Glottis Ltd Q2 FY26 – From Ports to Profits: When Logistics Decides to Sprint with 90% ROCE

1. At a Glance

There are logistics companies thatdeliver cargo, and then there’sGlottis Ltd, which seems to deliverROCE figures straight out of fantasy novels. Incorporated in June 2024 and already strutting amarket cap of ₹607 crore, this Chennai-based logistics disruptor has turned heads faster than a speeding container truck. WithQ2 FY26 sales of ₹215 croreandPAT of ₹12.4 crore, it’s not the size that’s shocking—it’s theROCE of 90% and ROE of 79.6%that make analysts choke on their coffee.

The stock currently trades at₹65.7, a humble price considering it once flirted with ₹93 before returning to earth. With aP/E of just 12.7, it’s cheaper than a freight truck’s tyre change in Nhava Sheva. No dividends yet (they’re clearly saving for more containers), anddebt-to-equity sits at 0.25, showing some discipline under that cargo pile. Sales growth of89% YoYand profit growth of81%? Let’s just say Glottis didn’t come to play—it came to flex.

In short, Glottis Ltd looks like that overachieving fresher who entered college last year and already bagged a campus placement with Amazon.

2. Introduction

When a logistics company less than two years old manages to clock nearly ₹1,000 crore in annual sales, it’s either pure brilliance or the universe’s greatest accounting prank. Fortunately,Glottis Ltdseems to be the former. Born in June 2024, the company has rapidly evolved into amulti-modal logistics platform, moving freight acrossocean, air, and roadlike it’s playing three games of chess simultaneously—and winning all of them.

The name “Glottis” might sound like an anatomy lesson, but its financial anatomy screamsefficiency. From a modest start, the company now handles112,146 TEUs(Twenty-foot Equivalent Units), growing 88.7% over FY23. In logistics terms, that’s like going from couriering college parcels to managing Adani Port’s overflow in one fiscal year.

But here’s the kicker: despite the massive scale,operating margins hover around 8.4%—not dazzling, but strong enough to suggest that Glottis knows how to turn volumes into profits without losing its mind. Withsales of ₹941 crorein FY25 andPAT of ₹56 crore, it’s built a balance sheet that’s clean, cash-conscious, and loaded for expansion.

They’ve alreadyraised ₹307 crore via IPOin October 2025—clearly not waiting for angel investors to discover them on LinkedIn. The company plans to spend ₹132 crore on new containers and vehicles, making it one of the few logistics plays where capital expenditure actually makes sense.

In a market full of cargo carriers running on fumes, Glottis looks like a turbocharged ship that found a shortcut to profitability.

3. Business Model – WTF Do They Even Do?

So what exactly doesGlottis Ltddo, apart from breaking growth charts? In essence, it’s yourone-stop logistics orchestra—a conductor of containers, aircraft, and trucks playing in perfect harmony.

Ocean Freight (Import/Export)contributes a chunky95% of total revenue, with imports alone accounting for83%. That’s where the big money is—those massive shipments of renewable energy equipment, machinery, and minerals moving from Asia to everywhere else. Air freight adds a minor2%, while road transportation chips in3.5%, offering that sweet “last mile” touch.

But the magic isn’t just in moving boxes. Glottis also offerscustoms clearance, warehousing, 3PL, and even project logistics—including the highly technicalOut-of-Gauge cargo, i.e., those giant turbine parts that don’t fit into containers. Basically, if it can be moved, Glottis will move it, even if it looks like an alien spacecraft.

Theirnetwork is ridiculous—256 overseas agents, 124 shipping lines, 77 transporters, and 16 airlines. Withoffices in eight major Indian citiesand global footprints inSingapore, UAE, and Vietnam, Glottis looks more like a multinational veteran than a 2024 startup.

The specialization inrenewable energy logistics (47.5% of revenue)adds a futuristic vibe. When your client list includes windmill and solar equipment movers, you’re not just transporting goods—you’re literally carrying the future on your trucks.

If most logistics firms are lorry drivers, Glottis is Elon Musk’s supply chain manager with an MBA.

4. Financials Overview

The second quarter wasn’t exactly smooth sailing—YoY revenue fell 25%, and PAT shrank 40%. Blame