Glottis
- Glottis is coming out with a 100% book building; initial public offering (IPO) of 2,47,28,966 shares of Rs 2 each in a price band Rs 120-129 per equity share.
- Not more than 30% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 40% for the retail investors.
- The issue will open for subscription on September 29, 2025 and will close on October 1, 2025.
- The shares will be listed on BSE as well as NSE.
- The face value of the share is Rs 2 and is priced 60.00 times of its face value on the lower side and 64.50 times on the higher side.
- Book running lead manager to the issue is Pantomath Capital Advisors.
- Compliance Officer for the issue is Nibedita Panda.
Profile of the company
Glottis offers multi-modal integrated logistics solutions, which include end to end transportation solutions through ocean, air and road logistics services. The company delivers end-to-end logistics solutions with multimodal capabilities across verticals to optimize the movement of goods across geographies including (i) ocean freight forwarding (project cargo load and full container load, import as well as export); (ii) air freight forwarding (import as well as export); (iii) road transportation; along with other ancillary services, including warehousing, storage, cargo handling, third-party logistics (3PL) services and custom clearance, among others. It has handled 112,146 TEUs of imports through ocean during the Fiscal 2025.
It integrates services of its Intermediaries and its in-house infrastructure, to offer start to finish logistical solutions to its customers. Its service offerings coupled with the capabilities of its Intermediaries enable it to offer assistance in geographically dispersed locations, while modifying operating volumes, optimising loads and maintaining flexibility in handling capacity variations depending on its customers’ requirements.
The company has a track record of mobilising large volumes of cargo for its customers engaged in various industries. Its ability to mobilise higher volumes is on account of its widespread network of international freight forwarding agencies, who provide it insights on available carriers, route management and globally prevalent freight forwarding rates, which enhances its capabilities of committing carrier spaces in advance at competitive rates, thereby offering commitment of delivery.
Proceed is being used for:
- Funding of capital expenditure requirements of the company towards purchase of commercial vehicles and containers
- General corporate purposes
Industry Overview
The Indian logistics industry is expected to grow steadily at a CAGR of 9.6%, reaching Rs 37 trillion by FY30. The logistics sector has been recognized as a core enabler for the development of India to reach the government’s vision of achieving a $5 trillion economy by CY25. As per the Economic Survey FY18, the logistics industry in India was pegged at Rs 12.8 trillion in FY19. The industry has grown at 10.6% CAGR to Rs 23.4 trillion ($276.7 billion) over FY19-25. The logistics industry is forecasted to reach Rs 37 trillion ($437.6 billion) by FY30, growing at a CAGR of 9.6%. The logistics industry is witnessing robust growth, driven by sustainable factors on both the supply and demand sides. This growth is fuelled by increased investments in transportation, warehousing, and supply chain management.
Logistics cost has been high in India at about 13% of GDP against an average of 7-8% for developed economies in 2020. India's logistics sector faces significant challenges, with indirect logistics costs estimated to be four times higher than in developed countries. Contributing factors include an unbalanced modal mix, inefficient heavy truck mileage, inadequate road infrastructure, limited presence of organized players, fragmented networks, lack of technology adoption, and poor demand forecasting. The Indian government's initiative to reduce logistics costs will enable logistics costs to lower operational expenses by optimizing transportation through a more balanced modal mix. This will increase the demand for freight forwarding and encourage more companies to use professional logistics services.
The Indian logistics sector has a significant potential to reduce inefficiencies, which could result in savings of up to Rs 10 trillion. Transportation inefficiencies account for 2% of the total logistics expenditure in India, that can be reduced by an improved modal share, trucking efficiency, and reduce fuel costs. The PM Gati Shakti National Master Plan aims to create logistical synergies between the States and the Centre to reduce logistics costs to 7-8% of GDP. The DFC projects and other government initiatives will strengthen India’s rail infrastructure, leading to a reduction in the cost of transportation. Focusing on technology, sustainability, infrastructure development, and workforce training will be vital to maintaining the growth momentum of Indian logistics industry and ensuring that its supply chain remains competitive on the global stage.
Pros and strengths
One of the leading freight forwarding player operating in the Renewable Energy Industry: With over 2 decades of experience, Glottis is one of the leading freight forwarding player operating in the renewable energy sector import and export in India. Over the years, the company has developed a specialised customer base, comprising power generation and component manufacturing companies engaged in the renewable energy industry. Through its intermediary base, the company has harnessed capabilities of executing complex orders which involve transportation of fragile and specialized products across the supply chain in this industry. Owing to the rising demand of renewable energy, on account of it being sustainable, cost effective and environment friendly, its service offerings are complementary to this industry.
Wide network of Intermediaries coupled with optimum utilisation of its asset portfolio: As of August 31, 2025, the company had a network of 256 overseas agents, 124 shipping lines and agencies, 77 transporters, 59 custom house agents, 16 airlines, 32 consol agents and container freight stations among others. As of August 31, 2025, it owns 17 commercial vehicles. Further, the company had undertaken 4209, 1,126 and 2,557 trips though hired commercial vehicles for goods transportation during the Fiscals 2025, 2024 and 2023 respectively. The right mix of assets, provides the company with control over the capacity, availability and fleet, and the scheduling, routing, storing, and delivering of goods or containers managed by it.
Widespread international presence: The company has operations across regions including, Asia, North America, Europe, South America, Africa and Australia and during the Fiscals 2025, 2024 and 2023, its operations were spread across 125, 100 and 87 countries, respectively. Additionally, through its Group Companies, namely, Continental Shipping & Consulting Pte Ltd, Continental Worldwide Shipping Service LLC and Continental Shipping & Consulting Vietnam Co. Ltd, the company has established local presence in Singapore, United Arab Emirates and Vietnam. Its indirect presence in such regions, enables it to facilitate smoother operations, manage supply chain complexities and manpower dynamics effectively, undertake effective communication and relationship-building with local stakeholders and customers.
Financial growth backed by demonstrable performance metrics: The company has experienced sustained growth in various financial indicators including its revenue, profitability and returns as well as consistent improvement in its balance sheet position in the three Fiscals, wherein it has seen an increase in its net worth. The company has demonstrated consistent growth in terms of volumes and profitability. Its ocean freight volume has increased by 88.74% from 59,417 TEUs in Fiscal 2023 to 112,146 TEUs in Fiscal 2025, while its profit margins as a percentage of revenue from operations has grown from 4.69% in Fiscal 2023 to 5.97% in Fiscal 2025, on the basis of its Restated Financial Statements.
Risks and concerns
Maximum revenue comes from limited customers: During the Fiscals 2025, 2024 and 2023, the company’s top ten customers contributed to 52.73% 43.95% and 29.35% of its revenue from operations, respectively. A decrease in the revenues it derives from such customers could materially and adversely affect its business, results of operations, cash flows and financial condition.
Maximum revenue comes from ocean freight segment: The company has derived majority of its revenue from ocean freight (import and export) segment, constituting 94.70%, 95.32% and 97.24% of its revenue from operations during the Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The company’s financial condition would be materially and adversely affected if it fails to obtain new contracts, renew its contracts with existing customers or if its current contracts are terminated, in the said segment.
Significant revenue comes from few intermediaries: The company has required third parties to execute a portion of its orders, which presents numerous risks. It depends on its network partners, intermediaries and vendors/suppliers in certain aspects of its operations. The company has garnered 73.12%, 75.21% and 69.00% of its total revenue from top 10 intermediaries in FY25, FY24 and FY23 respectively. Occurrence of instances of unsatisfactory services provided by them or failure to maintain relationships with them could disrupt its operations.
Dependent on renewable energy industry: During the Fiscal 2025, Fiscal 2024 and Fiscal 2023, 47.54%, 42.42% and 13.01% of its revenue from operations, respectively, was attributed to the renewable energy industry, and therefore its business operations are dependent upon the said industry. Any downturn in the renewable energy industry and the other industries in which its customers operate, would create an adverse impact on its revenue from operations, cash flows and financial conditions.
Outlook
Glottis is a logistics solutions company that offers comprehensive transportation services through ocean, air, and road logistics. The company provides end-to-end logistics solutions with multimodal capabilities across various sectors, optimizing the movement of goods across different regions. The company has wide network of Intermediaries coupled with optimum utilisation of its asset portfolio. On the concern side, the company derives majority of its revenue from ocean freight (import and export) segment. Its financial condition would be materially and adversely affected if it fails to obtain new contracts, renew its contracts with existing customers or if its current contracts are terminated, in the said segment. Moreover, the company’s customers or customer groups do not commit to long-term contracts and may cancel or modify their orders or postpone or default in their payments. Any cancellation, modification, postponement of its orders could materially harm its cash flow position, revenues and earnings.
The issue has been offering 2,47,28,966 shares in a price band of Rs 120-129 per equity share. The aggregate size of the offer is around Rs 296.75 crore to Rs 319.00 crore based on lower and upper price band respectively. Minimum application is to be made for 114 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations surged 89.30% to Rs 9,411.73 million in Fiscal 2025 from Rs 4,971.77 million in Fiscal 2024. Moreover, the company’s profit after tax surged 81.36% to Rs 561.44 million in Fiscal 2025 from Rs 309.58 million in Fiscal 2024.
The company provides its ocean freight forwarding services through shipping lines, its inland transportation services mainly through third party transportation providers. It offers end to end solutions through its third party Intermediaries which include custom clearance, stuffing, container loading and unloading, among others. Its multimodal operations, constitute majority of its revenue streams, however, it intends to diversify its revenue sources by increasing its fleet by purchasing additional commercial vehicles, to offer freight transportation services to its customers, in addition to its freight management services. Going forward, the company intends to utilise an amount of Rs 1,325.42 million towards funding capital expenditure for purchase of commercial vehicles and containers. It intends to strategically enhance its business model by purchasing additional assets which are core to its operations and can increase its revenue share.
