Sampark India Logistics IPO Review

Live status (30 Jun 2026): The IPO is open now 30 June to 2 July, listing on BSE SME on 7 July. The signals are soft: the grey market premium has been zero the whole time, pointing to a flat listing around the ₹84 issue price, and Day-1 subscription was under 1x with the institutional portion barely filled. There's no grey market enthusiasm here, so this is one to judge on fundamentals, not hype.

About the Company

Every product that moves from a factory to a warehouse to a shop relies on someone arranging the trucks, storage and paperwork. Sampark India Logistics is one of those middlemen a carrying and forwarding agent that handles the movement and storage of goods for businesses across India.

Set up in 2012, Sampark provides end to end logistics and supply chain services: freight forwarding, warehousing, distribution and carrying and forwarding agency work. It moves bulk goods within India for clients in automotive, pharmaceuticals, consumer durables and textiles, operating a pan India network of around 50 branch offices across 18 states.

It runs eight leased warehouses totalling about 1.25 lakh square feet across cities like Hyderabad, Chennai, Bangalore and Bhiwandi, and owns a fleet of roughly 56–67 vehicles fitted with GPS and electronic locks. It's a B2B, asset moderate logistics operator competing in a crowded, low margin trade, with around 344 employees. Track its GMP, subscription and listing data on the IPO GMP Live homepage.

Financial Snapshot

The revenue is sizeable for an SME, but the profit tells the real story. Revenue rose from ₹183 crore in FY24 to ₹202 crore in FY25 decent scale but the nine months to December 2025 brought ₹153 crore, suggesting the full year run rate is roughly flat to slightly down.

Profit is the worry. Net profit was ₹6.37 crore in FY24 and ₹8.76 crore in FY25, but the nine months of FY26 show just ₹6.32 crore which annualises to below the FY25 figure. So profit looks to be slipping, not growing, in the most recent period.

And notice the margins: ₹8.76 crore of profit on ₹202 crore of revenue is a net margin of just over 4%. That's wafer thin typical for a carrying and forwarding logistics business, where the company largely passes through freight costs and keeps a small slice. It means there's very little cushion when fuel costs rise or clients squeeze rates.

At ₹84, the pricing isn't egregious, but for a thin margin business with flat to declining profit and zero grey market interest, it's hard to argue the IPO is compelling. The scale is real; the profitability and momentum are not.

Strengths

• It has genuine pan-India scale. Around 50 branch offices across 18 states, eight warehouses and an owned fleet give Sampark a real operating footprint, and revenue well above ₹200 crore is large for an SME.
• Its client base is diversified. Serving automotive, pharma, consumer durables and textiles, with revenue spread across several states, reduces dependence on any single sector or region.
• It's an established operator. In business since 2012 with long term client relationships and industry recognition, Sampark isn't a brand new entity it has a real track record in the logistics trade.
• The IPO funds working capital. The bulk of the ₹25.85 crore raised goes to working capital, which a growing logistics business genuinely needs to fund receivables and operations.

Risks

• Margins are razor-thin. A net margin of just over 4% leaves almost no buffer. As a carrying and forwarding agent, Sampark passes through most freight costs, so rising fuel prices or rate pressure from clients hit its slim profits directly.
• Profit is slipping. The nine month FY26 profit of ₹6.32 crore annualises below FY25's ₹8.76 crore, and revenue looks flat to down the wrong direction for a company asking the public for money.
• The market shows no enthusiasm. A grey market premium stuck at zero and a Day-1 subscription below 1x both signal weak demand. The grey market is effectively predicting a flat listing.
• It's a small, competitive, capital-hungry business. Indian logistics is fiercely competitive and fragmented, working capital is a constant drain, and as a thinly traded SME, the stock can be volatile and hard to exit.

Should You Apply?

The IPO is open until 2 July, with no grey market premium and soft early demand. This is a sizeable but thin margin logistics business that the market isn't excited about.

Conservative investors — give it a pass. Thin margins, slipping profit and zero grey market interest add up to little reason to apply.

Moderate investors — also skip. There's no listing gain signal here, and the fundamentals don't make a compelling case for a longer hold either.

Aggressive investors — even as a punt, there's little to work with given the flat GMP and weak subscription. If you're tempted, wait for the final day subscription on 2 July before deciding, rather than committing early.

Honest take: a real, established logistics operator with decent scale but wafer-thin margins, profit heading the wrong way, and a market that's signalling a flat listing. There's no rush to apply.

IPO Objects of the Issue

This is a 100% fresh issue of ₹25.85 crore, with no offer-for-sale, so all proceeds go to the company.

Contact Details

Sampark India Logistics Ltd. Pan-India network of ~50 branch offices across 18 states Promoters: Sanjay Kumar Rathi, Renu Rathi

IPO Registrar — Maashitla Securities Pvt. Ltd. 📞 +91-11-4512 1795 📧 ipo@maashitla.com 🌐 www.maashitla.com

Lead Manager: Finshore Management Services Ltd. · Market Maker: Rikhav Securities Ltd.

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This page is not investment advice. GMP is indicative only and unofficial. Please consult a SEBI-registered financial advisor before investing.