📌 At a Glance
Snowman Logistics Ltd. (CMP ₹60.42) just reported FY25 revenue of ₹552.53 Cr — up 9.8% YoY. But here’s the brain freeze: PAT crashed by 55%, from ₹12.71 Cr to ₹5.69 Cr. Revenue’s up, but profits are melting faster than ice cream in a Nagpur summer. Warehousing giant or glorified freezer rental?

🧊 About the Company

💡 Snowman is India’s OG cold-chain logistics player. Think ice-cream storage meets pharma transport meets butter-and-meat mover.

🧑‍💼 Key Managerial Personnel (KMP)

• Prem Kishan Dass Gupta – Chairman
• Sohan Singh Dhakad – Company Secretary
• [No specific MD/CFO in PR, assumed unchanged]

Company ka naam cool hai. Results? Not so much.

📊 Financials – Q4 & FY25

🧾 Q4 FY25 Highlights

🧠 Q4 PAT doubled — but wait, don’t cheer yet.

📆 Full FY25 Highlights

🍦 FY25 profits melted into half even as topline grew. Margins went from “ice-cold” to “lukewarm disaster.”

📉 What Went Wrong?

• ❌ Amazon Exit: Amazon shut down its fulfillment-center ops model in India — Snowman lost a major warehousing client.
• 🏗️ Project Delays: New cold storage units at Kolkata and Krishnapatnam delayed. Kolkata is almost ready, Krishnapatnam by Q2.
• 😐 Muted Consumption: Demand for cold-stored goods stayed sluggish due to tepid food inflation and FMCG slowdown.

🧮 Forward-Looking Fair Value (FV) Calculation

Let’s get brutally realistic.

• FY25 PAT = ₹5.69 Cr
• Shares Outstanding ≈ 16.75 Cr
• EPS ≈ ₹0.34
• Sector Avg P/E (Logistics) ≈ 25x

👉 Fair Value = ₹0.34 × 25 = ₹8.5
⚠️ CMP = ₹60.42
➡️ Valuation disconnect alert: It’s running at 178x earnings!

Even if we assume FY26 PAT grows 100%, we’re still looking at ~89x forward P/E. This is no multibagger — this is a freezer full of wishful thinking.

📈 Growth & Industry Outlook

✅ Tailwinds:

• Pharma cold chain demand rising (vaccines, biologics)
• India’s frozen food sector growing at 14–18% CAGR
• E-commerce grocery delivery reviving post Q1

❄️ Snowman’s Strategy:

• Expanding 5PL (end-to-end logistics + tech) offering
• Setting up cold storage in new cities
• Replacing lost Amazon warehousing demand with FMCG and pharma clients

But until new sites go live and Amazon loss is absorbed, expect earnings to stay ice-cold.

🧠 EduInvesting Take

“Cold chain logistics? More like cold, chained margins.”

Snowman Logistics is trying hard to stay relevant. But the Amazon exit hit them hard. FY25 saw flat EBITDA and crashing profits despite 10% revenue growth. It’s like the freezer’s running, but nobody’s buying ice.

CMP ₹60+ is not supported by fundamentals. PAT of ₹5.69 Cr on a ₹552 Cr business? That’s a margin thinner than a popsicle stick.

If you’re holding this because of the name… bhai, it’s not Elsa from Frozen. It’s just struggling logistics with a temperature problem.

⚠️ Risks & Red Flags

• 🔻 Dependence on large anchor clients like Amazon
• 🚧 Delay in infrastructure rollouts
• 💰 Insane valuation — 178x trailing P/E
• 📦 Margin pressure from shifting warehousing models
• 🧊 Competition from new-age cold logistics tech startups

✅ Potential Triggers Ahead

• Kolkata warehouse starting soon (Q1 FY26)
• Krishnapatnam by Q2
• Possible FMCG contract wins
• Pharma storage demand boom

But unless PAT jumps 4x, CMP is still frosty.

📌 Final Word

Snowman Logistics is a solid cold chain operator — but FY25 results were anything but cool. Revenue was decent, but EBITDA and PAT were a chill-pill reminder of operational stress.

CMP ₹60.42 is running 5x above logical fair value, unless you’re betting on a FY26 turnaround miracle.

So the question is:
❄️ Is this stock chilling for a multibagger breakout?
❌ Or just frozen in time?

🗓️ Published: May 26, 2025
✍️ By: Prashant Marathe
Tags: Snowman Logistics, cold chain stocks, FY25 results, Amazon India exit, warehousing, B2B logistics, pharma storage, multibagger or mirage, EduInvesting