GLOTTIS - Glottis
📢 Recent Corporate Announcements
Glottis Limited has updated its Corporate Identification Number (CIN) on the Ministry of Corporate Affairs (MCA) records to reflect its status as a listed entity. The CIN has transitioned from U63090TN2022PLC151443 to L63090TN2022PLC151443, where the 'L' prefix signifies 'Listed'. This administrative update follows the company's initial listing on the NSE and BSE on October 07, 2025. The MCA master data now correctly identifies the company's listing status as 'Yes'.
- CIN changed from U63090TN2022PLC151443 to L63090TN2022PLC151443
- Listing status on MCA Master Data updated from 'No' to 'Yes'
- Company has been listed on NSE and BSE since October 07, 2025
- Paid-up capital of the company is reported at Rs 18,48,06,000
Glottis Limited reported a weak Q3 FY26 with revenue of INR 1,439 million and PAT of INR 27 million, reflecting a significant sequential slowdown. EBITDA margins compressed sharply to 2.8% from a 9M average of 7.4%, primarily due to a 16% drop in revenue per TEU and softer global demand. The company is aggressively pursuing backward integration, adding 25 vehicles this quarter and planning to acquire 1,000 containers by Q4 FY26. While the Renewable Energy sector remains the primary revenue driver at 32.7%, the Engineering vertical showed strong growth, doubling its contribution to 20.2%.
- Q3 FY26 Revenue reached INR 1,439 million with EBITDA margins contracting to 2.8% from 7.4% in 9M FY26.
- Average revenue per TEU declined to approximately INR 67,000 from INR 79,000 in the previous quarter due to softening freight rates.
- Sea imports continue to dominate the business mix, accounting for 79% of total revenue for the quarter.
- The company expanded its owned fleet to 42 vehicles and is on track to utilize IPO proceeds for 1,000 containers by Q4 FY26.
- Engineering products contribution doubled sequentially to 20.2% of revenue, driven by project cargo and equipment manufacturing.
Glottis Limited has officially released the audio recording of its earnings conference call held on February 19, 2026. The call focused on the unaudited standalone financial results for the third quarter ended December 31, 2025. This release provides transparency, allowing shareholders to review management's discussion on operational performance and strategic updates. The recording is available on the company's investor relations portal for public access.
- Earnings call audio for the quarter ended December 31, 2025, is now available.
- The conference call took place on February 19, 2026, involving analysts and institutional investors.
- The discussion covered the company's unaudited standalone financial performance for Q3.
- The recording is hosted on the official Glottis Logistics website under the investor relations section.
Glottis Limited reported a sharp decline in financial performance for Q3 FY26, with revenue falling 27.2% YoY to ₹1,439 million. Profit After Tax (PAT) plummeted by 79.9% YoY to ₹27 million, while EBITDA margins compressed significantly from 9.5% to 2.8%. The company attributed the weakness to softer global trade activity, lower shipment volumes (20,710 TEUs), and rate corrections in ocean freight. Despite the downturn, the renewable energy sector remained a key contributor, accounting for 33% of quarterly revenue.
- Revenue for Q3 FY26 declined 27.2% YoY and 33% QoQ to ₹1,439 million due to lower volumes and rate corrections.
- EBITDA crashed 78.8% YoY to ₹40 million, with margins shrinking to 2.8% from 9.5% in the previous year.
- Net Profit (PAT) for the quarter stood at ₹27 million, a sharp 79.9% decline compared to ₹135 million in Q3 FY25.
- Ocean Freight Import remains the dominant segment, contributing 78% of total revenue in Q3 FY26.
- The company handled 20,710 TEUs in Q3 FY26, reflecting a cautious approach by importers and exporters amid market volatility.
Glottis Limited reported a weak set of numbers for Q3 FY26, with revenue declining 27.2% YoY to ₹1,439 million. Profitability was severely impacted as PAT plummeted 79.9% YoY to ₹27 million, while EBITDA margins contracted sharply from 9.5% to 2.8%. Management attributed the downturn to softer global trade activity, lower shipment volumes, and significant rate corrections in ocean freight. Despite the overall decline, the company saw a sequential improvement in Sea Export share and maintained strong engagement with renewable energy and engineering sectors.
- Revenue from operations fell 27.2% YoY to ₹1,439 million in Q3 FY26.
- EBITDA crashed 78.8% YoY to ₹40 million, with margins compressing to 2.8% from 9.5% YoY.
- Net Profit (PAT) declined 79.9% YoY to ₹27 million compared to ₹135 million in Q3 FY25.
- Ocean Freight Import remains the primary revenue driver, contributing 78% of the total revenue.
- Renewable Energy (33%) and Engineering Products (20%) were the leading end-user industry contributors.
Glottis Limited has scheduled its post-earnings conference call for the third quarter and nine months ended December 31, 2025. The call is set for Thursday, February 19, 2026, at 3:00 PM IST. The management team, including Managing Directors Mr. Ramkumar Senthilvel and Mr. Kuttappan Manikandan, will discuss the company's financial performance and operational updates. This provides an opportunity for investors to gain clarity on the company's growth trajectory in the freight forwarding and logistics sector.
- Post-earnings conference call scheduled for February 19, 2026, at 3:00 PM IST.
- Agenda focuses on financial performance for Q3 and 9M FY2026 ended December 31, 2025.
- Management representation includes two Managing Directors and the AGM of Finance.
- Universal dial-in numbers provided are +91 22 6280 1106 and +91 22 7115 8007.
- Diamond Pass registration link is available for immediate access to the call.
Glottis Limited has announced a one-year extension for the utilization of its unspent IPO proceeds, moving the deadline to March 31, 2027. Out of the total ₹1,599.99 million earmarked for specific objects, the company has utilized only ₹354.36 million as of December 31, 2025. The remaining ₹1,245.63 million is currently parked in interest-bearing instruments in compliance with SEBI regulations. The company maintains that there is no change in the intended objects of the issue, only a delay in deployment.
- Board approved extension of IPO fund utilization timeline from April 01, 2026, to March 31, 2027.
- Total IPO proceeds allocated for objects amount to ₹1,599.99 million.
- Unutilized amount stands at ₹1,245.63 million as of December 31, 2025, representing nearly 78% of the total.
- Unspent funds are currently held in interest-bearing instruments pending deployment.
- No changes have been made to the original objects of the issue as stated in the offer documents.
Glottis Limited has officially confirmed that there was no deviation or variation in the utilization of funds raised through its Initial Public Offering (IPO) for the quarter ended December 31, 2025. The statement, filed under Regulation 32 of SEBI LODR, indicates that the capital is being deployed exactly as outlined in the company's prospectus. This report was reviewed and validated by the Audit Committee during their meeting on February 13, 2026. Such disclosures are standard for recently listed entities to ensure transparency with shareholders regarding capital expenditure.
- Confirmed zero deviation or variation in the utilization of IPO proceeds for the quarter ended December 31, 2025.
- The statement was reviewed and approved by the Audit Committee at its meeting held on February 13, 2026.
- The filing complies with Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Glottis Limited has appointed Mr. Suraj Prakash Gupta as the Head of Corporate Governance and Compliance, effective February 13, 2026. Mr. Gupta joins the company as a Senior Management Personnel (SMP) with over seven years of post-qualification experience as a Company Secretary. His professional background includes previous roles at Aditya Birla Money Limited and Star Health and Allied Insurance Company Limited. This appointment is aimed at strengthening the company's internal compliance and regulatory framework.
- Appointment of Mr. Suraj Prakash Gupta as Head Corporate Governance & Compliance effective February 13, 2026
- Designated as Senior Management Personnel (SMP) under SEBI Listing Regulations
- Brings over 7 years of experience in Company Law, Securities Laws, and IPO-related work
- Previous experience includes stints at Aditya Birla Money and Star Health and Allied Insurance
Glottis Limited reported a weak set of numbers for Q3 FY26, with revenue from operations declining 27.2% YoY to ₹143.87 crore. Net profit saw a sharp contraction of 79.9% YoY, falling to ₹2.70 crore from ₹13.47 crore in the previous year's corresponding quarter. The company cited global market uncertainty, lower freight rates, and a slowdown in solar-related project execution as primary reasons for the decline. On a positive note, the board approved the incorporation of a wholly-owned subsidiary in Texas, USA, and reported the resolution of a ₹1.23 crore GST show-cause notice with no liability.
- Revenue from operations fell 27.2% YoY to ₹143.87 crore in Q3 FY26.
- Net profit declined by 79.9% YoY to ₹2.70 crore, with EPS dropping from ₹1.68 to ₹0.29.
- Operating margins contracted significantly to 2.77% compared to 9.51% in Q3 FY25.
- Board approved the incorporation of a new wholly-owned subsidiary in Texas, USA.
- Unutilized IPO proceeds of ₹124.56 crore are currently held in temporary fixed deposits.
Glottis Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFIN Technologies Limited, confirms that no requests for dematerialization or rematerialization of shares were received during the quarter from October 1, 2025, to December 31, 2025. This is a standard administrative filing required for all listed companies in India to ensure share records are accurately maintained. The report indicates a stable shareholding format with no recent conversions between physical and electronic certificates.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar KFIN Technologies Limited confirmed zero dematerialization requests during the period.
- Zero rematerialization requests were processed between October 1 and December 31, 2025.
- The filing fulfills mandatory regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018.
Glottis Limited has announced the opening of a new branch office in Ahmedabad, Gujarat, effective January 2, 2026. The new facility is located at Titanium Square, Thaltej, a prominent business hub in the region. This expansion is part of the company's strategic initiative to increase its operational reach and provide better service to its regional customer base. The move signals the company's intent to strengthen its presence in the western Indian market.
- New branch office opened in Ahmedabad, Gujarat, on January 2, 2026.
- Located at Office No. B-104, Titanium Square, Thaltej Cross Road.
- Expansion aimed at scaling operational reach and improving regional customer service.
- Compliance filing completed under Regulation 30 of SEBI (LODR) Regulations, 2015.
Glottis Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 01, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is ahead of the company's consideration and declaration of unaudited financial results for the quarter ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared.
- Trading window closure effective from January 01, 2026.
- Closure pertains to the Unaudited Financial Results for the quarter ended December 31, 2025.
- Applies to all Designated Persons and their immediate relatives under SEBI norms.
- Window to reopen 48 hours after the official declaration of the quarterly results.
Glottis Limited will interact with investors and brokers on December 10, 2025, as part of a Non-Deal Roadshow. The interactions will be in Group/One on One basis through physical mode in Mumbai. The company will refer to publicly available documents during these interactions. No unpublished price-sensitive information will be shared during the meetings. Investors should monitor company releases for any updates.
- Non-Deal Roadshow on December 10, 2025
- Interaction with Investors / Brokers in Group / One on One basis
- Physical mode interaction in Mumbai
- 12 institutions to be met including First Water Advisors and Sapphire Capital
Glottis Limited has announced a group meeting with investors scheduled for Friday, December 5, 2025. The meeting will be conducted virtually. Discussions will be based on publicly available information. The company has stated that no unpublished price sensitive information (UPSI) will be discussed during the interactions.
- Investor meet scheduled on December 5, 2025
- Meeting will be held virtually
- Discussions based on publicly available information
- No UPSI to be discussed
Financial Performance
Revenue Growth by Segment
Ocean Freight Import remains the dominant segment at 81% of Q2 FY26 revenue. Air Import revenue grew 17.3% YoY, while Air Export revenue more than doubled (100%+) YoY, reflecting a strategic shift toward multi-modal diversification. Road transport contributed 4% to the total revenue mix.
Geographic Revenue Split
Asia is the primary revenue driver, accounting for 86% of revenue in Q2 FY26 and 84% in H1 FY26. Other regions include North America (8%), Europe (3%), Africa (2%), and South America (1%).
Profitability Margins
PAT margin for Q2 FY26 was 5.8% (INR 124 million) and 6.3% (INR 243 million) for H1 FY26. Profitability is sensitive to global freight rate fluctuations and container movement volumes, which saw a YoY decline in the current period.
EBITDA Margin
EBITDA margin stood at 8.4% in Q2 FY26 (INR 181 million), down from 10.1% in Q1 FY26. This sequential compression is attributed to market-wide pressure on freight rates and softer global demand compared to the previous year.
Capital Expenditure
The company has planned a significant capital expenditure of INR 130 Cr to purchase trailers and containers using IPO proceeds. This transition from an asset-light to an asset-right model is expected to begin in Q3 FY26.
Credit Rating & Borrowing
The long-term rating was upgraded to 'Crisil BBB+/Stable'. The company maintains a robust financial profile with an interest coverage ratio of 28 times and a low gearing of 0.23 as of March 31, 2025.
Operational Drivers
Raw Materials
The primary 'raw materials' are service-based: Ocean freight space (FCL/LCL), Air freight capacity, and fuel for land transport. Freight costs are the largest component of the cost structure.
Import Sources
Logistics services are primarily sourced across Asian trade corridors, specifically Vietnam and Malaysia, where the company operates liner agencies.
Key Suppliers
Key suppliers include global shipping lines and airlines. The company also utilizes services from its group entity, Glottis Shipping Private Limited, for agency business in Vietnam and Malaysia.
Capacity Expansion
Handled 21,972 TEUs in Q2 FY26 and 47,032 TEUs in H1 FY26. Planned expansion involves adding INR 130 Cr worth of physical assets (trailers/containers) to increase operational control and margins.
Raw Material Costs
Operating margins are highly sensitive to freight rate volatility. A decline in operating margins to less than 6% is identified as a key downward risk factor for the company's credit profile.
Manufacturing Efficiency
The company is transitioning from an asset-light model to owning assets. This shift is expected to provide better service reliability and margin accretion of 15-20% on trailer operations.
Logistics & Distribution
Road transport accounts for 4% of revenue. The company aims to reduce these costs by utilizing the Bharatmala infrastructure program.
Strategic Growth
Expected Growth Rate
50%
Growth Strategy
Growth will be achieved through backward integration (investing INR 130 Cr in assets), which is expected to add 15-20% to the top-line margin. The company is also targeting high-growth sectors like Renewable Energy, which already contributes 46% of revenue.
Products & Services
Multi-modal logistics services including Ocean Freight (Import/Export), Air Freight (Import/Export), and Land Transport (Trailers/Trucking).
Brand Portfolio
Glottis
New Products/Services
Expansion into Air Freight (grew 2x YoY) and deepening penetration in the Renewable Energy vertical to diversify away from traditional ocean freight.
Market Expansion
Focusing on widening the customer base within Asian trade corridors and leveraging the 'Make in India' program to increase export segment contribution (currently 12% for ocean freight).
Market Share & Ranking
Not disclosed, but the company achieved INR 940.8 Cr revenue in FY25, nearly doubling from INR 497.18 Cr in FY24.
Strategic Alliances
Maintains a strategic relationship with Glottis Shipping Private Limited for liner agency services in Vietnam and Malaysia on an arm's length basis.
External Factors
Industry Trends
The logistics industry is shifting toward integrated multi-modal solutions. Glottis is positioning itself by scaling air freight (2x growth) and focusing on the renewable energy sector.
Competitive Landscape
Intense competition from large end-to-end logistics providers and small niche players. Entry barriers are low, putting constant pressure on margins.
Competitive Moat
The moat is built on the promoters' 20-year experience and deep-rooted relationships with shipping lines and clients, which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to global trade cycles and freight rates. Q2 FY26 revenue was lower YoY due to reduced global container movement and softer freight rates.
Consumer Behavior
Customers are increasingly seeking multi-modal partners; Glottis is responding by expanding its air freight and land transport capabilities.
Geopolitical Risks
Trade barriers or changes in 'Make in India' policies could impact import/export volumes. Asia accounts for 86% of revenue, making the company vulnerable to regional geopolitical shifts.
Regulatory & Governance
Industry Regulations
Complies with SEBI (Listing Obligations and Disclosure Requirements) and SEBI (Depositories and Participants) Regulations 2018.
Environmental Compliance
Spent INR 5.5 million on CSR in FY25. The company maintains an ESG focus with regular HSE (Health, Safety, and Environment) training for all employees.
Legal Contingencies
No major pending court cases or legal disputes with specific INR values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in global freight rates and economic cycles are the primary uncertainties, with a potential 20% revenue decline identified as a critical risk factor.
Geographic Concentration Risk
High concentration in Asia (86% of revenue), making the business highly dependent on the economic health of this specific region.
Third Party Dependencies
Currently dependent on third-party trailer and container providers, which is being addressed through a planned INR 130 Cr asset purchase.
Technology Obsolescence Risk
Risk of digital disruption in freight forwarding; the company is focusing on strengthening customer relationships and operational discipline to mitigate this.
Credit & Counterparty Risk
Receivables are managed within levels, with management targeting a reduction in Q4 FY26 to improve liquidity.