India’s logistics industry is undergoing a structural transformation, driven by GST reforms, rising international trade, the explosive growth of e-commerce, and the country’s increasing emphasis on supply chain efficiency. In this evolving landscape, companies that can provide integrated, technology-driven, and multimodal solutions are positioned to benefit disproportionately.
Om Freight Forwarders, a Mumbai-headquartered third-generation logistics provider, is entering the public markets through its upcoming IPO. With over four decades of operational legacy and a proven track record in offering end-to-end multimodal logistics solutions—covering sea, air, road, and rail—the company is seen as a differentiated play among mid-sized listed peers.
The key question for investors, however, is how Om Freight stacks up against already listed competitors like Tiger Logistics, Total Transport Systems, AVG Logistics, and Patel Integrated Logistics.
Business & IPO Snapshot
Formally incorporated in 1995, Om Freight has steadily scaled from a modest customs clearance agent into a full-scale third-party logistics (3PL) partner. Today, its portfolio includes freight forwarding, project logistics, vessel agency services, warehousing, and distribution. Importantly, the company has built strength in specialized assignments such as over-dimensional cargo (ODC), heavy lifts, and sensitive shipments—niches where execution expertise is a key differentiator.
- Fleet & Reach: 135 owned commercial vehicles and equipment, complemented by outsourcing to 22 logistics partners.
- Network: 28 branches across India, linked to 800+ overseas destinations through strategic partnerships.
- Scale: Handled 66.9 MMT of cargo in FY25, including 1,09,914 TEUs, while serving 1,715 clients.
- People: 500+ employees spread across functions, ensuring both operational capacity and service intensity.
IPO Details:
- Price Band: INR 128 – 135 per share
- Fresh Issue: 18.1 lakh shares (~INR 23.2 – 24.4 Cr)
- Offer for Sale: 72.5 lakh shares (~INR 92.8 – 97.9 Cr)
- Total Issue Size: ~INR 116 – 122 Cr
- Retail Allocation: 35%
- Listing: NSE & BSE (8 Oct 2025)
While a large portion of the issue is Offer for Sale (OFS), the fresh proceeds are earmarked for fleet expansion, a growth-focused objective that aligns with Om Freight’s long-term business model.
Om Freight Peer Comparison: Financial KPIs
| Particulars (FY25) | Om Freight | Tiger Logistics | Total Transport | AVG Logistics | Patel Integrated |
|---|---|---|---|---|---|
| Revenue | 490.1 | 536.3 | 665.2 | 551.5 | 342.7 |
| EBITDA | 37.7 | 30.9 | 13.5 | 95.6 | 8.8 |
| EBITDA Margin (%) | 7.7 | 5.8 | 2.0 | 17.3 | 2.6 |
| PAT | 22.0 | 27.0 | 8.8 | 21.3 | 7.6 |
| PAT Margin (%) | 4.5 | 5.0 | 1.3 | 3.9 | 2.2 |
| RoE (%) | 13.5 | 21.7 | 11.0 | 9.6 | 6.3 |
| RoCE (%) | 15.8 | 22.6 | 11.3 | 11.9 | 6.5 |
- Om Freight’s EBITDA margin (7.7%) is comfortably above most peers except AVG Logistics, whose unusually high margin reflects its niche warehousing-heavy model.
- PAT has shown a strong rebound in FY25, more than doubling from FY24, underscoring resilience in profitability.
- On returns, Tiger Logistics leads the peer pack, but Om Freight’s RoE of 13.5% and RoCE of 15.8% place it above AVG and Patel, reflecting a balanced financial profile.
- In terms of scale, Om Freight sits squarely in the mid-tier bracket—smaller than Total Transport, but comparable to AVG and Tiger.
Om Freight Peer Comparison: Valuation & Leverage Ratios
| Metric | Om Freight | Tiger Logistics | Total Transport | AVG Logistics | Patel Integrated |
|---|---|---|---|---|---|
| D/E (x) | 0.17 | 0.25 | 0.46 | 0.87 | 0.11 |
| P/E (x) | 19.6 | 18.6 | 9.9 | 15.9 | 13.3 |
| P/B (x) | 2.5 | 3.6 | 1.4 | 1.4 | 0.8 |
| P/S (x) | 0.92 | 0.94 | 0.17 | 0.60 | 0.30 |
| Current Ratio | 1.6 | 3.3 | 1.6 | 1.8 | 2.8 |
- Valuations: Om Freight’s P/E multiple is in line with Tiger Logistics, suggesting investors are valuing it on par with an established peer. While Total Transport looks optically cheaper, Om’s diversified model and higher profitability margins justify its higher valuation.
- Balance Sheet Strength: With a debt-to-equity ratio of just 0.17x, Om Freight is far less leveraged than AVG (0.87x) and Total Transport (0.46x). This leaves ample room for future expansion without balance sheet stress.
- Liquidity: Its Current Ratio of 1.6x signals efficient working capital management. Peers like Tiger and Patel show higher buffers, but Om’s level avoids tying up excess capital while still remaining healthy.
- Price-to-Book & Price-to-Sales: At 2.5x P/B and 0.92x P/S, Om Freight sits at fair valuations, reflecting investor willingness to pay for its integrated service model and improving profitability.
Om Freight Peer Comparison: Strengths & Differentiation
What sets Om Freight apart is its ability to combine the advantages of an asset-backed fleet with the flexibility of an asset-light model.
- Integrated 3PL Offering: From customs clearance and freight forwarding to warehousing and last-mile delivery, Om Freight captures multiple touchpoints of the supply chain.
- Repeat Business: Roughly 75% of revenue comes from existing clients, ensuring revenue visibility and reducing customer acquisition costs.
- Niche Capabilities: Expertise in handling ODC, heavy lifts, and project logistics provides a competitive edge over smaller peers who lack such specialization.
- Conservative Leverage: With low debt levels, Om Freight retains financial flexibility to expand capacity without diluting shareholder value.
- Global Reach: Partnerships across 800+ international destinations give it a global footprint unmatched by many domestic peers.
Together, these strengths position Om Freight not just as a traditional freight forwarder but as a relationship-driven, full-service logistics partner.
Risks
No IPO story is without risks, but in Om Freight’s case, most challenges come with balancing positives:
- Cyclical Exposure: Nearly 26% of revenue comes from mining and steel, which are cyclical industries. However, Diversification across 1,700+ clients and fast-growing verticals such as FMCG and rubber/tyres provides a cushion.
- Asset-Heavy Model: Continuous capex is required for fleet and warehouse expansion. The hybrid approach—owning critical assets but outsourcing non-core fleet—ensures flexibility while maintaining execution control.
- OFS-Heavy IPO Structure: A large part of the issue is Offer for Sale, meaning limited fresh capital inflow, yet the fresh issue proceeds are earmarked for fleet expansion — a growth-oriented use of funds that strengthens the core business.
Conclusion
Om Freight IPO peer comparison highlights that the company as a well-rounded, mid-cap logistics player. While Tiger Logistics excels in return ratios and AVG Logistics in margin profiles, Om Freight stands out for its balanced combination of profitability, low leverage, and integrated services.
The company is not only rebounding from a weaker FY24 but is also building on its diversified client base and strengthening its fleet, all while keeping debt under check. For investors, this translates into a play that offers both growth potential and financial stability.
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