Small Logistics
Market Cap
₹13,667 ₹13,667 Cr.
P/E
85.54
PEG
5.94
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The thesis lives or dies on commercial conversion of the expanded fleet and eastern operations; bear case triggers if Supramax deployment stalls beyond FY27 and Kolkata floating-crane ramp fails.

Bull case materialises with earlier MBC deliveries and faster eastern ramp, adding ₹500 Cr of incremental terminal revenue versus ₹350 Cr in the base.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis lives or dies on commercial conversion of the expanded fleet and eastern operations; bear case triggers if Supramax deployment stalls beyond FY27 and Kolkata floating-crane ramp fails.
  • Bull case materialises with earlier MBC deliveries and faster eastern ramp, adding ₹500 Cr of incremental terminal revenue versus ₹350 Cr in the base.
Bear : 0.4% CAGR • ₹186 Cr
Base: 5.4% CAGR • ₹236 Cr
Bull: 9.5% CAGR • ₹286 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • Management reliably meets binary financial commitments (loan repayment, GCP utilisation) but credibility on capital deployment and operational timelines is structurally impaired.
  • The flagship Supramax acquisition—consuming 68% of IPO proceeds—remains at zero utilisation ten months post-listing, while the fleet strategy quietly pivoted to smaller vessels without disclosure.
  • EBITDA growth was materially misstated in a press release (mixing up margin expansion and growth rate), and Diamond Harbour revenue commencement slipped by a full fiscal year.
Met : 3
Progress: 2
Missed : 3
Buy Report $5
WORST-CASE SCENARIO
  • The 35% decline in revenue per MMT on rising volumes signals structural pricing erosion at non-major Gujarat ports, making the business vulnerable to any demand shock.
  • A compound tail-risk of top customer loss, coal import substitution, and the admiralty claim crystallising is existential—the IPO-funded vessel acquisition would become value-destructive.
  • Insider enrichment via massive related-party churn and disputed receivables of ₹587 Mn classified as good despite litigation erode governance confidence.
High Risk : 2
Medium Risk : 10
Low Risk : 5
Buy Report $5
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