Neptune Logitek Ltd

Rating details

• CRISIL assigns long-term BB rating with Stable outlook to Neptune Logitek's Rs 70 crore facilities.
• Total bank loan facilities rated: Rs 70 crore; no debt securities issued.
• Outlook: Stable.
• Agency: CRISIL Ratings Limited.
• Disclosure is informational; no debt securities outstanding.
• Issuer: Neptune Logitek Limited.
• Rating action date: 29 September 2026.

Resigning director details

• Mukesh Bafna, Independent Director, resigns from Neptune Logitek Limited.
• Effective from September 25, 2026.
• Reason: pre-occupation elsewhere, limiting time for company affairs.
• Confirms there are no other material reasons beyond those stated.
• Resigns from the Board and various committees of the company.
• Not holding directorships or committee memberships in other listed entities.
• No replacement details or immediate board/committee changes disclosed.

Neptune Logitek Ltd trading window closed from 01 October 2026 till 48 hours after declaration of the unaudited half-year results for the period ended 30 September 2026

AGM Details

• AGM held on 21 September 2026 at 03:30 P.M. IST, Gandhidham, Gujarat (physical).
• Remote e-voting period 17–20 September 2026 via CDS; polling papers available at AGM.
• Scrutinizer appointed: M/s Dixit Shah and Associates, Company Secretaries.

Key Resolutions & Voting

• Ordinary: Adopt audited accounts and directors' report; outcome not disclosed; deemed passed on AGM date.
• Ordinary: Re-appoint director by rotation; outcome not disclosed; deemed passed on AGM date.
• Special: Appoint Non-Executive Independent Director; outcome not disclosed; deemed passed on AGM date.
• Special: Approve addition to object clause of MOA; outcome not disclosed; deemed passed on AGM date.

Transaction overview

• Target entity: Neptune Cargo Services Private Limited, logistics and freight forwarding services in India.
• Size: Authorized share capital Rs 10 lakh; paid-up share capital Rs 10 lakh.
• Related party: becomes wholly owned subsidiary; cross-director links; arm's length transaction.
• Industry: Logistics.
• Objects: aligns with Neptune Logitek's logistics investment strategy.
• Regulatory approvals: Not Applicable.
• Indicative completion: 16 September 2026.
• Consideration: Cash via bank transfer.
• Price: Face value Rs 10 per share.
• Shareholding acquired: 1,00,000 equity shares representing 100%.
• Background: freight forwarding via sea, rail, road; incorporated 16 Sept 2026 in India.

AGM notice and AR access

• AGM 14th on 21 Sept 2026 at 3:30 PM in Gandhidham.
• e-voting window: 17 Sept 2026 09:00 to 20 Sept 2026 17:00.
• Cut-off date for e-voting: 11 Sept 2026.
• Annual Report FY2025-26 available on Neptune Logitek website.
• Notice and AR also on CDSL and BSE platforms.
• Email address registration reminders for demat holders; RTA Bigshare contact provided.
• AR accessible via company website under Investor disclosures.
• Letter provides web-link of AR 2025-26 to members without registered emails.
• AGM venue: BBZ-N-62/A, Ward 12/A, Gandhidham.

Financial highlights

• Revenue from operations: Rs 23,371.11 Lakhs for FY2025-26.
• Total income: Rs 23,522.18 Lakhs, incl. Other Income.
• Net profit after tax: Rs 628.84 Lakhs.
• Earnings per share (Basic): Rs 4.59.

Capital structure & ownership

• Authorized capital Rs 14,00,00,000; paid-up capital Rs 13,70,00,000.
• IPO: 37,00,000 shares; listing on BSE SME on 22 Dec 2025.
• IPO proceeds Rs 4,662.00 Lakhs used for capex, debt repayment, and general purposes.
• Promoter holdings post-IPO: Ankit D Shah 46.82%; Reema A Shah 26.39%.

Geography & segment

• Domestic revenue Rs 17,826.38 Lakhs; Export revenue Rs 5,544.72.
• Total external revenue: Rs 23,371.10 Lakhs.
• Segments: Domestic and Export; geography-based reporting.
• Revenue by geography reflects customer location.

Governance & board

• Board of 5 directors; 2 Independent; MD is Chairman.
• Rushabh Anilkumar Shah appointed Independent Director for 5 years from Apr 6, 2026.
• Independent directors: Kunj Bihari Dave; Mukesh Bafna.
• Audit Committee met 8 times; Chair: Mukesh Bafna; Members: Dave, Reema Shah.

Audit & compliance

• Statutory auditors: J S Maheshwari & Co; no qualifications.
• Secretarial Auditor: Ishali Desai & Associates; late filings observed.
• Internal controls are adequate; no material weaknesses noted.
• Going concern affirmed; robust internal financial controls.

CSR & risk outlook

• CSR spend Rs 9.00 Lakhs; CSR obligation Rs 8.75 Lakhs.
• CSR policy on website; Karnavati Charitable Trust engaged.
• Geopolitical risks from Middle East impact volumes; cautious outlook.
• Management focus on energy efficiency, technology adoption, and risk management.

AGM Details

• AGM scheduled for 21 September 2026 at 03:30 PM at the registered office, Gandhidham.
• In-person meeting with remote e-voting facility from 17 to 20 September 2026.
• Record date for voting rights fixed at 11 September 2026.
• E-voting will be disabled after the voting window.

Key Resolutions

• Ordinary Resolution: adopt audited financial statements for the year ended 31 March 2026.
• Ordinary Resolution: appoint Ankit Devidas Shah as Director, retiring by rotation.
• Special Resolution: appoint Rushabh Anilkumar Shah as Independent Director for five years.
• Special Resolution: amend MOA to include IT software solutions for logistics and related industries.