Pooja Logistics IPO

The global logistics market was valued at USD 5.65 trillion in 2025 and is projected to reach USD 8.07–8.10 trillion by 2030–2034, growing at a CAGR of 4.0%–5.0%.  

Asia-Pacific accounted for over 48.7% of the global logistics market in 2024, while third-party logistics (3PL) and road transportation accounted for 56.3% and 59.2%, respectively.  

The global cold chain logistics market is projected to grow from USD 324.85 billion in 2024 to USD 862.33 billion by 2032, at a CAGR of 13.0%, driven by demand for perishable food, pharmaceuticals and online groceries.  

India's logistics market was valued at USD 228.4 billion in 2024 and is projected to reach USD 428.7 billion by 2033, growing at a CAGR of 6.50% between 2025 and 2033.  

India's express logistics industry was valued at around USD 9 billion in FY25 and has grown at a CAGR of 12%–15% since FY17. It is projected to reach USD 18–22 billion by FY30, supported by e-commerce growth and increasing MSME exports.  

India's cold chain transportation market is projected to grow from USD 12.77 billion in 2025 to USD 20.31 billion by 2030, registering a CAGR of 9.72%.  

India's position as the world's largest milk producer and the second-largest producer of fruits and vegetables, along with its pharmaceutical manufacturing base, supports demand for temperature-controlled logistics.  

Growth in FMCG, frozen foods, dairy, bakery products, QSRs, pharmaceuticals and healthcare is expected to support demand for cold chain and express logistics services.  

Around 30%–40% of perishable produce in India is estimated to be wasted annually due to gaps in cold chain connectivity and temperature management.  

Key industry challenges include high infrastructure costs, unreliable power supply, fuel expenses, shortage of skilled drivers and refrigeration technicians, and employee attrition.  

Government initiatives such as PM Gati Shakti, the National Logistics Policy, Bharatmala Pariyojana, PLI schemes, FASTag, GST and E-Way Bills are supporting logistics infrastructure and freight movement.  

Logistics companies are increasingly adopting IoT-based temperature monitoring, GPS fleet tracking and Transport Management Systems (TMS) to improve shipment visibility and operational efficiency.  

The adoption of electric vehicles and CNG-powered fleets is also increasing as logistics operators seek to reduce fuel consumption and operational emissions. 

Fleet Expansion: ₹33.97 crore will be used to acquire 92 new refrigerated vehicles.  

General Corporate Purposes and Issue Expenses: The remaining proceeds will be used for general corporate purposes and expenses related to the public issue. 

Large Owned Refrigerated Fleet: As of March 31, 2026, Pooja Logistics operates 424 GPS-enabled refrigerated vehicles, including single and multi-compartment reefers with load capacities ranging from 5 to 20 tonnes. An owned fleet provides greater control over vehicle scheduling, route planning and delivery timelines.  

Temperature Control and Tracking: The company's refrigerated vehicles use Polyurethane Foam (PUF) insulation, Fiberglass Reinforced Plastic (FRP) inner linings and airtight door seals to maintain frozen temperatures of −18°C to −10°C and chilled temperatures of 0°C to +4°C. Its Geo Trackers software enables GPS-based vehicle tracking and temperature monitoring.  

Established Client Base: The company serves clients across FMCG, QSR, dairy and confectionery segments, including Haldiram, Country Delight, Jubilant Consumer, McCain Foods, Savencia, Wow! Momo and NIC Ice Creams.  

Experienced Management: Pooja Logistics is promoted and managed by Mr. Deepak Khanna and Mrs. Anu Khanna, with over 14 years of experience in fleet management, temperature-controlled logistics and regulatory compliance.  

Quality and Service Processes: The company follows a B2B, relationship-based service model supported by dedicated account managers, FSSAI certifications, client portal visibility and driver training covering safety and hygiene.  

Fleet Expansion: The company plans to utilise ₹33.97 crore of IPO proceeds to acquire 92 new refrigerated vehicles, which could increase its owned-fleet capacity and reduce dependence on hired vehicles.  

Growing Cold Chain Demand: Rising consumption of fresh and frozen food, expansion of e-commerce and quick commerce, and increasing demand for temperature-sensitive pharmaceutical products are supporting the need for cold chain transportation.  

Geographic Expansion: The company has scope to expand its operations beyond its existing presence in Delhi-NCR, Haryana, Maharashtra and Uttar Pradesh into other regions, Tier-II and Tier-III cities and industrial clusters.  

Adoption of Alternative-Fuel Vehicles: The company operates 141 CNG-powered refrigerated vehicles and may explore electric vehicles and other alternative-fuel options to support fleet efficiency and sustainability requirements.  

Technology Adoption: The planned adoption of a SaaS-based Transport Management System (TMS) could support trip scheduling, route optimisation, billing reconciliation and fleet utilisation monitoring. 

Pending Tax Litigations & Contingent Liabilities: The company has outstanding tax demands and civil claims totalling ₹27.15 crore, including a GST demand of ₹27.01 crore, an Income Tax demand of ₹0.05 crore and a civil recovery suit of ₹0.09 crore.  

High Customer Concentration: The company depends significantly on a limited number of customers. In FY26, the top 1, top 3, top 5 and top 10 customers contributed 27.69%, 47.34%, 55.24% and 68.15%, respectively, of revenue from operations.  

Dependence on FMCG Sector: The FMCG segment contributed 95.07% of operational revenue in FY26, making the company significantly dependent on demand and business conditions in this sector.  

Geographic Concentration: Haryana, Maharashtra, Uttar Pradesh and Delhi contributed 26.55%, 12.01%, 11.38% and 10.86%, respectively, of operational revenue in FY26, resulting in a concentration of business across these markets.  

High Debt and Interest Obligations: Total outstanding debt stood at ₹39.21 crore as of March 31, 2026. Debt servicing and interest obligations could affect cash flows and financial flexibility.  

Negative Net Cash Flows: The company reported negative net cash flows of ₹1.62 crore in FY26 and ₹3.08 crore in FY24, primarily due to capital expenditure towards vehicle acquisitions.  

Dependence on Hired Vehicles: Hired vehicles contributed 32.37% of operational revenue in FY26. Dependence on third-party vehicles may result in higher costs and reduced control over vehicle availability, refrigeration standards and delivery timelines.  

Employee Attrition: Employee attrition stood at 24.28% in FY26, compared with 26.51% in FY25 and 20.93% in FY24, which may create challenges in retaining experienced personnel.  

Statutory Compliance Delays: The company has experienced delays in certain regulatory filings and statutory payments, including ROC forms and GST, TDS, EPF and ESIC-related compliances.  

Fuel Price Volatility: Fuel is a major operating expense for the company's transportation business. Delays or limitations in passing higher fuel and refrigeration-related costs to customers could affect margins.  

Cargo Spoilage and Transit Losses: Cold chain transportation carries risks related to refrigeration failures, temperature fluctuations, accidents and transit delays. The company paid ₹0.16 crore towards transit shortages and damages in FY26.  

Intense Competition: The Indian logistics and cold chain industry is fragmented and competitive, with organised national players as well as local fleet operators competing across various routes and customer segments.  

Infrastructure and Weather Risks: Poor road infrastructure, power supply issues and extreme weather conditions can increase fuel consumption, affect refrigeration systems and lead to transportation delays.  

Pending Trademark Application: The company's trademark application for “TRUCK – IT DRIVEN WITH INTELLIGENCE BY POOJA LOGISTICS” under Class 39 remains pending, while the trademark is registered under its subsidiary, Truckit India Private Limited. 

Pooja Logistics IPO DRHP 

Pooja Logistics IPO RHP 

Share India Capital Services Private Limited 

Contact Number: 011-45121795 

Email Address: investor.ipo@maashitla.com