The Indian logistics industry is undergoing a paradigm shift, driven by GST reforms, increasing trade volumes, the rise of e-commerce, and greater emphasis on supply chain efficiencies. Amidst this backdrop, Om Freight Forwarders, a Mumbai-headquartered third-generation logistics provider, is launching its Initial Public Offering (IPO). With over four decades of legacy, the company has evolved from a modest customs clearance agent into a full-scale third-party logistics (3PL) solutions provider.
Om Freight IPO review focuses on business fundamentals, revenue architecture, and financial dynamics of the company, in this review, you’ll get to know about:
- What Om Freight Forwarders does and how it is positioned in India’s logistics ecosystem.
- How its business model integrates across multiple logistics verticals.
- What makes the model attractive, and where concentration risks lie.
Om Freight IPO Review: Offer Details & Objectives
| Om Freight Forwarders IPO Dates | 29 September – 3 October 2025 |
| Om Freight Forwarders Issue Price | INR 128 – 135 per share |
| Fresh issue | 18,10,074 shares (INR 23.17 – 24.44 crore) |
| Offer For Sale | 72,50,000 shares (INR 92.80 – 97.88 crore) |
| Total IPO size | 90,60,074 shares (INR 115.97 – 122.32 crore) |
| Minimum bid (lot size) | 111 shares (INR 14,985) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | BSE, NSE |
| Listing Date | 8 October 2025 |
| Promoters | Rahul Jagannath Joshi, Jitendra Maganlal Joshi, Harmesh Rahul Joshi, and Kamesh Rahul Joshi |
| Lead Manager | Smart Horizon Capital Advisors |
| Registrar | Bigshare Services |
IPO Objects & Fund Utilization
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Funding of the capital expenditure requirements of the company related to the acquisition of commercial vehicles and heavy equipment – INR 17.15 crore
- General corporate purposes
Om Freight IPO Review: Company Overview
Om Freight Forwarders is an integrated logistics solutions provider, formally incorporated in 1995 but with operational roots going back to the 1980s. Headquartered in Mumbai, the company has steadily scaled up to provide end-to-end logistics services across sea, air, road, and rail. It manages everything from customs clearance, freight forwarding, and warehousing to transportation, distribution, and project logistics, effectively functioning as a one-stop logistics partner. Over the years, it has developed strong expertise in handling over-dimensional cargo (ODC), project shipments, heavy lifts, and sensitive cargo that demand precision and compliance.
As of 31 March 2025, Om Freight had a fleet of 135 owned vehicles and equipment, including trailers, payloaders, cranes, tippers, forklifts, and even a general cargo vessel. It operates through a nationwide network of 28 branches, located strategically near key ports, airports, and commercial hubs, and has built an international footprint by linking with more than 800 overseas destinations via partnerships. The company served 1,715 clients in FY25, handling 66.86 million metric tonnes (MMT) of cargo, including 1,09,914 TEUs, highlighting its scale of operations. The workforce of over 500 employees underlines its operational depth and service intensity. With repeat business contributing nearly three-fourths of revenue, Om Freight Forwarders positions itself as a relationship-driven player in the Indian logistics ecosystem.
Om Freight IPO Analysis: Business Model
Om Freight’s business model revolves around being a fully integrated 3PL logistics partner, aiming to control the supply chain end-to-end for its clients. The company derives revenue from multiple interconnected verticals, which together form a hybrid asset-light and asset-heavy structure.
(A) Core Service Verticals
- Customs Clearance (CHA Services) – The company began its journey as a licensed customs broker and continues to generate steady revenues from import/export clearance, documentation, and regulatory compliance.
- Freight Forwarding (Sea & Air) – It moves both FCL and LCL shipments, manages international freight forwarding via IATA membership, and secures vessel space through long-standing partnerships.
- Project & ODC Logistics – High-value niche involving heavy lifts, breakbulk, over-dimensional cargo (ODC), and turnkey projects in sectors like steel, EPC, oil & gas. This is a high-margin segment and a differentiator from smaller logistics firms.
- Vessel Agency Services – Acting as agents for ship owners/operators, Om Freight Forwarders provides port clearances, documentation, crew change, and cargo handling support.
- Transportation & Distribution – A nationwide multimodal distribution backbone, combining owned fleet with partner networks, allows last-mile as well as long-haul cargo delivery.
- Warehousing & Value-Added Services – The company operates bonded and general warehouses, offering packaging, palletizing, cross-docking, reverse logistics, and specialized solutions such as temperature-sensitive handling.
(B) Operating Structure
The company follows a hybrid asset strategy—owning critical assets such as vessels, cranes, forklifts, and trailers, while outsourcing non-core fleet requirements to 22 logistics partners. This provides both cost flexibility and operational reliability.
(C) Customer-Centric Model
Contracts are customized depending on cargo type, delivery timelines, and required fleet, with pricing also influenced by external factors such as port infrastructure and environmental conditions. This bespoke approach helps Om Freight Forwarders lock in long-term relationships with industries where logistics efficiency directly impacts operating margins.
(D) Business Model Commentary
The advantage of this integrated model is that Om Freight Forwarders can capture multiple revenue touchpoints within a client’s supply chain, increasing stickiness and wallet share. At the same time, this makes the company asset-intensive, requiring constant reinvestment in fleet and warehouses. Furthermore, its heavy reliance on mining, steel, and EPC sectors exposes it to cyclical industry downturns. Nevertheless, its ability to offer door-to-door, multimodal solutions positions it strongly in India’s growing 3PL and organized warehousing market.
Revenue Streams & Segmentation
Om Freight Forwarders’ revenue profile is well diversified across multiple verticals and industries, but it still shows concentration in a few key segments.
Industry-Wise Revenue Contribution
| Industry Sector | FY 2024 Revenue | % of Ops Revenue | FY 2025 Revenue | % of Ops Revenue | Commentary |
|---|---|---|---|---|---|
| Minerals, Mining & Steel | 108.01 | 26.44 | 129.23 | 26.49 | Core revenue driver, showing consistent growth with rising steel demand. |
| EPC & Infrastructure | 44.84 | 10.98 | 45.35 | 9.29 | Stable segment, but cyclical; EPC slowdown in FY24 impacted growth. |
| Coal & Energy/Power | 24.32 | 5.95 | 29.43 | 6.02 | Strong CAGR; reflects India’s energy infra expansion. |
| Electronics & IT | 13.49 | 3.30 | 17.65 | 3.61 | Declining since FY23; competition & margin pressure. |
| Rubber & Tyres | 15.84 | 3.88 | 28.14 | 5.76 | High double-digit growth in FY25. |
| FMCG | 8.51 | 2.08 | 12.09 | 2.48 | Small share but fast-growing; strategic focus sector. |
| Automotive | 20.65 | 5.06 | 21.29 | 4.36 | Sharp decline since FY23, cyclicality of auto sector visible. |
| Plastic & Packaging | 11.43 | 2.80 | 10.39 | 2.13 | Revenue concentration risk reduced here; sector declined. |
| Transportation & Logistics | 13.99 | 3.42 | 7.53 | 1.54 | Declining contribution; reflects industry consolidation. |
| Oil, Gas & Lubricants | 7.83 | 1.92 | 8.97 | 1.83 | Low but stable contribution. |
| Others (Aviation, Pharma, Hospitality, etc.) | 128.74 | 31.53 | 163.83 | 33.56 | Diversified catch-all segment; critical for risk balancing. |
| Total | 408.37 | 100 | 488.18 | 100 | Revenue mix broadly stable, with growth in core industries. |
Om Freight IPO Analysis: Financial Performance
The company has shown a recovery in FY25 after a weak FY24, though profitability remains below FY23 highs.
| Particulars | FY 2023 | FY 2024 | FY 2025 | Commentary |
|---|---|---|---|---|
| Revenue from Operations | 471.14 | 410.50 | 490.14 | Recovery in FY25, showing resilience after FY24 slump. |
| EBITDA | 33.33 | 11.96 | 37.71 | Sharp jump in FY25; reflects better cost control. |
| EBITDA Margin (%) | 7.07 | 2.91 | 7.69 | Margins normalized post-pandemic disruptions. |
| PAT | 27.16 | 10.35 | 21.99 | FY25 PAT doubled vs FY24 but below FY23 highs. |
| PAT Margin (%) | 5.76 | 2.52 | 4.49 | Margins improving, though still volatile. |
| RoE (%) | 21.63 | 7.11 | 13.53 | Sign of earnings volatility; FY25 shows recovery. |
| RoCE (%) | 35.46 | 9.72 | 15.80 | Healthy rebound, but still below FY23 peak. |
| Debt-to-Equity | 0.07 | 0.17 | 0.17 | Moderately leveraged; manageable balance sheet. |
| DSCR | (21.35) | 2.22 | 8.13 | From negative to strong; FY25 DSCR signals robust cash flow generation. |
Key Points:
- FY24 was a weak year due to sectoral slowdown and cost pressures.
- FY25 shows margin recovery with PAT up 112% YoY.
- Balance sheet remains conservatively leveraged, enabling future capex.
- Volatility in RoE/RoCE highlights dependence on external macro cycles.
Om Freight IPO Review: Strengths & Risks
| Strengths | Risks |
| End-to-end 3PL logistics solutions covering sea, air, road, and rail. | High sector concentration in Mining & Steel (~26% revenue). |
| Strong repeat business – ~75% revenue from existing clients. | Asset-heavy model requiring continuous capex. |
| Pan-India presence with 28 branches, global reach in 800+ destinations. | Revenue volatility – sharp decline in FY24 shows sensitivity to cycles. |
| Diversified client base of 1,700+ across multiple industries. | Competition from larger integrated players and price-sensitive unorganized sector. |
| Own fleet of 135 vehicles + specialized equipment ensures control over execution. | Margin volatility due to fuel prices, freight rates, and port constraints. |
| Technology integration for real-time tracking, visibility, and optimization. | High working capital intensity and receivables cycle risks. |
Om Freight IPO Analysis: Shareholding Structure
| Shareholder | Pre-Issue Holding | % of Capital |
| Rahul Jagannath Joshi | 14,339,714 | 45.00 |
| Harmesh Rahul Joshi | 8,547,458 | 26.82 |
| Jitendra Maganlal Joshi | 3,186,540 | 10.00 |
| Kamesh Rahul Joshi | 3,130,340 | 9.82 |
| Maya Rahul Joshi | 2,230,578 | 7.00 |
| Total (Top 5) | 31,434,630 | 98.65 |
Om Freight IPO Analysis: Valuation Snapshot
| Metrics | FY 2023 | FY 2024 | FY 2025 | Remarks |
|---|---|---|---|---|
| EPS | 8.52 | 3.25 | 6.90 | FY24 dip visible; FY25 recovery. |
| NAV | 43.70 | 47.57 | 54.44 | Strong book value growth. |
| RoNW (%) | 19.50% | 6.82% | 12.68% | Volatile but recovering. |
| RoCE (%) | 35.46% | 9.72% | 15.80% | FY23 peak unsustainable; FY25 normalized. |
| Debt/Equity | 0.07 | 0.17 | 0.17 | Low leverage. |
| PE Ratio | – | – | 18.55 – 19.57x | Valuation in line with peers. |
Conclusion
Om Freight Forwarders IPO offers investors a chance to participate in a mid-sized, asset-backed logistics company with strong growth prospects, decent financial rebound, and fair valuation compared to peers. However, the OFS-heavy structure and cyclical exposure are notable risks.