Company Overview

Ashapura Logistics Limited, originally incorporated as Ashapura Forwarders Private Limited in Ahmedabad, Gujarat, on April 02, 2002, has evolved significantly. It was converted into a public limited company as Ashapura Forwarders Limited in April 2021 and subsequently renamed Ashapura Logistics Limited on January 02, 2023. The company operates as an integrated logistics provider in India, specializing in cargo handling, freight forwarding, transportation (including project logistics and third-party logistics - 3PL), warehousing and distribution, and coastal movement.

The company prides itself on offering differentiated logistics solutions with a pan-India presence and integrated service offerings. As of June 30, 2024, Ashapura Logistics employed 219 people. It operates within the logistics, transportation, and freight forwarding industry, maintaining a network of 9 branch offices. The company began its warehousing operations in Gujarat in 2010.

Business Segments and Services

Ashapura Logistics provides a comprehensive suite of services across several key segments:

- Cargo Handling and Freight Forwarding: The company acts as a custom house agent (CHA), authorized to handle import and export activities on behalf of clients. It holds ISO 9001:2015 certification for its custom clearance, consultation, freight forwarding, supply chain management, warehousing, distribution, surface transportation, cargo handling, and 3PL services. Ashapura Logistics has also received Certificates of Excellence from Container Corporation of India (CONCOR) for its CHA services in import, export, and air cargo segments.

- Transportation Services: This segment is closely integrated with cargo handling, with services primarily catering to a business-to-business (B2B) clientele. In 2019, Jai Ambe Transmovers Private Limited was incorporated as a subsidiary to manage transportation business operations.

- Warehousing and Distribution: This division focuses on storing products in warehouses while offering value-added services such as shelf-life maintenance, product mixing, packaging, and cross-docking. Ashapura Warehousing Private Limited was established as a subsidiary company for warehousing and distribution business in 2014.

- Coastal Movement: In 2023, the company expanded its service portfolio to include coastal movement operations.

Financial Performance and Market Position

Ashapura Logistics Limited is classified as a Small Cap company, with a market capitalization of ₹107 Crores as of May 28, 2025.

The company's financial metrics show it trading at a significant discount to its peers. Its Price-to-Book (P/B) ratio is 0.91 times (as of May 28, 2025), representing a 61% discount to the peers' median of 2.36 times. The Price-to-Earnings (P/E) ratio stands at 8.65 times (as of May 28, 2025), also a 61% discount to the peers' median of 22.43 times.

Ashapura Logistics reported operating revenue of ₹647.79 Crores on a trailing twelve-month (TTM) basis. For the financial year ending March 31, 2024, the company recorded revenue from operations of ₹199 Crores and a net profit of ₹12.35 Crores. The TTM profit after tax was ₹12 Crores.

Despite an annual revenue decline of 10%, the company maintained a pre-tax margin of 8% and delivered a strong return on equity (ROE) of 18%. The debt-to-equity ratio is a healthy 13%, indicating a robust balance sheet.

Historical Performance:

Between FY2023 and FY2024, Ashapura Logistics Limited's revenue decreased by 10.45%, while its profit after tax (PAT) increased by 30.46%. For FY2023, the company's EBITDA increased by 10.94% over the previous year, and its book net worth grew by 22.35%.

Key Financial Metrics

- Market Capitalization: ₹107 Crore (as of May 28, 2025)

- P/B Ratio: 0.91x (as of May 28, 2025) - 61% discount to peers

- P/E Ratio: 8.65x (as of May 28, 2025) - 61% discount to peers

- Revenue (FY2024): ₹199 Crores

- Net Profit (FY2024): ₹12.35 Crores

- TTM Operating Revenue: ₹647.79 Crores

- TTM Profit After Tax: ₹12 Crores

- Return on Equity (ROE): 18%

- Debt-to-Equity Ratio: 13%

Shareholding Pattern and Corporate Governance

The promoters of Ashapura Logistics Limited are Kurup Chitra Sujith and Sujith Chandrasekhar Kurup, who collectively own 68.03% of the total equity. Sujith Chandrasekhar Kurup serves as the chairman of the company. Importantly, there is no promoter pledging of shares in Ashapura Logistics Limited.

As of the last reported quarter, the shareholding pattern is as follows:

- Promoters: 67.5%

- Foreign Institutional Investors (FII): 4.3%

- Domestic Institutional Investors (DII): 0.8%

- Public: 27.4%

IPO and Listing Details

Ashapura Logistics successfully conducted an Initial Public Offering (IPO) worth ₹52.66 Crores, consisting entirely of a fresh issue of 36.57 lakh shares. The IPO bidding period was from July 30, 2024, to August 1, 2024, with allotment finalized on August 2, 2024. The shares were listed on the NSE SME platform on August 6, 2024. The IPO price band was set at ₹144 per share.

The stock debuted at ₹185, marking a premium of 28.47% over the IPO price. The IPO was oversubscribed by 123.72 times. Post-IPO, the promoter and promoter group shareholding was diluted to 67.51% from 92.45% pre-IPO.

Stock Performance and Trading Statistics

The 52-week high for Ashapura Logistics Limited is ₹194.25, and the 52-week low is ₹60.00. From a technical perspective, the stock is currently trading below its key moving averages. It would need to break above these levels to initiate any meaningful upward movement.

According to O'Neil Methodology analysis, the stock has an EPS Rank of 0 (indicating poor earnings consistency) and a Relative Strength Rating (RS Rating) of 3 (showing poor performance compared to other stocks). It belongs to the Transportation-Logistics industry group, which is ranked 139.

Future Growth Plans and Strategic Initiatives

The company has outlined capital expenditure plans that include the purchase of trucks and ancillary equipment, as well as the construction of warehouses at its facilities in Mundra, Gujarat. The proceeds from the IPO are allocated towards working capital requirements, acquisition of vehicles and equipment, warehouse construction at Mundra, and general corporate purposes.

Ashapura Logistics Limited is committed to strengthening its position as an integrated logistics solutions provider, leveraging its multi-service approach and strategic locations to cater to diverse industry requirements across India.