1. Opening HookWho knew storing ice cream could melt profits faster than Delhi traffic melts patience? Snowman’s Q2 FY26 call proved that logistics is not for the faint-hearted — or faint-walleted. Power cuts, soggy warehouses, and tariff tantrums from Uncle Sam made sure margins took a chill pill. But wait, management’s got plans: refurbishing fleets, eyeing EV trucks, and claiming “positive traction” like it’s a new diet plan.The quarter may have been patchy, but as the team says — good things are freezing up ahead. Stick around, this story gets frostier (and funnier) later.
2. At a Glance
- Revenue steady:No ice cream spill, but not exactly a sundae surprise either.
- EBITDA positive:Management calls it “turning the corner,” skeptics call it “finding the parking lot.”
- Margins dipped:Blame diesel, power cuts, and seafood drama. 🐟
- Transportation breakeven:Profits hit pause for fleet realignment therapy.
- Warehousing flat at ₹60 crore:Growth plans still “in the freezer.”
- Capex ₹100–150 crore/year:New cold stores and EV trucks incoming.
3. Management’s Key Commentary
“Transportation EBITDA has turned positive, and profitability will improve going ahead.”(Translation: We’ve stopped bleeding money; now we’re just bruising.)
“Some vehicles operated at negative margins — they’re now off-road.”(Translation: We fired the trucks that lost money, not the people yet 😏.)
“Warehousing margins dipped due to weather, power cuts, and seafood spoilage.”(Translation: Nature and fish teamed up to ruin our quarter.)
“Expect good volumes from December onwards.”(Translation: Fingers crossed, prayers up, diesel down.)
“We’re adding new warehouses and EV/CNG vehicles.”(Translation: Our trucks will be greener, even if our P&L isn’t yet.)
“Fleet optimization continues; older trucks replaced, new leased fleet coming in.”(Translation: Out with the clunkers, in with the debt.)
“We lost some restaurant clients post-GST changes, but ice cream brands are growing.”(Translation: Goodbye biryani, hello Baskin Robbins 🍦.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | Change | Commentary |
|---|---|---|---|---|
| Revenue | ₹60 crore | ₹60 crore | Flat | Cold comfort – frozen top line |
| Warehousing PBT Margin | 3% | 12% | ↓900 bps | Blame seafood + diesel bills |
| Transportation PBT Margin | 0% | 2% | ↓200 bps | Fleet “realignment” = polite loss |
| Capex Plan | ₹100–150 crore | – | New guidance | 2–3 warehouses + EV fleet |
| EBITDA Trend | Positive | Slightly + | Improving | Still defrosting stage |
Comment:Snowman’s growth is thawing slower than expected — same top line, weaker margins. Capex sounds ambitious, but so does “good volumes coming soon.”
5. Analyst Questions
Q:Why is transportation breakeven now?A:“We’re realigning and cutting loss-making routes.”(Translation: Cleaning up our logistics mess, one truck at a time.)
Q:Why did warehousing margins crash from 12% to 3%?A:“Low utilization, new facilities, and diesel costs.”(Translation: New warehouses, old headaches.)
Q:What’s the plan for capex?A:“₹100–150 crore per year, some owned, some leased.”(Translation: A cold chain version of rent vs. buy.)
Q:Any new 5PL clients?A:“Under NDA, but two or three major ones in pipeline.”(Translation: Trust us, they’re real… probably.)
6. Guidance & OutlookManagement forecasts “positive
