1. At a Glance

Alphalogic Industries Ltd, the proud supplier of shelves, racks, and mezzanines, has a market cap of ₹139 Cr and trades at a P/E ratio of 47.6. Yes, you read that right — 48 times earnings for a company that basically sells glorified shelves. Either the market thinks this is IKEA’s younger desi cousin or people are just stacking shares like their warehouses.

2. Introduction

Picture this: you walk into a swanky new warehouse in Visakhapatnam, expecting robots and AI-driven logistics magic, but what greets you instead? Steel racks, lockers, and shelves — built by none other than Alphalogic Industries Ltd (AIL). Founded in 2020, this Pune-based company has taken a simple business (storage solutions) and added enough certifications and branding to look like a Silicon Valley startup disguised as a steel fabricator.

They proudly flaunt ISO 14001:2015 and BIFMA certifications — which sounds fancy until you realize it basically means “we can make shelves that don’t collapse under your Haldiram snacks.”

Their clientele? FromSwiggytoShoppers Stop,MahindratoBaskin Robbins— if you’ve ever placed a samosa on a shelf or a Baskin ice cream tub in a cold storage, chances are Alphalogic racks were silently holding it up.

But here’s the kicker: despite growing sales almost 20x in just five years (from ₹3 Cr in FY21 to ₹62 Cr in FY25), the company still manages only 5% operating margins. Imagine working this hard, getting ISO-certified, bagging clients like Aditya Birla and Bajaj Finserv — and still making thinner profits than a Mumbai vada pav vendor.

3. Business Model (WTF Do They Even Do?)

Alphalogic manufacturesindustrial storage and warehouse racking systems. Translation: they build steel structures to keep other people’s stuff organized.

Product Range:

• Double Deep Pallet Racking (for people who hoard like my aunty’s kitchen)
• Mobile Compactor System (your file cabinets on steroids)
• Mezzanines, Cantilevers, Long Span Shelving (basically Lego for warehouses)
• Lockers & Library Systems (yes, even college libraries are part of the clientele)

Services:

• Consultancy (telling you that yes, your warehouse needs racks)
• Design (drawing rectangles on AutoCAD)
• Installation (sending guys with spanners)
• After Sales (fixing shelves after your loaders crash into them)

Users:

Everyone fromautomobilestopharma,logistics,food,IT, andlibraries. Their order book has seen Swiggy asking for racks in Vizag, Shoppers Stop installing staff lockers from Dimapur to Navi Mumbai, and Amelior Packaging requesting mezzanines in Pune.

In short: Alphalogic makes money from organizing India’s clutter.

4. Financials Overview