Ahmedabad-based logistics and supply chain solutions provider, Yatayat Corporation India (YCIL), has filed DRHP with the Securities and Exchange Board of India (SEBI). Yatayat Corporation IPO comprises a fresh issue of up to 77 lakh equity shares and an OFS of up to 56 lakh shares by promoter Meena Praveen Aggarwal, aggregating to a total of 1.33 crore equity shares of face value INR 10 each.
Yatayat Corporation IPO will be managed by Unistone Capital as the Book Running Lead Manager, with Bigshare Services appointed as the Registrar to the Offer.
Yatayat Corporation IPO: Promoters & Shareholding Structure
YCIL is promoted by Shreyan Aggarwal, Meena Praveen Aggarwal, and Sonakshi Aggarwal. As of the date of the DRHP, promoter Meena Praveen Aggarwal holds a majority 65.38% stake, followed by Shreyan Aggarwal with 30%, and Hiranand Savlani HUF holding 4.5%. Post-issue, the promoter holding will dilute proportionally, though the company will continue to remain under promoter control.
Yatayat Corporation IPO: Business Overview
Founded in 2011, Yatayat Corporation India provides end-to-end logistics and supply chain solutions across 12 Indian states, operating through 34 branches and one warehouse. The company is an Indian Banks’ Association (IBA)-approved Goods Transport Agency (GTA).
Its comprehensive service portfolio includes:
- Full Truck Load (FTL) and Part Truck Load (PTL) freight
- Express Freight and Over-Dimensional Cargo (ODC) handling
- EXIM Freight and Multimodal Logistics
- Ancillary services such as 3PL, Freight Forwarding, and CHA services through its wholly-owned subsidiary, Transwave Logistics.
YCIL operates on an asset-light model, leveraging third-party fleet owners to maintain cost flexibility, scalability, and high operational efficiency.
Yatayat Corporation IPO: Financial Performance
YCIL has demonstrated robust financial growth over the last three years:
| Particulars | FY23 | FY24 | FY25 | Q1 FY26* |
|---|---|---|---|---|
| Revenue from Operations | 269.09 | 348.34 | 448.13 | 119.69 |
| EBITDA | 9.27 | 20.54 | 41.37 | 11.68 |
| PAT | 6.40 | 14.95 | 30.01 | 7.83 |
| EBITDA Margin | 3.44 | 5.90 | 9.23 | 9.76 |
| PAT Margin | 2.38 | 4.29 | 6.70 | 6.55 |
Revenue grew at a CAGR of 29.05%, while profit after tax rose at an impressive CAGR of 116.6% from FY23 to FY25. The company’s Return on Equity (RoE) and Return on Capital Employed (RoCE) stood at 89.12% and 63.71%, respectively, as of FY25, reflecting high capital efficiency.
YCIL’s Debt-to-Equity ratio improved from 4.02x in FY23 to 0.78x in FY25, indicating a strong deleveraging trend.
Operational Scale and Market Presence
The company handled 11.03 lakh metric tonnes (MT) of cargo in FY25, nearly doubling from 5.71 lakh MT in FY23 — a growth of 93% over two years. Regionally, the Western and Northern zones account for over 60% of total volumes, with international routes contributing around 4%, mainly across Bangladesh, Nepal, and Bhutan.
YCIL’s customer base spans diverse industries including:
- Agriculture & Agri Inputs (24%)
- Energy & Power (25%)
- Building Materials (11%)
- Textiles & Apparel (9%)
- Metals & Mining (12%)
- Chemicals & Allied Industries (6%)
The company derived 64% of FY25 revenues from its top 10 clients, indicating significant relationships with large institutional customers. These contracts are typically of 1–5 years’ duration, mostly on a non-exclusive basis.
Subsidiary Expansion and Strategic Growth Plans
YCIL’s wholly-owned subsidiary, Transwave Logistics, incorporated in March 2025, extends the company’s reach into Third-Party Logistics (3PL), Freight Forwarding, EXIM, and Custom House Agent (CHA) operations. This integration allows Yatayat to offer comprehensive logistics under a unified brand, expanding its service portfolio into 4PL, Warehousing, and Air Cargo.
Key strategic priorities outlined in the DRHP include:
- Expanding PAN-India presence via new branches and hubs.
- Diversifying into new sectors like e-commerce, electronics, and bulk commodities (steel, cement).
- Technology-driven modernization, including ERP, GPS tracking, and integrated transportation management systems.
- Foray into 4PL and warehousing for value-added logistics.
- Cross-border trade expansion beyond the India–Bangladesh corridor.
Industry Context and Competitive Landscape
According to a CareEdge Report, the Indian logistics sector was valued at USD 347.5 billion in 2024 and is projected to grow to USD 637 billion by 2030 at a 10% CAGR, driven by e-commerce growth, infrastructure expansion, and multimodal integration.
Yatayat competes with established listed peers such as VRL Logistics, TCI Express, North Eastern Carrying Corporation, and Ritco Logistics. Despite intense competition, YCIL’s integrated service model, diversified client portfolio, and asset-light scalability provide distinct competitive advantages.
Outlook
Yatayat Corporation IPO marks the entry of another asset-light logistics player into India’s public markets amid a sector poised for structural growth. With strong financial performance, diversified service offerings, and expansion into multimodal logistics and cross-border freight, YCIL positions itself as a scalable player in the organized logistics ecosystem.
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