Pooja Logistics Ltd. IPO: price band ₹109–₹115, ₹44.23 crore fresh issue opens September 23, 2026

Pooja Logistics Ltd. is launching an SME initial public offering (IPO) with a price band of ₹109–₹115 per share. The issue opens on September 23, 2026 and closes on September 25, 2026, with listing scheduled for September 30, 2026. The IPO is sized at ₹44.23 crore and is entirely a fresh issue, with no offer for sale (OFS). The lot size is 1,200 shares.

IPO structure, timeline, and current market indicators

The IPO is structured as a 100% fresh issue, meaning the proceeds (net of issue expenses) are proposed to go to the company. With no OFS component, there are no selling shareholders receiving proceeds through the offer.

The timeline provided in the offer schedule includes an allotment date of September 28, 2026 and a refund date of September 29, 2026, ahead of the proposed listing on September 30, 2026.

Bidding-category data in the offer documents reflects shares offered across Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), Retail Individual Investors (RIIs), and an “Others” category. Since the IPO is upcoming and the subscription window has not opened yet, bidding figures are expected to start updating only after September 23, 2026.

In the grey market premium (GMP) data available from the provided context, there is one observation dated September 18, 2026, showing a GMP of ₹0 against a referenced issue price of ₹115. GMP is an unofficial indicator and can change.

What Pooja Logistics does: cold-chain transportation using refrigerated trucks

Pooja Logistics Limited is a temperature-controlled (cold-chain) logistics company that transports perishable and temperature-sensitive goods using refrigerated trucks, commonly referred to as reefers. Incorporated in 2011, the company positions itself as a fleet-owning cold-chain operator with technology-enabled monitoring, serving customer segments where temperature compliance and shipment visibility are central to service expectations.

Based on the provided description, Pooja Logistics serves customers across dairy, confectionery, quick-service restaurants (QSR), pharmaceuticals/healthcare, and e-commerce. The company reports pan-India coverage across more than 26 states and limited international revenue from Nepal.

The emphasis in the IPO description is on (1) ownership of reefer assets, (2) monitoring and temperature tracking during transit, and (3) customer relationships and expansion initiatives. These attributes frame the operating model as asset-led, where fleet availability, utilization, compliance performance, and customer retention are key business drivers.

Fleet ownership, monitoring stack, and operating footprint

A central feature of Pooja Logistics’ operating model is its owned, GPS-enabled reefer fleet with temperature tracking and monitoring. As of August 31, 2025, it reported a fleet of over 357 vehicles. For cold-chain operations, such capabilities are typically used to provide shipment visibility and temperature compliance data to customers, while also supporting internal operational controls.

The company’s geographic footprint is described as pan-India, but the disclosed risk commentary flags a concentration of operations in Delhi, Haryana, Maharashtra, and Uttar Pradesh. From a business-risk standpoint, concentration can influence exposure to localized disruptions and can also affect the pace at which the company diversifies its lane mix and customer mix.

The SWOT disclosures also note reliance on third-party vendors for certain operational needs, alongside high operating and maintenance costs typical of fleet operations. Fuel price sensitivity is explicitly flagged as a factor that can impact margins.

Milestones and initiatives highlighted in the offer documents

The milestones in the provided context trace Pooja Logistics’ evolution from incorporation to expansion and a later corporate-structure change.

The company was incorporated in 2011 as Pooja Logistics Private Limited and commenced logistics operations. In 2014, it began initial fleet deployment, starting with six vehicles at one location, and it onboarded a major QSR client. The milestones indicate that the fleet later expanded beyond 100 vehicles across locations. In 2015, the company expanded its fleet by approximately 40 vehicles to meet higher service requirements.

The timeline also notes that the company continued operations during COVID-19 lockdown phases while following government guidelines and safety protocols.

In 2024, Pooja Logistics transitioned from private to public limited status. The milestones further disclose that the company entered into a 36-month arrangement effective April 1, 2024 to license ICE battery-based passive cooling technology for hybrid cooling development in reefer vehicles. Separately, the IPO description references EV/CNG adoption initiatives as part of the growth narrative described for the offer.

Financial trajectory and valuation context

The restated financials provided in the context show an increase in total revenue, profit after tax (PAT), and total assets from FY2024 to FY2025. On a rounded basis, revenue increased from ₹125.14 crore in FY2024 to ₹150.49 crore in FY2025, while PAT rose from ₹5.73 crore to ₹11.02 crore. PAT margin expanded over the same period, and total assets increased from ₹59.78 crore to ₹70.06 crore.

Alongside the headline financials, the disclosed key performance indicators (KPIs) include an EBITDA margin of 15.52% and a reported PAT margin of 7.41%. Capital-efficiency metrics disclosed include return on capital employed (ROCE) of 34.47% and return on net worth (RoNW) of 54.2%. The context also provides earnings per share (EPS) of ₹10.56, a pre-IPO price-to-earnings (P/E) multiple of 10.89 times, and a price-to-book (P/B) multiple of 4.45 times. Debt-to-equity is disclosed at 1.12 times.

These metrics are typically read together with the business model described in the offer documents: a fleet-led cold-chain operator’s performance is linked to fleet utilization, operating costs (including fuel and maintenance), and how customer contracts affect pricing and service obligations. The IPO documents also highlight monitoring and temperature compliance as service features, which can be operationally important in segments such as QSR and pharmaceuticals.

Proposed use of proceeds, key risks, and monitoring points

The company’s stated objects of the issue indicate that the fresh issue proceeds are proposed to be used for (1) purchase of vehicles (goods carriers), (2) public issue related expenses, and (3) general corporate purpose. Within the disclosed proposed allocation, ₹33.98 crore is indicated for purchase of vehicles. As with any IPO, these are proposed uses of proceeds and not completed spending.

Risk disclosures in the provided SWOT commentary focus on concentration and operating sensitivities. Customer concentration is explicitly highlighted: revenue depends heavily on a few customers (including FMCG customers), and a reduction by a large customer can affect sales, cash flows, and fleet utilization. Geographic concentration is also highlighted, with operations concentrated in a few states, implying that localized disruptions could affect a significant portion of revenue.

The SWOT disclosures also list high operating and maintenance costs, exposure to fuel price fluctuations impacting margins, and dependence on third-party vendors for some operational needs. Competitive intensity from both organized and unorganized logistics players, seasonality-driven demand fluctuations in customer industries, contract terms that may restrict pricing or operations, and the need to keep pace with changes in logistics technology are also cited as threats.

Monitoring points based on the disclosed offer context:

Track how the proposed vehicle purchases translate into fleet additions and how capacity is deployed across lanes and customer segments.

Track customer concentration, including whether revenue dependence on a few customers reduces as the business scales.

Track geographic mix and concentration, particularly the contribution from Delhi, Haryana, Maharashtra, and Uttar Pradesh relative to expansion into other states.

Track leverage and operating-cost sensitivity, including how debt-to-equity and margin indicators move as the fleet base expands.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.