Glottis Ltd

Financial Performance

• Revenue from operations: Rs 2,345 million; +39.5% YoY; +19.7% QoQ.
• Total income: Rs 2,366 million; vs Rs 1,682 million in Q1 FY'26.
• EBITDA: Rs 163 million; margin 6.9%; QoQ up 54.8%; margin +150 bps.
• PAT: Rs 107 million; margin 4.6%.
• TEUs handled: 21,841 in Q1 FY'27; 26,278 (Q1 FY'26); 31,402 (Q4 FY'26).

Segment and Throughput

• Sea import revenue: Rs 1,647 million; 70% of revenue; +24.1% YoY.
• Sea exports revenue: Rs 467 million; +83.5% YoY; 19.9% of revenue.
• Air freight: Import Rs 66 million; +97.1% YoY; Export Rs 50 million; +240.4%.
• Air freight share: ~4.9% of revenue; up from 2.9% in Q1 FY'26.
• Road transport revenue: Rs 107 million; 4.6% of revenue; +107.8% YoY.
• Warehousing revenue: Rs 9 million.

Geography and Industry

• Asia ~84% of revenue; North America ~10%; Europe ~3%; Africa ~2%; South America ~1%.
• Industry mix: Renewable energy 38%; Engg products 8%; Consumer durables 10%; Chemicals 7%.
• Trade receivable days: 77 days at quarter end vs 87 days FY26 end.
• Top-5 customers ~29% of revenue; 260 new customers; repeat customers ~75%.

Capex and Backward Integration

• Fleet strength: 80 owned vehicles in Q1 FY'27; 42 end-FY26 Q4; 17 end-FY26 Q3.
• Container deployment to start from Q3; CAPEX program substantially complete in FY'27.
• IPO proceeds: Rs 132 crores to be deployed by end-March.
• CRISIL: IPO proceeds used as planned; no deviations.

Outlook and Guidance

• Revenue to exceed FY'25 numbers.
• Margins targeted to be a little higher than the current quarter.

Q&A Highlights

• Geopolitical impact: minor; Asia dominates revenue; growth expected to surpass FY25.
• US trade lane concentration increased toward ~10% (from ~4–5%).
• Top-5 customer contribution: 29% now; target 15–20% in 2–3 years.
• Air freight: current single-digit share; expectation of higher contribution going forward.
• Expansion plans: Hyderabad, Kolkata, Ahmedabad; stronger presence in Africa/Europe; US lanes growing.

Meeting Details

• Post-earnings conference call for quarter ended June 30, 2026.
• Date: August 11, 2026.
• Type and mode: group virtual earnings call.

Participants

• No specific management names disclosed; filing mentions Company Secretary.

Purpose

• Discuss unaudited quarterly results for quarter ended June 30, 2026.

Availability

• Audio recording uploaded on company website.

Financial highlights

• Revenue from operations: Rs 2,345 million in Q1 FY27, up 39.5% YoY.
• EBITDA: Rs 163 million; margin 6.9%.
• PAT: Rs 107 million; margin 4.6%.
• EPS: Rs 1.16; down 22.1% YoY.
• TEUs handled: 21,841 in the quarter.

Operations and service mix

• Warehousing revenue started in the quarter.
• Sea Import ~70% of revenue; Sea Export ~20%.
• Air Import growth 97.1% YoY; Air Export 240.4% YoY.
• Owned fleet: 80 vehicles after adding 38 in quarter.

Customer diversification and segments

• 260 new customers added in Q1 FY27.
• Top five customers’ contribution down to 29% of revenue.
• Renewable Energy 38% of revenue; Consumer Durables 10%; Chemicals 7%.

Outlook and focus

• MD commentary: improvement in revenue amid volatile logistics environment.
• Focus on shipment-level profitability, cost discipline, and expanding customer base.

Business Overview

• End-to-end logistics provider with Ocean, Air, Inland, warehousing and 3PL services.
• Strategic focus on expanding revenue streams, asset base, and geographic presence, including renewables.
• BBB+/Stable CRISIL rating; 9 branches; 200,000 sq ft warehouse; 80 owned vehicles.
• FY26 revenue ₹7,226 mn; EBITDA ₹495 mn; PAT ₹377 mn; ROE 19.9%; ROCE 18.8%; D/E 0.18x.

Operational Highlights

• Q1 FY27 revenue ₹2,345 mn; EBITDA ₹163 mn; PAT ₹107 mn; TEUs 21,841.
• Sea Import ~70% of revenue; Sea Export ~20%; Air Import up 97% YoY; Air Export up 240% YoY.
• Warehousing revenue begins contributing; total owned fleet up 38 to 80.
• 260 new customers in Q1 FY27; top-5 customers share falls to 29%.
• Renewable energy segment accounts for 38% of revenue; chemicals 7%; consumer durables 10%.

Financial Performance

• FY26 revenue growth CAGR 14.7% over FY2023-2026.
• FY26 EBITDA ₹495 mn, PAT ₹377 mn; EBITDA 6.9% margin, PAT 5.2% margin.
• Q1 FY27 revenue growth 39.5% YoY; EBITDA margin 6.9%; PAT margin 4.6%.
• ROE 19.9%; ROCE 18.8%; D/E 0.18x; 89k TEUs transported in FY26.

Capital Structure & Liquidity

• CRISIL rating BBB+/Stable; leverage modest at 0.18x Debt-to-Equity.
• No capital raise details disclosed.

Strategic Outlook & Priorities

• Expand revenue streams and asset base; strengthen end-to-end service offerings.
• Enter Africa, Australia, and South America; broaden geographic reach and sectors.
• Invest in technology: ERP and transport management systems for visibility.
• Cross-sell warehousing; acquire operational assets to bolster capacity.

Risks & Governance

• Volatile global logistics environment; profitability pressured by higher operating costs.
• Management focus on shipment-level profitability, cost discipline, and efficiency.
• Board of 6 with 3 independent; female director; Audit, CSR, Nomination & Remuneration, Stakeholders' committees.

Leadership & Governance

• MD Ramkumar Senthilvel; CFO Rajashree Ananthapadmanaban; Company Secretary Nibedita Panda.
• Management focused on governance, compliance, and expanding international footprint.

Issue Overview

• Type: IPO; securities: Equity Shares.
• Total issue size and net proceeds: revision occurred due to lower issue expenses.
• Main objectives: capex for purchase of commercial vehicles and containers; general corporate purposes.

Utilisation of Proceeds

• Utilisation as per offer document; no material deviations reported.
• No deviations or reallocations observed.
• Funding capex: partial utilisation; implementation delayed awaiting revised vendor quotations.
• General Corporate Purposes: partial utilisation; GST and bank charges incurred.
• Issue expenses: reimbursement of 0.42 million from internal accruals to public issue account.
• Unutilised funds parked in fixed deposits and a monitoring account.

Governance and Compliance

• Approvals: management undertaking and statutory auditor certificates underpin utilisation; MAR reviewed by Board/Audit Committee.
• Material events: delay in implementation due to vendor quotations; ongoing discussions.
• Other information: no adverse items noted.

General Corporate Purpose (GCP)

• GCP utilised: GST and bank charges; total about 0.08 million.
• Board approval for GCP allocation not explicitly noted.

Key details

• Purpose: Confirmation of no deviation in use of IPO funds for Q2 FY2026.
• Mode: Public Issue.
• Fund raising date: October 3, 2025.
• Amount raised: Rs 15,999.87 Lakhs.
• Quarter-end of report: June 30, 2026.
• Monitoring agency: Crisil Ratings Limited.
• Audit committee comments: NIL.
• Status: No deviation; funds utilised as per objects.
• Notes: Net proceeds revised downward due to lower actual expenses; no deviation.

Board approvals & review

• Board approved standalone and consolidated unaudited results for quarter ended 30 Jun 2026; limited review conducted.

Standalone financials

• Revenue from operations: 2,345,096 Lakhs; Total income: 2,366,322 Lakhs.
• Total expenses: 2,220,457 Lakhs; Profit before tax: 1,458.65 Lakhs.
• Profit for the period: 1,068.99 Lakhs; Basic EPS: 116; Diluted EPS: 116.

Consolidated financials

• Total income: 23,663.22 Lakhs; Total expenses: 22,205.75 Lakhs.
• Profit after tax: 1,067.81 Lakhs; Basic EPS: 116; Diluted EPS: 1.16.

IPO proceeds & utilisation

• IPO listed on NSE & BSE on Oct 7, 2025; proceeds 15,999.87 Lakhs.
• Utilised 7,238.10 Lakhs by Jun 30, 2026; unutilised 8,761.77 Lakhs.
• Invested IPO proceeds in fixed deposits; no deviation from objects.

Capex, net proceeds & objects

• Capital Expenditure: 13,254.20 Lakhs; Net Proceeds: 14,533.19 Lakhs.
• General Corporate Purposes: 1,278.99 Lakhs; Issue Expenses: 1,466.68 Lakhs.
• Objects of the Issue: Capital Expenditure, General Corporate Purposes; no deviation.

Operations & liquidity

• Single operating segment: freight forwarding; operations largely in India.
• Investor complaints post-listing: Nil; no debt servicing default reported.

Meeting Details

• Date and time: Tuesday, August 11, 2026, at 3:00 PM IST.
• Type and mode: group virtual earnings conference call.
• Event: Glottis Q1 FY2027 Earnings Conference Call.
• Key participants: Managing Directors and Chief Financial Officer.
• Purpose: discuss Q1 FY2027 earnings for quarter ended June 30, 2026.
• Registration: advance registration via Diamond Pass.

Dematerialisation/rematerialisation status

• No dematerialisation/rematerialisation requests were received during the period.

Key terms

• Loan approved up to Rs 5 crore to Glottis Inc, unsecured, 5-year term.
• Borrower is Glottis Limited's wholly owned subsidiary; related party at arm's length.
• Purpose: working capital for Glottis Inc.
• Date of loan signing: 03 July 2026; board meeting 4:40–5:10 PM.
• Repayment period: five years from disbursement; no collateral.
• Outstanding amount on disclosure date: Nil.
• Lender: Glottis Limited; borrower: Glottis Inc (Wholly Owned).
• Security: Unsecured loan.
• Nature: Inter-corporate loan; arm's length confirmed.