Glottis Limited – IPO Reviews 2025, Analysis and Notes

Recommendation: Neutral

Key Highlights

Company Background

Glottis Limited (“Glottis”) is a leading integrated logistics and freight forwarding company, providing end-to-end multimodal transportation solutions across ocean, air, and road. Incorporated in 2004, Glottis has grown into a trusted partner for global trade, handling over 110,000 TEUs annually across 120+ countries.

Its offerings include ocean and air freight, inland transportation, warehousing, customs clearance, 3PL services, and value-added supply chain solutions. With branch offices in key Indian hubs and membership in premier freight networks like WCA Inter Global and FIATA, Glottis combines strong global partnerships, technology adoption, and operational expertise to deliver efficient, scalable, and reliable logistics solutions.

Market Opportunity

The Indian freight forwarding market has grown steadily from US$ 6.2 Bn in FY19 to US$ 10.1 Bn in FY24 and is projected to reach US$ 17.0 Bn by FY29, at a CAGR of 10.9%. Growth is driven by India’s expanding merchandise trade (~US$ 1,158 Bn in FY25), rising e-commerce (~US$ 145 Bn in FY25, 18% CAGR to FY30), and a manufacturing sector targeted to contribute ~25% of GDP by FY25.

Infrastructure development, technology adoption, and government initiatives—such as the National Logistics Policy, port and road investments, and the PLI scheme—are enhancing efficiency and reducing costs, further fueling demand for reliable freight forwarding services.

End-to-End Logistics Solutions

Glottis benefits from a comprehensive logistics portfolio, offering ocean and air freight, inland transportation, warehousing, and customs clearance under one roof. Its global reach across 120+ countries, supported by memberships in leading freight networks such as WCA Inter Global and FIATA, ensures connectivity and scale.

The company handles over 110,000 TEUs annually, demonstrating operational capacity and reliability. Strong relationships with major shipping lines and airlines enhance service assurance, while technology-driven platforms provide transparency and efficiency in supply chains. Led by experienced promoters with nearly two decades in logistics, Glottis is strategically positioned to leverage India’s growing trade and logistics sector.

Global Network and Strategic Partnerships

Glottis benefits from extensive global connectivity through affiliations with renowned freight forwarding associations such as WCA Inter Global and FIATA. These partnerships enable seamless cross-border operations, competitive freight rates, and access to reliable international agents across 120+ countries.

The company’s established relationships with leading shipping lines and airlines further enhance service reliability and operational flexibility. By combining global reach with localized expertise at key Indian trade hubs, Glottis ensures efficient multimodal logistics solutions for its clients. This strong network foundation positions the company as a trusted partner for businesses engaged in international trade and supply chain management.

Financials

For FY25, Glottis posted revenue of ₹941 crore, up from ₹497 crore in FY24. EBITDA stood at ₹78.5 crore with an 8.3% margin. The net profit for FY25 was ₹56.1 crore, reflecting a PAT margin of 6.0%.

On the valuation front, at the upper price band of ₹129, the IPO is valued at 21.2x FY25 P/E based on post-issue capital.

Key Risks

Glottis faces several business risks arising from its dependence on third parties, including network partners, intermediaries, and vendors. Any disruption in these relationships or unsatisfactory services could impact operations.

The logistics industry is highly fragmented with low entry barriers, exposing the company to intense pricing pressure. Volatility in freight rates, tariffs, and foreign exchange fluctuations may materially affect profitability. Additionally, past negative cash flows, inability to pass on rising costs, and fluctuations in import-export volumes pose risks to financial stability and long-term growth.

Issue Highlights

Offer Structure

Lead Book Running Managers

• Pantomath Capital Advisors Private Limited

Registrar to the Offer

• Kfin Technologies Limited

Research Analyst

Vinay Kalani
vinay.kalani1@religare.com

Research Team

• Ajit Mishra – ajit.mishra@religare.com

• Abhijeet Banerjee – abhijeet.banerjee@religare.com

• Gaurav Sharma – gauravsharma2@religare.com

• Ashwani Harit – ashwani.harit@religare.com

• Divya Parmar – divya.parmar@religare.com

• Vinay Kalani – vinay.kalani1@religare.com

• Rajan Gupta – rajan.gupta1@religare.com

• Author: Religare Broking
• Last Updated: September 29, 2025