Jalan Transolutions (India) Limited (JALAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Jalan Transolutions' revenue was ₹1.4 Cr (+419.2% year on year, +43.6% on the previous half-year), and net profit ₹-0.0 Cr (a smaller loss than a year earlier); the operating margin was 0.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹1.4 | +419.2% | +43.6% |
| Operating profit | ₹0.0 | from loss | -75.0% |
| Net profit | ₹-0.0 | loss narrowed | to loss |
| EPS (₹) | -0.02 | loss narrowed | to loss |
| Operating margin | 0.7% | — | — |
JALAN delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the JALAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 98.77%. That is close to its usual level. Turnover was under ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at its upper price band (circuit) on 16 Oct, one of 9 band closes in about the last 20 sessions. 6 bulk or block deals were reported in JALAN in the last 60 days: ₹0.11 Cr bought and ₹0.11 Cr sold.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 97.9% · 100.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Buy | Darshana Mukesh Desai | ₹0.01 Cr | ₹1.40 | 102,000 | Bulk |
| 15 Oct | Sell | Mukesh Chimanlal Desai | ₹0.01 Cr | ₹1.40 | 102,000 | Bulk |
| 23 Sep | Sell | Manish Jalan | ₹0.08 Cr | ₹1.65 | 504,000 | Bulk |
| 23 Sep | Buy | Krishan Kumar | ₹0.08 Cr | ₹1.65 | 504,000 | Bulk |
| 22 Sep | Sell | Amita Singh | ₹0.02 Cr | ₹1.60 | 99,000 | Bulk |
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
Jalan Transolutions (India) Limited announced the voting results and scrutinizer's report for its 23rd Annual General Meeting held on September 25, 2026. All five ordinary and special resolutions were passed with a 99.82% majority, representing 1,592,220 votes in favour out of 1,595,220 total votes polled. The approved agendas include the adoption of FY26 audited accounts, auditor appointments, and the re-appointment of Managing Director Manish Jalan. Shareholder participation was low, with only 5 members attending via video conference out of 986 total shareholders.
- All 5 resolutions passed with 99.82% votes in favour (1,592,220 votes) and 0.18% against (3,000 votes)
- Re-appointment of Manish Jalan as Managing Director approved via special resolution
- Participation was limited to 5 shareholders (4 promoter, 1 public) attending via video conferencing out of 986 total shareholders on the record date (September 18, 2026)
- Total votes polled stood at 1,595,220 shares, dominated by promoter e-voting of 1,589,220 shares
Jalan Transolutions received an NCLT New Delhi bench order regarding an insolvency petition filed under Section 7 of the IBC by Capital Trade Links Limited. The petition alleges a default in repayment of loan amounts, though the exact exposure is stated as non-quantifiable in the filing. The tribunal ordered the issuance of fresh notices with the matter listed for hearing on 28/10/2026. This comes against the backdrop of an already stressed balance sheet with negative net worth of ₹-42 Cr and total debt of ₹30 Cr.
- Insolvency petition filed under Section 7 of IBC, 2016 by Capital Trade Links Limited (IB-480/ND/2024)
- NCLT directed applicant to issue fresh notice and listed the matter for next hearing on 28/10/2026
- Company directed to file reply within 1 week from the date of receipt of notice
- Default alleged in repayment of loan amount; financial impact stated as non-quantifiable
Promoter Manish Jalan offloaded 5,04,000 equity shares (a 3.47% stake) of Jalan Transolutions on September 23, 2026, through open market sales. The transaction was valued at ₹8,31,600, reducing his personal holding from 8.33% (12,11,130 shares) to 4.86% (7,07,130 shares). The sale comes amid deep financial stress for the company, which carries negative net worth of ₹-42 crore and remains impacted by insolvency proceedings.
- Promoter Manish Jalan sold 5,04,000 equity shares via open market on September 23, 2026
- Total value of the transaction stands at ₹8,31,600
- Manish Jalan's individual holding dropped from 8.33% to 4.86%
- Shares held by the promoter declined from 12,11,130 to 7,07,130 shares
Jalan Transolutions has issued the notice for its 23rd Annual General Meeting scheduled for September 25, 2026. Key agenda items include the approval of audited FY26 financials, the appointment of M/S ACA & Associates as Statutory Auditors for a 5-year term following the resignation of the previous auditor, and the reappointment of Managing Director Manish Jalan for 5 years at nil remuneration due to ongoing financial losses and defaults. The accompanying annual report extracts highlight ongoing financial distress, including ₹466.87 Lakhs in pending litigation and ₹123.02 Lakhs in unpaid income tax dues.
- 23rd Annual General Meeting scheduled for September 25, 2026, via Video Conferencing.
- Proposed reappointment of Managing Director Manish Jalan for a 5-year term from October 19, 2026, with nil remuneration given existing operational losses and debt defaults.
- Appointment of M/S ACA & Associates as statutory auditors for a 5-year term (FY27 to FY31) following the resignation of M/S APT & Co. LLP.
- Notes reveal ₹466.87 Lakhs in pending court cases, ₹123.02 Lakhs in undisputed income tax liabilities for AY 2017-18, and defaults in filing GSTR returns.
Jalan Transolutions has announced the re-appointment of Mr. Manish Jalan as Managing Director for a further term of 5 years starting October 19, 2026, subject to shareholder approval. The Board also approved the re-appointment of Mr. Anil Kumar as an Independent Director for a second 5-year term starting October 16, 2026. Mr. Manish Jalan holds 1,211,130 shares (8.33% equity stake) in the company. The leadership continuity comes against a backdrop of severe financial distress, with a negative net worth of ₹-42 Cr and debt of ₹30 Cr.
- Re-appointment of Manish Jalan as Managing Director for 5 years effective October 19, 2026.
- Re-appointment of Anil Kumar as Independent Director for a second term of 5 years effective October 16, 2026.
- Manish Jalan holds 1,211,130 shares representing an 8.33% stake in the company.
- Both re-appointments are subject to approval by shareholders at the ensuing Annual General Meeting.
Jalan Transolutions (India) Limited's Board of Directors has approved the re-appointment of Mr. Manish Jalan as Managing Director for a 5-year term starting October 19, 2026, subject to shareholder approval. The Board also approved the re-appointment of Mr. Anil Kumar as an Independent Director for a second 5-year term effective October 16, 2026. Manish Jalan currently holds 1,211,130 shares (8.33% equity stake) in the company. Both re-appointments are routine governance extensions requiring approval at the upcoming Annual General Meeting.
- Re-appointment of Manish Jalan as Managing Director for a 5-year tenure effective October 19, 2026
- Re-appointment of Anil Kumar as Independent Director for a 5-year second term starting October 16, 2026
- Manish Jalan holds 1,211,130 shares, representing an 8.33% stake in the company
- Both appointments are subject to shareholder approval at the ensuing Annual General Meeting
Jalan Transolutions has appointed M/s ACA & Associates, Chartered Accountants, as its new Statutory Auditor on September 1, 2026. The appointment fills a casual vacancy created by the resignation of the previous statutory auditor, M/s APT & Co. LLP. ACA & Associates will serve until the ensuing Annual General Meeting (AGM) and is proposed for a 5-year term extending through the 28th AGM in FY 2030-2031.
- Appointed M/s ACA & Associates (FRN: 028414N) as Statutory Auditor on September 1, 2026.
- Appointment fills casual vacancy caused by the resignation of M/s APT & Co. LLP.
- Proposed term extends for 5 years from the 23rd AGM until the 28th AGM in FY 2030-2031.
- Auditor remuneration to be determined by the Board as per the appointment letter.
Jalan Transolutions (India) Limited has appointed Mr. Manoj Kumar Jain, Practicing Company Secretary (AMJ & Associates), as the Scrutinizer for its upcoming 23rd Annual General Meeting (AGM). The AGM and the associated remote e-voting process are scheduled to take place on September 25, 2026. This is a standard regulatory appointment under the Companies Act, 2013, with no direct financial impact on the company.
- Appointed Mr. Manoj Kumar Jain (AMJ & Associates, FCS No. 5832, CP No. 5629) as Scrutinizer
- 23rd Annual General Meeting (AGM) scheduled for September 25, 2026
- Appointment approved at the Board meeting held on September 1, 2026
Jalan Transolutions (India) Limited has announced that its 23rd Annual General Meeting (AGM) will be held on Friday, September 25, 2026, via Video Conferencing/Other Audio Visual Means. In a board meeting held on September 1, 2026, the company appointed Practicing Company Secretary Mr. Manoj Kumar Jain as the scrutinizer for the meeting and e-voting. The filing is a standard statutory notification with no direct operational or financial changes.
- 23rd Annual General Meeting scheduled for Friday, September 25, 2026
- Meeting to be conducted via Video Conferencing / Other Audio Visual Means (VC/OAVM)
- Mr. Manoj Kumar Jain, Practicing Company Secretary, appointed as Scrutinizer for the AGM and e-voting
- Board of Directors approved the decision on September 1, 2026
Jalan Transolutions (India) Limited held its board meeting on September 01, 2026, approving key annual general meeting (AGM) matters. The company scheduled its 23rd AGM for September 25, 2026, via video conferencing. The board approved the appointment of M/S ACA & Associates as statutory auditor to fill a casual vacancy following the resignation of M/s APT & Co. LLP, proposed for a 5-year tenure up to FY31. Re-appointments of Managing Director Manish Jalan and Independent Director Anil Kumar were also approved, subject to shareholder consent.
- 23rd Annual General Meeting (AGM) scheduled for September 25, 2026 at 11:00 AM IST
- Appointed M/S ACA & Associates as Statutory Auditor for a 5-year term from the 23rd AGM until the 28th AGM in FY 2030-2031
- Remote e-voting window set from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
- Approved re-appointment of Managing Director Manish Jalan and Independent Director Anil Kumar subject to shareholder approval
M/s APT & Co. LLP has resigned as the statutory auditor of Jalan Transolutions (India) Limited with effect from August 22, 2026. The auditor was appointed on July 18, 2024, with their term originally scheduled to run until the AGM in 2029. The stated reason for the premature resignation is pre-occupation with other assignments, with no other material reasons reported. The company stated that its Audit Committee and Board will appoint a replacement auditor to fill the casual vacancy.
- Resignation of statutory auditor M/s APT & Co. LLP effective August 22, 2026
- Auditor tenure was originally scheduled to run from July 18, 2024, until the AGM in 2029
- Reason stated is pre-occupation with other assignments with no other material concerns cited
- Last submitted full-year audit report was for the year ended March 31, 2026, on May 27, 2026
Promoter Manish Jalan sold 1,200,000 equity shares of Jalan Transolutions between July 30 and August 7, 2026, via open market transactions. This sale represents approximately 8.26% of the company's total equity, effectively halving his personal stake from 16.59% to 8.33%. The total transaction value was Rs 19.2 Lakhs, occurring while the company is under Corporate Insolvency Resolution Process (CIRP) with a negative net worth of Rs -42 Cr.
- Promoter Manish Jalan sold 1,200,000 shares between July 30 and August 7, 2026
- Individual promoter holding reduced from 16.59% to 8.33% post-transaction
- Total transaction value reported at Rs 19,20,000 (Rs 19.2 Lakhs)
- Company currently has a negative net worth of Rs -42 Cr and debt of Rs 30 Cr
- Sale represents approximately 9.6% of the company's current Rs 2 Cr market capitalization
Financial Performance
Revenue Growth by Segment
The company operates in the logistics segment, primarily serving two-wheeler manufacturers. Total revenue from operations plummeted by 85.31% YoY, falling from INR 5.37 Cr in FY24 to INR 78.82 lakh in FY25. This drastic decline indicates a severe contraction in business activity, likely exacerbated by the ongoing Corporate Insolvency Resolution Process (CIRP).
Geographic Revenue Split
The company maintains a pan-India presence with 25 branches located in major cities. While specific regional revenue percentages are not disclosed, the infrastructure supports nationwide logistics operations with a fleet of over 400 carriers.
Profitability Margins
Profitability is severely distressed. The company reported a negative net worth of INR 41.91 Cr as of March 31, 2025. For H1FY25, the company reported a PAT of INR 1.08 Cr, a recovery from the INR 15.62 Cr loss in FY24, though this may be due to accounting adjustments like write-backs rather than operational efficiency.
EBITDA Margin
The PBILDT margin in FY24 was approximately 9.12% (INR 0.49 Cr on INR 5.37 Cr revenue). However, for H1FY25, PBILDT turned negative at INR -0.23 Cr, reflecting a total loss of core operational profitability as revenue failed to cover fixed costs.
Capital Expenditure
Not disclosed in available documents. Given the negative net worth of INR 41.91 Cr and CIRP status, significant new CAPEX is unlikely.
Credit Rating & Borrowing
CARE Ratings has categorized the company under 'Issuer Not Cooperating' due to a lack of information. Previous ratings were reviewed based on best available information, and the company faces significant liquidity risks with current liabilities of INR 37.23 Cr dwarfing current assets of INR 49.50 lakh.
Operational Drivers
Raw Materials
The company identifies 'Cost of Raw Materials/Revenue' as a primary expense, likely referring to fuel, tires, and vehicle consumables, which totaled INR 92.92 lakh in FY25, representing 117.9% of total revenue.
Capacity Expansion
The current fleet consists of over 400 single and multi-axle carriers. No expansion plans are currently mentioned due to the company's insolvency status (CIRP).
Raw Material Costs
Raw material/revenue costs were INR 92.92 lakh in FY25, down 79.36% from INR 4.50 Cr in FY24. Despite the absolute decrease, these costs now exceed total revenue, indicating that the company is losing money on every trip executed.
Manufacturing Efficiency
The company has only 3 permanent employees as of March 31, 2024, down from previous levels, suggesting a skeleton operation focused on maintaining the fleet of 400+ carriers.
Logistics & Distribution
Distribution is the core business. Other expenses, including logistics-related overheads, were INR 19.54 lakh in FY25, a 25% decrease from INR 26.06 lakh in FY24.
Strategic Growth
Growth Strategy
The company intends to pivot toward cross-border e-commerce logistics, leveraging digital infrastructure to handle customs and duty laws. It also aims to benefit from government infrastructure investments which are expected to boost the logistics sector.
Products & Services
Logistics and transportation services using a fleet of 400+ single/multi-axle carriers, specifically tailored for two-wheeler manufacturers.
Brand Portfolio
Jalan Transolutions (India) Limited (formerly Jalan Carriers Private Limited).
New Products/Services
End-to-end solutions for cross-border e-commerce are planned, though no specific revenue contribution percentage is provided.
Market Expansion
The company is targeting the cross-border digital market, aiming to provide support for businesses facing language and payment barriers in international trade.
External Factors
Industry Trends
The industry is shifting toward digital cross-border markets and massive government-led infrastructure investment. Logistics firms are evolving into end-to-end solution providers rather than just transporters.
Competitive Landscape
The company faces intense competition from both local unorganized players and multinational logistics corporations.
Competitive Moat
The company's moat is its owned fleet of 400+ specialized carriers and a 25-branch network. However, this moat is currently unsustainable due to the negative net worth of INR 41.91 Cr and insolvency proceedings.
Macro Economic Sensitivity
Highly sensitive to interest rates and government infrastructure policy. Changes in taxation or economic developments in India directly affect the debt/equity ratio and liquidity.
Consumer Behavior
Rising per capita income and disposable income in India are driving demand for two-wheelers, which in turn drives demand for the company's specialized carrier services.
Geopolitical Risks
Cross-border delivery operations are subject to customs laws, duty regulations, and international payment barriers.
Regulatory & Governance
Industry Regulations
Operations are governed by government regulations on transport permissions and infrastructure laws. The company must comply with Ind AS 133 for financial reporting.
Legal Contingencies
The company is currently 'IN CIRP' (Corporate Insolvency Resolution Process), which is the most significant legal matter. Additionally, the auditor highlighted a lack of confirmation for INR 94.74 lakh in write-offs/backs.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Going Concern' status. With current liabilities (INR 37.23 Cr) exceeding current assets (INR 0.495 Cr) by nearly 75 times, there is significant doubt about the company's ability to continue operations.
Geographic Concentration Risk
Operations are spread across 25 branches in India, providing some geographic diversification to mitigate regional economic downturns.
Third Party Dependencies
High dependency on two-wheeler manufacturers for cargo volumes; a slowdown in the auto sector would directly impact fleet utilization.
Technology Obsolescence Risk
The company identifies the need for robust digital infrastructure to remain competitive in the emerging cross-border e-commerce space.
Credit & Counterparty Risk
Significant risk of fund blockage by customers, which has historically led to liquidity crunches and operational disruptions.
