Ashwini Container Movers Ltd. IPO

12 December 2025

Ashwini Container Movers Limited (ACML) is a surface logistics and trucking company focused on containerised freight. ACML operates in a B2B model serving factories, ports, and large shippers. It currently owns and operates a fleet of over 250 container trucks (20-ft and 40-ft trailers) as of Sept 30, 2024. These trucks are deployed primarily to transport goods between client manufacturing sites and ports (or vice versa), especially handling import/export container cargo. All vehicles are equipped with GPS tracking for real-time monitoring, and the company emphasises timely, reliable service to meet bulk shipment schedules.

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 71 crores
Price Band	INR 135-142 per share
Lot Size	1000 shares
Net Issue	50,00,000 Shares
QIB Portion	23,64,000 (47.28%)
NII Portion	7,20,000 (14.40%)
Market Makers	2,50,000 shares (5.00%)
Retail Portion	16,66,000 (33.32%)
Listing Platform	NSE SME
Issue Opens	December 12, 2025
Issue Closes	December 16, 2025
Listing Date	December 19, 2025

Now, let’s move to what’s working for the company and what’s not.

Strengths	Risks
They have an Asset-Heavy Integrated Model, the company owns a fleet of over 250 vehicles. This ownership ensures fleet availability, better control over service quality, and reduced dependence on third-party vehicle hiring.	They have a High Client Concentration Risk  which includes the top 10 customers contributing to 53.96% of revenue in FY24 and a high Geographic Concentration in Maharashtra of almost 77.34% of revenue in H1 FY 2025.
They have Specialized Service Capabilities such as Reefer (Refrigerated) containers for pharmaceuticals and perishables. They are GDP (Good Distribution Practice) compliant, CTPAT compliant, and hold ISO 9001, 14001, and 45001 certifications, creating a niche in the pharma logistics space.	They previously have had few Regulatory & Compliance Lapses.They have had past non-compliances, including failure to file Return of Allotment forms for past share issuances , errors in statutory auditor appointment terms , and delays in dematerialization of shares. These indicate gaps in corporate governance.
They have experienced Promoter Leadership led by Mr. Bhaskar Kisan Pawar and Mr. Govind Janabhau Sable, who have 35 years and 27 years of logistics experience, respectively and the company has shown robust Financial Growth & Margin Expansion in H1 FY 2025. .	They have a high debt/equity ratio of 4.12x which is significantly higher than its industry peers and the company does not have long-term agreements with several of its key customers.

Revenue Breakdown geographical-wise -

Particulars(%)	FY22	FY23	FY24	September 30, 2024
Maharashtra	90.55%	87.36%	85.07%	77.34%
Gujarat	3.79%	6.68%	6.01%	7.90%
Goa	2.71%	5.14%	4.44%	3.66
Others	1.95%	4.89%	9.77%	11.10

Metric / Period	FY22	FY23	FY24
Top 1 customer (% of revenue)	28.86%	20.89%	13.74%
Top 3 customers (% of revenue)	44.38%	42.66%	31.48%
Top 5 customers (% of revenue)	57.47%	52.44%	40.12%
Top 10 customers (% of revenue)	74.69%	69.88%	53.96%

Sector Specific Metrics :- 

Particulars(₹ in lakhs)	FY22	FY23	FY24	September 30, 2024
Operating Ratio	91.57%	90.89%	91.29%	80.26%
Fuel Cost(% of Revenue)	47.38%	45.81%	48.11%	44.11%
No. of Containers	16,306	21,160	23,939	10,076
Total fleet of Vehicles	160	223	244	262
Revenue per Container	~0.35	~0.36	~0.33	~0.45
Revenue per Vehicle( ₹ in lakhs)	36.3	34.5	32.3	17.5

Ashwini Container Movers Company was incorporated on April 12, 2012 and is a commercial transportation provider engaged in B2B business transportation of cargo across various regions in India, with a significant portion of its operations concentrated in the states of Maharashtra and Gujarat. They transport specifically from their customers' factories to the port or vice versa. They operate under Second-party logistics (2PL) which refers to a logistics model where a company directly outsources its transportation needs to a service provider. They are engaged in providing surface transportation of goods in containerized trucks  with a current fleet of over 250 vehicles consisting of 20-feet and 40-feet vehicles. They are providing reliable and efficient services by leveraging a standardized GPS tracking system and delivering responsive customer support. The company is supported by a capable team comprising 24 permanent drivers, 41 staff members and 200 + on demand drivers / staff as on September 30, 2024. They do not involve themselves in warehousing, inventory management, or other supply chain functions. They have a robust network mainly on two ports which are Jawaharlal Nehru Port Trust (JNPT) which is in Navi Mumbai and Hazira Port in Surat. 

Industry Overview

The Indian logistics sector is robust and expanding. In FY2023, the industry was valued at about US$107.16 billion (≈₹9 trillion), and is projected to reach US$159.54 billion (≈₹13.4 trillion) by FY2028, implying a CAGR of roughly 8–9%. Growth is driven by factors like technological adoption, digitization and government initiatives (e.g. National Logistics Policy). In Sept 2022 the Government launched the National Logistics Policy to improve freight efficiency by shifting more cargo to rail and waterways; it envisions completing dedicated freight corridors (96% done as of Apr '24) and modernizing ports and roads.

• Government reforms and infrastructure: Recent reforms (GST implementation, e-way bills) and massive infrastructure programs (Dedicated Freight Corridors, Bharatmala highways, Sagarmala ports) aim to reduce India’s logistics costs (currently ~14% of GDP) closer to global levels. These measures, along with e-commerce growth, are expected to expand express logistics and LTL (less-than-truckload) segments rapidly (projected ~14% CAGR for express logistics from FY23–28).
  
  

• Market structure: The sector remains fragmented. Organized players hold about 80% share in express logistics, but overall freight is still predominantly moved by road (≈71% of cargo). The National Logistics Policy and ongoing investment aim to rebalance modal mix (rail and waterways) over the coming years. Meanwhile, rising manufacturing, trade, and e-commerce volumes are steadily increasing demand for third-party logistics services.
  
  

• Key drivers: Rapid digitalization (GPS tracking, integrated IT systems) and sustainability initiatives (e.g. green fuel adoption) are reshaping operations. Major port expansions (e.g., PPP projects at JNPT, Hazira) and cargo handling improvements boost capacity for import/export customers. Overall, the sector is poised for continued double-digit growth, supported by government focus on reducing India’s high logistics cost-to-GDP ratio.

Operating Segments

Ashwini Containers Movers primarily serves a diverse range of industries, including Pharmaceuticals, Engineering, Automobiles. The company provides customized solutions to the clients across these diverse, enhancing their operational efficiency and supply chain management through their diverse services.

Core products/services

• Full Container Load (FCL) Reefer Containers: Reefer containers, referring to refrigerated containers, are specialized shipping units equipped with temperature control systems designed to transport perishable goods that require specific environmental conditions.

• Full Container Load (FCL) Dry Containers: A non-refer container, also known as a dry container, is a standard shipping unit used for transporting nonperishable goods that do not require temperature regulation.

• Less Container Load (LCL): LCL consolidates shipments from multiple customers into a single truck, where each shipment occupies a portion of the truck's capacity. 

Over Dimensional Cargo Transportation (ODC): ODC (Over-Dimensional Cargo) refers to goods that exceed the standard size, weight, or volume limitations for conventional shipping methods. ODC shipments may include items like oversized industrial machinery and large 113 construction equipment. These items require specialized transportation planning and execution to ensure safe and efficient delivery. 

Powered by Froala Editor