Small Logistics
Market Cap
₹15,144 ₹15,144 Cr.
P/E
0.00
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The thesis becomes live when newbuild programmes convert into production, repair and refit delivery becomes repeatable, and operating cash flow begins to validate the restart.

The bull path requires earlier newbuild commercialization and stronger repair/refit utilization with fixed-cost absorption; the bear path follows delayed order conversion, under-utilized repair capacity and contract-cost or financing pressure.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis becomes live when newbuild programmes convert into production, repair and refit delivery becomes repeatable, and operating cash flow begins to validate the restart.
  • The bull path requires earlier newbuild commercialization and stronger repair/refit utilization with fixed-cost absorption; the bear path follows delayed order conversion, under-utilized repair capacity and contract-cost or financing pressure.
Bear : 0.4% CAGR • ₹186 Cr
Base: 5.4% CAGR • ₹236 Cr
Bull: 9.5% CAGR • ₹286 Cr
Buy Report ₹150
Management Credibility Report
TRACK RECORD
  • Management is most credible on externally verifiable restructuring, regulatory, compliance and creditor-payment milestones, with repair activity and partnerships providing some evidence of execution.
  • Trust is materially weaker on sustainable operating economics: new-build commencement, order-book growth, fundraising and hiring outcomes remain partial or undisclosed, while asset realisations have been poor.
  • The split reflects selective disclosure and a bias toward commitments outside direct operating performance; revenue remains lumpy and losses continue to widen despite the restart narrative.
Met : 8
Progress: 2
Missed : 0
Buy Report ₹150
WORST-CASE SCENARIO
  • The profile is exceptionally fragile for a post-resolution turnaround: extreme leverage, a razor-thin equity buffer, deeply negative operating cash flow and negligible revenue leave little margin for execution error.
  • The existential risk is a correlated failure of the ECPL exposure, planned recapitalisation and inventory realisation, which could push solvency into a fresh insolvency process; the operating turnaround remains unproven.
High Risk : 8
Medium Risk : 8
Low Risk : 1
Buy Report ₹150
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