Global Ocean Logistics India Ltd. IPO

22 December 2025

Global Ocean Logistics India Ltd. is a freight-forwarding and logistics company that offers integrated multi-modal logistics services, including ocean freight forwarding, road/rail transport, air freight, container freight station (CFS) services, customs clearance, project logistics and third-party logistics (3PL). The company operates across India and handles exports and imports, leveraging partnerships at 263 ports worldwide (36 overseas) and a network of agents in 28 countries. Its asset-light business model focuses on managing the flow of goods rather than owning large fleets or warehouses. Global Ocean’s key business segments are ocean freight forwarding, inland transport, air cargo forwarding, CFS solutions, and ancillary services like customs clearance and project logistics.

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 30.41 crores
Price Band	INR ₹74 to ₹78 per share
Lot Size	1600 shares
Net Issue	38,99,200 Shares
QIB Portion	18,48,000 shares (47.39%)
NII Portion	5,56,800 shares (14.28%)
Market Makers	1,95,200 shares (5.01%)
Retail Portion	12,99,200 shares (33.32%)
Listing Platform	BSE SME
Issue Opens	December 17, 2025
Issue Closes	December 19, 2025
Listing Date	December 24, 2025

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

Strengths	Risks
They have an asset-light model in which they don’t own the vehicles required for transportation, leading to higher operating efficiency and high growth potential without heavy capex, and they have a low debt-to-equity of 0.19x.	They have total dependency  on third parties for the vehicles for transportation service, which also means they have zero control over freight availability or pricing, and they don’t have long-term contracts with their clients.
They provide a broad suite of services (ocean, air, road, CFS, customs) under one roof and serve diverse industries, including Chemicals, Textiles, and Machinery, etc.	They reported a -ve CFO FY25 and H1’FY26 despite reporting a +ve PAT, and the business operates on razor-thin margins(~3.5% PAT Margin and ~95% Operating Ratio)
They have a strong foothold in India’s busiest trade zones-Nhava Sheva, Mundra, and Hazira, positioning them well to capture export/import flows from Western India.	Their revenue mostly comes from two major states, which contribute around 64.36% and their top 10 clients contribute to around 50% of the revenue.

Global Ocean Logistics India Limited was originally incorporated on January 08, 2021, and is a freight forwarding company offering multi-modal logistics solutions across various regions in India, with a significant portion of its revenue generated from Maharashtra and Gujarat. They provide diverse services, including ocean and air freight forwarding, surface transportation, and Container Freight Station (CFS) solutions, operating primarily through major ports like Nhava Sheva, Hazira, Mundra, and Chennai. The company operates on an asset-light business model, relying on a network of trusted partners for containers and commercial vehicles rather than owning major transportation assets, and leverages a global network of over 20,000 agents. Supported by a team of 55 personnel as of October 31, 2025, they also offer integrated logistics, including third-party logistics (3PL) and custom clearance, serving clients largely in the Chemical, Textile, and Machinery sectors.

Revenue Breakdown geographical-wise -

State	FY23	FY24	FY25	September 30, 2025
Maharashtra(% of Revenue)	53.97%	50.21%	47.59%	47.51%
Gujarat(% of Revenue)	20.6%	12.5%	15.82%	16.81%
Tamil Nadu (% of Revenue)	4.63%	6.73%	10.48%	7.4%
Madhya Pradesh(% of Revenue)	2.13%	2.63%	4.58%	7.3%
Others (% of Revenue)	18.67%	27.93%	21.53%	20.98%
Total (% of Revenue)	100%	100%	100%	100%

Particulars (% of revenue)	FY23	FY24	FY25	September 30, 2025
Chemical & Allied Products	12.57%	18.72%	22.16%	23.13%
Textiles & Commodities	35.42%	31.26%	17.44%	21.7%
Machinery equipment	5.82%	6.85%	10.66%	3.28%
Electrical & electronics equipments	5.56%	6.96%	7.35%	6.39%
Furniture, fixtures & Equipment	3.65%	3.42%	6.58%	10.96%
Others	36.99%	32.8%	35.81%	34.54%
Total	100%	100%	100%	100%

Particulars	FY23	FY24	FY25	September 30, 2025
Top 1 customer (% of revenue)	7.58%	13.32%	18.85%	18.82%
Top 5 customers (% of revenue)	24.01%	32.23%	33.68%	35.07%
Top 10 customers (% of revenue)	36.53%	44.43%	42.21%	48.55%

KPI’s :- 

Particulars(₹ in lakhs)	FY23	FY24	FY25	September 30, 2025
Operating Ratio	98.55%	97.34%	95.69%	95.22%
Freight Charges(% of Revenue)	94.13%	90.46%	90.87%	91.09%
No. of Containers	7,110	7,288	10,384	5,738
Revenue per container(TEU- twenty foot equivalent unit)	~0.84	~0.47	~0.65	~0.56
Revenue per Shipment	2.65	1.4	1.83	1.86

Operating Ratio has decreased over the years, but is still quite high, and the freight charges are still above 90%. Revenue per shipment gives us the average "Ticket Size" of a job, and a single shipment consists of multiple containers. Higher revenue per shipment gives us better margins compared to lower ones. It has not shown much improvement, and neither has revenue per container scaled significantly. Revenue per container tells us if they are making more revenue on the volume they are carrying( eg :- Hazardous materials give more revenue). This confirms that while the asset-light model offers scalability and has allowed the company to deleverage into a low-debt entity, the high cost of services leaves a narrow buffer for profitability, making the sustained recovery in shipment volumes critical for its future financial health.

Industry Overview

Indian Logistics Sector Overview: The Indian logistics market is witnessing robust growth. In FY2023, the industry was valued at approximately US$107.16 billion (₹9 trillion) and is projected to reach US$159.54 billion (₹13.4 trillion) by FY2028, growing at a CAGR of 8–9%. This expansion is driven by structural shifts, technological advancements, and government initiatives such as the National Logistics Policy launched in September 2022. The policy aims to optimise the landscape by increasing the share of railways in freight movement (currently at 18%) through the development of Dedicated Freight Corridors (DFCs) and expanding inland waterways.

Government Reforms and Infrastructure: To align India’s logistics costs (currently ~14% of GDP) with global standards of 8–9%, the government has implemented reforms like GST and invested heavily in infrastructure. As of April 2024, the Dedicated Freight Corridors were 96% complete, improving rail freight capacity and efficiency. These measures, alongside the expansion of e-commerce, are expected to drive rapid growth in the domestic express logistics segment, which is projected to clock a 14% CAGR from FY23 to FY28.

Market Structure: The sector involves a diverse mix of road, rail, and air cargo, yet remains heavily skewed towards road transport, which accounts for 71% of freight movement. Organised players currently control about 80% of the market and are expected to further consolidate their dominance by leveraging policies like e-way bills. The Less-than-Truckload (LTL) segment is also anticipated to grow at a 10% CAGR, driven by demand for smaller, more frequent shipments.

Key Drivers: Growth is fueled by rapid port privatisation and infrastructure upgrades, which have enhanced efficiency at major ports. The government’s focus on rebalancing the modal mix towards rail and waterways, combined with rising manufacturing and trade volumes, is steadily increasing the demand for third-party logistics. Overall, the sector is poised for sustained growth supported by a strategic push to reduce the logistics cost-to-GDP ratio.

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