JAYESH LOGISTICS LIMITED IPO ANALYSIS

Kolkata-based integrated logistics & supply chain provider raising ₹28.63 cr via fresh issue of 23.47L shares. Price: ₹116-122/share. Min lot: 2,000 shares (₹2.44L). Funds for sidewall trailers, warehousing expansion, SMART-SYS phase 2 & working capital. Specializes in Indo-Nepal corridor. Listing: NSE SME Nov 3. Lead: Indcap Advisors. ISO certified. Technology-driven operations.

IPO DETAILED INFORMATION

Issue Details

Parameter	Details
IPO Type	SME
IPO Open Date	27 October 2025 (Monday)
IPO Close Date	29 October 2025 (Wednesday)
Anchor Investor Bidding	24 October 2025 (Friday)
Allotment Date	30 October 2025 (Expected)
Credit to Demat	31 October 2025 (Expected)
Listing Date	3 November 2025 (Tentative)
Price Band	₹116 – ₹122 per share
Face Value	₹10 per share
Lot Size	1,000 shares (minimum)
Min Investment (Retail)	₹2,44,000 (2,000 shares at upper band)
Min Investment (HNI)	₹3,66,000 (3,000 shares / 3 lots)
Issue Size	₹28.63 crore total
Fresh Issue	₹28.63 crore (100% fresh issue)
Offer for Sale (OFS)	NIL (No OFS component)
Total Shares Offered	23,47,000 shares
Listing	NSE SME (Emerge Platform)
Market Capitalization	₹106.04 crore (at issue price)

Issue Break-up

Category	Allocation
QIB (Qualified Institutional Buyers)	Not more than 50% of Net Issue
NII (Non-Institutional Investors)	Not less than 15% of Net Issue
Retail Investors	Not less than 35% of Net Issue
Market Maker	As per SEBI regulations

Objects of the Issue (Fund Utilization)

Fresh Issue Proceeds (₹28.63 crore) will be used for:

1. Purchase of Sidewall Trailers – To expand owned fleet capacity
2. Expansion of Warehousing and Smart Logistics Infrastructure – Enhancing storage and distribution capabilities
3. Implementation of Phase 2 of Smart Logistics Application (SMART-SYS) – Technology upgrade for operational efficiency
4. Meeting Working Capital Requirements – For daily operational needs
5. General Corporate Purposes – Strategic business initiatives

Note: This is a 100% fresh issue with no OFS component. All proceeds will go to the company for business expansion.

Lead Managers & Registrar

Book Running Lead Manager (BRLM):

• Indcap Advisors Private Limited

Registrar:

• KFin Technologies Limited
• Contact: +91-40-67162222
• Email: [email protected]

Market Maker:

• Giriraj Stock Broking Private Limited

Promoters & Management

Key Promoters:

• Mr. Sanjay Kumar Kundaliya (Chairman & Managing Director)
• Mrs. Navita Kundaliya
• Mr. Bishnu Kumar Bajaj
• Mrs. Rashmi Bajaj
• Mr. Rishi Maheshwari
• RHMB India Private Limited (formerly Active Commotrade Private Limited)

Company Contact:

• Address: 1, Crooked Lane, 3rd Floor, Room No. 322, Kolkata, West Bengal – 700069
• Phone: +91 90387 09000
• Email: [email protected]
• Website: www.jayeshlogistics.com

JAYESH LOGISTICS LIMITED – COMPANY OVERVIEW

Establishment & Background:

• Established in May 2011 (originally known as Siddhi Vinayak Carriers)
• Industry: Logistics and Supply Chain Management
• Headquarters: Kolkata, West Bengal
• Over 14 years of operational experience in the logistics sector

Business Model:

• Comprehensive logistics solutions provider specializing in cross-border cargo movements
• Primary focus on Indo-Nepal Corridor and Nepal hinterland logistics
• Offers freight transportation (road and rail), truck forwarding (TFN), customs clearance, loading and unloading, and heavy machinery on hire
• Serves both domestic and international markets with integrated end-to-end supply chain solutions

Market Position:

• Rapidly growing player in India’s logistics and supply chain management sector
• Strong operational dominance in Eastern India
• Honored with “Transporter of the Year Award” by EXIM India Shipping Times for five consecutive years (2019, 2020, 2023, 2024, and 2025)
• Serves over 200 clients across multiple industries

Operations:

• Operates an owned fleet of 95 heavy material and cargo handling trucks
• Complemented by a vast network of third-party transporters for operational flexibility
• Key operational hubs in Durgapur, Haldia, Kolkata, and Siliguri
• Handles cargo from Kolkata and Haldia ports to inland destinations
• Operations extend across Eastern India and neighboring countries (Nepal, Bhutan, Bangladesh)
• 42 permanent employees as of April 2025

Company Strengths

1. Cross-Border Logistics Specialization:
   • Dominant position in Indo-Nepal Corridor logistics with over 10 years of specialized experience
   • Established expertise in cross-border cargo movement to Nepal, Bhutan, and Bangladesh
   • This niche specialization provides competitive advantages in a complex regulatory environment
2. Technology-Driven Operations:
   • Proprietary SMART-SYS platform integrating ERP, GPS tracking, RFID, blockchain e-POD, and AI-driven CRM
   • GPS integration with SAP for real-time fleet management and route optimization
   • Advanced tracking systems ensure enhanced delivery reliability and transparency
   • Technology adoption improves operational efficiency and customer satisfaction
3. Consistent Recognition & Market Credibility:
   • Five consecutive “Transporter of the Year” awards (2019, 2020, 2023, 2024, 2025) from EXIM India Shipping Times
   • ISO 9001:2015 certified for quality management system
   • ISO 14001:2015 certified for environmental management system
   • Strong reputation for reliability in the logistics industry
4. Diversified Client Base & Industry Exposure:
   • Serves over 200 clients across key industries including iron and steel, cement, construction machinery, infrastructure equipment, FMCG, pharmaceuticals, and manufacturing
   • Long-term associations with key customers ensure revenue stability
   • Diversified sector exposure reduces dependency on single industry cycles
5. Strategic Geographic Positioning:
   • Strong presence in Eastern India with logistics hubs in strategic locations
   • Port handling capabilities at Kolkata and Haldia ports
   • First-mover advantage in difficult-to-reach landscapes of North Eastern India
   • Operations extending across pan-India network
6. Integrated Asset-Light Model:
   • Owns 95 heavy trucks while leveraging third-party operators for scalability
   • Reduces capital intensity while maintaining operational control
   • Network of agents for driver availability and fleet management
   • Flexibility to scale operations based on demand
7. Experienced Leadership:
   • Promoters bring over a decade of experience in logistics and trade
   • Senior management with extensive domain expertise in supply chain operations
   • Strong leadership contributing to operational excellence and market reputation

Key Risks & Challenges

1. Customer Concentration Risk:
   • Significant revenue dependence on a limited number of key clients
   • Loss of major customers could materially impact revenue and profitability
   • Revenue concentration increases business vulnerability
2. High Trade Receivables & Credit Risk:
   • Trade receivables of ₹35.59 crore as of FY25 with overdue receivables exceeding six months amounting to ₹8.92 crore
   • Increasing trend from ₹13.87 crore (FY22) to ₹35.59 crore (FY25)
   • Delays or defaults in client payments could lead to cash flow mismatches and liquidity challenges
   • Potential bad debts pose financial risk
3. Working Capital Intensive Business:
   • High working capital requirements for fuel, maintenance, and operational expenses
   • Delay or shortage in working capital could disrupt operations and growth plans
   • Outstanding financial indebtedness of ₹29.77 crore as of January 31, 2025
   • SME listing may face post-listing liquidity challenges
4. Infrastructure & External Dependencies:
   • Heavy dependence on road network quality and infrastructure
   • Disruptions from strikes, accidents, or poor infrastructure can impact service delivery
   • Fuel price volatility directly affects profitability margins
   • Rising costs of vehicles, maintenance, and fuel impact operational expenses
5. Intense Competition:
   • Cut-throat competition from established players like Blue Dart, DHL, Delhivery, S J Logistics, AVG Logistics, and Ritco Logistics
   • Large players have superior scale, technology, and network advantages
   • Competitive pressure on pricing and margins
   • Continuous need for technology upgrades to stay competitive
6. Regulatory & Legal Complexities:
   • Cross-border operations subject to customs regulations, trade policies, and international relations
   • Changes in transportation regulations or environmental norms could increase compliance costs
   • Potential regulatory risks in multiple jurisdictions
   • Border infrastructure dependencies
7. Employee Cost Pressures:
   • Employee benefits constitute significant operational expense
   • May need to increase compensation to remain competitive and manage attrition
   • Cost increases could strain margins if not passed on to customers
   • Skilled workforce retention challenges in logistics sector
8. Geographic Revenue Concentration:
   • Significant revenue derived from India-Nepal Corridor operations
   • Dependency on specific geographic routes increases vulnerability to regional disruptions
   • Economic or political changes in Nepal could impact business volumes

Financial Performance Overview (₹ in Crore)

Particulars	FY 2022	FY 2023	FY 2024
Revenue (₹ crore)	51.27	60.34	88.26
Profit (₹ crore)	0.96	1.09	3.16
Total Assets (₹ crore)	21.36	21.86	47.52

Revenue

• FY 2022: ₹51.27 crore
• FY 2023: ₹60.34 crore
• FY 2024: ₹88.26 crore

Analysis:
Revenue has grown consistently over the three years. From FY 2022 to FY 2023, it increased by 17.7%, and from FY 2023 to FY 2024, it rose sharply by 46.3%. This indicates strong business expansion and improved market demand during FY 2024.

Profit

• FY 2022: ₹0.96 crore
• FY 2023: ₹1.09 crore
• FY 2024: ₹3.16 crore

Analysis:
Profit has shown a remarkable rise, particularly in FY 2024. The profit grew by 13.5% in FY 2023 and then surged by 189.9% in FY 2024, reflecting better cost management, higher margins, or increased operational efficiency. The jump in FY 2024 suggests a significant improvement in profitability.

Total Assets

• FY 2022: ₹21.36 crore
• FY 2023: ₹21.86 crore
• FY 2024: ₹47.52 crore

Analysis:
Total assets remained almost stable between FY 2022 and FY 2023, showing only a 2.3% rise. However, by FY 2024, assets more than doubled with a 117.4% increase. This sharp growth could be due to capital expansion, new investments, or asset revaluation to support the growing scale of operations.