The Indian logistics sector is entering a transformative phase, driven by rising trade volumes, supply chain digitization, and the government’s continued push for infrastructure modernization. In this backdrop, Glottis is set to hit the capital markets with its IPO, opening on 29 September 2025 in the price band of INR 120–129 per share.
For investors, understanding how Glottis stacks up against established listed players is critical. Glottis IPO peer comparison analysis provides perspective on not just financial performance but also valuations and capital efficiency. This becomes particularly relevant for Glottis, which has grown rapidly in recent years while positioning itself as a multimodal, technology-driven logistics provider.
Table of Contents
Glottis IPO: Peer Group Overview
Glottis competes in a diversified market where scale, service specialization, and efficiency define leadership. Its closest listed peers in India include:
- Allcargo Logistics – One of the largest integrated logistics firms in India with multimodal operations, container freight stations, and project logistics. Known for scale, though profitability has remained muted in recent years.
- Transport Corporation of India (TCI) – A pioneer in multimodal logistics and supply chain solutions, with strong presence across road, rail, and seaways. TCI is recognized for consistent profitability and healthy return ratios.
Together, these companies provide a meaningful benchmark for assessing Glottis’ operating efficiency and market positioning.
Glottis IPO Peer Comparison Analysis: Operating Performance Comparison
| Particulars | Glottis | Allcargo Logistics | Transport Corp. of India |
|---|---|---|---|
| Revenue | 941.2 | 16,021.5 | 4,491.8 |
| EBITDA | 78.5 | 530.1 | 550.7 |
| EBITDA Margin (%) | 8.3 | 3.3 | 12.3 |
| PAT | 56.1 | 49.2 | 416.0 |
| PAT Margin (%) | 6.0 | 0.3 | 9.3 |
| EPS (INR) | 7.0 | 0.4 | 54.9 |
| ROE (%) | 57.0 | 2.0 | 19.8 |
| ROCE (%) | 72.6 | 3.5 | 20.5 |
- Revenue scale: Glottis is a fraction of Allcargo and TCI in topline, but its rapid growth trajectory is clear, with FY25 revenues nearly doubling year-on-year.
- Profitability: With a 6.0% PAT margin, Glottis stands comfortably ahead of Allcargo (0.3%) though slightly behind TCI (9.3%), indicating a strong positioning among peers.
- Efficiency: Glottis’ ROE (57.0%) and ROCE (72.6%) significantly outperform peers, reflecting exceptional capital efficiency — a key strength for investors seeking returns.
- Margins: TCI leads on EBITDA margins at 12.3%, while Glottis at 8.3% shows it is steadily improving, especially compared to Allcargo’s weaker 3.3%.
In summary, while Glottis may not yet match peers in scale, it shines on profitability and return ratios, proving its ability to generate efficient growth in a highly competitive sector.
Glottis vs Allcargo vs Transport Corp of India: Valuation & Balance Sheet
| Particulars | Glottis | Allcargo Logistics | Transport Corp. of India |
|---|---|---|---|
| Debt-Equity Ratio | 0.22 | 0.84 | 0.11 |
| Price-Earnings (P/E) | 21.2 | 17.9* | 22.0 |
| Price-Book (P/B) | 10.5 | 1.4 | 4.4 |
| Price-Sales (P/S) | 1.3 | 0.2 | 2.1 |
| Current Ratio | 2.7 | 1.0 | 3.0 |
Analytical Summary
- Valuations: Glottis is valued at a P/E of 21.2, broadly in line with TCI (22.0) and slightly above Allcargo (17.9). Considering its superior ROE and ROCE, this valuation appears justified and even attractive for growth-oriented investors. The higher P/B ratio of 10.5 may appear stretched, but it reflects strong profitability and the market’s confidence in Glottis’ capital efficiency.
- Debt & Liquidity: With a debt-equity ratio of just 0.22, Glottis shows healthy leverage, especially compared to Allcargo (0.84). TCI, at 0.11, remains more conservative, but Glottis balances growth with prudent debt usage. Importantly, its current ratio of 2.7 demonstrates strong liquidity, well above Allcargo’s 1.0 and slightly lower than TCI’s 3.0.
- Efficiency Advantage: Despite being the smallest player by revenue, Glottis consistently outperforms on return ratios — a testament to its lean balance sheet and effective asset utilization. This efficiency acts as a strong counterweight to concerns about smaller scale.
Conclusion
Glottis IPO peer comparison paints a compelling picture for the company. While it lags behind Allcargo and TCI in scale, it delivers stronger profitability metrics, stellar return ratios, and healthier liquidity. At its IPO price band of INR 120–129, Glottis is positioned with valuations comparable to TCI, but its capital efficiency and growth trajectory justify the IPO pricing.
In an industry where scale often comes at the cost of profitability, Glottis is showing that nimble, technology-driven operations can achieve both growth and efficiency. For investors, this IPO offers exposure to a logistics player with international reach, robust financial discipline, and the promise of expansion — a combination that makes Glottis stand out positively among its peers.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.