Leap India IPO — GMP, Subscription, Review & Score

Leap India

MAINBOARD IPO · NSE, BSE · ✅ LISTED

FINMINUTES IPO SCORE 71/100 provisional · components pending

₹151–159

Price Band

Issue ₹2480 cr · Lot 94

FinMinutes Deep Business Model & Edge

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.

What this company actually does — full breakdown ▾

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.

Asset Pooling (excluding MHE) — Includes the pooling, rental, and associated sales of pallets, containers, utility boxes, and crates shared across supply chains. This segment contributed 82.54% of total income in FY26, with pallets alone generating 62.17% of operating revenue.
Material Handling Equipment (MHE) Pooling — Leasing and rental of material handling equipment such as forklifts, reach trucks, stackers, and battery-operated pallet trucks. This segment contributed 15.41% of total income in FY26.
Others — Includes incidental income such as income from investments, insurance gains, gains from lease terminations, and other miscellaneous sources. This segment contributed 2.05% of total income in FY26.

Moat / Edge

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.

The Offer

Open – Close2026-08-07 – 2026-08-11

Price Band₹151–159

Lot Size94

Min Investment—

Issue Size₹2,480 cr

Fresh Issue₹480 cr

Offer for Sale₹2,000 cr

ListingNSE, BSE

Follow the Money — Use of Proceeds

Repayment / prepayment, in full or in part, of certain borrowings availed by our Company — ₹360.00 cr
General corporate purposes

Valuation at the Offer Price

P/E at ₹159 upper band106.0xour arithmetic, on latest restated EPS

RoNW6.2%

The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. This filing names no comparable listed peer, so there is no peer table and no relative multiple on this page. We would rather say that than assemble a peer set the issuer did not stand behind.

FinMinutes IPO Score — How It's Built

Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 4 live components.

Score coverage 70%

70% of the designed weighting had real data behind it on this issue. Not yet scored here: Anchor Quality, Valuation Vs Peers. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.

Issue Structure 58/100

How this is measured12%

Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.

Financial Quality 79/100

How this is measured32%

Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.

Underwriter Quality 75/100

How this is measured6%

A proxy for syndicate strength, based today only on how many lead managers are on the issue: 75 where three or more banks are involved, 60 otherwise. We have not built a bank-by-bank track record, so treat this as a rough signal. When the filing does not disclose the syndicate, this component is dropped from the weighting rather than guessed.

Governance Forensics 64/100

How this is measured28%

Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.

3-Year Financial & Growth Trend

Metric	FY26	FY25	FY24
Revenue (₹ Cr)	729.533	466.472	364.971
Net Profit (₹ Cr)	62.341	37.558	37.174
PAT Margin	8.55%	8.05%	10.19%

Revenue Breakdown

Asset Pooling (excluding MHE): 82.54%
Material Handling Equipment (MHE) Pooling: 15.41%
Others: 2.05%

Market Context

NOT part of the FinMinutes Score

The Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.

Momentum84/100from live subscription

Total9.73xsubscribed

QIB—xbids land late

Retail—x

GMP₹15unofficial, grey market

The book is running ahead of the filing.

The market is bidding this issue enthusiastically. The headline financials look strong, but our forensic read of the filing is not clean — the risk band is high and the footnotes carry material flags. That gap is the fact worth noticing. Strong demand is information about the market; the flags are information about the company, and the two are not saying the same thing here. Read the Forensic Findings below before the momentum decides it for you.

Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.

Applying, and Who Handles the Allotment

Cut-off price₹159.00

Minimum retail application₹14,946

Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.

Deep Financials

Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.

Income StatementThe profit and loss as filed, then what we derive from it — kept apart.

Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.

Income Statement — as filed (₹ Cr)	FY26	FY25	FY24
Revenue from Operations	729.53	466.47	364.97
Other Income	17.82	18.56	6.97
Total Income	747.36	485.03	371.94
Employee Benefit Expense	128.35	89.61	62.41
Finance Cost	93.65	68.01	50.60
Depreciation & Amortisation	204.33	153.73	112.61
Other Expenses	210.42	110.09	89.57
Total Expenses	666.50	432.97	325.24
Profit Before Tax	80.85	52.06	46.71
Tax Expense	18.51	14.50	9.53
Profit After Tax	62.34	37.56	37.17
EPS - Basic	1.52	1.00	1.04
EPS - Diluted	1.50	0.99	1.03

Below this line the figures are ours, not the filing's. Ind AS has no EBITDA or EBIT line. We reconstruct them from disclosed items — EBIT as profit before tax plus finance cost, less any exceptional item and share of associate profit sitting below the operating line; EBITDA as EBIT plus depreciation. The working is in the Formula Notebook.

Derived by us (₹ Cr)	FY26	FY25	FY24
EBITDA	378.83	273.80	209.92

Balance SheetWhat the company owns, owes, and is worth on paper.

Balance Sheet (₹ Cr)	FY26	FY25	FY24
Share Capital	12.07	3.02	2.73
Reserves & Surplus	678.78	606.09	521.84
Net Worth	1,006.33	917.35	714.18
Long-term Borrowings	809.40	656.01	418.48
Short-term Borrowings	208.33	145.65	94.59
Total Borrowings	1,017.73	801.66	513.07
Trade Payables	86.33	77.64	47.45
Current Liabilities	462.46	326.16	213.07
Total Liabilities	1,394.71	1,125.11	686.10
Property, Plant & Equipment	1,480.74	1,229.34	975.03
Capital Work in Progress	8.11	0.19	1.46
Intangible Assets	164.58	168.11	11.43
Investments	106.87	101.49	52.14
Inventories	33.24	23.31	14.81
Trade Receivables	262.32	199.15	143.62
Cash & Equivalents	6.14	26.39	8.51
Current Assets	531.13	437.03	288.77
Total Assets	2,401.05	2,042.46	1,400.28

Cash FlowWhere the cash actually went. Often the most honest statement of the three.

Cash Flow (₹ Cr)	FY26	FY25	FY24
Net Cash from Operating Activities	268.27	255.02	149.11
Capital Expenditure	390.24	293.49	326.30
Net Cash from Investing Activities	-360.12	-1,294.88	-338.74
Net Cash from Financing Activities	71.60	1,021.36	188.92
Net Change in Cash	-20.25	-18.50	-0.72

Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.

Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.

Ratio	FY26	FY25	FY24
Profitability
EBITDA Margin (%)	50.7	56.4	56.4
EBIT Margin (%)	23.3	24.8	26.2
PAT Margin (%)	8.5	8.1	10.2
Return on Equity (%)	6.2	4.1	5.2
Return on Capital Employed (%)	8.6	7	7.9
Return on Assets (%)	2.6	1.8	2.7
Leverage
Debt / Equity (x)	1.01	0.87	0.72
Net Debt / EBITDA (x)	2.67	2.83	2.4
Interest Coverage (x)	1.86	1.77	1.92
Liquidity
Current Ratio (x)	1.15	1.34	1.36
Quick Ratio (x)	1.08	1.27	1.29
Efficiency
Asset Turnover (x)	0.3	0.23	0.26
Receivable Days	131	156	144
Inventory Days	17	18	15
Payable Days	43	61	47
Cash Conversion Cycle (days)	105	113	112
Quality of Earnings
Operating Cash Flow / PAT (x)	4.3	6.79	4.01
Accruals Ratio (%)	-8.6	-10.6	-8
Capex / Depreciation (x)	1.91	1.91	2.9
Inventory and payable days are measured against revenue. Receivable days against revenue.

DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.

A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.

Component	FY26	FY25	FY24
Net Margin (PAT / Revenue)	8.5%	8.1%	10.2%
Asset Turnover (Revenue / Assets)	0.3x	0.23x	0.26x
Equity Multiplier (Assets / Net Worth)	2.39x	2.23x	1.96x
= Return on Equity	6.2%	4.1%	5.2%
Tax Burden (PAT / PBT)	0.77x	0.72x	0.8x
Interest Burden (PBT / EBIT)	0.46x	0.43x	0.48x
Operating Margin (EBIT / Revenue)	23.9%	25.7%	26.7%

Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.

Quality of EarningsWhat the statements say when you read them against each other.

What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.

Operating cash flow was 4.3x reported profit in FY26. Earnings are converting into cash, which is what you want to see and frequently is not the case.
Interest coverage was 1.86x in FY26. A meaningful share of operating profit is going to service debt rather than fund the business.

Forensic ModelsBeneish, Altman, Piotroski and the Montier C-score — plus our own final-year check.

Beneish M-Score

7 of 8 inputs

An eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.

Component	Value	What it captures
DSRI Days Sales in Receivables Index `(Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1)`	0.842	Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection.
GMI Gross Margin Index `GrossMargin_t-1 / GrossMargin_t`	—	Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate.
AQI Asset Quality Index `AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets`	0.88	Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here.
SGI Sales Growth Index `Sales_t / Sales_t-1`	1.564	Growth is not manipulation. But high-growth firms face more pressure to keep the streak going.
DEPI Depreciation Index `DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE)`	0.917	Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit.
SGAI SG&A Index `(SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses`	1.085	A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure.
LVGI Leverage Index `Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets`	1.102	Above 1 means leverage rose. Debt covenants create pressure to hit numbers.
TATA Total Accruals to Total Assets `(PAT - CashFromOperations) / TotalAssets`	-0.0858	The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash.

The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.

Altman Z″-Score (emerging markets)

Z″ = 5.61 · Safe

A distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.

X1 — Working Capital / Total Assets	0.029
X2 — Reserves / Total Assets	0.283
X3 — EBIT / Total Assets	0.073
X4 — Net Worth / Total Liabilities	0.722
Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4	5.61

X2 is meant to read retained earnings. The filing reports Other Equity, which also holds securities premium paid in by investors, so X2 here runs on reserves and reads higher than true retained earnings would. The more premium the company has raised before listing, the more Z″ is flattered.

Piotroski F-Score (adapted)

5 / 7

Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it. A further 1 test is shown as — below: the filing does not disclose what it needs, so it is dropped from the denominator rather than counted as a failure.

✓Positive return on assets
✓Positive operating cash flow
✓Return on assets improving
✓Cash flow exceeds profit (quality of earnings)
✗Long-term leverage decreasing
✗Current ratio improving
—Gross margin improving
✓Asset turnover improving

Montier C-Score

2 of 6 signs

Six yes-or-no signs that reported profit may be running ahead of the business, from James Montier’s 2008 screen, read here for FY26 against FY25. Each is a direction in the statements, not a judgement. Several together are a reason to read the accounting policies and notes closely; none on its own means anything is wrong, and growing companies trip some of them honestly.

●Gap between profit and operating cash flow widening · PAT − CFO: ₹-217.5 cr in FY25, ₹-205.9 cr in FY26
○Receivable days rising · 156 days in FY25, 131 days in FY26
○Inventory days rising · 18 days in FY25, 17 days in FY26 (on revenue)
○Other current assets rising against revenue · 40.3% of revenue in FY25, 31.4% in FY26 (current assets less cash, receivables and inventory)
○Depreciation falling against fixed assets · 12.5% of net block in FY25, 13.8% in FY26
●Total assets growing more than 10% a year · 17.6% in FY26

The Final-Year Check

ours

Not from any textbook. The hockey stick in the last year before a filing is the oldest pattern in this business, and nobody publishes it. So we measure it: how the final disclosed year compares with the years behind it. Real acceleration looks exactly the same on the page as a flattering one — which is precisely why it is worth naming rather than assuming either way.

Revenue grew 56% in FY26, against 28% the year before. The final year before a filing is, for obvious reasons, the year a company most wants to look its best. Genuine acceleration does exactly this too — the filing is where you find out which it was.

Ratios Nobody Prints

Contingent liabilities / Net worth: 0.8%
Contingent liabilities of 7.74 cr against a net worth of 1,006.33 cr — 0.8% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which.
Related-party revenue / Total revenue: 1%
1% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market.
Cash / Short-term borrowings: 0.03x
Short-term borrowings of 208.33 cr against cash of 6.14 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable.
Promoter remuneration / PAT: 3.6%
Managerial remuneration to the promoter group was 2.24 cr against a profit of 62.34 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.

The Formula NotebookEvery number above, with the working shown. Check us.

Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.

Profitability

Return on Equity (ROE)6.2%

FormulaPAT ÷ Net Worth

Worked62.34 ÷ 1,006.33

What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.

Return on Capital Employed (ROCE)8.6%

FormulaEBIT ÷ (Net Worth + Total Borrowings)

Worked174.50 ÷ (1,006.33 + 1,017.73) = 174.50 ÷ 2,024.06

Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.

EBITDA Margin50.7%

FormulaEBITDA ÷ Revenue

Worked378.83 ÷ 729.53

Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.

Leverage

Debt to Equity1.01x

FormulaTotal Borrowings ÷ Net Worth

Worked1,017.73 ÷ 1,006.33

How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.

Interest Coverage1.86x

FormulaEBIT ÷ Finance Cost

Worked174.50 ÷ 93.65

How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.

Efficiency

Receivable Days131 days

Formula(Trade Receivables ÷ Revenue) × 365

Worked(262.32 ÷ 729.53) × 365

How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.

Cash Conversion Cycle105 days

FormulaInventory Days + Receivable Days − Payable Days

Worked17 + 131 − 43

How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.

Quality of Earnings

Operating Cash Flow to Profit4.3x

FormulaCash from Operations ÷ PAT

Worked268.27 ÷ 62.34

Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.

Accruals Ratio-8.6%

Formula(PAT − Cash from Operations) ÷ Total Assets

Worked(62.34 − 268.27) ÷ 2,401.05 = -205.93 ÷ 2,401.05

The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.

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Workspace

The interactive workspace is withheld on this issue. Every output in it — market capitalisation, enterprise value, every multiple, the reverse discounted cash flow — rests on the share count, and on this filing that count does not agree with itself. Below is each route we compute it by and what each one produces. A workspace built on the wrong one would be wrong in a way that looks entirely plausible, so we publish the disagreement instead.

How the count is reached	Shares	Against the others
share capital on the latest balance sheet divided by face value	12.07 cr	agrees
profit after tax divided by basic EPS	41.01 cr	does not agree

Profit after tax divided by basic EPS shows 3.40 times the shares of the other routes (a 12:5 bonus issue). Earnings per share was read before it was restated for the event. Take the restated basic EPS.

The share count does not reconcile across independent routes. Every figure derived from it is withheld until the filing is re-read.

Institutional Alpha: DRHP Deep Dive

Industry Overview (RHP p. 22, 111, 191, 195, 201, 202, 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.

Market SizeUSD 37.62 million (Container Pooling Market, FY2026) Growth19.1% CAGR (FY2026-FY2031p) for Container Pooling / 24.6% CAGR for MHE Pooling

Future Planning & Capital Allocation

The company proposes to allocate ₹3,600.00 million of its Fresh Issue net proceeds toward the repayment or prepayment, in full or in part, of its long-term borrowings. This is intended to lower overall indebtedness and finance costs, freeing up operating cash flows for incremental asset procurement.

Source: RHP p. 116, 117

Competitive Position

Leap India possesses substantial entry barriers driven by its massive scale (14.70 million assets), deep customer integrations with over 1,000 blue-chip clients, and a proprietary technology platform (MyLEAP) integrating passive RFID and IoT tracking to monitor assets.

Source: RHP p. 211, 212, 213, 214

Execution / Track Record

The company has demonstrated rapid scale execution, expanding its total asset base from 7.92 million assets in FY24 to 14.70 million in FY26. Concurrently, total income scaled from ₹3,719.44 million in FY24 to ₹7,473.55 million in FY26.

Source: RHP p. 211, 302

Shareholding, Syndicate & Leadership

Promoter Pre → Post95.73% → —%

Pledged Shares0%

Free Float—%

Anchor—

Merchant Bankers (BRLMs)JM Financial Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, UBS Securities India Private Limited

RegistrarMUFG Intime India Private Limited

Leadership & Skin in the Game

Leadership: Sunu Mathew

Litigation: 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.

Auditor / RPT Flags: 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.

🔍 Forensic Findings — What the Footnotes Say

Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.

Audit Trail (Edit Log) Non-Compliance and Exceptions where: footnotes flagged

Statutory auditors reported that the audit trail (edit log) feature was not enabled at the database level for accounting software in FY24, FY25, and FY26. It was disabled for a few days each month during FY25 for billing purposes, and subsidiary software completely lacked edit log capabilities for a portion of FY24 prior to migration.

RHP p. 41, 275, 276

Material Related Party Cost Transactions where: rpt flagged

The company entered into significant operational transactions with its Group Company, Plenova Supply Chain Private Limited, in FY26. These included the purchase of property, plant, and equipment totaling ₹945.41 million, which represented 12.96% of the company's total revenue from operations.

RHP p. 64, 65, 330

Material Disputed Tax Demands where: litigation flagged

The company has 66 pending tax proceedings against it involving an aggregate disputed amount of ₹204.39 million. Additionally, contingent liabilities as of March 31, 2026, include ₹77.40 million in disputed tax claims not acknowledged as debt, of which ₹59.13 million relates to income tax matters.

RHP p. 38, 63

Substantial Asset Loss and Impairment Charges where: risk_section noted

Operating an on-demand asset pooling model exposes the company to regular asset loss. Impairment losses recognized due to pallets lost and not recovered from customers were ₹28.30 million in FY26, ₹52.39 million in FY25, and ₹53.52 million in FY24.

RHP p. 21, 22, 101

Material Litigation where: litigation flagged

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.

RHP p. 11, 29, 38, 41, 42, 63, 64, 98, 101, 104, 275, 382, 385, 438

Auditor / RPT Notes where: rpt noted

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.

RHP p. 11, 29, 38, 41, 42, 63, 64, 98, 101, 104, 275, 382, 385, 438

Material intangible balance where: derived noted

Goodwill and intangibles are 16.4% of net worth.

rule: intangibles 15-30% of net worth

Short-term debt exceeds cash on hand where: derived flagged

Short-term borrowings of ₹208.33 cr against cash of ₹6.14 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.

rule: cash < 0.5x short-term debt

Company's Claims vs Reality

We stress-test each claim against the filing's own data.

The largest on-demand asset pooling provider in India's supply chain management sector based on the number of pooled assets. Supported

Does restated operational data verify the size of the company's asset pool?

RHP p. 111, 126, 127, 211 (Restated KPIs confirm that the company's Total Assets reached 14.70 million volume in FY26, up from 13.30 million in FY25 and 7.92 million in FY24)

Strong performance reflecting rapid revenue growth and an attractive financial profile. Supported

Do restated consolidated financials support the stated revenue growth trajectory?

RHP p. 21, 211, 217 (Revenue from operations grew 56.39% from ₹4,664.72 million in FY25 to ₹7,295.33 million in FY26, and year-on-year revenue growth in FY25 was 27.81%)

Proprietary SWOT — Company-Specific

Strengths

Dominant market position as India's largest on-demand supply chain asset pooling provider with an active fleet of 14.70 million assets.
Extensive pan-India logistics reach supported by a network of over 10,100 customer touchpoints and 29 fulfillment centres.

Weaknesses

Significant revenue dependency on a single asset class, with pallets contributing 62.17% of operating revenue in FY26.
Moderate financial leverage with total outstanding borrowings of ₹10,177.25 million and a Debt to Equity ratio of 1.01x as of March 31, 2026.

Opportunities

Favorable regulatory push for warehousing standardization, logistics optimization (PM Gati Shakti), and corporate shifts toward asset-light pooling models.
Inorganic expansion in high-barrier segments, including the acquisition of CHEP India in January 2025 which expanded the company's container pooling footprint.

Threats (material, not boilerplate)

Operational risk of asset loss, damage, or contamination across customer locations, requiring ₹28.30 million in FY26 impairment provisions. risk_section
Why it matters: High unrecovered asset rates can escalate replacement capital expenditures and impact overall profit margins.
Significant cash flow impact from pending disputed tax liabilities amounting to ₹204.39 million under active litigation. litigation
Why it matters: An adverse final ruling in these tax proceedings would require substantial cash outflows, impacting liquidity.

Live Subscription Status

Total9.73x

Total subscription is fed live from the exchange data feed. The category split (QIB, NII, retail) is not carried by that feed and is added by hand where it is material — so it is shown only when we have actually verified it, rather than left as blanks.

Allotment Status

Bidding closed11 Aug 2026

Allotment13 Aug 2026

Refunds begin13 Aug 2026

Listing14 Aug 2026

Check your allotment on the registrar's portal → Registrar: MUFG Intime India

Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (22 Sep 2026) is the date to raise with your bank.

Analyst Q&A: Burning Questions

Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.

USE OF PROCEEDS

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

CONCENTRATION

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

PROFITABILITY

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

HIDDEN RISKS

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

GMP: ₹15 — unofficial grey-market chatter, shown for information only. Never part of the FinMinutes Score.

Reading the Offer Structure

81% offer for sale — and the company does not appear to need the cash.

A high offer-for-sale share is not automatically a concern. On the disclosed numbers this company is profitable and not heavily borrowed, so the listing reads as an exit route for existing shareholders and a route to a public market rather than a funding exercise. Large, cash-generative companies routinely list this way.

What Earlier Investors Paid

Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.

Shareholder	Priced at	When	vs IPO price
Allotted below the band — 4 entries
Sixth Sense India Opportunities III	₹400.00	2024-12-20	as disclosed
First Bridge India Growth Fund	₹483.59	2026-07-15	as disclosed
Madhurima International Private Limited	₹483.59	2026-07-15	as disclosed
Niveshaay Sambhav Fund	₹483.59	2026-07-15	as disclosed

The 4 allotments listed under “allotted below the band” are shown at their as-disclosed per-share price. They are not adjusted for any later bonus issue or share split, so where a company has issued bonus shares the raw multiple understates the true return and can even read as a loss when none was made. We show them as filed and decline to compute a misleading multiple.

Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.

Lock-in Expiry Calendar

Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.

14 Aug 2029
Minimum Promoters' Contribution3 years
14 Aug 2027
Promoters' shareholding in excess of Minimum Promoters' Contribution1 year
14 Feb 2027
Entire pre-Offer equity share capital6 months
12 Nov 2026
Anchor Investors (50%)90 days
13 Sep 2026
Anchor Investors (50%)30 days

An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.

What Changed Between the DRHP and the RHP

Companies file a draft prospectus, then a final one. The changes in between are rarely reported, and they can be revealing.

Item	In the DRHP	In the RHP / Addendum
Total issue size The total issue size increased by ₹800.00 million between the draft and final prospectus due to an expansion of the Fresh Issue component.	Up to ₹24,000.00 million	Up to ₹24,800.00 million
Fresh Issue size 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.	Up to ₹4,000.00 million	Up to ₹4,800.00 million
Chief Financial Officer The company appointed Rajesham Buchirajam Alle as the new Chief Financial Officer, replacing Ravi Kuckian (who signed the DRHP) prior to the RHP filing.	Ravi Kuckian	Rajesham Buchirajam Alle
Financial Information Period Disclosures were rolled forward to include full Fiscal 2026 financials, dropping the oldest reporting year (Fiscal 2023).	Restated consolidated financial statements for Fiscals 2025, 2024 and 2023	Restated consolidated financial information for Fiscals 2026, 2025 and 2024
Designated Stock Exchange NSE was formally chosen and finalized as the Designated Stock Exchange for the offer.	[●]	NSE (National Stock Exchange of India Limited)
WACA of Primary Issuances (Preceding 18 Months) 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.	₹470.95 per share	₹299.34 per share

Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.

Written and verified by

Gaureesh Vats Shukla

Founder and Head of Research, FinMinutes

Gaureesh Vats Shukla reads Indian offer documents as an engineer. He has read several hundred of them alongside annual reports, most of them by hand before he built the structured extraction engine that now does the work at scale, and every figure on this page carries a citation back to the page of the filing it came from. To restated numbers he applies a standard forensic battery: Beneish M-score, Altman Z-double-prime, Piotroski F-score, DuPont decomposition and cash-conversion analysis. Coverage runs the full cap spectrum alongside macro, mutual funds and unlisted companies, with particular depth in the segment institutional research does not reach. The sectors closest to the work are defence and aerospace, semiconductors and electronics, technology, engineering and EPC, solar and capital goods. He holds a B.Tech in Aerospace Engineering and completed the Post Graduate Programme in Securities Markets at NISM with a research analysis specialisation.

The same research method is available as commissioned work: company diligence, industry and market-entry studies, and financial modelling. See what that covers →

Figures on this page were last recomputed from the filing on 2026-10-19.

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