Dhillon Freight Carrier IPO is a book-built issue with a total size of ₹10.08 crore. The entire issue consists of a fresh issue of 0.14 crore shares of ₹10.08 crore. The IPO opens for subscription on September 29, 2025, and will close on October 1, 2025.
The basis of allotment is expected to be finalised on October 3, 2025, and the shares are likely to be listed on BSE SME on October 7, 2025. The price band for the issue is set at ₹72 per share, offering investors an entry at different levels.
The minimum application size is 1,600 shares, making the minimum investment for retail investors ₹2,30,400 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 4,800 shares, amounting to ₹3,45,600.
Finshore Management Services Limited is acting as the book running lead manager, while Kfin Technologies Limited has been appointed as the registrar to the issue. Anant Securitiesis serving as the market maker for this IPO.
Dhillon Freight Carrier IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used for purchase of goods transportation vehicles and its fabrication.
- Remaining funds will be used for general corporate purposes.
About Dhillon Freight Carrier Limited
Dhillon Freight Carrier Limited offers specialised transportation and logistics solutions focused on Parcel and Less-than-Truckload (LTL) services, designed for businesses shipping smaller consignments. Rather than dedicating an entire truck to a single shipment, DFCL consolidates multiple shipments from different customers in one vehicle, optimizing truck utilisation and supporting cost-efficient, environmentally mindful operations.
The company handles shipments ranging from 1 kg to 7 metric tonnes, serving tier 2 and tier 3 cities through a combination of owned and hired fleets. This service caters primarily to wholesalers and retailers and is provided at predetermined rates. In FY 2023-24, LTL services generated ₹1,341.12 Lakhs, representing 55.84% of total revenue, with Bihar as a key contributor.
Warehousing underpins Dhillon Freight Carrier Limited’s LTL operations, facilitating the storage, organization, and movement of goods. Strategically located facilities in West Bengal, Bihar, and Uttar Pradesh support efficient inventory management, optimized storage layouts, and smooth coordination between warehouse and transportation functions.
Contract logistics forms another segment of Dhillon Freight Carrier Limited’s operations, providing end-to-end supply chain management including transportation, warehousing, distribution, inventory control, and order fulfillment. This service, employed mainly by manufacturers with large-volume shipments, accounted for ₹955.75 Lakhs or 39.79% of total revenue in FY 2023-24. Operations span pan-India using both owned and hired fleets.
Dhillon Freight Carrier Limited also offers fleet rental and leasing services, providing access to vehicles for defined periods without ownership obligations. Owned electric vehicles are offered on hire, especially during agricultural peak seasons, generating ₹104.91 Lakhs or 4.37% of total revenue in FY 2023-24.
Through its integrated logistics approach, Dhillon Freight Carrier Limited addresses diverse transportation and supply chain requirements, supporting businesses in optimizing costs and operational efficiency.
Industry Outlook
- India’s logistics sector is expected to grow in line with the country’s economic expansion, driven by manufacturing revival under initiatives like “Make in India” and increased global investment.
- Integration of digital tools such as GPS, RFID, and advanced analytics will support process optimisation and real-time tracking, improving cost-effectiveness in transportation and warehousing.
- The growth of e-commerce and international trade is anticipated to increase the need for streamlined LTL, parcel, and contract logistics services across tier 2 and tier 3 cities.
- Logistics is projected to be a significant source of employment, with the sector expected to create around 1 crore jobs by 2027, supporting broader economic empowerment.
- Adoption of integrated supply chain solutions (3PL/4PL) will help companies optimise fleet utilisation, reduce lead times, and improve customer service, aligning with evolving industry demands.
How To Apply for the Dhillon Freight Carrier IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Dhillon Freight Carrier IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Dhillon Freight Carrier IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Dhillon Freight Carrier Limited
Registered office: Chatterjee International Building, 33A Jawaharlal Nehru Road 20th Floor, Suite No. A03, Middleton Row, Kolkata, West Bengal, 700071
Phone:+91 99031 30247
E-mail:cs@dfclogistics.in
Website: http://www.dfclogistics.in/
Dhillon Freight Carrier IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares |
70,400 (5.03%) |
|
NII (HNI) Shares |
6,65,600 (47.54%) |
|
Retail Shares |
6,64,000 (47.43%) |
|
Total Shares |
14,00,000 (100.00%) |
Dhillon Freight Carrier IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
3,200 |
₹2,30,400 |
|
Individual investors (Retail) (Max) |
2 |
3,200 |
₹2,30,400 |
|
S-HNI (Min) |
3 |
4,800 |
₹3,45,600 |
Dhillon Freight Carrier IPO Promoter Holding
The promoters of the company include Mr. Karan Singh Dhillon, Mr. Karamveer Singh Dhillon & Mrs. Joyce Singh Dhillon.
|
Share Holding Pre-Issue |
100% |
|
Share Holding Post Issue |
64.29% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Dhillon Freight Carrier IPO
|
KPI |
Value |
|
ROE (%) |
39.65 |
|
RoCE (%) |
31.77 |
|
Debt/Equity |
0.64 |
|
RoNW (%) |
33.09 |
|
EBITDA Margin (%) |
14.84 |
Dhillon Freight Carrier IPO Prospectus
Dhillon Freight Carrier IPO Registrar and Lead Managers
Dhillon Freight Carrier IPO Lead Managers
- Finshore Management Services Ltd.
Registrar for Dhillon Freight Carrier IPO
Kfin Technologies Limited
- Contact Number: 04067162222
- Email Address: dfc.ipo@kfintech.com
- Dhillon Freight Carrier IPO Registrar: https://ipostatus.kfintech.com/
Financial Performance of Dhillon Freight Carrier Limited
| Particulars | As of March 31, 2024 | As of March 31, 2023 |
|---|---|---|
| Total Income (₹ lakh) | 2,472.93 | 2,991.40 |
| Revenue from Operation (₹ lakh) | 2,401.79 | 2,959.05 |
| EBITDA (Operating Profit) (₹ lakh) | 331.25 | 174.41 |
| PAT (₹ lakh) | 109.31 | 35.72 |
| Total Borrowings (₹ lakh) | 479.90 | 439.25 |
| Total Net Worth (TNW) (₹ lakh) | 349.83 | 149.52 |
| Debt Equity Ratio (Total Borrowings/TNW) | 1.37 | 2.94 |
Know before investing
Strengths
8Adoption of electric vehicles reduces carbon footprint and attracts environmentally conscious clients.
Offers Parcel/LTL, Contract Logistics, and Fleet Rental services, reducing revenue vulnerability and addressing Tier 2 and Tier 3 markets.
Use of fuel-efficient vehicles lowers operating costs, enhancing profitability.
Presence in four key states enables faster deliveries and better regional penetration, supporting time-sensitive logistics.
95% of revenue comes from high-demand services, with Parcel/LTL and Contract Logistics contributing significantly; seasonal fleet rentals add stability.
India’s logistics sector is expanding due to rising consumer demand, e-commerce growth, and government initiatives like GST.
EV and CNG adoption aligns with clean energy goals, positioning the company for sustainability-focused clients.
IPO funds can support fleet expansion and geographic diversification, reducing dependence on third-party vendors and improving cost control.
Risks
8Reliance on third-party vehicles introduces variability in quality and cost, especially during peak demand.
Limited brand recognition compared to larger competitors restricts pricing power and expansion potential.
Trademark objections and approval delays may impact customer trust and operational stability.
Operates in a fragmented, competitive industry with limited national coverage.
Large players with advanced technology and economies of scale pose challenges in cost, speed, and quality.
Revenue depends on client industries, making the company vulnerable to downturns, inflation, or global slowdowns.
Compliance with emission standards, transport laws, and labor policies increases operational complexity and costs.
Heavy reliance on Parcel/LTL and Contract Logistics could pose risks if demand patterns change.
Dhillon Freight Carrier Limited Peer Comparison
| Company Name | Total Income (₹ lakh) | Revenue from Operation (₹ lakh) | PAT (₹ lakh) | Debt Equity Ratio |
|---|---|---|---|---|
| Dhillon Freight Carrier Limited | 2,472.93 | 2,401.79 | 109.31 | 1.37 |
| Orissa Bengal Carrier Limited | 33,517.78 | 33,279.82 | 368.62 | 0.15 |
| GB Logistics Commerce Limited | 6,445.73 | 6,445.36 | 360.37 | 0.71 |
