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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capital expenditure on vehicles and containers
The main use of the fresh issue proceeds, funding the purchase of commercial vehicles and shipping containers so the company owns more of the capacity it currently hires in.
General corporate purposes
The balance of the net proceeds, after the capital expenditure allocation and the costs of the offering, retained for ordinary business use.
(₹ in Crore)
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Glottis Limited is a Chennai-based logistics company that moves freight for its customers by sea, air and road. It works as a multimodal freight forwarder rather than an asset-heavy carrier, arranging end to end transport, customs clearance and related documentation, and it handles both routine container traffic and complex project cargo that needs specialised planning. Ocean freight is the largest part of the business by volume. The company was founded in 2004 by Ramkumar Senthilvel and Kuttappan Manikandan, who remained its promoters through the offering. It runs from a corporate office in Chennai with eight branch offices across New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru and Cochin. Rather than owning a large fleet, it operates through a broad network of intermediaries, roughly 171 foreign agents, 98 shipping lines, 52 transporters, 43 customs house agents, 22 airlines and 20 consolidation agents, supplemented by a small set of its own commercial vehicles. Its customer base has run to well over a thousand accounts a year, with a meaningful share of business coming from repeat shippers. Revenue grew sharply from about ₹479 crore in FY23 to roughly ₹943 crore in FY25, with profit after tax rising to ₹56.14 crore, helped by strong volumes in the renewable energy sector where it has built particular expertise, alongside engineering and consumer goods traffic. Margins are thin, in the mid single digits, which is normal for freight forwarding, where the company earns a spread on transport it buys from carriers. The asset-light model produces high returns on capital but leaves the business exposed to freight-rate cycles, to the concentration of its revenue in ocean freight and in a few large customers, and to its dependence on third-party intermediaries. The October 2025 offering combined a fresh issue, whose proceeds fund commercial vehicles and containers, with a sale of existing shares by the promoters.
The company raised about ₹55.26 crore ahead of the offer, allotting 42,83,755 shares at ₹129 per share, the top of the band, to seven institutional investors on 26 September 2025. The book was drawn from smaller funds rather than large domestic institutions: Meru Investment Fund took the biggest slice at roughly ₹15 crore, followed by LC Pharos Multi Strategy Fund and VPK Global Ventures Fund at about ₹10 crore each, with Abans Finance, M7 Global Fund, The Asio Fund and Sunrise Investment Opportunities Fund making up the rest.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Specialist in renewable energy cargo
It has built a position moving equipment for the renewable energy sector, work that needs specialised handling and planning and so carries better margins than commodity container traffic.
Asset-light model with high returns on capital
It buys transport capacity from carriers rather than owning a large fleet, so it can scale volumes without heavy fixed investment, which is what drives its unusually high return on capital employed.
A broad network of agents and carriers
Relationships with foreign agents, shipping lines, airlines, transporters and customs agents let it route freight flexibly and quote across lanes it does not serve directly.
Multimodal reach for complex consignments
Because it can combine ocean, air and road legs under one contract, it can bid for project cargo that a single-mode operator cannot handle end to end.
Established customers and overseas presence
A large share of revenue comes from repeat shippers, and its overseas agent network supports export and import traffic on both directions of a lane.
Rapid growth in revenue and profit
Revenue roughly doubled between FY23 and FY25 while profit after tax more than doubled, under a management team with long experience in the trade.
Concentrated in renewable energy freight
A large share of business comes from one end-market, so a slowdown in renewable energy project activity would hit revenue directly and is largely outside the company's control.
Heavily weighted toward ocean freight
Ocean is the dominant mode by volume, which leaves the company exposed to swings in sea freight rates and to disruption on major shipping routes.
Depends on third-party intermediaries
Because it does not own most of the capacity it sells, a failure, price move or withdrawal by a shipping line, airline or agent can disrupt service and squeeze the spread it earns.
Glottis Limited
New No. 46, Old No. 311, 1st Floor, Thambu Chetty Street, Chennai 600001, Tamil Nadu, India
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A few large customers drive much of the revenue
Losing one significant repeat customer, or a change in that customer's shipping arrangements, would leave a gap that is hard to replace quickly.
Very little warehousing, and only in one state
Its warehousing presence is limited and confined to Tamil Nadu, which restricts the value-added storage services it can offer alongside transport.
Thin margins on bought-in transport
Profit after tax runs at around six percent of revenue, so a modest adverse move in carrier rates that cannot be passed to customers has an outsized effect on earnings.