Tejas Cargo India is a logistics company based in Faridabad, Haryana, providing long haul supply chain transportation services by road across India. They offer express supply chain transportation services by road under Full Truck Load (“FTL”), to a diverse range of companies who are inter alia engaged in the logistics, steel and cement, e-commerce, industrial & chemicals, FMCG and white goods sectors. Their services include shipment planning, route optimisation, fleet selection, documentation, tracking, communication and coordination and performance evaluation. 

Tejas Cargo India, an Book Built Issue amounting to ₹ 105.84 Crores, consisting entirely an Fresh Issue of 63.00 Lakh Shares. The subscription period for the Tejas Cargo India IPO opens on February 14, 2025, and closes on February 18, 2025. The allotment is expected to be finalized on or about Thursday, February 20, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, February 24, 2025.

The Share price band of Tejas Cargo India IPO is set at ₹ 160 to ₹ 168 per equity share. The Market Capitalisation of the Tejas Cargo India Limited at IPO price of ₹ 168 per equity share will be ₹ 401.39 Crores. The lot size of the IPO is 800 shares. Retail investors are required to invest a minimum of ₹ 1,34,400, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (1,600 shares), amounting to ₹ 2,68,800.

New Berry Capitals Private Limited is the book running lead manager of the Tejas Cargo India IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. New Berry Capitals Private Limited is the Market Maker for Tejas Cargo India IPO.

Tejas Cargo India Limited IPO GMP Today
The Grey Market Premium of Tejas Cargo India Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Tejas Cargo India Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 18 February, 2025, the Tejas Cargo India Limited IPO live subscription status shows that the IPO subscribed 1.14 times on its Final day of subscription period. Check the Tejas Cargo India IPO Live Subscription Status Today at NSE.

Tejas Cargo India IPO Anchor Investors Report
Tejas Cargo India has raised ₹ 29.82 Crores from Anchor Investors at a price of ₹ 168 per shares in consultation of the Book Running Lead Managers. The company allocated 17,75,200 equity shares to the Anchor Investors. Check Full List of Tejas Cargo India Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion

Tejas Cargo India Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
12 February 2025	₹ 168	₹ 168	₹ 0 (0.00%)	07:00 PM; 12 Feb 2025

Tejas Cargo India Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Tejas Cargo India IPO allotment date is 20 February, 2025, Thursday. Tejas Cargo India IPO Allotment will be out on 20 February, 2025 and will be live on Registrar Website from the allotment date. Check Tejas Cargo India IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Tejas Cargo India Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Tejas Cargo India Limited IPO
Tejas Cargo India proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 3,176.29 Lakhs is required for Purchase of additional trailers for the Company;
2. ₹ 3,000.00 Lakhs is required to meet working capital requirements;
3. ₹ 1,500.00 Lakhs is required for Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company; and
4. General Corporate Purposes

Refer to Tejas Cargo India Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Tejas Cargo India Limited

Business Overview

Tejas Cargo India, based in Faridabad, Haryana, specializes in long-haul supply chain transportation services by road across India, primarily under the Full Truck Load (FTL) model. Catering to industries such as logistics, steel and cement, e-commerce, industrial chemicals, FMCG, and white goods, the company ensures efficient freight management through a mix of owned and hired fleets. As of September 30, 2024, over 61% of trips were completed using owned vehicles, with the remainder sourced from the open market.

With a strong focus on technology-driven logistics, services include shipment planning, route optimization, fleet selection, documentation, tracking, communication, and performance evaluation. During Fiscal 2024, the company completed 98,913 trips, with 58,943 trips recorded in the first half of the year. Operations span a pan-India network of 23 branches, with nine also functioning as maintenance and repair hubs.

A strategic network with multiple logistics providers enhances fleet utilization and service reach. The expanding Indian third-party logistics (3PL) market, driven by e-commerce growth, government initiatives such as GST, relaxed FDI norms, and the National Logistics Policy, presents significant opportunities. Small and medium enterprises (SMEs) increasingly rely on 3PL solutions to streamline operations and reduce costs, making logistics outsourcing a preferred choice in a competitive market.
As of September 30, 2024, the Company's workforce consists of 284 personnel. The Bankers to the Company are Kotak Mahindra Bank Limited, HSBC Bank, State Bank of India and HDFC Bank Limited.

Industry Analysis

India's Thriving Third-Party Logistics (3PL) Market

The Third-Party Logistics (3PL) market involves outsourcing key supply chain functions—including transportation, warehousing, inventory management, and order fulfillment—to specialized providers. This enables businesses to focus on core operations, improve efficiency, reduce costs, and enhance customer service. Leveraging advanced technology and economies of scale, 3PL providers optimize logistics, ensuring seamless coordination among manufacturers, suppliers, and retailers.

India’s 3PL sector is witnessing rapid expansion, driven by the growth of e-commerce, evolving consumer expectations for faster deliveries, and government initiatives such as the Goods and Services Tax (GST), relaxed FDI regulations, infrastructure status for logistics, and the National Logistics Policy. Small and medium enterprises (SMEs), which often lack in-house logistics capabilities, rely heavily on 3PL services to remain competitive without investing in logistics infrastructure.

Market Size & Industry Growth

India handles 4.6 billion tonnes of goods annually, with a logistics expenditure of ₹9,50,000 crore. Freight movement is dominated by:

• Road Transport (71%) – A major mode of freight transportation, significantly higher than the global average of 25%.
• Railways (24%) – Primarily used for bulk cargo over long distances, lower than the global average of 60%.
• Waterways & Pipelines (5%) – Account for a smaller share but offer cost-effective transport solutions.

The number of trucks on Indian roads stands at approximately 1.5 million, increasing at an annual rate of 10%. The expansion of the national highway network—from 91,287 km in 2014 to 1,46,145 km in 2023—has significantly enhanced connectivity and logistics efficiency. Additionally, the growth of FMCG, manufacturing, and retail sectors has fueled the demand for specialized logistics solutions.

Technological Advancements & Sustainability Initiatives

The logistics sector is undergoing a digital transformation with the integration of:

• Artificial Intelligence (AI), Machine Learning, Big Data Analytics, and IoT for enhanced supply chain visibility and operational efficiency.
• Automation & Digital Initiatives such as e-way bills, FASTag, and e-invoicing, improving real-time tracking and cost management.
• Green Logistics initiatives aimed at reducing carbon footprints, in alignment with India’s commitment to net-zero emissions.

Challenges in the 3PL Sector

Despite strong growth, the industry faces hurdles including:

• Inadequate infrastructure & congestion in key transportation networks.
• Limited warehousing facilities, affecting storage and inventory management.
• Fragmented market structure & high operational costs.
• Third-party handling inefficiencies, leading to supply chain disruptions.

Future Outlook

Between 2019 and 2023, India's 3PL market expanded at a CAGR of 19.5%, growing from ₹763.9 billion to ₹1,557.3 billion. Driven by rising healthcare logistics, e-commerce boom, and expanding manufacturing operations, the market is projected to grow at a CAGR of 13.2%, reaching ₹3,278.2 billion by 2029.

Key growth drivers include:

• Increasing adoption of AI, IoT, and big data analytics to enhance supply chain efficiency.
• Expansion of cold chain logistics for perishable goods and pharmaceuticals.
• Rising demand for last-mile delivery services, fueled by e-commerce growth.

With businesses shifting focus to core activities, outsourcing logistics to 3PL providers has become a strategic imperative. As technology, infrastructure, and government support continue to shape the industry, India's 3PL market is poised for sustained expansion, offering opportunities for both domestic and global logistics players.

Business Strengths

1. Heavy Asset Ownership Model
As of October 31, 2024, the fleet comprises 1,131 vehicles, including 218 trailers and 913 container trucks. A high degree of asset ownership ensures direct operational control, lower maintenance costs, high vehicle availability, and competitive pricing. Additional vehicles are hired from the open market on an ad-hoc basis to meet fluctuating client demands.

2. Technology-Driven Fleet Management
A proprietary technology platform enhances fleet operations with IoT-based solutions, including Geo-Fencing, GPS tracking, centralized digital locking, and AI-powered rear cameras for trailers. The integration of ADAS+DSM systems improves safety and reduces theft risks. An ERP system automates fleet allocation, route optimization, and real-time tracking, ensuring seamless logistics management.

3. In-House Maintenance and Direct Procurement
An in-house maintenance facility in Gurugram, Haryana, accommodates up to 40 trucks, featuring 12 repair bays, advanced diagnostic tools, and on-site manufacturer support. Regular servicing at authorized workshops and on-route repairs by roadside vendors enhance fleet reliability and minimize downtime.

4. Diversified Client Base
Transportation services cater to multiple industries, including logistics, steel and cement, e-commerce, industrial chemicals, FMCG, and white goods, ensuring a broad revenue stream and market resilience.

5. Strong Growth and Financial Performance
Total revenue grew at a CAGR of 41.97%, from ₹20,967.03 lakh in Fiscal 2022 to ₹42,259.06 lakh in Fiscal 2024. EBITDA increased at a CAGR of 187.05%, reaching ₹6,903.16 lakh, while profit after tax rose at a CAGR of 104.70% to ₹1,322.22 lakh during the same period, highlighting strong financial stability and profitability

Business Strategies

1. Transition to a Hybrid Fleet Model
A shift towards a hybrid model is planned, integrating both owned and long-term leased vehicles. By Fiscal 2026, operations will include a mix of owned and leased fleet to enhance flexibility and efficiency.

2. Optimizing Fleet Composition with More Trailers
Fleet expansion will focus on increasing the number of trailers to strengthen competitive positioning. Currently, the fleet consists of 913 container trucks and 218 trailers, with trailers offering higher tonnage capacity of up to 42 tonnes.

3. Expansion into Rail Logistics
An application has been submitted to lease a train from Container Corporation of India Ltd., enabling entry into rail logistics. This will optimize operational costs, increase cargo capacity, improve supply chain reliability, and provide a more sustainable transportation solution.

4. Investment in Technology for Efficiency and Growth
Further development of in-house technology systems will enhance asset productivity, operational control, and client service. Investments will focus on ERP integration, GPS tracking, fuel efficiency, and safety enhancements to strengthen competitive advantage.

5. Entry into Secondary Logistics and Warehousing
Expansion into secondary logistics aims to complement Full Truck Load (FTL) operations by improving inventory management and supply chain optimization. This will enhance service efficiency and support business growth.

6. Diversification into New Industries
Service offerings will expand into high-margin sectors such as pharmaceuticals, mining, automobile, and waste management. Specialized vehicle deployments will enhance industry-specific logistics capabilities

Business Risk Factors and Concern

1. Dependence on Road Network: Business operations rely on an uninterrupted transportation network. Factors such as weather conditions, natural calamities, political unrest, driver fatigue, accidents, and third-party negligence can cause disruptions, leading to delays, additional costs, reputational damage, or financial losses. Delays in perishable goods delivery may result in compensation claims and business decline.

2. Outsourced Driver Model: The company operates without payroll drivers, relying on outsourced drivers on an ad-hoc basis. Inconsistent driver availability and skill levels can impact service quality, customer satisfaction, and brand reputation. Compliance monitoring with safety regulations and industry standards remains a challenge.

3. Aging Fleet and Rising Vehicle Costs: A fleet of 1,131 vehicles, including trailers and container trucks, has an average age of 2.88 years, with 269 vehicles exceeding 5.66 years. Maintenance costs are rising due to aging vehicles and incremental AMC rates. Expansion and upgrades are necessary to manage operational efficiency and control cost

4. Dependence on OEMs for Vehicles and Spare Parts: Procurement of commercial vehicles and spare parts is concentrated among a few OEMs, exposing the business to risks such as delayed deliveries, non-conforming quality, and supply chain disruptions. Any issues with suppliers can hinder expansion plans and affect service commitments.

Tejas Cargo India operates a logistics business highly dependent on road transport, outsourced drivers, and a growing but aging fleet. Disruptions in transportation, inconsistent driver availability, and increasing vehicle maintenance costs pose operational challenges. Additionally, reliance on a few OEMs for vehicle procurement and spare parts creates supply chain risks that may impact service quality and expansion plans.