Ashwini Container Movers

• Ashwini Container Movers is coming out with an initial public offering (IPO) of 50,00,000 shares in a price band of Rs 135-142 per equity share. 
• The issue will open on December 12, 2025 and will close on December 16, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 13.50 times of its face value on the lower side and 14.20 times on the higher side.
• Book running lead manager to the issue is Corporate Professionals Capital.
• Compliance Officer for the issue is Nidhi Pradeep Kini.

Profile of the company

Ashwini Container Movers is a commercial transportation provider engaged in transportation of cargo across various regions in India, with a significant portion of its operations concentrated in the states of Maharashtra and Gujarat. The company is engaged in providing surface transportation of goods in containerized trucks. Its logistics operations are supported by its own fleet of containerized trucks with a current fleet of over 300 vehicles consisting of 20-feet and 40-feet vehicles as on September 30, 2025.

It mainly serves B2B customers which require transporting bulk quantities of their goods from one place to another within India specifically from Factory of its clients to port or vice versa. It primarily operates in transporting goods between ports and factories, catering specifically to customers involved in importing and exporting containerized goods. The company is dedicated to providing reliable and efficient services by leveraging a standardized GPS tracking system and delivering responsive customer support. All services adhere to government regulations, updated permits, and are managed by a team of experienced professionals.

The company primarily focusses in Full Container Load (FCL) transportation, providing reefer and non-operating reefer containers (dry container) and also engaged in Less Container Load (LCL) and Over Dimension Cargo (ODC). FCL involves dedicating an entire truck to a single shipment, making it ideal for businesses transporting large quantities of goods or requiring exclusive truck use for secure and efficient delivery. This method is commonly used in industries such as manufacturing and retail. On the other hand, LCL consolidates shipments from multiple customers into a single truck, where each shipment occupies a portion of the truck's capacity. This cost-effective option is suitable for businesses with smaller freight volumes, enabling them to share transportation costs while maintaining efficiency. Its services are designed to ensure reliable and economical logistics solutions for diverse shipping needs.

Proceed is being used for:

• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company
• Funding capital expenditure requirement of the company towards purchase of trucks
• General corporate purposes

Industry Overview

The Indian logistics market, valued at $107.16 billion (Rs 9 trillion) in FY23, is projected to grow significantly, reaching $159.54 billion (Rs 13.4 trillion) by FY28, with a compounded annual growth rate (CAGR) of 8-9%. This growth is driven by structural shifts, technological advancements, and government initiatives focused on reducing logistics costs and improving infrastructure. The National Logistics Policy, unveiled in September 2022, aims to optimize India’s logistics landscape by increasing the share of railways in freight movement, currently at 18%, through developing dedicated freight corridors (DFCs), enhancing road infrastructure, and expanding inland waterways. As of April 2024, DFCs are 96% complete, which is expected to enhance the capacity and efficiency of rail freight and improve its share in the overall modal mix.

Logistics sector in India is transforming at an unprecedent pace due to key factors like changing global and local trade dynamics, growing manufacturing industry, expansion of e-commerce market, sustainability pressures, and large-scale digitization of supply chain. The sector is breaking away from traditional brick and mortar approach to a more technology enabled sector, enabling businesses of all sizes and individuals from diverse backgrounds to take part in this dynamic and economically important sector. Recognizing the strategic importance of Logistics sector and the transformational impact it can have on the overall economy, Government of India has adopted a comprehensive and synergized, ‘whole of Government’ approach to ensure that both demand and supply side fundamentals of the sector are viewed in their entirety with an end-to-end perspective. The traditional sectoral approach has been replaced by a renewed ‘whole of Government’ and ‘data driven’ approach leveraging the power of technology to ensure integrated development of logistics sector in the country.

States and UTs have made commendable progress towards building a vibrant logistics eco-system across the country through proactive infrastructure, policy, and regulatory reforms. Improvement in user perception regarding performance of logistics ecosystem is a real positive for the sector and probably reflects impact of various initiatives taken by States / UTs to enhance logistics efficiency. The transformation in the logistics sector signifies the positive impact of government infrastructure investments and the sector’s growing emphasis on efficiency. With alignment between the Central Government, States, UTs, and the private sector, this is a crucial time to improve logistics efficiency, supported by reforms like PMGS and NLP that enhance infrastructure and competitiveness, benefiting Indian goods’ quality and cost-effectiveness. India’s transition into a global manufacturing powerhouse is underway, driven by key trends like Investments, sustainability, and digitalization, with the commitment of States/UTs playing a pivotal role in this transformation. 

Pros and strengths

Robust fleet with advanced technology: The company is having 312 fleet as on September 30, 2025. Of total 53 are 20 ft Fleet and 259 are 40 ft Fleet. Moreover, the company utilizes two software solutions for its business operations i.e., Clay Soft and Elixia. With use of Clay Soft and Elixia vehicle tracking technology, the customers stay well informed about the real time status of vehicles and goods.

Client-centric approach: The company has good customer retention and repetition, as evidenced by the fact that its top 10 customers in FY 2023 continued to remain its customers in FY 2025 also.

Proper driver training: The company offers training sessions to drivers for continually improving their performance with respect to Traffic Compliance, Fire Safety, Accident Management and Vehicle Handling & Maintenance. In 2024-25, the company has taken training session which was attended by 75 drivers (on average).

Risks and concerns

Revenue concentration among a few large customers: The company operates in B2B segment and generates a significant portion of its revenues from, and is therefore dependent on, certain customers for a substantial portion of its business. The company has garnered 45.48%, 53.96% and 69.88% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. As its business is concentrated among relatively few significant customers, the company may experience reduction in cash flows and liquidity and its business would be negatively affected if it loses one or more of its major customers or if the amount of business from one or more of them is significantly reduced.

High geographic revenue concentration in Maharashtra: Entire of the company’s revenue from operation is generated within India only. However, based on Restated Financial Information, substantial part of its revenue is generated from the State of Maharashtra i.e., Rs 4,575.00 lakh constituting 83.32% of the revenue from operations for the six months period ended September 30, 2025 and Rs 7,351.36 lakh, Rs 6,701.40 lakh and Rs 6,715.12 lakh, 78.11%, 85.07% and 87.36% of the revenue from operations for the March 31, 2025, 2024 and 2023, respectively. Revenue concentration in a few states could adversely impact its business, financial health, cash flows, and operations. Any socio economic or political turbulence, economic slowdowns, changes in laws or regulations especially in the logistics sector, or significant revisions in state taxes, levies, or financial policies may harm its performance.

Challenges related to traffic penalties in logistics operations: The company’s business involves the transportation of cargo through trucks, which may be subject to traffic violations and the issuance of challans. These violations could occur due to factors such as driver errors, traffic conditions, or unintentional breaches of regulations. The imposition of fines and penalties may lead to increased operational costs and delays in delivery schedules. Repeated violations or unresolved challans could also affect its reputation with customers and regulatory authorities. Although it takes steps to ensure that the drivers comply with the traffic laws by conducting regular drivers’ trainings. Despite the same, in the past there have been several instances of Traffic Violations and Challans. These risks are inherent to its business and may have an adverse impact on its future financial performance and operations.

Outlook

Ashwini Container Movers is a transportation provider specialising in cargo transport across India, primarily in Maharashtra and Gujarat. The company specialises in the surface transportation of goods using containerised lorries. As of 30 September 2025, the logistics operations are supported by its own fleet of containerised lorries, comprising over 300 vehicles, including 20-foot and 40-foot vehicles. The company has more than 50 years in commercial transportation. The company has tailored logistics plans for varied client needs. On the concern side, a significant part of the company’s revenue is derived from a limited number of customers. The loss of one or more key customers could materially and adversely impact its business, cash flow, operational results, and financial condition. Moreover, the company generates its major portion of revenue from its operations in certain geographical regions and any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 50,00,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 135-142 per equity share. The aggregate size of the offer is around Rs 67.50 crore to Rs 71.00 crore based on lower and upper price band respectively. On performance front, the company’s net revenue from operations for the financial year 2024-25, amounted to Rs 9,412.05 lakh, compared to Rs 7,877.25 lakh in the financial year 2023-24, representing an increase of 19.48%. Moreover, the company’s restated profit after tax for the financial year 2024-25, was Rs 1,145.24 lakh, compared to Rs 137.78 lakh in the Financial Year 2023-24, reflecting an increase of 731.20%.

The company’s primary strategy involves a targeted expansion of its market presence and coverage. It aims to solidify its position in existing territories while strategically entering new geographic regions. By leveraging its extensive fleet and logistics infrastructure, it intends to offer its comprehensive Full-Truckload (FTL) services to a broader customer base. This expansion aligns with its commitment to providing reliable and efficient transportation solutions, contributing to increased market share and overall growth. Further, to strengthen existing service, it is also increasing its fleet of vehicles strength by purchasing new fleet.