By Wealthova | Last Updated: September 20, 2026
Pooja Logistics Limited, an established player in the temperature-controlled supply chain and logistics sector, is gearing up to make its primary market debut with an upcoming ₹44.23 Crore SME IPO. Operating as a premier provider of cold chain transportation services, the company focuses on delivering seamless movement of perishable goods through its dedicated, in-house fleet of over 350 GPS-enabled refrigerated trucks (reefers). Operating a highly scalable and diverse B2B business model, Pooja Logistics provides critical transit monitoring and freight solutions backed by growing demand across the dairy, confectionery, pharmaceuticals, quick-service restaurants (QSR), and e-commerce industries. The subscription window for this book-built issue opens on September 23, 2026, and closes on September 25, 2026. The price band is set between ₹109 to ₹115 per equity share. The ₹44.23 Crore offering consists entirely of a Fresh Issue of 38.46 lakh shares, with absolutely no Offer for Sale (OFS) component. The company plans to utilize the fresh capital primarily to fund capital expenditures for purchasing new high-capacity transport vehicles and for general corporate purposes. Set to list on the NSE SME platform, market participants are closely watching this visible, asset-led enterprise, backed by a robust FY26 total income of ₹167.77 Crore and a net profit of ₹12.34 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
September 23, 2026
September 25, 2026
₹109 to ₹115
(Book Built)1,200 Shares
(Min. 2 Lots for Retail)₹44.23 Cr
(38.46 Lakh Shares)₹44.23 Cr
(Entirely Fresh Issue)35.00% Allocation
₹10 Base
SME (NSE SME)
Incorporated to bridge the gap in India’s fragmented supply chain, Pooja Logistics Limited is a highly specialized, asset-backed logistics enterprise operating purely in the temperature-controlled (cold chain) transportation sector. The company provides mission-critical freight and transit solutions designed to ensure the seamless, safe, and regulatory-compliant movement of perishable and temperature-sensitive goods across the country.
Unlike asset-light aggregators, Pooja Logistics owns and operates a formidable physical infrastructure, allowing it to maintain strict quality control over its entire service delivery pipeline. The company's core operations are structured around the following capabilities:
By combining physical trucking assets with digital monitoring technology, Pooja Logistics has successfully built a robust, high-barrier-to-entry business model, evidenced by its strong FY26 total income of ₹167.77 Crore.
The Pooja Logistics IPO is an NSE SME offering comprising entirely of a Fresh Issue of ₹44.23 Crore (38.46 lakh shares). The promoters are displaying strong confidence in the business by not diluting their existing holdings via an Offer for Sale (OFS). This means 100% of the net public proceeds will be injected directly into the company to fuel the following strategic growth objectives:
₹33.97 Crore is strictly allocated for the direct purchase of new commercial refrigerated vehicles (reefers) to expand the company's dedicated cold-chain transport fleet and increase route capacities.
The balance of approximately ₹10.26 Crore is reserved for meeting standard public issue expenses and funding ongoing day-to-day corporate contingencies and working capital.
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹125.14 | ₹14.83 | ₹5.73 | ₹59.78 |
| FY 2025 | ₹150.49 | ₹25.85 | ₹11.02 | ₹70.06 |
| FY 2026 | ₹167.77 | ₹42.31 | ₹12.34 | ₹98.13 |
| Financial KPI (FY25)* | Value |
|---|---|
| Return on Net Worth (RoNW) | 54.20% (FY25) |
| Return on Capital Employed (ROCE) | 34.47% (FY25) |
| EBITDA Margin | 15.52% (FY25) |
| PAT Margin | 7.41% (FY25) |
| Debt to Equity Ratio | 1.12x (FY25) |
| Earnings Per Share (EPS) | ₹11.82 (Pre-IPO) | ₹8.64 (Post-IPO) |
| Price/Earning (P/E) Ratio | 9.73x (Pre-IPO) | 13.31x (Post-IPO) |
| Net Asset Value (NAV) | ₹25.85 (Pre-IPO) |
| Price to Book (P/B) | 4.45x (At Upper Band) |
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 93.68% | 68.45% |
| Public / Institutional / Others | 6.32% | 31.55% |
Pooja Logistics Limited enters the public market backed by its core promoters: Deepak Khanna and Anu Khanna. Prior to the IPO (and following a massive 99:1 bonus issue), the promoters and promoter group collectively held a dominant 93.68% equity stake, with the remaining 6.32% held by public and other shareholders. The ₹44.23 Crore issue is entirely a fresh equity dilution with absolutely no Offer for Sale (OFS). Post-issue, the promoter holding will adjust to a comfortable majority stake of 68.45%, ensuring strong alignment with minority shareholders. The fresh capital is strategically directed toward expanding its proprietary fleet of refrigerated commercial vehicles (reefers) to capture a larger share of India's fast-growing temperature-controlled logistics sector.
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | RoNW (%) |
|---|---|---|---|
| Pooja Logistics Ltd (IPO) | 8.64 | 13.31x | 54.20% |
| AVG Logistics Limited | 17.38 | 11.93x | 10.11% |
| Premier Roadlines Limited | 6.02 | 6.94x | 14.34% |
Pooja Logistics Limited enters the primary market as an asset-backed player in India's fast-growing temperature-controlled (cold-chain) logistics industry. Operating a specialized, in-house fleet of over 350 GPS-enabled refrigerated trucks (reefers), the company provides critical cold storage transport for sensitive industries like pharmaceuticals, dairy, ice cream, and quick-service restaurants. Unlike conventional freight aggregators, owning physical reefers gives Pooja Logistics higher entry barriers and pricing power, reflected in a healthy EBITDA margin of 15.52% and a PAT margin of 7.41% for FY25. Most importantly, the ₹44.23 Crore offering is entirely a Fresh Issue with zero Offer for Sale (OFS), with 76.80% (₹33.97 Crore) deployed directly into acquiring new commercial refrigerated vehicles to immediately scale revenue capacity post-listing[cite: 4].
From a risk perspective, cold-chain logistics is inherently capital-intensive and exposed to operational hazards. The company carries a moderate financial leverage with a Debt-to-Equity ratio of 1.12x[cite: 4]. Operating hundreds of refrigerated vehicles also introduces exposure to diesel price spikes, highway tolls, and potential liabilities arising from equipment breakdown or perishable cargo spoilage during long-haul transit. Investors should note that sustaining high fleet utilization rates will be critical to servicing debt obligations and generating free cash flows once the new vehicles are inducted into the fleet.
On the valuation front, the issue is priced reasonably given its industry-leading capital efficiency. At the upper price band of ₹115, Pooja Logistics commands a post-issue Price-to-Earnings (P/E) multiple of 13.31x (based on a post-issue EPS of ₹8.64) and a Price-to-Book (P/B) of 4.45x against a pre-IPO NAV of ₹25.85[cite: 4]. While this trades at a premium to general dry freight logistics peers like Premier Roadlines (6.94x P/E), it is broadly in line with AVG Logistics (11.93x P/E)[cite: 4]. More importantly, this valuation is backed by exceptional return metrics—delivering a Return on Net Worth (RoNW) of 54.20% and an ROCE of 34.47% in FY25, which significantly surpasses peer averages[cite: 4]. With 100% of the funds driving fleet expansion and promoters holding a solid 68.45% post-issue stake, we assign an honest SUBSCRIBE rating for investors looking for quality SME exposure in the logistics sector[cite: 4].
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
Maashitla Securities Private Limited
451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi - 110034
Email: investor.ipo@maashitla.com
|
| 🏢 Company Contact |
Pooja Logistics Limited
4, Community Center, Lawrence Road Industrial Area, New Delhi - 110035
Phone: 011-47087282
Email: info@poojalogistics.in
Website: poojalogistics.in
|
| 💼 Merchant Bankers |
Share India Capital Services Private Limited
Book Running Lead Manager |