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It’s the biggest third-party logistics player in India for reverse shipments (returns pickup) and same-day delivery, based on order volume. That’s important because these are trickier services that usually earn better margins (higher profit per order) and keep clients more “locked in” over time. Right now, it works with large digital brands like Meesho, Flipkart, and Zepto.

It’s the fastest-growing logistics company in its size category in India, with express shipment market share rising from 8% to 23% in just a few years. That kind of jump is faster than the overall industry, which suggests it grabbed a bigger slice of the pie while the sector was consolidating (meaning smaller players were getting squeezed out or absorbed).

It posted the highest capital turnover ratio among listed peers in India at 3.96x for FY25. Capital turnover is a simple “efficiency score” that shows how much revenue a company generates from the assets it invests in. A higher number usually means a leaner setup that can grow without constantly needing massive new spending.

It managed to move its adjusted operating profit margin (profit from core operations, after certain adjustments) from negative 7.18% in FY23 to positive 2.86% in the first half of FY26. This matters because it points to a healthier long-term business model, and it already hit a milestone by posting its first full-year profit of ₹6.42 crore in FY25.

It runs India’s largest crowdsourced last-mile fleet, with 2,05,864 average quarterly unique transacting partners as of September 2025 (basically, delivery partners who actually completed orders during the quarter). The big advantage here is cost flexibility: it can add capacity during peak times like the festive season without carrying heavy fixed costs.

Its revenue grew from ₹1,415 crore in FY23 to ₹2,485 crore in FY25. That’s a solid sign it’s scaling up, especially since it also handled 436.36 million total orders in FY25, which is a huge volume to manage without the system breaking.

Transportation charges as a share of revenue improved from 20.93% in FY24 to 18.68% in FY25. That’s a good operational signal because it usually means better truck usage and smarter lane planning (choosing routes and shipment flows efficiently). Even so, total transport cost still rose to ₹464.16 crore because the company expanded its footprint aggressively.

Employee benefit expense dropped from 15.10% of revenue in FY23 to 9.52% in the first half of FY26. In simple words, its 4,472 permanent employees are generating more output per person as volumes rise, so the company can grow without matching that growth with the same jump in salary costs.

It leans a lot on a few key relationships, and its biggest client alone brought in ₹883.23 crore, which is 48.91% of total revenue in the latest half-year period. That’s a big concentration risk (too much dependence on one customer). Some of its largest customers include Meesho, Flipkart, and Zepto. If that client cuts order volumes or moves to another logistics partner, the hit to revenue could be immediate and painful.

Even though it has recently shown some profitability, it has a track record of large losses, including ₹142.64 crore in FY23. The concern is that expansion, especially international growth and new tech spending, usually comes with high costs upfront. So profits may not stay steady every year, even if the business keeps growing.

Costs from lost or damaged shipments jumped to ₹148.25 crore (equals 8.21% of revenue) in the six months ended September 2025. This is especially tricky in reverse logistics (returns), where doorstep quality checks can create disputes, like a customer claiming an item was different or damaged. When that happens, the logistics player can end up paying the bill, which adds up fast at scale.

It depends on 2,05,864 delivery partners, and these partners aren’t tied to the company with exclusive contracts. In plain terms, they can switch platforms if someone offers better pay. If competition heats up, the company may face shortages during peak demand or may need to spend more on incentives just to keep enough riders active.

It runs all its logistics centers on leased (rented) facilities, and some lease agreements are up for renewal or have potential irregularities. If renewals don’t go smoothly, or if it has to shift locations, it could mean higher rent and operational disruption. And in logistics, even small disruptions can affect delivery timelines and client experience.

Logistics is a tough, crowded space, and some rivals have deeper pockets and stronger brand recall. Competitors can cut prices, offer higher partner incentives, or build better tech to win clients. If that happens, it may have to accept lower margins (profit per shipment) or risk losing market share.