LEAP India Ltd. IPO

Incorporated in 2013, LEAP India Ltd specializes in sustainable supply chain and asset-pooling solutions. It offers services including equipment pooling, returnable packaging, inventory management, transportation, and repair & maintenance across industries like e-commerce, FMCG, automotive, and consumer durables. Global investment firm KKR acquired a majority stake in LEAP India in 2023, aligning with its Asia infrastructure strategy

Offerings:

  • Pallets: Durable, recyclable wooden pallets with up to 5-ton load capacity for efficient storage, handling, and transportation.
  • Containers: Reusable, foldable, and stackable containers designed for safe storage, material handling, and supply chain operations.
  • Material Handling Equipment (MHE): Industrial equipment, including forklifts, for efficient lifting, moving, loading, and stacking of materials.
  • Articulated Forklifts: Compact forklifts designed for narrow aisles, improving warehouse space utilization and pallet handling.
  • VNA (Very Narrow Aisle) Forklifts: Specialized forklifts for high-density warehouses, enabling efficient operations in ultra-narrow aisles and high-rack storage.

The company serve a diverse customer base spanning sectors such as fastmoving consumer goods (“FMCG”), food and beverage (“F&B”), third-party logistics (“3PL”), e-commerce and quick commerce, automotive, industrials and others. The company incorporated ESG considerations into the business by focusing on responsible sourcing and product design that supports sustainability.

The company established partnerships with more than 1,000 customers as of March 31, 2026, including with blue-chip companies across various industries. The customer list includes reputed companies such as Hindustan Coca-Cola Beverages Private Limited, Marico Limited, Toll (India) Logistics Private Limited, Daikin Airconditioning India Private Limited, Panasonic Life Solutions India Private Limited, among others.

As of March 31, 2026, the company had 419 permanent employees and 2,062 MHE operators.

Competitve Strengths:

  • Industry with multi-decadal and rapid growth story
  • Largest on-demand supply chain asset pooling company, in an industry with high barriers to entry
  • Trusted supply chain partner equipped to meet evolving customer needs with a focus on quality and sustainability
  • Highly resilient business model with a blue-chip customer base across high growth sectors

Company Financials (Restated Consolidated)

LEAP India Ltd.’s revenue increased by 54% and profit after tax (PAT) rose by 66% between the financial year ending with March 31, 2026 and March 31, 2025.

Period Ended31 Mar 202631 Mar 202531 Mar 2024
Assets2,401.052,042.461,400.28
Total Income747.36485.03371.94
Profit After Tax62.3437.5637.17
EBITDA378.83273.80209.92
NET Worth1,006.33917.35714.18
Reserves and Surplus678.78606.09521.84
Total Borrowing1,017.73801.66513.07
Amount in ₹ Crore

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

#Issue ObjectsEst Amt (₹ Cr.)
1Repayment / prepayment, in full or in part, of certain borrowings availed by the Company360.00
2General Corporate Purposes 
 Total360.00

Key Performance Indicator (KPI)

KPIMar 31, 2026
ROE6.48%
ROCE19.06%
Debt/Equity1.01
RoNW6.19%
PAT Margin8.34%
EBITDA Margin50.69%
NAV24.52
Price to Book Value6.48

IPO Valuation

Valuation MetricPre IPOPost IPO
EPS (₹)1.521.42
P/E (x)104.61111.97

LEAP IPO Details

IPO Date7 to 11 Aug, 2026
Listing DateFri, Aug 14, 2026T
Face Value₹1 per share
Price Band₹151 to ₹159
Lot Size94 Shares
Sale TypeFresh capital cum OFS
Issue TypeBookbuilding IPO
Listing AtBSE, NSE
Total Issue Size15,59,74,841 shares
(agg. up to ₹2,480 Cr)
Fresh Issue3,01,88,679 shares
(agg. up to ₹480 Cr)
Offer for Sale12,57,86,162 shares of ₹1
(agg. up to ₹2,000 Cr)
Share Holding Pre Issue41,03,47,780 shares
Share Holding Post Issue44,05,36,459 shares

LEAP IPO Promoter Holding

The promoters of the company are Sunu Mathew and Vertical Holdings II Pte.Ltd.

Share Holding Pre Issue90.04%
Share Holding Post Issue55.43%

SHARIAH SCREENING for - LEAP India Ltd. IPO

BUSINESS SCREEN

FINANCIAL RATIOS

As per our analysis and Based on the information we have, this is the output.
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