Amiable Logistics India Ltd, a 2002-born customs-broker-cum-logistics operator listed on the NSE SME platform, currently sits at a market capitalisation of ₹14.7 crore with the stock hovering around ₹84. In the last three months, the share price has jumped 33.2%, which is impressive until you remember the one-year return is -0.52%, making this rally feel like a caffeine spike rather than a lifestyle change. The company reported H1 FY26 results, with Sep 2025 sales at ₹8.56 crore and PAT at ₹0.49 crore, down 36% YoY in sales and 28% YoY in profit, but still profitable — which, in SME land, counts as an achievement badge. ROCE stands at 11.8%, ROE at 8.93%, debt at ₹3.49 crore, and promoter holding at a healthy 70.26% with no pledges. Margins are thin, volatility is thick, and other income is doing more heavy lifting than a gym trainer on leg day. Curious already? Good. Keep reading.
2. Introduction
Imagine being the middleman between importers, exporters, Customs, DGFT, and the general chaos of Indian paperwork. That’s Amiable Logistics’ daily cardio. Incorporated in 2002, the company operates as a Custom House Broker (CHB) offering air and sea freight forwarding, warehousing, transportation, and consultancy services. In theory, this is a toll-booth business — trade flows in, Amiable clips a fee, everyone goes home happy. In practice, margins behave like Indian weather: unpredictable, sometimes stormy, sometimes oddly pleasant.
FY25 was a year of moderation, and H1 FY26 arrived with a slight hangover. Sales dipped, operating profit briefly went negative in Mar 2025, then recovered to +₹0.08 crore OPM in Sep 2025. Yes, the bar is low. But for a small logistics player dealing with cyclical trade volumes, customs notices, auditor changes, and app-launch ambitions, survival itself is a storyline.
So is Amiable Logistics a hidden compounder or just another SME that looks better on PowerPoint than on the P&L? Let’s unpack, slowly and sarcastically.
3. Business Model – WTF Do They Even Do?
Amiable Logistics is essentially a licensed customs broker with bolt-on logistics services. Their core job is to ensure your container doesn’t spend Diwali at Nhava Sheva because a form was filled in blue ink instead of black.
Their service mix includes:
International freight forwarding (air & sea)
Customs clearance & consultancy
Warehousing
Transportation
Revenue in FY24 was fairly diversified within logistics: Agency & forwarding income (~27%), freight charges (~30%), warehousing (~26%), transportation (~13%), and the rest sprinkled across commissions, interest, and professional charges. No single line item screams monopoly, but also no line item screams margin monster.
Clients include a long list of metal, pharma, and export-oriented SMEs. No single client concentration disclosed here, which means either diversification is decent or disclosure is… minimalist.
In June 2024, the company even planned an App Launching Ceremony, which tells you management wants to sound tech-enabled — whether the app changes margins or just adds a login screen is a different discussion.
4. Financials Overview (H1 FY26 Locked)
Result Type Detected: Half-Yearly Results → EPS annualisation ×2 (LOCKED)
