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Jet Freight Logistics Limited (JETFREIGHT)

₹18.80 -1.21% last close, 16 Oct

📊 NSE: JETFREIGHT 🏢 Transport - Airlines 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Jet Freight's revenue was ₹179 Cr (+49.5% year on year, +40.3% on the previous quarter), and net profit ₹2.5 Cr (+42.1% year on year); the operating margin was 3.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹179	+49.5%	+40.3%
Operating profit	₹6.5	+113.6%	-4.9%
Net profit	₹2.5	+42.1%	-17.9%
EPS (₹)	0.54	+42.1%	-18.2%
Operating margin	3.6%	—	—

Full quarterly financials → Results calendar →

JETFREIGHT delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.16% of the JETFREIGHT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.76%. That is close to its usual level. Turnover was only ₹53 lakh, so a handful of trades can move this figure. 2 bulk or block deals were reported in JETFREIGHT in the last 60 days: ₹0.68 Cr bought and ₹0.68 Cr sold.

47.16%Delivery, 16 Oct

51.76%Own 20-session average

1.2×Volume vs its average

₹18.80NSE close · -1.21%

Delivery in the last 5 sessions: 36.3% · 71.0% · 68.8% · 75.6% · 47.2%

Date	Side	Counterparty	Value	Price	Quantity	Type
18 Sep	Buy	Vaibhav Rajendra Doshi	₹0.68 Cr	₹21.05	324,944	Bulk
18 Sep	Sell	Vaibhav Rajendra Doshi	₹0.68 Cr	₹21.02	324,944	Bulk

Delivery across the market →All bulk and block deals →

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

Jet Freight Logistics Submits Compliance Certificate Under Reg 74(5) for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 16 Oct 2026, 01:13 PM

Jet Freight Logistics Limited has submitted its certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd., confirmed that 100% of the company's shares remain in dematerialised form. No requests for dematerialisation or rematerialisation were received during the quarter. This filing is a periodic administrative compliance submission with no operational impact.

Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
Entire 100% holding of the company's shares remains in demat form
Zero requests received for dematerialisation or rematerialisation during the quarter
Certificate issued by Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd. dated October 8, 2026

💡 No action is required as this is a standard quarterly compliance filing; investors should track upcoming Q2 financial results for operational updates.

DGGI Concludes GST Search and Inspection at Jet Freight Logistics Registered Office

🔵 WATCH ⭐ 6/10

REGULATORY 📅 15 Oct 2026, 07:49 PM

The Directorate General of GST Intelligence (DGGI) conducted an inspection and search proceeding at Jet Freight Logistics' registered office in Mumbai under Section 67(2) of the CGST Act, 2017. The search began on October 13, 2026 at 12:11 PM and concluded on October 14, 2026 at 23:30 PM. Jet Freight stated that no specific violation or contravention notice has been received so far and reported no immediate material impact on financials or business operations. However, potential tax liabilities or demand notices remain unquantified pending further communication.

Search initiated on October 13, 2026 at 12:11 PM under Section 67(2) of the CGST Act, 2017
Proceeding concluded on October 14, 2026 at 23:30 PM after roughly 35 hours
Conducted by the Directorate General of GST Intelligence (DGGI) at Mumbai registered office
No formal allegation or violation communicated to the company as of filing date
Company reports no material impact on financials or operations at present

💡 Track subsequent disclosures for any show-cause notices (SCN), tax demands, or penalties issued by the DGGI following document verification.

Jet Freight Logistics Appoints Pushpendra Tiwari as DGM - Courier Operations & Sales

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 03:22 PM

Jet Freight Logistics Limited has appointed Mr. Pushpendra Babuprasad Tiwari as Deputy General Manager - Courier Operations and Sales, effective October 05, 2026. Designated as Senior Management Personnel, Mr. Tiwari brings over 20 years of experience across e-commerce express courier, multi-modal air freight, and sea freight operations. The appointment aligns with Jet Freight's stated strategy to intensify recruitment in sales and freight operations to drive business volumes. Given the company's ₹98 Cr market cap and ₹504 Cr TTM revenue base, this is an operational management hiring without immediate direct balance sheet impact.

Appointment of Mr. Pushpendra Babuprasad Tiwari effective October 05, 2026
Designated as Senior Management Personnel under SEBI Listing Regulation 16(1)(d)
Brings over 20 years of experience in logistics, e-commerce express courier, air freight, and sea freight
Appointee is not related to any Director of the company

💡 Track upcoming quarterly performance in courier and freight operations to assess whether new sales leadership improves business volumes and operating margins from the current 4.0% TTM level.

Promoters Convert Warrants into 37.07 Lakh Shares, Raising Stake to 53.67%

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 29 Sep 2026, 05:15 PM

Jet Freight Logistics announced the allotment of 37,06,665 equity shares to promoter group members upon the conversion of warrants on September 25, 2026. This increases total promoter and promoter group voting rights from 50.92% (2,36,26,488 shares) to 53.67% (2,73,33,153 shares). The warrant conversion exercised at Rs 13.5 per warrant (75% of Rs 18 issue price) injected cash into the company, with 1,85,33,335 warrants still remaining with the promoter group. Total paid-up equity capital increased from Rs 23.20 Cr to Rs 25.46 Cr.

37,06,665 equity shares allotted to promoter group members (Tyra, Tyrus, and Thea Richard Theknath) upon warrant conversion.
Promoter and PAC voting shareholding increased from 50.92% to 53.67%.
Conversion exercise price was Rs 13.5 per warrant (75% balance of Rs 18 issue price), representing an inflow of ~Rs 5.00 Cr.
Total paid-up share capital expanded from 4,64,03,784 shares (Rs 23.20 Cr) to 5,09,23,447 shares (Rs 25.46 Cr).
1,85,33,335 warrants remain outstanding with promoter group members for future conversion.

💡 Monitor upcoming quarterly shareholding patterns and check whether the remaining 1.85 crore warrants are converted, which will cause further equity dilution.

Promoters Convert Warrants into 37.07 Lakh Shares, Raising Stake to 53.67%

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 29 Sep 2026, 05:14 PM

37,06,665 equity shares allotted to promoter group members (Tyra, Tyrus, and Thea Richard Theknath) upon warrant conversion.
Promoter and PAC voting shareholding increased from 50.92% to 53.67%.
Conversion exercise price was Rs 13.5 per warrant (75% balance of Rs 18 issue price), representing an inflow of ~Rs 5.00 Cr.
Total paid-up share capital expanded from 4,64,03,784 shares (Rs 23.20 Cr) to 5,09,23,447 shares (Rs 25.46 Cr).
1,85,33,335 warrants remain outstanding with promoter group members for future conversion.

💡 Monitor upcoming quarterly shareholding patterns and check whether the remaining 1.85 crore warrants are converted, which will cause further equity dilution.

Jet Freight raises ₹6.10 Cr via conversion of 45.20 lakh warrants into equity shares

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 28 Sep 2026, 04:20 PM

Jet Freight Logistics Limited has approved the allotment of 45,19,663 equity shares of face value ₹5 each upon the conversion of warrants at an issue price of ₹18 per share. The company received ₹6.10 crore representing the remaining 75% warrant exercise price (₹13.50 per warrant) from promoter group and non-promoter allottees. Following the allotment, the company's paid-up share capital increased from ₹23.20 crore (4,64,03,784 shares) to ₹25.46 crore (5,09,23,447 shares), representing a 9.74% equity dilution. A balance of 3,29,08,031 warrants remains eligible for conversion over the 18-month validity window.

Allotted 45,19,663 equity shares of face value ₹5 each at an issue price of ₹18 per share
Raised ₹6,10,15,450.50 as the balance 75% consideration (₹13.50 per warrant)
Paid-up share capital expanded to 5,09,23,447 shares from 4,64,03,784 shares
Promoter group allottees received 37,06,665 shares across three family members
3,29,08,031 warrants remain outstanding and eligible for conversion within 18 months

💡 Track the deployment of warrant proceeds and monitor future conversion tranches of the remaining 3.29 crore warrants, which will lead to further equity dilution.

Jet Freight raises ₹6.10 Cr via conversion of 45.20 lakh warrants into equity shares

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 25 Sep 2026, 04:03 PM

Allotted 45,19,663 equity shares of face value ₹5 each at an issue price of ₹18 per share
Raised ₹6,10,15,450.50 as the balance 75% consideration (₹13.50 per warrant)
Paid-up share capital expanded to 5,09,23,447 shares from 4,64,03,784 shares
Promoter group allottees received 37,06,665 shares across three family members
3,29,08,031 warrants remain outstanding and eligible for conversion within 18 months

💡 Track the deployment of warrant proceeds and monitor future conversion tranches of the remaining 3.29 crore warrants, which will lead to further equity dilution.

Jet Freight Logistics AGM Approves Borrowing Limit Hike and Re-appointment of Richard Theknath

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Sep 2026, 06:57 PM

Jet Freight Logistics completed its 20th Annual General Meeting on September 23, 2026, passing all proposed ordinary and special resolutions with requisite majorities. Shareholders approved the adoption of FY26 standalone and consolidated financial statements, alongside the re-appointment of director Richard Francis Theknath. Additionally, special resolutions to enhance borrowing limits under Section 180(1)(c), create charges on company assets under Section 180(1)(a), and hike investment/loan limits under Section 186 were approved with ~100% of votes cast in favour.

All resolutions passed, including special resolutions under Section 180(1)(c), 180(1)(a), and Section 186.
A total of 2,40,65,748 votes (100.00% rounded off) were cast in favour of the borrowing limit expansion.
Total shareholder turnout at the meeting via video conferencing was 67 members out of 19,842 total shareholders on record date.
Director Richard Francis Theknath re-appointed with 2,40,65,853 votes (100.00%) in favour.

💡 Track subsequent filings for specific quantum changes to debt facilities or future capacity investments enabled by the newly approved Section 180 and Section 186 borrowing and investment limits.

Jet Freight Logistics AGM Approves Borrowing Limit Hike and Re-appointment of Richard Theknath

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Sep 2026, 06:55 PM

All resolutions passed, including special resolutions under Section 180(1)(c), 180(1)(a), and Section 186.
A total of 2,40,65,748 votes (100.00% rounded off) were cast in favour of the borrowing limit expansion.
Total shareholder turnout at the meeting via video conferencing was 67 members out of 19,842 total shareholders on record date.
Director Richard Francis Theknath re-appointed with 2,40,65,853 votes (100.00%) in favour.

💡 Track subsequent filings for specific quantum changes to debt facilities or future capacity investments enabled by the newly approved Section 180 and Section 186 borrowing and investment limits.

Jet Freight Logistics Schedules 20th AGM for September 23, 2026; Issues FY26 Annual Report Web-Link

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 28 Aug 2026, 06:24 PM

Jet Freight Logistics Limited has issued a communication providing the web-link to its Annual Report for FY 2025-26 along with the notice convening its 20th Annual General Meeting (AGM). The AGM is scheduled to take place on Wednesday, September 23, 2026, at 11:30 AM IST via Video Conferencing/Other Audio-Visual Means. This intimation was circulated to members who have not registered their email addresses pursuant to Regulation 36(1)(b) of SEBI Listing Regulations.

20th Annual General Meeting scheduled for September 23, 2026, at 11:30 AM IST
AGM to be conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
Web-link for the Annual Report for FY 2025-26 sent to shareholders pursuant to Regulation 36(1)(b) of SEBI LODR

💡 Shareholders can review the FY 2025-26 Annual Report via the provided web link and track resolutions and voting outcomes around the AGM on September 23, 2026.

Jet Freight Logistics issues 20th AGM notice; seeks approval for Rs 250 Cr borrowing limit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 06:10 PM

Jet Freight Logistics Limited has issued the notice for its 20th Annual General Meeting scheduled for September 23, 2026. Key special resolutions include raising the company's borrowing limit under Section 180(1)(c) to Rs 250 Crores and creating charges on assets up to Rs 250 Crores. The company is also seeking shareholder approval to increase its limit for loans, investments, and guarantees under Section 186 up to Rs 150 Crores. The cut-off date to determine shareholder voting eligibility is September 16, 2026, with remote e-voting open from September 20 to September 22, 2026.

AGM scheduled for September 23, 2026 via Video Conferencing.
Proposed special resolution to increase borrowing limit to Rs 250 Crores (Section 180(1)(c)).
Proposed special resolution to enhance investment, loan, and guarantee limits to Rs 150 Crores (Section 186).
Shareholder voting cut-off date fixed as September 16, 2026, with e-voting from September 20 to September 22, 2026.
Director Richard Francis Theknath, holding 1,08,48,452 equity shares, retires by rotation and seeks re-appointment.

💡 Track shareholder voting results following the September 23, 2026 AGM and watch for any actual debt drawdown or expansion announcements utilizing the proposed borrowing headroom.

Jet Freight Appoints Ashrith Kumar Kovver as Senior Management Personnel w.e.f. Sept 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Aug 2026, 05:47 PM

Jet Freight Logistics Limited has appointed Mr. Ashrith Kumar Kovver as Branch Head – Hyderabad & Chennai, designating him as Senior Management Personnel (SMP) effective September 01, 2026. Mr. Kovver brings over 19 years of logistics and supply chain experience across freight forwarding, air and ocean freight, and multimodal operations. He previously held P&L leadership roles at Aiyer Logistics and Flomic Global Logistics, managing over 1,800 annual shipments. The operational management addition aligns with the company's regional branch oversight and business development objectives.

Appointment of Ashrith Kumar Kovver as Branch Head – Hyderabad & Chennai and Senior Management Personnel effective September 01, 2026
Appointee brings over 19 years of logistics, EXIM, and freight forwarding experience
Track record includes managing 1,800+ annual shipments and regional P&L responsibilities at Aiyer Logistics and Flomic Global Logistics
Holds a Master's in International Business Administration from Deakin University (2008)

💡 Track the company's upcoming quarterly financial performance to observe any operational or regional growth traction in southern branch corridors.

Q1 FY27 Revenue Up 49.5% YoY to ₹178.99 Cr; ₹67.37 Cr Warrant Issue Outlined

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 18 Aug 2026, 04:48 PM

Jet Freight Logistics released its Q1 FY27 investor presentation, reporting a 49.50% YoY increase in revenue from operations to ₹178.99 Cr compared to ₹119.72 Cr in Q1 FY26. Consolidated EBITDA grew 48.35% YoY to ₹6.75 Cr with an EBITDA margin of 3.77%, while PAT increased 42.13% YoY to ₹2.53 Cr. The presentation also details a ₹67.37 Cr preferential warrant issue (3.74 Cr warrants at ₹18 each), with ₹16.84 Cr (25%) received upfront, representing ~64.2% of the company's ₹105 Cr market cap upon full realization.

Q1 FY27 revenue from operations surged 49.50% YoY to ₹178.99 Cr (₹17,898.84 lakhs)
EBITDA increased 48.35% YoY to ₹6.75 Cr (₹675.46 lakhs) with margins at 3.77%
PAT rose 42.36% YoY to ₹2.53 Cr (₹252.88 lakhs), delivering Q1 EPS of ₹0.54
Preferential warrant issue of ₹67.37 Cr (3.74 Cr warrants at ₹18/warrant) with ₹16.84 Cr upfront subscription received

💡 Track conversion timelines and cash inflows for the remaining 75% warrant proceeds, alongside quarterly EBITDA margin resilience given low base margins.

Jet Freight to Increase Borrowing Limit to ₹250 Cr and Infuse Capital in US Subsidiary

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Aug 2026, 09:58 PM

Jet Freight's board has approved a significant increase in borrowing limits to ₹250 Cr, which is approximately 2.4x its current market capitalization of ₹104 Cr. The company also authorized a limit of ₹150 Cr for loans, guarantees, and investments, signaling potential expansion or capital restructuring. Additionally, the board approved capital infusion into its non-operational US subsidiary to capture international opportunities, while simultaneously initiating the strike-off of its inactive Netherlands unit. These resolutions are subject to shareholder approval at the upcoming AGM on September 23, 2026.

Proposed increase in borrowing limits under Section 180(1)(c) to a maximum of ₹250 Cr.
Authorization to create charges or mortgages on company assets up to ₹250 Cr.
New limit for loans, guarantees, or securities set at ₹150 Cr under Section 186.
Capital infusion in US-based wholly owned subsidiary to be completed in tranches by March 31, 2027.
Voluntary strike-off of Netherlands subsidiary (Jet Freight Logistics B.V.) expected by January 2027.

💡 Investors should monitor the outcome of the AGM on September 23, 2026, and watch for specific announcements regarding actual debt drawdowns or concrete business plans for the US subsidiary.

₹250 Cr Borrowing Limit Approved; US Expansion and Netherlands Exit Announced

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Aug 2026, 09:57 PM

Jet Freight Logistics has approved a significant increase in its borrowing and security limits to ₹250 Cr, which is approximately 2.4x its current market capitalization of ₹104 Cr. The company is restructuring its international operations by infusing capital into its non-operational US subsidiary to capture growth opportunities while initiating a voluntary strike-off of its inactive Netherlands subsidiary by January 2027. Additionally, the board set a ₹150 Cr limit for loans and investments. These enabling resolutions will be put to shareholder vote at the AGM on September 23, 2026.

Proposed increase in borrowing limits to ₹250 Cr under Section 180(1)(c).
Authorization to create charges/mortgages on company assets up to ₹250 Cr.
Limit for loans, guarantees, or securities set at ₹150 Cr under Section 186.
Voluntary strike-off of Jet Freight Logistics B.V. (Netherlands) expected by end of January 2027.
Capital infusion in US subsidiary to be completed in tranches by March 31, 2027.

💡 Investors should monitor the AGM voting results on September 23, 2026, and subsequent filings regarding the actual quantum of debt raised and capital deployed in the US entity.

View All JETFREIGHT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of freight forwarding. Total revenue from operations grew 12.3% YoY to INR 436.64 Cr in FY25 compared to INR 387.79 Cr in FY24. This growth was achieved despite a 6.3% decline in air freight tonnage and a 38.5% decline in ocean freight TEUs, indicating higher yields per unit.

Profitability Margins

Gross Profit margin improved slightly to 9.36% in FY25 from 9.17% in FY24. Net Profit margin increased to 0.9% (INR 3.73 Cr) from 0.1% (INR 0.26 Cr) in the previous year, driven by cost optimization and higher operational efficiency.

EBITDA Margin

EBITDA margin stood at 3.49% in FY25, a significant improvement of 162 bps from 1.87% in FY24. EBITDA grew 86.6% YoY to INR 15.29 Cr, reflecting better control over operating expenses.

Capital Expenditure

The company has a long-outstanding 'Advance for Warehouse Project' (Note 7), though the specific INR value for planned future CapEx is not explicitly totaled. The audit highlighted concerns regarding the lack of physical progress on this project.

Credit Rating & Borrowing

Interest coverage ratio increased by 67.4% to 2.21 in FY25 from 1.32 in FY24, indicating a stronger ability to service debt. Total borrowings include non-current borrowings of INR 14.92 Cr and current borrowings of INR 48.28 Cr.

⚙️ Operational Drivers

Raw Materials

Freight space and carrier capacity (Air and Ocean) represent the primary 'raw material' cost, accounted for as Operational Expenses at INR 395.66 Cr, which is 90.6% of total revenue.

Key Suppliers

The company sources capacity from various airlines and shipping lines; specific company names are not listed, but the company maintains a 30-day payable cycle with most airlines.

Capacity Expansion

Current air freight volume is 23,157 Tons and ocean freight is 3,910 TEUs. The company is focusing on increasing revenue from the ocean freight segment to shorten the working capital cycle.

Raw Material Costs

Operational expenses (freight costs) increased 12.3% YoY to INR 395.66 Cr, moving in line with revenue growth. Procurement strategies focus on cost optimization and technology-driven processes.

Manufacturing Efficiency

Not applicable as a service provider; however, operational efficiency is reflected in the 86.6% growth in EBITDA despite lower volumes.

Logistics & Distribution

Operational expenses (distribution/freight costs) represent 90.6% of revenue.

📈 Strategic Growth

Expected Growth Rate

12.30%

Growth Strategy

Growth will be achieved through a focus on the ocean freight segment (which offers shorter credit periods), cost optimization initiatives, and technology-driven processes. The company is also intensifying recruitment in sales and supply chain operations to expand market reach.

Products & Services

Air freight forwarding (specializing in perishables like fruits and vegetables, and general cargo) and Ocean freight forwarding services.

Brand Portfolio

Jet Freight.

Market Expansion

The company is targeting an increase in ocean freight revenue to improve working capital efficiency and competitive advantage.

🌍 External Factors

Industry Trends

The industry is seeing volatile freight costs and a shift toward digital logistics. Jet Freight is positioning itself by integrating technology and focusing on high-value perishable cargo (73.7% of its air volume).

Competitive Landscape

The company competes in the freight forwarding industry, where it maintains a competitive advantage by offering business credit to customers despite shorter payable cycles to airlines.

Competitive Moat

The company's moat is built on its 'talent-savvy manpower' and specialized expertise in perishable logistics, which accounts for 17,072 tons of its 23,157-ton air freight business.

Macro Economic Sensitivity

Highly sensitive to global fuel prices and trade volumes. A spike in oil prices directly increases air freight costs, impacting the 90.6% operational expense base.

Geopolitical Risks

Regional conflicts and disruptions in shipping lanes (Red Sea) have led to re-routing and increased transit times, impacting service commitments and costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act, 2013. The company is currently seeking shareholder approval for excess managerial remuneration under Section 197.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 41% (INR 2.58 Cr tax on INR 6.30 Cr PBT).

Legal Contingencies

The company has a pending income tax demand for AY 2018-19 which is currently stayed by the Assessing Officer. It also faces audit observations regarding excess managerial remuneration of INR 1.14 Cr (INR 1,13,71,520) paid to directors.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recoverability of the 'Advance for Warehouse Project' due to lack of physical progress. Geopolitical instability remains a high-impact risk for transit costs.

Third Party Dependencies

High dependency on airlines and shipping lines for cargo space; the company must manage a 35-day gap between its payable cycle (30 days) and receivable cycle (65 days).