Timescan Logistics (India) Limited (TIMESCAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Timescan Logistics' revenue was ₹208 Cr (+51.8% year on year, +56.4% on the previous half-year), and net profit ₹4.0 Cr (+0.0% year on year); the operating margin was 2.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹208 | +51.8% | +56.4% |
| Operating profit | ₹6.0 | -14.3% | +50.0% |
| Net profit | ₹4.0 | +0.0% | +100.0% |
| EPS (₹) | 5.47 | -6.0% | +61.8% |
| Operating margin | 2.9% | — | — |
📢 Recent Corporate Announcements
Timescan Logistics (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 5, 2026, confirms that securities received for dematerialisation during the period were properly processed, listed, and mutilated. This is a purely procedural regulatory filing with no impact on the company's financials or operations.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Confirmation letter issued by RTA Cameo Corporate Services Limited on October 05, 2026
- Filing made to the National Stock Exchange on October 08, 2026
Timescan Logistics (India) Limited has incorporated a 95%-owned subsidiary in Malaysia named Guangzhou Uniglobal Logisys (M) SDN. BHD. on September 2, 2026. The entity has a subscribed capital of 1,000 MYR, with Timescan subscribing to 950 MYR. The unit will operate in the logistics sector and has yet to commence business operations, reporting nil turnover to date. The financial commitment is negligible relative to Timescan's TTM revenue of ₹599 Cr and market cap of ₹29 Cr.
- Incorporated Malaysian subsidiary Guangzhou Uniglobal Logisys (M) SDN. BHD. on September 2, 2026
- Timescan holds a 95% stake in the newly formed entity
- Total subscribed capital stands at 1,000 MYR, with Timescan's subscription at 950 MYR
- Target turnover is Nil as commercial operations have not yet commenced
Timescan Logistics released the voting results of its 20th AGM held on September 28, 2026. All routine and special resolutions were approved except Item No. 6, regarding the re-appointment of Mr. Moulana Taufeek Islam as Managing Director for 5 years. With promoter group shares (50,96,940 shares) ineligible due to interested party status, public non-institutional voters rejected the resolution with 93.26% votes against (70,000 votes against vs 5,060 in favour). Other key appointments, including directors and statutory auditor M/s. RRPM & Associates LLP, were passed.
- Resolution No. 6 to re-appoint Mr. Moulana Taufeek Islam as MD failed to pass, receiving 93.26% votes against from public voters.
- Promoter group was treated as interested for Resolution No. 6, preventing their 50,96,940 shares from voting on the item.
- Appointment of M/s. RRPM & Associates LLP as Statutory Auditor for a 5-year term was approved with 98.65% total votes in favour.
- Overall voter turnout stood at 74.01% (51,72,000 shares voted out of 69,88,000 total shares) across ordinary resolutions.
Timescan Logistics (India) Limited announced that shareholders rejected the resolution for the re-appointment of Managing Director Mr. Moulana Taufeek Islam for a further 5-year term. The resolution was voted down at the 20th Annual General Meeting held on September 28, 2026. Consequently, Mr. Islam ceased to hold the office of Managing Director effective September 28, 2026. The rejection comes despite promoters holding 72.94% of the equity, signaling a critical leadership shift in the ₹29 Cr market cap micro-cap firm.
- Resolution to re-appoint Mr. Moulana Taufeek Islam for a 5-year term failed to receive requisite majority.
- Cessation of the Managing Director is effective from September 28, 2026.
- Voting outcome was finalized following the scrutinizer's report dated September 29, 2026.
- The decision occurred at the company's 20th Annual General Meeting.
Timescan Logistics held its 20th Annual General Meeting on September 28, 2026, where all 12 proposed resolutions were transacted with requisite majority. Key agenda items included the adoption of FY26 financial statements, the appointment of M/s. RRPM & Associates LLP as statutory auditors for a 5-year term, and the re-appointment of Managing Director Moulana Taufeek Islam through August 31, 2031. The meeting saw 298 shareholders eligible as of the record date of September 21, 2026.
- Held 20th Annual General Meeting on September 28, 2026, lasting 50 minutes (12:30 PM to 01:20 PM IST)
- Re-appointed Moulana Taufeek Islam as Managing Director for 5 years effective September 1, 2026, to August 31, 2031
- Appointed M/s. RRPM & Associates LLP as statutory auditors for a term of 5 years
- Eligible shareholder base stood at 298 shareholders as of the record date of September 21, 2026
Timescan Logistics (India) Limited has released its 20th Annual Report for FY 2025-26 pursuant to Regulation 34 of SEBI LODR Regulations. The company's Annual General Meeting (AGM) is scheduled to be held on Monday, September 28, 2026, at 12:30 p.m. IST via Video Conferencing/OAVM. The filing contains full standalone and consolidated financial statements along with the Board's Report and voting instructions. This is a standard annual compliance disclosure with no unexpected corporate actions disclosed.
- Annual General Meeting (20th AGM) scheduled for September 28, 2026, at 12:30 p.m. IST
- AGM to be conducted via Video Conferencing / Other Audio-Visual Means (VC/OAVM)
- Filing includes audited Standalone and Consolidated Financial Statements for FY 2025-26 under Regulation 34
Timescan Logistics (India) Limited has fixed Monday, September 21, 2026, as the record date and cut-off date for the purpose of e-voting eligibility. The company's 20th Annual General Meeting (AGM) is scheduled to take place on September 28, 2026. This is a standard annual administrative filing pursuant to Regulation 42 of SEBI LODR Regulations.
- Cut-off/Record date fixed as Monday, September 21, 2026
- 20th Annual General Meeting scheduled for September 28, 2026
- Filing made under Regulation 42 of SEBI Listing Regulations
Timescan Logistics (India) Limited has scheduled its 20th Annual General Meeting (AGM) for Monday, September 28, 2026, at 12:30 PM IST via Video Conferencing/Other Audio Visual Means. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from September 22, 2026, to September 28, 2026. The Annual Report for FY 2025-26, containing financial statements and statutory reports, will be circulated electronically to registered shareholders.
- 20th Annual General Meeting scheduled for Monday, September 28, 2026, at 12:30 PM IST
- Meeting to be held via Video Conferencing / Other Audio Visual Means (VC/OAVM)
- Register of Members and Share Transfer Books closed from September 22, 2026, to September 28, 2026
Timescan Logistics (India) Limited has informed the exchange that its 20th Annual General Meeting (AGM) is scheduled to be held on Monday, September 28, 2026, at 12:30 P.M. IST through Video Conferencing/Other Audio Visual Means. The company stated that the Annual Report for FY 2025-26, comprising the Notice of AGM, Financial Statements, Directors' Report, and Auditors' Report, will be dispatched electronically to eligible shareholders. Details regarding electronic voting and AGM participation will be included in the notice.
- 20th Annual General Meeting scheduled on September 28, 2026 at 12:30 P.M.
- Meeting to be held virtually via Video Conferencing / Other Audio Visual Means (VC/OAVM)
- Annual Report for FY 2025-26 to be emailed to physical and demat shareholders
Timescan Logistics (India) Limited has appointed Mr. Subramaniam Baskaran as an Additional Non-Executive Independent Director, effective September 01, 2026. Mr. Baskaran brings over 37 years of experience in banking operations, trade finance, technology transformation, and risk governance. His appointment is valid up to the date of the ensuing Annual General Meeting, subject to shareholder approval. He holds nil shares in the company and has no familial relationships with existing directors.
- Appointment of Mr. Subramaniam Baskaran as Additional Non-Executive Independent Director effective September 01, 2026
- Appointee brings over 37 years of professional experience across banking operations and trade finance
- Holds nil shareholding in Timescan Logistics as of the date of appointment
- Term is valid up to the ensuing Annual General Meeting, pending shareholder approval
Timescan Logistics (India) Limited has appointed M/s. RRPM & Associates LLP as its Statutory Auditor effective September 01, 2026, to fill a casual vacancy caused by the resignation of the previous statutory auditor. The appointment is valid until the conclusion of the upcoming 20th Annual General Meeting (AGM) and is subject to shareholder approval. Furthermore, the Board has recommended appointing the firm for a full five-year term from the 20th AGM until the 25th AGM in 2031. The company reported TTM revenue of ₹599 Cr and a market cap of ₹28 Cr.
- Appointed M/s. RRPM & Associates LLP (FRN: 017126S/S00161) as Statutory Auditor effective September 01, 2026.
- Appointment fills casual vacancy caused by resignation of the existing Statutory Auditor until the 20th AGM.
- Board recommended a 5-year appointment from the 20th AGM until the 25th AGM in 2031.
- Auditor profile includes a team of 5 Chartered Accountants and over 60 professionals across Chennai and Bangalore.
Timescan Logistics (India) Limited announced the resignation of its Statutory Auditor, M/s. Rajani & Co., Chartered Accountants, effective August 10, 2026. The firm cited pre-occupation and other professional commitments as the reason for stepping down. The company confirmed that no accounting or operational concerns were raised by the outgoing auditor. The casual vacancy created will be filled in accordance with the Companies Act, 2013.
- Statutory Auditor M/s. Rajani & Co. resigned with effect from August 10, 2026
- Reason cited for resignation is pre-occupation and other professional commitments
- No concerns were raised by the outgoing auditor regarding accounts or operations
- Casual vacancy to be filled as per provisions of the Companies Act, 2013
Timescan Logistics announced outcomes from its Board meeting held on September 01, 2026. The Board approved the formation of a 95%-owned subsidiary in Malaysia to expand logistics services, with investment amounts to be determined later. Additionally, M/s. RRPM & Associates LLP was appointed as statutory auditor for 5 years following the resignation of M/s. Rajani & Co. on August 10, 2026. The Board also approved the re-appointment of Managing Director Mr. Moulana Taufeek Islam for a 5-year term and scheduled its 20th AGM for September 28, 2026.
- Approved incorporation of a 95% subsidiary in Malaysia for logistics and allied services (investment amount not disclosed)
- Noted resignation of Statutory Auditor M/s. Rajani & Co. w.e.f. August 10, 2026, and appointed M/s. RRPM & Associates LLP for a 5-year term
- Re-appointed Mr. Moulana Taufeek Islam as Managing Director for 5 years (September 01, 2026 to August 31, 2031), subject to shareholder approval
- Scheduled 20th AGM for September 28, 2026, with e-voting cut-off date set as September 21, 2026
CRISIL Ratings has assigned a 'CRISIL BB+/Stable' rating to Timescan Logistics (India) Limited for its proposed Rs 10 crore term loan facility. This proposed debt is significant, representing approximately 30% of the company's current net worth (Rs 33 Cr) and exceeding its existing debt of Rs 8 Cr. While the company generates high TTM revenue of Rs 599 Cr, its thin operating margins of 3.3% make formal credit access essential for its planned expansion into warehousing and international markets. The 'Stable' outlook suggests CRISIL expects the company to maintain its financial profile despite competitive pressures.
- CRISIL assigned a 'CRISIL BB+/Stable' rating for a proposed Rs 10.00 Crore term loan facility
- The rated amount of Rs 10 Cr is 1.25x the company's existing debt of Rs 8 Cr
- The rating assignment is valid for use until August 17, 2027
- The company reported a TTM PAT of Rs 12 Cr against a market cap of only Rs 28 Cr
- Proposed facility represents ~30.3% of the company's total net worth of Rs 33 Cr
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment (Logistics). Standalone Net Sales for H1 FY26 stood at INR 4.07 Cr. Consolidated Net Sales for H1 FY26 were INR 5.44 Cr. Full-year FY25 Consolidated Profit Before Tax was INR 7.83 Cr, while H1 FY26 PBT is INR 3.03 Cr, representing a projected annualized decline of approximately 22.6% if current trends persist.
Geographic Revenue Split
Primarily India-based operations. The company has an 80% stake in Timescan Logistics (Malaysia) Sdn. Bhd., which has total assets of 4.81 Lakhs MYR (approx. INR 92.68 Lakhs) and reported a loss of 0.43 Lakhs MYR for the period.
Profitability Margins
Standalone PBT margin for H1 FY26 is estimated at 43.58% based on a PBT of INR 2.55 Cr and Total Revenue of INR 5.86 Cr. Consolidated PBT for H1 FY26 was INR 3.03 Cr.
EBITDA Margin
Not explicitly disclosed as a percentage, but Consolidated PBT for H1 FY26 was INR 3.03 Cr against Total Revenue of INR 7.83 Cr, indicating a PBT margin of 38.7% for the half-year period.
Capital Expenditure
Standalone Tangible Property, Plant & Equipment was valued at INR 9.64 Cr as of September 30, 2025, a slight decrease from INR 9.71 Cr as of March 31, 2025, indicating minimal recent capital expenditure in fixed assets.
Credit Rating & Borrowing
Not disclosed in available documents; however, Standalone Interest Expenses and Finance Costs for H1 FY26 were INR 14.16 Lakhs, down from INR 85.42 Lakhs in FY25.
Operational Drivers
Raw Materials
As a service-based logistics provider, primary costs are 'Operating Expenses' (Freight, Handling, and Port charges) which accounted for INR 1.36 Cr (Standalone) in H1 FY26, representing 23.2% of total revenue.
Import Sources
Not specifically disclosed, but operations involve international logistics through subsidiaries in Malaysia and a pending entity in the UAE (Timescan Logistics LLC).
Key Suppliers
Not disclosed in available documents; however, the company relies on shipping lines, port authorities, and third-party transport vendors.
Capacity Expansion
Executed a new lease agreement on October 28, 2025, for warehousing space at Door No. 130, R.S, to expand service offerings into warehousing and storage.
Raw Material Costs
Operating expenses for H1 FY26 were INR 1.36 Cr (Standalone). These costs are highly sensitive to global freight rates and fuel prices.
Manufacturing Efficiency
Not applicable as the company is in the service industry; however, the company utilizes a single-segment reporting structure to streamline logistics operations.
Logistics & Distribution
Distribution and operating expenses accounted for INR 1.36 Cr in H1 FY26, which is 23.2% of standalone total revenue.
Strategic Growth
Growth Strategy
Growth is targeted through the expansion of warehousing services (new lease in Oct 2025) and international footprint via subsidiaries in Malaysia and the UAE. The company is also focusing on clearing and forwarding services for related parties like Home Choice E-Commerce India Private Limited.
Products & Services
Clearing and Forwarding Services, Warehousing Services, and Integrated Logistics Solutions.
Brand Portfolio
Timescan Logistics
New Products/Services
Expansion into dedicated warehousing services following the October 2025 lease agreement, expected to contribute to future service revenue.
Market Expansion
International expansion through Timescan Logistics (Malaysia) Sdn. Bhd. and the incorporation of Timescan Logistics LLC in the UAE.
Strategic Alliances
The company has an 80% shareholding in its Malaysian subsidiary and is developing a 100% owned subsidiary in the UAE.
External Factors
Industry Trends
The logistics industry is shifting towards integrated 'one-stop' solutions, prompting the company's move into warehousing to complement its clearing and forwarding core.
Competitive Landscape
Competes with both domestic SME logistics firms and large international freight forwarders.
Competitive Moat
Moat is based on established regulatory licenses for clearing and forwarding and a growing international network, though it faces stiff competition from larger global players.
Macro Economic Sensitivity
Highly sensitive to global trade GDP and EXIM (Export-Import) volumes, which directly dictate the demand for clearing and forwarding services.
Consumer Behavior
Shift towards e-commerce (e.g., transaction with Home Choice E-Commerce) is driving demand for specialized clearing and warehousing services.
Geopolitical Risks
Trade barriers or geopolitical tensions affecting major shipping routes would adversely impact the company's international logistics operations.
Regulatory & Governance
Industry Regulations
Operations are governed by the Customs Act, shipping regulations, and SEBI (LODR) for SME-listed entities.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; Consolidated Provision for Taxation was not explicitly detailed for the half-year but PBT was INR 3.03 Cr.
Legal Contingencies
The Secretarial Audit Report for FY 2024-25 contains a qualification remark, although the specific nature and financial value of the qualification were not detailed in the provided summary.
Risk Analysis
Key Uncertainties
High Trade Receivables of INR 34.99 Cr (Standalone) as of Sept 2025, representing 63.6% of total assets, poses a significant liquidity and credit risk.
Geographic Concentration Risk
Heavy concentration in India, with international subsidiaries still in early or pre-operative stages.
Third Party Dependencies
Dependent on port infrastructure and shipping line availability to fulfill clearing and forwarding contracts.
Technology Obsolescence Risk
Risk of falling behind in digital logistics tracking and automated warehousing technologies.
Credit & Counterparty Risk
Significant credit exposure as evidenced by the 43.17% YoY increase in trade receivables from INR 24.44 Cr to INR 34.99 Cr.
