The Indian logistics industry has been undergoing a rapid transformation, shifting from unorganized, fragmented players to integrated, technology-driven companies capable of handling complex, multimodal operations. In this context, Glottis is coming up with an IPO, positioned as a comprehensive logistics solutions provider with a strong presence in ocean freight, air cargo, inland transportation, warehousing, and customs clearance.
In Glottis IPO review, we will analyze the company’s business and revenue streams in detail. The article will give you insights into:
- How Glottis has built its integrated multimodal logistics model.
- What role different services—ocean, air, road, warehousing—play in the company’s revenues.
- How Glottis differentiates itself in a competitive and largely unorganized market.
By the end of Glottis IPO review, you will have a clear understanding of the company’s core strengths, its operating model, and the strategic foundation on which its growth is being built.
Table of Contents
Company Overview
Glottis traces its origins back to 2004, when it began as a partnership firm under the name M/s. Glottis. Over two decades, it has evolved into a fully integrated logistics company with a PAN-India footprint and a global reach across more than 125 countries.
Glottis has emerged as a trusted name in multimodal logistics, offering integrated transportation solutions through ocean, air, and road, along with warehousing, 3PL, and customs clearance. Founded by Mr. Ramkumar Senthilvel and Mr. Kuttappan Manikandan, the company combines industry expertise with technology-driven operations to support complex, high-volume supply chains.
Growth & Scale
- 1,12,146 TEUs handled in FY24 (up 88.7% from FY23).
- Profit margins improved from 5.97% (FY23) to 6.23% (FY24).
- Served 1,900+ customers in FY25, reflecting a broad and growing client base.
The company operates through eight branch offices across major transport hubs in India and maintains a global presence in 125 countries, supported by group entities in Singapore, the UAE, and Vietnam. Its network is further strengthened by partnerships with 256 international freight forwarders, 124 shipping lines, and over 638 business partners worldwide. Glottis serves a diverse range of industries, including renewable energy (solar, wind, and hydro), chemicals, engineering, agro-industries, and home appliances.
What Sets Glottis Apart
Glottis leverages:
- Pre-booking capabilities to ensure capacity and cost stability.
- Technology-driven shipment tracking and customer communication systems.
- A structured, professional approach in a sector often dominated by unorganized players.
With operations across Europe, Africa, the Americas, the Middle East, and Asia, Glottis has built a reputation as a dependable logistics partner for industries that demand reliability and scale.er for businesses that require seamless logistics solutions across geographies.
Glottis IPO Review: Business Model
Glottis operates on a multimodal and integrated logistics model, ensuring end-to-end connectivity for clients. Its service portfolio covers:
- Ocean Freight Forwarding – The largest revenue contributor, accounting for over 94–97% of operating revenue in recent years. The company specializes in full-container load (FCL), bulk cargo, breakbulk, RoRo, and project logistics for renewable energy equipment, engineering goods, and heavy-lift cargo.
- Air Freight Forwarding – Provides export and import solutions across 33 countries, supported by memberships with the International Air Transport Association (IATA). The company has established presence at key metro airports in India.
- Inland Transportation – Services include road transport through a mix of 17 owned vehicles and hired fleet, supplemented by partnerships with 77 transport agencies. Door-to-door delivery is a growing offering.
- Warehousing & 3PL – Initiated in 2018, warehousing operations (currently ~80,000 sq. ft.) provide value-added services like packaging, cross-docking, and inventory management, especially for renewable energy and consumer durable clients.
- Customs Brokerage – With its own customs broker license, Glottis has strengthened its ability to manage end-to-end cargo movement, enhancing compliance, speed, and visibility.
Operating Approach:
- Glottis follows a hybrid model—leveraging third-party intermediaries (shipping lines, freight forwarders, customs agents) while simultaneously expanding its own fleet and container base to capture higher margins.
- The company uses a technology-driven ERP system, enabling real-time shipment tracking, automated documentation, and seamless coordination between customers and intermediaries.
- A large part of Glottis’ value proposition lies in cost efficiency, reliability, and scale, enabling it to compete effectively with both organized and unorganized players.
This combination of scale, asset-light execution, and selective asset ownership makes Glottis’ business model both flexible and margin-accretive.
Glottis IPO Review: Revenue Streams & Segment Analysis
Glottis business is based on a multi-modal, but the bulk of its income comes from ocean freight forwarding. Other verticals such as air cargo, inland transport, warehousing, and customs services add resilience and future scalability.
Here’s a detailed breakdown:
| Segment | FY24 Revenue | % of Total | FY25 Revenue | % of Total | Key Highlights |
|---|---|---|---|---|---|
| Ocean Freight Forwarding | 473.9 | 95.32% | 891.3 | 94.70% | Handles bulk, breakbulk, FCL, ODC, project cargo. Tie-ups with 124 shipping lines. ~1,12,146 TEUs handled in FY24. |
| Air Freight Forwarding | 9.6 | 1.92% | 18.0 | 1.92% | Serves 33 countries, IATA member, growing global reach. |
| Inland Transportation | 13.7 | 2.76% | 31.8 | 3.38% | Mix of 17 owned vehicles + 77 partners. Provides last-mile & urban delivery. |
| Warehousing & 3PL | NA* | – | Growing | – | ~80,000 sq. ft. warehouse in Chennai; services include cross-docking, 3PL, bulk material management. |
| Customs Brokerage | NA* | – | Scaling | – | Own license obtained in 2025; boosts control, efficiency, and compliance. |
- Ocean freight is the engine, contributing ~95%+ of revenue.
- Inland transport and warehousing are small but fast-growing, with CAGR above 40%.
- Customs brokerage adds a margin-accretive revenue stream, reducing dependency on external agents.
- Strategy clearly moves towards diversification → reducing reliance on ocean freight alone and creating an integrated logistics ecosystem.
Financial Performance
Glottis has shown sharp topline growth and improved operating leverage.
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 478.3 | 497.2 | 941.2 |
| Expenses | 445.5 | 457.8 | 866.6 |
| Net Income | 22.4 | 31.0 | 56.1 |
| Net Margin (%) | 4.69% | 6.23% | 5.97% |
| EBITDA Margin (%) | 7.00% | 8.12% | 8.34% |
| EPS (INR) | 65.92 | 3.87 | 7.02 |
| Debt/Equity | 2.66 | 0.19 | 0.22 |
| RONW (%) | 194.8% | 73.1% | 56.9% |
| ROCE (%) | 256.7% | 95.9% | 72.6% |
- Revenue nearly doubled in FY25, driven by higher TEU volumes in ocean freight.
- Margins stable despite expansion — EBITDA improved to 8.34%.
- Deleveraging story: Debt/Equity fell drastically from 2.66 to ~0.22 in just two years.
- Return ratios remain strong, though moderating as equity base expands.
Glottis IPO Analysis: Future Strategies & Growth Drivers
Glottis is entering a scale-up phase, with the IPO proceeds enabling structural expansion:
- Fleet & Container Purchase: INR 132.54 Cr to reduce dependence on third parties, improving margins.
- Warehousing Expansion: Plans to set up additional facilities in Jaipur, Gandhidham, Mumbai, Bangalore.
- International Presence: Active in 125 countries, planning deeper penetration in Africa, Australia, and South America.
- Sector Focus: Renewable energy logistics (solar, wind, hydro) to remain a high-growth vertical.
- Tech-Driven Edge: ERP, TMS, and real-time visibility platforms to improve efficiency and customer stickiness.
Competitive Positioning in the Logistics Industry
Glottis operates in a highly competitive, fragmented logistics market where unorganized players still dominate. However, its asset-light model, strong global tie-ups, and focus on renewable energy logistics give it a competitive edge.
Glottis IPO Analysis: Peer Comparison Snapshot
| Company | Revenue | EPS (₹) | PE Ratio | ROCE (%) |
|---|---|---|---|---|
| Glottis | 941.2 | 6.08 | 7.02 | 72.58 |
| Allcargo Logistics | 16,021.5 | (0.71) | NA | 3.84 |
| TCI (Transport Corp. of India) | 4,491.8 | 23.1 | 31.8 | 15.8 |
Key Observations:
- Glottis’ scale is smaller vs. established peers like Allcargo and TCI, but its growth rates and profitability metrics are superior.
- With 72.58% ROCE, Glottis leads in return efficiency.
- Its focus on renewable energy logistics is a niche differentiator not fully tapped by peers.
- Strong tie-ups (124 shipping lines, 256 freight forwarders) ensure reliable global capacity—a critical moat in logistics.
Glottis IPO Review: IPO Valuation & Pricing
The Glottis IPO is sized at INR 296.75–307.00 Cr, with both a Fresh Issue (INR 160 Cr) and OFS (~INR 137–147 Cr).
IPO Price Band: INR 120 – 129 per share
Face Value: INR 2 per share
Lot Size: 114 shares (INR 14,706 minimum investment)
Retail Allocation: 40%
Valuation Metrics
| Metric | FY23 | FY24 | FY25 (Pre-Issue) | FY25 (Post-Issue) |
|---|---|---|---|---|
| EPS (₹) | 65.92 | 3.87 | 7.02 | 6.08 |
| PE Ratio (x) | – | – | 17.09–18.38 | 19.74–21.22 |
| RONW (%) | 194.8 | 73.1 | 56.9 | – |
| ROCE (%) | 256.7 | 95.9 | 72.6 | – |
| EBITDA Margin (%) | 7.00 | 8.12 | 8.34 | – |
| Debt/Equity | 2.66 | 0.19 | 0.22 | – |
Interpretation:
- At a PE of ~20x, Glottis is valued below TCI (31.8x).
- Given its faster revenue growth, stronger return ratios, and lower leverage, the valuation looks attractive.
- EPS dilution (7.02 → 6.08) is moderate and justified by the expansion funded through IPO proceeds.
Investor Takeaways
Glottis IPO offers investors a chance to participate in a scalable, asset-light, and high-growth logistics company.
Strengths
- Dominant in ocean freight with global reach (125 countries).
- Niche expertise in renewable energy logistics, a high-growth sector.
- Strong financial performance: revenue doubled in FY25, PAT up 80%.
- Deleveraged balance sheet post IPO, enabling future expansion.
- Expanding into warehousing, 3PL, and customs brokerage — margin-accretive businesses.
Risks
- Heavy dependence on ocean freight (~95% revenue share).
- Exposure to global trade cycles, freight rate volatility, and fuel costs.
- Still smaller in scale compared to established listed peers.
Final Verdict
For investors looking at long-term compounding opportunities in India’s logistics growth story, Glottis stands out as a credible, tech-driven, and customer-centric player. With IPO proceeds fueling asset expansion and diversification, the company is poised for its next growth leap.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.