Gulf Lloyds (India) Ltd. IPO

Gulf Lloyds (India) 

• Gulf Lloyds (India) is coming out with an initial public offering (IPO) of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
• The issue will open on July 20, 2026 and will close on July 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Suchi Jain.

Profile of the company

Gulf Lloyds (India) operates in the Services Sector, providing third party Inspection, Auditing, Certification, Testing, and Training, services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It also deploys trained and technically qualified personnel to perform inspection, verification and audit services as per client requirements and applicable standards. It undertakes assignments across multiple sectors, assessing whether the products, works, or processes meet prescribed quality and safety standards, technical specifications, and client requirements. Its services support the organizations of various sizes and industries in maintaining quality and safety compliance, controlling costs and operational efficiency. 

As part of its inspection and certification activities, it evaluates compliance and documents, its findings in detailed reports submitted to clients for review and necessary action. It undertakes Third-Party Inspection assignments in India as well as overseas through contractual arrangements. Through such contracts, it provides inspection, verification services for projects located outside India. By leveraging its network of qualified inspectors and technical professionals, it is capable of executing assignments across multiple countries and supporting clients in meeting international quality, safety, and compliance standards and requirements. This enables it to extend its services globally and effectively cover projects across different regions of the world.

Its registered office is located in Ahmedabad, Gujarat, India. With over a decade of experience, it has executed projects in India and internationally, including USA, UAE, Sudan, South Sudan, China, Burundi, Singapore, Germany, UK, England, Panama, Egypt, Muyinga, Jordan etc. It provides a wide spectrum of customer-oriented Certification and Inspection services. It has served a customer base across sectors such as infrastructure, oil and gas, engineering, manufacturing, irrigation, energy, and industrial equipment. It aims to meet the needs of customers and organization by delivering services wherever required. Its role is to provide business solutions that helps to improve the quality, safety, productivity, and risk management while helping customers operate within regulatory and compliance frameworks. Its independent services support the clients’ efficient operations and long-term business continuity.

Proceed is being used for:

• Capital expenditure for office premises 
• Repayment of unsecured loans 
• Working capital requirement
• General corporate purposes

Industry Overview

The expansion of India’s services sector has been closely linked to the economic reforms of the 1990s. While the sector began to grow in the mid-1980s, it gained significant momentum after India initiated a series of structural reforms in response to a severe balance of payments crisis. Today, the services sector is not only the largest contributor to India’s GDP but also a major driver of employment, foreign investment, and exports. It encompasses a wide range of activities, including trade, hotels and restaurants, transport, storage and communication, finance, insurance, real estate, business services, community and personal services, and services associated with construction. 

To enhance India’s share in the global services market from 3.3% and enable multi-fold growth in GDP, the government has implemented several initiatives to strengthen commercial services exports. As a result, India’s services exports stood at around Rs 20,40,317 crore ($237.55 billion), while imports were Rs 10,20,974 crore ($118.87 billion), highlighting India’s strong position in global trade. The services trade surplus of Rs 10,19,343 crore ($118.68 billion), up from Rs 8,71,698 crore ($101.49 billion) in FY25 (April-October 2024).

India’s services sector has steadily increased its share of Gross Value Added, rising from 50.6% in FY14 to about 55.3% in FY25, with an average growth of 8.3% since FY23. The sector also ranked first in attracting Foreign Direct Investment, according to data from the Department for Promotion of Industry and Internal Trade. India’s unique skills and competitive advantage in knowledge-based services, supported by initiatives such as Smart Cities, Clean India, and Digital India, have created a conducive environment for growth and innovation.

Pros and strengths

Comprehensive range of services: It offers a broad and integrated portfolio of services encompassing inspection, verification, auditing, testing, training, and certification across diverse industrial sectors. This multi-disciplinary service capability allows clients to obtain complete quality assurance and compliance solutions through a single, coordinated source. It undertakes assignments covering material inspection, vendor assessment, third-party verification, destructive and non-destructive testing, quality audits, and conformity assessments in line with national and international standards. It also provides technical training and certification programs to improve client understanding of quality, safety, and regulatory requirements. By offering services from inspection and testing to audit and certification, it removes the need for multiple external agencies, improving efficiency, consistency, and control in project execution. This approach builds client confidence, ensures compliance with regulatory frameworks, and establishes it as a service provider in the quality and inspection field.

Nationwide and regional reach: The company manages its operations across several regions in India, with its head office based in Ahmedabad. It supports its activities through head office that are positioned to handle client requirements without delay. It takes up assignments in different states and union territories, including remote project sites, allowing it to remain accessible and responsive to varied operational needs. This spread of locations helps it deploy trained personnel and testing resources quickly, which reduces travel time, limits idle periods, and improves project turnaround. The regional network also gives it a solid operational platform for pursuing new opportunities and enables it to participate in large infrastructure and industrial projects across the country. 

Quality and compliance-driven processes: It maintains a robust Quality Management System (QMS) aligned with ISO 9001 and ISO/IEC 17020 standards. Every inspection, test, and audit follows a defined process for planning, execution, review, and reporting to ensure transparency, accuracy, and traceability. Internal audits, document reviews, and management evaluations are conducted periodically to assess system effectiveness and implement continual improvement measures. The company’s emphasis on quality and procedural compliance ensures that all services meet or exceed client expectations while conforming to statutory and regulatory requirements.

Risks and concerns

Dependence on third-party NABL accredited laboratory: It currently does not hold accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL). Certain testing and inspection assignments undertaken by it require testing to be carried out through laboratories accredited by NABL in order to comply with applicable industry standards and client requirements. In order to facilitate such services, the company has entered into a Memorandum of Understanding on February 05, 2025 with Industrial Testing Center, an NABL-accredited laboratory based in Ahmedabad, for conducting Non-Destructive Testing (NDT) on behalf of the company. The arrangement has been entered into for a period of 3 years commencing from February 05, 2025, pursuant to which Industrial Testing Center provides NABL-accredited laboratory testing support for assignments executed by the company. Any disruption in the availability of NABL-accredited laboratory services may affect its ability to execute certain assignments within the stipulated timelines and may lead to delays in project execution, loss of potential business opportunities or reputational risks.

Reliance on key customers for revenue: It derives a significant portion of its revenue from a limited number of key customers. Its customer base includes companies that engage it for third-party inspection, testing, verification and other related services. Due to the nature of its business, certain customers contribute a relatively higher proportion of its revenue in a given financial period depending on the scale, duration and number of assignments awarded to it. Consequently, its revenue may be significantly influenced by the volume of inspection and related service assignments received from these customers during the relevant periods. The top 10 customer accounted for 73.93%, 60.48%, and 93.85% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The loss of any one or more of its key customers, a reduction in the volume of assignments awarded to it by such customers, or the inability to renew or secure new service contracts on commercially acceptable terms could adversely affect its revenue and profitability.

Risk of errors or deficiencies in inspection and testing services: It is engaged in providing third-party inspection, verification and testing services to clients operating across various industries. The services provided by it involve examining materials, equipment, structures, processes or systems and issuing inspection reports, test results or certifications based on its observations and professional assessment. Its clients rely on such reports and test results for quality assurance, regulatory compliance, project approvals, operational decisions and contractual obligations. The accuracy, reliability and credibility of the inspection and testing results issued by it are therefore critical to its business. Any error, omission, deficiency or delay in the inspection reports or test results issued by it, whether due to human error, equipment malfunction, improper calibration of instruments, incorrect interpretation of technical standards, limitations in information provided by clients, or other operational factors, may affect the reliability of such reports. If any inspection report or certification issued by it is found to be inaccurate, incomplete or deficient, it may lead to disputes with clients or other stakeholders who rely on such reports. Such situations may require re-inspection, rectification, or may expose it to claims, contractual disputes, reputational damage or potential legal liabilities. Further, any adverse perception regarding the reliability or quality of it services may lead to loss of existing clients or difficulty in securing new assignments. Any such occurrence may adversely affect its reputation in the market, its relationships with clients and its ability to secure future contracts.

Outlook

Gulf Lloyds (India) operates in the Services Sector, offering inspection, verification, auditing, testing, training, and certification services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It places emphasis on continuous learning and capability building of its workforce through the implementation of both internal and external training programs. These programs are designed to enhance employees’ technical skills, professional knowledge, safety awareness and overall job performance, enabling them to effectively perform their roles and responsibilities. On the concern side, its business is subject to regulatory and accreditation requirements applicable to third-party inspection and certification service providers, and any failure to obtain, maintain or renew necessary approvals, certifications or accreditations may adversely affect its operations and revenue. Further, the sizable portion of revenue is generated from the state of Gujarat, any adverse development affecting its operations in the state could have an adverse impact on its business, financial condition and results of operations.

The company is coming out with an IPO of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 18.19 crore. On performance front, its revenue from operations increased by 0.20% to Rs 3,567.94 lakh for FY 2026 from Rs 3,560.82 lakh for FY 2025. Profit after tax has decreased by 7.82% from Rs 466.80 lakh for FY 2025 to Rs 430.29 lakh for FY 2026.

Meanwhile, it plans to grow its footprint by reaching more sectors and geographical areas where demand for inspection, verification, auditing, testing, training, and certification services is increasing. Right now, it already works in several core sectors-such as infrastructure, power, oil and gas, manufacturing, utilities, transportation, and industrial projects. The goal is to deepen involvement in these sectors while also entering related areas where similar compliance and inspection needs exist. Going forward, it intends to further strengthen its engagement with central and state government departments, statutory authorities, and public sector undertakings, which form a significant part of its client base. These entities undertake large-scale development, procurement, and infrastructure programs that require continuous inspection, verification, auditing, testing, and certification support. It aims to maintain an active presence in these segments by aligning its services with the procedural and compliance requirements applicable to public projects.

Pooja Logistics

• Pooja Logistics is coming out with an initial public offering (IPO) of 38,46,000 shares in a price band of Rs 109-115 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.90 times of its face value on the lower side and 11.50 times on the higher side.
• Book running lead manager to the issue are Share India Capital Services and Maashitla Securities.
• Compliance officer for the issue is Ashish Bisht.

Profile of the company

Pooja Logistics is engaged in providing temperature-controlled logistics services for the transportation of perishable goods across India through refrigerated trucks (reefers). Since incorporation in 2011, it has been offering cold chain logistics services to a range of industries. Its in-house fleet as on March 31, 2026 comprises over 424 GPS-enabled vehicles dedicated to the transportation of temperature-sensitive goods. It caters to clients operating in the confectionery, dairy and dairy products, quick-service restaurants (QSRs), pharmaceuticals, and e-commerce sectors. It transports temperature-sensitive consignments while maintaining operational systems designed to maintain compliance with applicable standards. Its fleet consists of trucks with different sizes and capacities, enabling it to undertake a range of assignments. It generally operates on a trip-to-trip model, based on customer requirements. 

It has implemented various technology-enabled operational processes, including: i) a process for scheduling orders, where goods are picked up from the client’s origin warehouse, transported under monitored temperatures, and delivered at the destination with verification; ii) GPS-tracking software ‘Geo Trackers’ to provide visibility of vehicle movement and shipment status; iii) vehicle movement reports for monitoring and managing temperature levels in reefers; and iv) driver and truck management systems. These systems support real-time temperature tracking, route optimization, and monitoring of vehicle operations. 

Its temperature-controlled logistics services are aimed at the transportation of perishable products under controlled conditions using reefer vehicles. Upon reaching the delivery location, goods are unloaded as per defined protocols. It has obtained certifications from FSSAI for facilitating the delivery of perishable goods. It intends to expand certifications in line with customer and regulatory requirements.

Proceed is being used for:

• Purchase of vehicles (goods carriages)
• Public issue related expenses
• General corporate purpose

Industry overview

The India logistics market size was valued at $228.4 billion in 2024 and is projected to reach $428.7 billion by 2033. The market in India is estimated to grow at a CAGR of 6.50% from 2025-2033. The market growth is attributed to the growing e-commerce, infrastructure development, rising demand for cold chain logistics, increasing international trade, adoption of digital technologies, expansion of manufacturing and retail sectors, improved warehousing solutions, and greater focus on supply chain efficiency. 

The growing demand for perishable goods, ranging from dairy products to vaccines and biologics is propelling the growth of the Indian cold chain logistics sector. The Indian cold chain transportation market is expected to grow from $12.77 billion in 2025 to $20.31 billion by 2030 at a CAGR of 9.72% between the forecast years. This growth trajectory is fueled by evolving consumer preferences, rapid urbanization, and a sharp rise in organized retail and e commerce for temperature-sensitive goods. India continues to rank among the top global producers of perishable commodities. It is the largest producer of milk, second largest producer of fruits and vegetables, and a leading manufacturer of generic pharmaceuticals. Recent government initiatives such as the PM Gati Shakti scheme and PLI schemes in multimodal logistics are rapidly transforming the cold chain ecosystem. 

The FMCG sector in India has expanded steadily, supported by consumer-driven growth and higher product prices, particularly for essential goods. It provides employment to around three million people, accounting for approximately 5% of total factory employment in the country. As India’s fourth-largest sector, FMCG plays a vital role in the economy, with household and personal care products alone contributing 50% of total FMCG sales. Looking ahead, India’s FMCG sector is expected to record a slight revenue increase of 100 to 200 basis points, bringing growth to 6 to 8% in FY26, supported by stable rural demand and a revival in urban markets. 

Pros and strengths

Owned refrigerated vehicle fleet: It owns and operates a fleet of more than 424 GPS-enabled refrigerated vehicles, which supports direct operational oversight of transportation activities. The fleet includes both single-compartment and multi-compartment reefers, with load capacities ranging from around 5 tonnes to 20 tonnes, and is equipped to maintain temperatures suitable for frozen (-18 degree Celsius to -10 degree Celsius) and chilled (0 degree Celsius to +4 degree Celsius) storage. This allows it to handle a range of perishable goods, including pharmaceuticals, dairy products, confectionery, quick-service restaurant supplies, and e-commerce consignments, on a trip-to-trip basis. Fleet ownership reduces reliance on third-party logistics providers and enables internal management of route planning, vehicle scheduling, and shipment tracking through GPS-based systems. These capabilities are intended to support asset utilization and help in maintaining delivery timelines.

Geographic reach of the company: The company provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the Fast-Moving Consumer Goods (FMCG) sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations.

Compensation to customers for losses or damages to goods: As the company is engaged in providing temperature-controlled logistics services for the transportation of perishable goods, there may, in the ordinary course of business, be instances of shortages or deductions arising from damage to or loss of goods during transit. While the company has not experienced any material instances of damage or loss of goods in the past, there have been limited and non-material instances where compensation was paid towards such shortages or damages.

Risks and concerns

Dependence on limited customers: It depends on a limited number of customers for a majority of its revenues, which exposes it to a risk of customer concentration. Fluctuations in the performance of the industries in which its customers operate may result in a loss of customers, a decrease in the volume of work it undertakes or the price at which it offers its services. There is no guarantee that it will retain the business of its existing customers or maintain the current level of business with each of these customers. The company’s top ten customers contributed 68.15%, 75.55%, and 81.61% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively.

High reliance on FMCG sector: The company’s reliance on particular industries for a significant portion of its sales could have an adverse effect on its business, results of operations and financial conditions. A major portion of its business comes from customers in the FMCG industry. The company’s revenue from FMCG contribution was 95.07%, 95.85%, and 72.73% in Fiscal 2026, 2025 and 2024, respectively. Any slowdown, regulatory changes, supply chain disruptions, or other adverse developments in this industry may reduce the demand for its services.

Exposure to traffic challans and regulatory enforcement: In the ordinary course of its logistics and transportation operations, its fleet of commercial vehicles may be subject to traffic challans or other violations. Such instances are inherent to the industry and are generally resolved through Lok Adalats, as and when organized by the government. Recently, it has settled certain traffic challans in Lok Adalat proceedings, while the remaining challans are in the process of being settled and are expected to be resolved in a similar manner. While no significant or uncertain liability has arisen in this regard in the Past. Further, there can be no assurance that future violations will not result in higher penalties, adverse publicity, or stricter enforcement measures. Any such developments could increase its operating costs or otherwise adversely affect its business, results of operations, and financial condition. 

Outlook

Pooja Logistics is a logistics company, engaged in temperature-controlled logistics service provider in the transportation of perishable goods across India through refrigerated trucks (reefers). It provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the FMCG sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations. On the concern side, its operations are primarily concentrated in the states of Delhi, Haryana, Maharashtra, and Uttar Pradesh. A substantial portion of its revenue, assets, and customer base is derived from these regions. Any materially adverse social, political or economic development, civil disruptions, or changes in the policies of the state/central government or state or local governments, may require a modification of its business strategy, or require it to incur significant suspend its services.

The company is coming out with a maiden IPO of 38,46,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 109 - 115 per equity share. The aggregate size of the offer is around Rs 41.92 crore to Rs 44.23 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 11.38% from Rs 14,877.10 lakh in Fiscal 2025 to Rs 16,570.10 lakh in Fiscal 2026. Profit after tax increased 11.95% from Rs 1,102.23 lakh in Fiscal 2025 to Rs 1,233.98 lakh in Fiscal 2026.

Meanwhile, it aims to adopt environmentally sustainable practices by gradually integrating electric vehicles (EVs) and incorporating CNG powered trucks into its fleet. As on date, it operates 2 electric vehicles and around 141 CNG-powered vehicles. These initiatives are expected to reduce operational emissions and align with broader industry trends in sustainable logistics. Additionally, it is in the process of digitizing various operational workflows to reduce paper usage, increase process efficiency, and enhance monitoring systems. These changes are anticipated to contribute to improved internal controls and resource utilization.