JETFREIGHT - Jet Freight
📢 Recent Corporate Announcements
Jet Freight Logistics Limited has announced the resignation of Mr. Dheeraj Chanigalla, who served as the Deputy General Manager Sales – Air Export. As a designated Senior Management Personnel under SEBI regulations, his departure is a mandatory disclosure. He will continue in his role until the close of business hours on April 29, 2026. The company cited his reason for leaving as a desire to explore new professional opportunities outside the organization.
- Mr. Dheeraj Chanigalla resigned from the post of Deputy General Manager Sales – Air Export.
- The resignation is effective from the closure of business hours on April 29, 2026.
- The official reason provided for the resignation is to explore new opportunities outside the company.
- The disclosure was made under Regulation 30 of SEBI (LODR) Regulations, 2015, identifying him as Senior Management.
Jet Freight Logistics Limited has officially appointed Finportal Investments Private Limited as its Investor Relations (IR) agency effective February 26, 2026. The agency will provide professional IR advisory services to enhance the company's communication with the investment community. The company confirmed that Finportal holds zero shares in Jet Freight and the agreement involves no related party transactions or special rights. This move is part of the company's effort to improve transparency and handle investor queries more effectively through its dedicated email channel.
- Finportal Investments Private Limited appointed as the official IR agency effective February 26, 2026.
- The agency will provide Investor Relations Advisory Services to improve stakeholder engagement.
- Zero shareholding held by the IR agency in Jet Freight Logistics Limited.
- No related party transactions or special rights like board seats were granted in the agreement.
- Reiterated the dedicated investor communication email ID: ir@jfll.com.
Jet Freight Logistics Limited has officially appointed Finportal Investments Private Limited as its Investor Relations (IR) Agency effective February 26, 2026. The agency will provide professional advisory services to enhance the company's communication with its shareholders and the broader investment community. The agreement involves no shareholding by the agency, no special rights like board seats, and is not a related party transaction. This move suggests a commitment to improving transparency and investor engagement.
- Appointment of Finportal Investments Private Limited as IR Agency effective February 26, 2026
- Agency will provide Investor Relations Advisory Services to the company
- No shareholding or special rights granted to the agency under the agreement
- Designated investor communication email remains ir@jfll.com for all queries
Jet Freight Logistics Limited is participating in the 11th edition of Air Cargo India 2026, a premier air freight and logistics exhibition in South Asia. The three-day event is scheduled from February 25 to February 27, 2026, at the Jio World Convention Centre, Mumbai. The company intends to showcase its logistics capabilities and network with global industry leaders to explore strategic partnerships. This event is co-located with the inaugural Transport Logistic India 2026, providing a platform for integrated supply chain solutions.
- Participation in the 11th edition of South Asia's leading Air Freight exhibition, Air Cargo India 2026
- The event takes place over three days from February 25 to February 27, 2026, in Mumbai
- Company to showcase capabilities at Booth No. D12, Pavilion 1, seeking global strategic partnerships
- Event is co-located with the first edition of Transport Logistic India 2026 for multimodal connectivity
Shareholders of Jet Freight Logistics Limited have unanimously approved a special resolution to issue up to 4,04,57,750 warrants convertible into equity shares. The issuance will be conducted on a preferential basis, targeting both the Promoter Group and Non-promoter categories. During the Extra Ordinary General Meeting held on February 20, 2026, the resolution received 100% support with 2,42,74,490 votes in favor and zero opposition. This move is expected to bolster the company's capital structure for future strategic initiatives.
- Approved issuance of up to 4,04,57,750 warrants convertible into equity shares on a preferential basis.
- The resolution was passed with a 100% majority, representing 2,42,74,490 valid votes in favor.
- Allotment is directed towards both Promoter Group and Non-promoter category investors.
- The Extra Ordinary General Meeting (EGM) was successfully concluded via video conferencing on February 20, 2026.
Jet Freight Logistics Limited has received new credit ratings from Infomerics Valuation and Rating Limited for its bank facilities. The agency assigned an 'IVR BBB-/Stable' rating for long-term facilities and an 'IVR A3' rating for short-term facilities. These ratings indicate a moderate degree of safety regarding timely servicing of financial obligations. This formal credit assessment provides a benchmark for the company's creditworthiness and potential borrowing costs.
- Long Term Bank Facilities assigned 'IVR BBB-/Stable' rating with a stable outlook
- Proposed Long Term Bank Facilities also received an 'IVR BBB-/Stable' rating
- Short Term Bank Facilities assigned 'IVR A3' rating by Infomerics
- Ratings report dated February 13, 2026, and received by the company on February 16, 2026
Jet Freight Logistics Limited has announced the resignation of its Internal Auditor, M/s. N A R A D And Associates LLP, effective from February 28, 2026. The resignation is attributed to a reconstitution of the audit firm, which will result in several partners leaving the firm. The auditor has confirmed that the resignation is solely due to this internal restructuring and not because of any issues with the company. The company will now need to appoint a new internal auditor for the Financial Year 2025-2026.
- Internal Auditor M/s. N A R A D And Associates LLP resigned effective February 28, 2026.
- The resignation is due to the reconstitution of the audit firm and the exit of key engagement partners.
- The auditor was originally appointed for the full Financial Year 2025-2026.
- The company must now appoint a successor to maintain internal audit compliance under SEBI regulations.
Jet Freight Logistics has issued a corrigendum for its upcoming EGM on February 20, 2026, regarding a preferential issue of 4.06 crore convertible warrants. The warrants are priced at ₹18 each, aiming to raise approximately ₹73.09 crore from both promoter and non-promoter groups. Promoters Tyra, Tyrus, and Thea Richard Theknath are set to subscribe to over 2.22 crore warrants combined, representing a significant portion of the issue. This capital infusion is intended to strengthen the company's financial position, with warrants convertible into equity shares within 18 months.
- Issuance of 4,06,07,750 convertible warrants at ₹18 per warrant
- Total fundraise amount is approximately ₹73.09 crore
- Promoter group members to be allotted 2,22,39,999 warrants (approx 54.7% of the issue)
- Warrants are convertible into equity shares of face value ₹5 within 18 months
- Includes 76 non-promoter allottees, including entities like Alphacap Advisors and R2VFX Studios
Jet Freight Logistics Limited has issued a corrigendum for its upcoming EGM on February 20, 2026, detailing a significant fundraise. The company proposes to issue 4,06,07,750 convertible warrants at a price of ₹18 per warrant, aggregating to approximately ₹73.09 crore. The warrants will be allotted to both the promoter group and 76 non-promoter investors, with conversion into equity shares within 18 months. This capital infusion represents a substantial expansion of the company's capital base.
- Issuance of 4,06,07,750 convertible warrants at a fixed price of ₹18 per warrant
- Total fundraise size is approximately ₹73.09 crore through preferential allotment
- Promoter group members to receive 2,22,40,000 warrants, showing strong internal commitment
- Warrants are convertible into equity shares of ₹5 face value at a premium of ₹13 within 18 months
- The preferential issue involves a broad list of 79 proposed allottees including institutional and individual investors
Jet Freight Logistics Limited has officially approved its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The board meeting, held on February 2, 2026, concluded with the statutory auditors issuing a limited review report. While the specific profit and loss figures were not detailed in the cover letter, the filing confirms regulatory compliance under SEBI Listing Regulations. Investors should now focus on the detailed financial statements to evaluate the company's margin performance and revenue growth.
- Board approved Unaudited Standalone & Consolidated Financial Results for the period ended December 31, 2025.
- Statutory auditors M/s. Ajay Shobha & Co. issued limited review reports on the financial results.
- The board meeting was conducted between 1:30 p.m. and 2:35 p.m. on February 2, 2026.
- Compliance maintained with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Jet Freight Logistics Limited held a board meeting on February 2, 2026, to approve its unaudited financial results for the quarter and nine months ended December 31, 2025. Both standalone and consolidated results were reviewed and cleared by the statutory auditors, M/s. Ajay Shobha & Co. The announcement confirms compliance with SEBI Listing Regulations regarding periodic financial disclosures. Investors now have access to the updated performance metrics to evaluate the company's logistics business trajectory.
- Board approved unaudited standalone and consolidated financial results for Q3 FY26.
- Statutory auditors M/s. Ajay Shobha & Co. provided limited review reports on the financials.
- The board meeting was conducted efficiently, lasting approximately one hour and five minutes.
- The results provide a comprehensive view of performance for the nine-month period ending December 31, 2025.
Jet Freight Logistics Limited's board met on February 2, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The meeting, which lasted 65 minutes, resulted in the approval of both standalone and consolidated statements. These results have undergone a limited review by the statutory auditors, M/s. Ajay Shobha & Co. While the specific financial figures were not detailed in the cover letter, the approval marks the completion of statutory reporting for the period.
- Board approved unaudited standalone and consolidated results for the period ending December 31, 2025.
- The meeting commenced at 1:30 p.m. and concluded at 2:35 p.m. on February 2, 2026.
- Statutory auditors M/s. Ajay Shobha & Co. provided the limited review reports for the filings.
- The filing complies with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Jet Freight Logistics Limited has scheduled an Extra-Ordinary General Meeting (EGM) on February 20, 2026, to approve the issuance of 4,26,32,750 convertible warrants. The warrants are priced at ₹18 each, aiming to raise a total of ₹76.74 crore from both promoter and non-promoter categories. Members of the promoter group, including Tyra, Tyrus, and Thea Richard Theknath, are set to subscribe to over 2.22 crore warrants, demonstrating significant insider commitment. Subscribers will pay 25% of the issue price upfront, with the remaining 75% payable upon conversion into equity shares within 18 months.
- Issuance of 4,26,32,750 convertible warrants at a price of ₹18 per warrant (including ₹13 premium).
- Total fundraise size aggregates to approximately ₹76.74 crore.
- Promoter group entities to subscribe to 2,22,40,000 warrants, representing a major portion of the issue.
- Warrants are convertible into equity shares of face value ₹5 each within a period of 18 months.
- Relevant date for determining the minimum issue price is fixed as January 21, 2026.
Jet Freight Logistics has scheduled an Extraordinary General Meeting (EGM) on February 20, 2026, to approve the issuance of 4.26 crore convertible warrants. The warrants are priced at ₹18 each, aiming to raise approximately ₹76.74 crore from both promoter and non-promoter categories. Promoters Tyra, Tyrus, and Thea Richard Theknath are significant participants, subscribing to over 2.22 crore warrants. This capital infusion, requiring 25% upfront payment, is intended to strengthen the company's financial position and support growth initiatives.
- Proposed issuance of 4,26,32,750 convertible warrants at a price of ₹18 per warrant
- Total fundraise size aggregates to approximately ₹76.74 crore
- Promoter group to subscribe to 2,22,39,999 warrants, representing over 50% of the total issue
- Warrants are convertible into equity shares of face value ₹5 within 18 months of allotment
- Subscription requires 25% upfront payment with the remaining 75% payable at the time of exercise
Jet Freight Logistics Limited has approved a preferential allotment of 4,26,32,750 warrants to 84 investors, including both promoter and non-promoter categories. The warrants are priced at ₹18 each, aiming to raise a total of approximately ₹76.74 crore. Members of the promoter group, specifically Tyra, Tyrus, and Thea Richard Theknath, are subscribing to over 2.22 crore warrants, signaling strong internal backing. This issuance will significantly expand the company's fully diluted share capital from 4.64 crore to 8.90 crore shares.
- Proposed issue of 4,26,32,750 convertible warrants at a price of ₹18 per warrant
- Total fundraise size aggregates to approximately ₹76,73,89,500
- Promoter group to be allotted 2,22,39,999 warrants, representing roughly 52% of the total issue
- Participation from 84 investors in total, including 81 non-promoter entities and individuals
- Fully diluted share capital to increase to 8,90,36,534 equity shares post-conversion
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).
Technology Obsolescence Risk
The company is addressing technology risks by implementing new systems to mitigate process gaps and training employees in cybersecurity.
Credit & Counterparty Risk
The company faces credit risk from customers due to its 65-day debtor cycle; it is mitigating this by opting for customers with Invoice Discounting.