Neptune Logitek Limited is an integrated logistics company in India, the Company primarily operates in the following segments: (i) Freight Forwarding and Custom Clearance including Import and Export; (ii) Air Freight Transportation (including Import and Export and Courier Services; (iii) Door to Door Multimodal Coastal Forwarding (iv) Road Transportation and (v) Rail Transportation. As on the date of this Prospectus, they have a pan-India presence through a network of head office and 9 (Nine) branch offices, strategically located to support the operations. Out of these, one branch is specifically dedicated to the repair and maintenance of the trucks and fleet. Company operates on an asset-based business model, which allows them to deliver high-quality services to the customers. The essential assets, including commercial vehicles, are either owned by them or provided through a network of business partners on a lease basis. As a result, they maintain their own fleet of vehicles while also collaborating with the business partners to hire additional vehicles as needed to support the logistics operations, they also operate a captive petrol pump with storage capacity of 60 kilolitres, for which they hold a valid Class B license from the Petroleum and Explosives Safety Organisation(PESO). Key technological features, used by company, include GPS-enabled fleet management systems, real-time vehicle tracking, and an auto on/off feature for engine monitoring and control. These technologies enhance safety, reduce idle time, and ensure better utilization of fleet resources. Additionally, they utilize predictive analytics to anticipate demand fluctuations and optimize route planning, along with automated workflows that support data-driven decision-making. Company has increased the fleets and fleet operators, the number of fleets owned as financial year ending on August 31 2025, March 31, 2025, 2024 and 2023 is 192, 199, 217 and 159 respectively. With a fleet of over 190 trailers operating in and around various states such as Gujarat, Kerela, Tamilnadu, and Karnataka, Neptune Logitek is well-equipped to meet diverse logistics needs. The total number of containers handled increased from 34,792 in Fiscal 2023 to 55,416 in Fiscal 2025, reflecting a CAGR of approximately 26%. The total number of customers increased from 1,762 in Fiscal 2023 to 2,185 in Fiscal 2025. As per financial performance, Neptune Logitek Limited has posted total income / net profits of Rs 187.71 Cr / (0.17) Cr (FY23), Rs 175.76 Cr / Rs 0.004 Cr (FY24), Rs 260.74 Cr / 9.15 Cr (FY25) and Rs 105.51 Cr / 4.01 (upto 31.08.25 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts. Company has an average EPS of Rs 6.59 and average RoNW of 20.70% for last three fiscals. Issue is priced at a P/BV of 5.26 as per NAV of Rs 23.97/- as on post issue. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 47950, 18.85 and 17.90 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Galactico Corporate Services Limited is associated with this SME IPO, and has handled 2 SME IPOs in last one fiscal years. From last two IPO, all opened below issue price on the day of listing. As of now, from last two IPO, all are trading below issue price. ( As on 05.12.25 ) As per financials, Neptune Logitek Limited has shown steady growth, RoNW is 40.23% and P/E is 47950.00, 18.85 and 17.90 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net-profit just before IPO raises doubts. Company is an integrated logistics company in India with PAN India presence, which is highly competitive business segment. Performance of BRLM is vey poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
✍️ Post a Comment