Sampark India Logistics Limited
1. Overview
Sampark India Logistics Limited is a Pan-India B2B carrying and forwarding (C&F) agent providing end-to-end logistics solutions across the supply chain. Incorporated in December 2012 and headquartered in New Delhi with corporate offices in Faridabad, Haryana, the Company has built a 13+ year operating history under the leadership of promoters Mr. Sanjay Kumar Rathi (Managing Director) and Mrs. Renu Rathi (Executive Director). The Company converted into a public limited company in September 2024 in preparation for its proposed listing on the SME Platform of BSE Limited.
Sampark operates through a network of 50 branch offices across 18 states of India, serving a diverse mix of industries including automotive, pharmaceuticals, consumer durables, and textiles. As on the date of the Red Herring Prospectus, the Company owns a fleet of 56 commercial vehicles (predominantly heavy commercial vehicles — 51 HCVs and 5 SCVs) equipped with electronic lock systems and GPS technology, complemented by 8 leased warehouses totaling 1,24,500 sq. ft. in strategic logistics hubs including Ambala, Roorkee, Hyderabad, Aurangabad, Chennai, Bangalore, Nashik and Bhiwandi.
The Company delivers an integrated service offering spanning road, air and rail freight forwarding (both Full Truckload and Less Than Truckload), warehouse operations, packaging and inventory management, and a smaller rental income stream from outsourced trucks and GPS services. The Company is certified under ISO 9001:2015 (Quality Management) and ISO 45001:2018 (Occupational Health & Safety Management).
2. Business Model and Revenue Streams
Operating Model
Sampark operates as a B2B asset-light + asset-heavy hybrid — owning a core fleet of 56 vehicles for guaranteed capacity while supplementing requirements through third-party rental and trip-based leasing for pickup and last-mile delivery. The Company manages an end-to-end process flow comprising pickup, weighing and vehicle assignment, consolidation at Sampark warehouses, multi-modal connectivity (road/air/rail hubs), inspection and final delivery — all tracked through an ERP system.
Customer acquisition is primarily relationship-driven, leveraging the promoters' and senior management's industry network, supplemented by direct email outreach and word-of-mouth referrals.
Revenue Breakdown by Segment (FY 2024-25)
| Segment | Revenue (₹ Cr) | % of Revenue |
|---|---|---|
| Sales of Services – Freight Income | 183.27 | 91.20% |
| — Road Shipment | 92.74 | 46.15% |
| — Air Shipment | 77.77 | 38.69% |
| — Rail Shipment | 12.77 | 6.35% |
| Warehouse Operation Income | 3.92 | 1.95% |
| Rental Income (Truck & GPS) | 0.19 | 0.10% |
| Unbilled Freight | 13.58 | 6.76% |
| Total Revenue from Operations | 200.97 | 100.00% |
Freight income dominates revenue at over 90%, with road shipments slightly edging out air shipments.
Geographic Concentration
The Company derives a significant portion of revenue from three states — Haryana, Tamil Nadu and Maharashtra — which together contributed 41.77% of revenue in FY25. Haryana alone contributed 15.82% (₹31.80 Cr) in FY25, having grown sharply from just 2.02% in FY23 — signalling deepening home-market penetration following corporate office relocation.
Customer Concentration & Operating Metrics
| Metric | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Top 1 Customer (% of Revenue) | 9.56% | 7.82% | 12.46% | 8.67% |
| Top 10 Customers (% of Revenue) | 34.34% | 38.72% | 37.27% | 36.39% |
| Top 10 Suppliers (% of Procurement) | 60.99% | 64.17% | 58.82% | 56.93% |
| Sundry Debtors Holding (Days) | 165 | 161 | 151 | 101 |
| Sundry Creditors Holding (Days) | 68 | 75 | 84 | 63 |
Customer concentration is moderate at the top-10 level (~38%) but reasonable diversification beyond, while supplier concentration is structurally high (top-10 ~64% of procurement) — typical of logistics businesses dependent on a few major transport vendors.
3. Products and Service Portfolio
Service Lines
A. Freight Forwarding Income (Core)
The Company's anchor service line, providing integrated transportation across road, air and rail modes. Sampark offers both FTL (Full Truckload) for single-shipper large-volume movements and LTL (Less Than Truckload) for cost-effective consolidated shipments. The 8-step process flow covers pickup request, weight calculation and vehicle assignment, warehouse consolidation, dispatch challan generation, multi-modal connectivity through airports, railway stations and surface hubs, and final delivery to client location with GRN completion.
B. Warehouse Operation Income
Sampark operates 8 directly managed warehouses totaling 1,24,500 sq. ft. under lease, providing storage management, spare parts warehousing, inventory management with traceability and aging analysis, and packaging services with tailored solutions and quality checks. As of 9M FY26, warehousing contributed 3.53% of revenue — a small but margin-supportive line.
C. Rental Income (Truck & GPS)
A nominal revenue stream (~0.1% in FY26) where the Company outsources owned vehicles to vendors and charges rental + GPS tracking fees (through partnership with Wheelseye Technology India Private Limited).
Fleet Composition
| Category | Owned | Use Case |
|---|---|---|
| Heavy Commercial Vehicles (HCVs) — GVWR > 16 tons | 51 | Long-haul, bulk cargo |
| Small Commercial Vehicles (SCVs) — GVWR ≤ 3.5 tons | 5 | Local pickup & delivery |
| Light & Medium Commercial Vehicles | Nil | (Outsourced as needed) |
| Total Owned Fleet | 56 |
The fleet skews heavily towards HCVs, consistent with the focus on B2B long-haul freight. Light pickup and last-mile requirements are met through third-party rental and per-trip arrangements — pick-up and delivery charges from third parties amounted to ₹36.75 Cr (FY25), representing 19.31% of total expenses.
Branch Network
The Company's 50 branch offices are spread across 18 states, with the densest concentration in:
- Maharashtra (9 branches) — Pune, Bhiwandi, Nagpur, Nashik, Aurangabad, Igatpuri
- Gujarat (5 branches) — Vapi, Aslali, Vadodara, Halol, Sardarnagar
- Punjab (4 branches) — Ludhiana, Zirakpur, Patiala, Hoshiarpur
- Tamil Nadu (4 branches) — Chennai, Madurai, Tiruppur
- Uttarakhand (4 branches) — Roorkee, Rudrapur, Haridwar, Dehradun
Workforce
As of April 30, 2026, the Company employs 344 personnel including the MD and ED:
| Category | Number |
|---|---|
| Operations | 216 |
| Sales | 57 |
| Accounts | 47 |
| HR & Admin | 17 |
| IT | 4 |
| Management | 3 |
| Total | 344 |
4. Key Business Strengths
- Experienced promoter-led management. Promoters Sanjay Kumar Rathi (MD) and Renu Rathi (ED) have been associated with the Company since incorporation, with 13+ years of dedicated logistics-industry experience.
- Pan-India physical presence with strong asset base. Network of 50 branches across 18 states combined with 8 directly managed warehouses (1,24,500 sq. ft.) and 56 owned vehicles provides operating leverage and barrier to entry that many smaller unorganized competitors lack.
- Multi-modal integrated service offering. Capability to handle road, air and rail freight combined with warehousing, packaging and inventory management positions the Company as a one-stop logistics partner — a meaningful differentiator versus single-mode operators.
- Diversified industry exposure. Active client base spans automotive, pharma, consumer durables, textiles and other industries, reducing dependence on any single end-market cycle.
- Quality and safety certifications. ISO 9001:2015 and ISO 45001:2018 certifications underpin documented quality and safety management systems, aiding bids for institutional and corporate accounts.
5. Future Growth Strategy
- Working capital scaling for revenue growth. ₹19.72 Cr of IPO proceeds earmarked for working capital — the Company's stated assumption is that working capital requirement will grow from ₹74.60 Cr (9M FY26) to ₹97.60 Cr in FY27, enabling top-line expansion.
- Reduction in debtor cycles and improvement in payables. Management targets debtor days to moderate from 165 (9M FY26) to 160 in FY27, while accelerating supplier payments to 45 days from 68 days — strengthening vendor relationships and operational reliability.
- Geographic expansion into unexplored markets. Stated intent to broaden services into new geographies to enhance market share, leveraging the existing 18-state foothold.
- Capitalizing on broader logistics-sector growth. Plans to ride the demand wave from India's economic expansion and the structural shift toward organized logistics players.
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