified spruce-pine-fir (SPF) timber for its pallets, which contributed 62.17% of revenue from operations in FY26. What makes Leap distinct is its massive scale, strong local network effects, and robust in-house technology platform ('MyLEAP'), which integrates RFID and IoT tracking, automated billing, and mobile apps to provide end-to-end transparency.
Leap India enjoys a dominant, near-monopolistic position in the Indian pallet pooling industry with a 90% market share in FY26. Its moat is secured by its massive scale (14.70 million assets), a widespread pan-India network of over 10,100 touchpoints making it extremely costly for competitors to replicate, long-standing relationships with blue-chip clients, and a proprietary tech platform (MyLEAP) enabling real-time RFID/IoT tracking and seamless ERP integrations.
Leap India Limited is the largest on-demand supply chain asset pooling provider in India, operating on a circular 'share and reuse' business model. The company earns revenue primarily by leasing out standardized pallets, containers, and material handling equipment (MHE) to large corporate clients.
Source: RHP p. 22, 42, 202, 211-213
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Asset Pooling (excluding MHE) | 82.54 | RHP p. 211 |
| Material Handling Equipment (MHE) Pooling | 15.41 | RHP p. 211 |
| Others | 2.05 | RHP p. 211 |
According to the Frost & Sullivan (F&S) Report, the Indian supply chain and logistics market is undergoing a rapid transition toward asset-light models, warehouse automation, and standardization. Flagship government initiatives such as PM Gati Shakti, the National Logistics Policy, and PLI schemes are driving efficiency and demand for standardized logistics packaging. In India, pallet pooling is a relatively young but rapidly growing industry, heavily dominated by organized players with national service networks. High entry barriers are present in the form of massive upfront capital expenditure requirements to build a competitive asset fleet, long gestation periods, and deep-rooted customer relationships. Meanwhile, the related container and MHE pooling markets are expanding swiftly, driven by retail, e-commerce, and automotive sectors.
Growth rate: 19.1% CAGR (FY2026-FY2031p) for Container Pooling / 24.6% CAGR for MHE Pooling
Market size: USD 37.62 million (Container Pooling Market, FY2026)
Sector slug: supply-chain-logistics
Source: RHP p. 22, 111, 191, 195, 201, 202, 211
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | 7.245 | 62.341 | 378.829 | 8.55% | 729.533 | yes | 71.596 |
| FY25 | 37.558 | 273.797 | 8.05% | 466.472 | yes | 1021.362 | |
| FY24 | 37.174 | 209.918 | 10.19% | 364.971 | yes | 188.916 |
Written before listing, answered from the document itself.
Where is the money going?
The Net Proceeds from the Fresh Issue will be primarily deployed toward debt reduction. Specifically, ₹3,600.00 million is earmarked for the repayment or prepayment of certain bank borrowings and term loans, with the balance allocated for general corporate purposes.
RHP p. 116
How concentrated is the customer base?
The customer concentration is relatively diversified. The top 10 customers accounted for 26.65% of total revenue from operations in FY26, down from 34.18% in FY25 and 39.49% in FY24. Top 5 customers generated 19.19% of FY26 revenue.
RHP p. 26, 559
Is it profitable and growing?
Yes. Revenue from operations increased from ₹3,649.71 million in FY24 to ₹4,664.72 million in FY25, and scaled to ₹7,295.33 million in FY26. Net profit (PAT) was ₹371.74 million in FY24, ₹375.58 million in FY25, and ₹623.41 million in FY26, with an EBITDA margin of 50.69% in FY26.
RHP p. 21, 211, 364
What sits in the footnotes / contingent liabilities?
Contingent liabilities not acknowledged as debt total ₹77.40 million as of March 31, 2026 (comprising ₹59.13 million in disputed income tax and ₹18.27 million in indirect tax). There are also 66 outstanding tax claims against the company totaling ₹204.39 million, along with ongoing statutory auditor exceptions regarding unenabled database-level audit trails.
RHP p. 38, 41, 42, 63, 117
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2024-12-20 | Sixth Sense India Opportunities III | 1750000 | 400 | financial investor | RHP p. 77 |
| 2026-07-15 | First Bridge India Growth Fund | 1240709 | 483.59 | financial investor | RHP p. 131 |
| 2026-07-15 | Madhurima International Private Limited | 1033924 | 483.59 | financial investor | RHP p. 131 |
| 2026-07-15 | Niveshaay Sambhav Fund | 310177 | 483.59 | financial investor | RHP p. 131 |
Ceo: Sunu Mathew
Outstanding tax proceedings against the company total 66 cases involving an aggregate amount of ₹204.39 million. There is also 1 material civil litigation against the company involving ₹225.40 million and 1 civil litigation initiated by the company involving ₹46.27 million. Additionally, there is 1 stayed criminal complaint outstanding against an Independent Director involving allegations of cheating and fraud under IPC Sections 406, 419, 420, 467, 468, 471, 474, 477A and 120B.
Promoter and Promoter Group hold substantial skin in the game. As of the RHP date, Sunu Mathew holds 87,655,036 Equity Shares (72.60% of pre-Offer capital) and Corporate Promoter Vertical Holdings II PTE Limited holds 26,062,204 Equity Shares (21.59% of pre-Offer capital). None of the promoter shares are pledged as of the RHP date, though a previous pledge was created on certain shares in favor of Catalyst Trusteeship Limited.
Statutory auditors reported recurring exceptions regarding the edit log/audit trail feature in the accounting software, which was not enabled at the database level for various periods during FY24, FY25, and FY26, and was periodically disabled at month-ends. Material related party transactions exist with Group Company Plenova Supply Chain Private Limited, including purchases of property, plant, and equipment of ₹945.41 million (12.96% of operating revenue) in FY26.
Source: RHP p. 11, 29, 38, 41, 42, 63, 64, 98, 101, 104, 275, 382, 385, 438
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Total issue size | Up to ₹24,800.00 million | Up to ₹24,000.00 million | The total issue size increased by ₹800.00 million between the draft and final prospectus due to an expansion of the Fresh Issue component. | DRHP p. 77, 80; RHP Cover Page, p. 56 |
| Fresh Issue size | Up to ₹4,800.00 million | Up to ₹4,000.00 million | The Fresh Issue size was increased by ₹800.00 million (representing a 20% expansion), while the Offer for Sale remained unchanged at up to ₹20,000.00 million. | DRHP p. 77, 80; RHP Cover Page, p. 56 |
| Chief Financial Officer | Rajesham Buchirajam Alle | Ravi Kuckian | The company appointed Rajesham Buchirajam Alle as the new Chief Financial Officer, replacing Ravi Kuckian (who signed the DRHP) prior to the RHP filing. | DRHP p. 269, 505; RHP p. 118, 119, 217, 279 |
| Financial Information Period | Restated consolidated financial information for Fiscals 2026, 2025 and 2024 | Restated consolidated financial statements for Fiscals 2025, 2024 and 2023 | Disclosures were rolled forward to include full Fiscal 2026 financials, dropping the oldest reporting year (Fiscal 2023). | DRHP p. 17, 66, 263; RHP p. 34, 116, 274 |
| Designated Stock Exchange | NSE (National Stock Exchange of India Limited) | [●] | NSE was formally chosen and finalized as the Designated Stock Exchange for the offer. | DRHP p. 5, 11; RHP p. 11, 126 |
| WACA of Primary Issuances (Preceding 18 Months) | ₹299.34 per share | ₹470.95 per share | The weighted average cost of acquisition of primary issuances transacted in the preceding 18 months fell from ₹470.95 in the DRHP to ₹299.34 in the RHP, reflecting allotments and preference share conversions (including Series K CCPS bonus issues) executed in July 2026. | DRHP p. 124, 125; RHP p. 86, 89 |
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-94 cr, negative in 2 of 5 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 93% over two years while the company also carries ₹107 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹1,467 cr from ₹761 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Operating cash is 432% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹268 cr against trailing net profit ₹62 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (86%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹1,071 cr largely matched by an asset build of ₹916 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Net margin improved from 8.2% to 12.3% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 12.3% vs 8.2% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -9.3% of assets. Free cash flow negative in 2 of 5 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹911 cr ÷ ₹154 cr, over 5 years
5.92×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹62 − ₹268) cr ÷ average assets
-9.3%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
8.5% × 0.30 × 3.47
9.0%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹175 cr ÷ ₹94 cr
1.86×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹1,467 cr ÷ ₹691 cr
2.12×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +101% vs revenue +189%, FY2023 to FY2026
-88pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 55.64% to 55.64% across these quarters.
FII held steady from 15.24% to 15.24% across these quarters.
MF held steady from 4.03% to 4.03% across these quarters.
Other held steady from 25.09% to 25.09% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 119 | 123 | 144 | 156 | 131 |
| Inventory days
How long stock sits before it sells | 127 | — | — | — | — |
| Payable days
How long the company takes to pay suppliers | 642 | — | — | — | — |
| Cash conversion cycle
Debtor + inventory − payable days | -396 | 123 | 144 | 156 | 131 |
| Working capital days | 5 | -92 | 15 | -10 | -23 |
| ROCE %
Return on capital employed | — | — | 8.0% | 7.0% | 8.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue from operations | 174 | 253 | 365 | 466 | 730 |
| Other income | 3 | 5 | 7 | 19 | 18 |
| Depreciation | 38 | 74 | 113 | 154 | 204 |
| Finance cost | 40 | 42 | 51 | 68 | 94 |
| Profit before tax | 8 | 10 | 47 | 52 | 81 |
| Net profit (owners) | 8 | 9 | 37 | 38 | 62 |
| EPS (₹) | 830.17 | 4.33 | 13.63 | 12.44 | 22.15 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 171 | 204 | 203 |
| Other Income | 9 | 9 | 10 |
| Expenses | 86 | 100 | 99 |
| Depreciation | 47 | 54 | 56 |
| Finance cost | 22 | 24 | 25 |
| Profit before tax | 25 | 35 | 33 |
| Net Profit | 19 | 26 | 25 |
| EPS | 6.29 | 9.31 | 8.79 |
| Item | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Equity Capital | 0 | 2 | 3 | 3 | 12 |
| Reserves | 443 | 526 | 522 | 606 | 679 |
| Borrowings | 284 | 396 | 761 | 1,228 | 1,467 |
| Net block | 565 | 911 | 1,084 | 1,555 | 1,819 |
| CWIP | 0 | 0 | 1 | 5 | 8 |
| Investments | 0 | 3 | 52 | 101 | 107 |
| Total Assets | 789 | 1,115 | 1,400 | 2,047 | 2,401 |
| Line | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash from operations | 86 | 153 | 149 | 255 | 268 |
| Cash from investing | -196 | -201 | -339 | -1,258 | -360 |
| Cash from financing | 114 | 34 | 189 | 1,021 | 72 |
| Free cash flow | 39 | 42 | -154 | 2 | -94 |
| Net change in cash | 4 | -14 | -1 | 18 | -20 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.