Glottis Limited (GLOTTIS)
₹56.06 +1.67% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Glottis' revenue was ₹235 Cr, and net profit ₹10.7 Cr; the operating margin was 6.9%.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹235 | — | +19.6% |
| Operating profit | ₹16.3 | — | +48.0% |
| Net profit | ₹10.7 | — | -2.9% |
| EPS (₹) | 1.16 | — | +0.9% |
| Operating margin | 6.9% | — | — |
GLOTTIS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.1% of the GLOTTIS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.61%. That is lower than usual for this stock. Turnover was only ₹18 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 69.2% · 64.2% · 62.8% · 79.1% · 48.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Glottis Limited has completed the incorporation of a wholly owned subsidiary, 'Glottis Logistics SDN. BHD.', in Malaysia on September 07, 2026. The entity has been established with an initial share capital of 1,000 shares of RM 1.00 each, funded via 100% cash subscription. The new entity currently has nil turnover and is intended to expand the company's freight forwarding and logistics support services across international trade corridors.
- Incorporated 100% wholly owned subsidiary 'Glottis Logistics SDN. BHD.' in Malaysia on September 07, 2026
- Initial capital set at 1,000 shares with a face value of RM 1.00 per share
- Acquisition consideration funded 100% via cash subscription in tranches
- Entity will operate in freight forwarding and logistics support services with nil historical turnover
Glottis Limited has issued the notice for its 4th Annual General Meeting (AGM), scheduled for Monday, September 28, 2026, at 11:00 AM IST via Video Conferencing/OAVM. Key agenda items include the adoption of audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026. The meeting will also consider the re-appointment of Managing Director Mr. Kuttappan Manikandan, who retires by rotation and holds 3,38,94,180 shares (drawn remuneration of Rs 122.68 Lakhs in FY26). The filing is a standard regulatory procedure with no unexpected resolutions or material strategic disclosures.
- 4th Annual General Meeting scheduled for September 28, 2026, at 11:00 AM IST through VC/OAVM.
- Adoption of FY26 Audited Standalone and Consolidated Financial Statements on the agenda.
- Re-appointment of Managing Director Mr. Kuttappan Manikandan who holds 3,38,94,180 equity shares in the company.
- Managing Director's last drawn remuneration was Rs 122.68 Lakhs with no proposed change in remuneration terms.
Glottis Limited submitted a clarification to the National Stock Exchange regarding the non-submission of consolidated financial results for the comparative quarter ended June 30, 2025. The company explained that its wholly owned subsidiary, Glottis INC (Texas, USA), was incorporated on March 18, 2026, meaning consolidated reporting was not applicable prior to that period. For the quarter ended June 30, 2026, standalone revenue stood at Rs 234.51 crore with a profit after tax of Rs 10.69 crore. The company also confirmed zero deviation in IPO fund utilization, having deployed Rs 72.38 crore out of total gross proceeds of Rs 160.00 crore.
- Subsidiary Glottis INC (Texas, USA) was incorporated on 18 March 2026, making comparative Q1 FY26 consolidation non-applicable
- Standalone revenue from operations for Q1 ended June 30, 2026 reached Rs 234.51 crore (Rs 23,450.96 Lakhs)
- Standalone net profit after tax reported at Rs 10.69 crore (Rs 1,068.99 Lakhs) with a basic EPS of Rs 1.16
- IPO proceeds of Rs 72.38 crore utilized as of June 30, 2026 out of Rs 160.00 crore total raised, with Rs 44.93 crore deployed toward capex
- Net worth stood at Rs 291.33 crore as of June 30, 2026, with a debt-to-equity ratio of 0.25x
Glottis Limited reported a 39.5% YoY increase in Q1 revenue from operations to ₹234.5 crore (₹2,345 million), with net profit reaching ₹10.7 crore (PAT margin of 4.6%). Operating EBITDA rose 54.8% QoQ to ₹16.3 crore with a 6.9% margin, supported by higher realization despite ocean freight throughput declining to 21,841 TEUs. The company confirmed it will deploy its full ₹132 crore IPO capex into trailers and containers by the end of FY27 to support backward integration.
- Q1 Revenue from operations grew 39.5% YoY and 19.7% QoQ to ₹234.5 crore
- EBITDA stood at ₹16.3 crore (6.9% margin), improving by 150 bps quarter-on-quarter
- Ocean container throughput stood at 21,841 TEUs, down from 26,278 TEUs in Q1 FY26
- Sea export revenue surged 83.5% YoY to ₹46.7 crore, contributing ~20% of total revenue
- Executing full ₹132 crore capex from IPO proceeds by end of FY27 for trailers and containers
Glottis Limited has made the audio recording of its post-earnings conference call for the quarter ended June 30, 2026, available to the public. The call, held on August 11, 2026, likely covers the company's progress on its INR 130 Cr backward integration strategy. Investors can use this recording to gauge management's confidence in achieving their 50% growth target and the impact of the shift from an asset-light to an asset-heavy model. The company remains heavily reliant on the Renewable Energy sector, which contributes 46% of revenue.
- Audio recording of the earnings call held on August 11, 2026, is now publicly accessible
- Company is pursuing a 50% growth rate through a planned INR 130 Cr investment in physical assets
- Backward integration into trailers and containers is expected to add 15-20% to top-line margins
- Renewable Energy vertical accounts for a significant 46% of total revenue
- Top 5 customers represent 41% of revenue as of the most recent quarterly data
Glottis reported a strong 39.5% YoY revenue growth to Rs. 2,345 million for Q1 FY27, driven by significant growth in Sea Export (83.5% YoY) and Air Freight segments. However, EBITDA fell 3.7% YoY to Rs. 163 million, with margins contracting from 10.1% to 6.9% due to higher operating costs and a shift in business mix. The company successfully diversified its client base, adding 260 new customers and reducing top-5 client concentration to 29% from 41% in the previous year. Operational control is being strengthened through the addition of 38 owned vehicles, bringing the total fleet to 80.
- Revenue from operations grew 39.5% YoY to Rs. 2,345 million in Q1 FY27.
- EBITDA margins compressed to 6.9% from 10.1% in Q1 FY26 due to higher operating costs.
- Sea Export revenue surged 83.5% YoY, increasing its contribution to 20% of total revenue.
- Added 260 new customers during the quarter, reducing top-5 customer concentration to 29%.
- Owned fleet expanded to 80 vehicles with the addition of 38 units in Q1 FY27.
Glottis Limited reported a strong 39.5% YoY revenue growth in Q1 FY27, reaching ₹234.5 Cr, driven by a surge in Sea Export (+83.5%) and Air Freight. However, EBITDA margins compressed significantly to 6.9% from 10.1% in the previous year due to higher operating costs and a changing business mix. The company is aggressively executing its ₹130 Cr asset-heavy transition, adding 38 owned vehicles this quarter to reach a fleet of 80. Notably, customer concentration improved as the top 5 clients' revenue share dropped to 29% from 41% in the prior quarter.
- Revenue from operations increased to ₹234.5 Cr in Q1 FY27, a 39.5% growth over Q1 FY26.
- EBITDA margin contracted to 6.9% in Q1 FY27 compared to 10.1% in the same quarter last year.
- Sea Export revenue contribution rose to 20% of total revenue, up from 15% in Q1 FY26.
- Owned vehicle fleet expanded to 80 units, with 38 vehicles added during the current quarter.
- Renewable Energy remains the dominant sector, contributing 38% of total revenue in Q1 FY27.
Glottis Limited has confirmed zero deviation in the utilization of funds raised through its October 2025 IPO for the quarter ended June 30, 2026. The company has utilized ₹7,238.10 Lakhs (approx. 45%) of the total ₹15,999.87 Lakhs raised. A major portion of the funds, ₹13,254.20 Lakhs, is allocated for Capital Expenditure, of which ₹4,492.55 Lakhs has been deployed so far. The company reported a minor saving of ₹13.12 Lakhs in issue expenses, which has been reallocated to General Corporate Purposes.
- Total funds raised through IPO on October 3, 2025, amounted to ₹15,999.87 Lakhs
- Cumulative funds utilized as of June 30, 2026, stand at ₹7,238.10 Lakhs
- Capital Expenditure utilization reached ₹4,492.55 Lakhs against an allocation of ₹13,254.20 Lakhs
- Actual issue expenses were ₹1,466.68 Lakhs, which is ₹13.12 Lakhs lower than the original estimate
- General Corporate Purposes allocation was revised upward to ₹1,278.99 Lakhs to account for expense savings
Glottis reported a strong 39.5% YoY revenue growth reaching ₹234.51 Cr for Q1 FY27, driven by its expansion strategy. While operating margins improved to 6.94% from 5.37% in the previous quarter, net profit remained flat at ₹10.69 Cr due to increased depreciation and finance costs associated with its asset-heavy transition. The company has utilized ₹72.38 Cr of its ₹159.99 Cr IPO proceeds, with ₹44.93 Cr specifically spent on capital expenditure. Debt-equity increased to 0.25 as the company invests in physical assets like trailers and containers to improve long-term margins.
- Revenue from operations increased 39.5% YoY to ₹234.51 Cr from ₹168.16 Cr.
- Operating margin improved to 6.94% in Q1 FY27, up from 5.37% in the preceding quarter (Q4 FY26).
- Utilized ₹44.93 Cr out of ₹132.54 Cr allocated for Capital Expenditure from IPO proceeds.
- Finance costs rose significantly to ₹1.57 Cr from ₹0.26 Cr YoY, reflecting asset acquisition debt.
- Net profit stood at ₹10.69 Cr, a slight decline from ₹11.94 Cr in the same quarter last year due to higher fixed costs.
Glottis Limited has scheduled its Q1 FY2026-27 earnings conference call for August 11, 2026, at 3:00 PM IST. Management will discuss performance for the quarter ended June 30, 2026, providing a platform to update investors on the ongoing ₹130 Cr backward integration strategy. This asset-heavy transition is expected to add 15-20% to top-line margins. Investors should look for updates on TEU volumes, which reached 47,032 in H1 FY26, and the stability of the Renewable Energy vertical which contributes 46% of revenue.
- Earnings conference call set for August 11, 2026, at 3:00 PM IST.
- Management representation includes both Managing Directors and the Chief Financial Officer.
- Discussion to focus on Q1 FY27 results for the period ending June 30, 2026.
- Company is currently executing a ₹130 Cr investment plan in physical assets like trailers and containers.
- Previous operational data showed 47,032 TEUs handled in H1 FY26.
Glottis Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), KFIN Technologies Limited, confirmed that no requests for dematerialisation or rematerialisation of shares were received during the period from April 01, 2026, to June 30, 2026. This is a standard administrative filing required for all listed entities to ensure share records are reconciled with depositories.
- Zero (0) requests received for dematerialisation of shares during the quarter.
- Zero (0) requests received for rematerialisation of shares during the quarter.
- Reporting period covers April 01, 2026, to June 30, 2026.
- Certificate issued by KFIN Technologies Limited on July 02, 2026.
Glottis Limited has approved an unsecured inter-corporate loan of up to Rs 5 Crores (or USD equivalent) to its wholly-owned subsidiary, Glottis Inc., located in Texas, USA. The loan is intended to support the subsidiary's working capital requirements and was executed on July 03, 2026. The agreement specifies a repayment period of five years from the date of disbursement. This transaction is conducted at arm's length and supports the company's international logistics operations.
- Loan amount of up to Rs 5.00 Crore or equivalent US Dollars granted to Glottis Inc.
- Repayment tenure fixed at 5 years from the date of disbursement.
- The loan is unsecured with no collateral provided by the subsidiary.
- Glottis Inc. is a 100% wholly-owned subsidiary based in Texas, USA.
- Transaction executed on July 03, 2026, following board approval.
Glottis Limited has announced the closure of its trading window effective July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure ahead of the consideration and declaration of the company's unaudited financial results for the first quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges.
- Trading window closure begins on July 1, 2026, for Q1 FY27 financial results.
- Restriction applies to all Designated Persons and their immediate relatives per SEBI norms.
- Window will reopen 48 hours after the public declaration of the unaudited financial results.
- The announcement follows the conclusion of the reporting period ending June 30, 2026.
Glottis Limited has scheduled a virtual group meeting with investors and analysts on June 26, 2026, at 12:00 Noon. The interaction will be conducted via audio or video conferencing to discuss general business updates. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. This announcement follows the regulatory requirements under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Meeting is scheduled for Friday, June 26, 2026, starting at 12:00 Noon.
- The interaction type is a virtual group meeting through audio/video conferencing.
- The company confirmed that no unpublished price sensitive information (UPSI) will be discussed.
- The schedule is subject to change due to unforeseen emergencies on either side.
Glottis Limited reported FY26 revenue of INR 7,226 million and a PAT of INR 377 million, representing a 5.2% margin. The company's performance was impacted by softer global freight rates and lower container throughput, which stood at 89,098 TEUs for the year. Despite the challenging environment, the company added 163 new customers and maintained a strong net cash position of INR 510 million. Management is focusing on diversifying revenue streams, with the automobile and agro sectors showing significant growth momentum.
- FY26 EBITDA stood at INR 495 million with a 6.9% margin; PAT was INR 377 million.
- Sea imports remain the dominant vertical at 78% of revenue, while air export revenue more than doubled during the year.
- Renewable energy sector contributes 40.9% of revenue, followed by agro products at 5.7% and automobiles at 4.2%.
- Net worth increased to INR 2,809 million post-IPO, with a healthy debt-to-equity ratio of 0.18x.
- Added 163 new customers in FY26, bringing the total repeat customer count to 959 from 871.
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.
