Logistics · Founded 2012 · www.cargotrans.in · BSE 543618 · · ISIN INE0M4L01013
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Business
Cargotrans Maritime Ltd. is an Indian logistics company primarily engaged in providing comprehensive freight forwarding and supply chain solutions. The company's core business revolves around orchestrating the movement of goods globally and domestically. This includes sea freight (FCL and LCL), air freight, land transportation, customs clearance, project cargo handling, and warehousing services. The company makes money by charging fees for these services, which involve coordinating with shipping lines, airlines, truckers, and customs authorities, adding value through expertise, network, and integrated solutions.
Revenue Mix
While specific revenue contribution percentages are not publicly available without deeper financial reports, Cargotrans Maritime's business typically comprises several key service segments:
Freight Forwarding: The largest segment, encompassing ocean freight (Full Container Load - FCL, Less than Container Load - LCL) and air freight services for international cargo movement.
Customs Brokerage: Facilitating customs clearance processes for import and export shipments.
Inland Transportation: Arranging last-mile delivery and first-mile pickup through road and rail networks.
Warehousing & Distribution: Offering storage solutions and distribution services.
Project Cargo: Handling oversized, heavy-lift, or complex shipments requiring specialized logistics.
Industry
The Indian logistics industry is highly fragmented but undergoing consolidation and modernization. It is characterized by the presence of large global players, national integrators, and numerous smaller regional or specialized firms. Cargotrans Maritime operates in this competitive landscape, likely positioning itself as a reliable mid-sized player with a focus on specific trade lanes, customer segments, or specialized services, leveraging local expertise and customer relationships. It competes with both larger, integrated logistics providers and smaller, niche freight forwarders. The industry is heavily influenced by global trade volumes, economic growth, and technological advancements in supply chain management.
MOAT
Cargotrans Maritime's competitive advantages are likely derived from:
Network & Relationships: Strong relationships with shipping lines, airlines, port authorities, and a network of agents, enabling efficient service delivery and competitive pricing.
Customer Service & Expertise: Specialized knowledge in customs procedures, trade regulations, and complex logistics challenges can create switching costs for clients who value reliable and tailored solutions.
Local Market Understanding: Deep understanding of the Indian market, regulatory environment, and regional nuances, which can be difficult for global players to replicate without significant investment.
Agility: As a mid-sized player, it may possess greater agility and responsiveness to customer needs compared to larger, more bureaucratic organizations.
Growth Drivers
India's Economic Growth & Trade Expansion: Continued growth in India's economy, coupled with increasing international trade volumes (imports and exports), will drive demand for logistics services.
Infrastructure Development: Government investments in improving ports, airports, roads, and rail networks (e.g., Sagarmala, Bharatmala projects) will enhance logistics efficiency and capacity.
Manufacturing and E-commerce Boom: Expansion of manufacturing activities and the rapidly growing e-commerce sector in India require robust and efficient supply chain and last-mile delivery solutions.
Digitization of Logistics: Adoption of technology for tracking, warehouse management, and supply chain optimization can improve operational efficiency and attract new clients.
Diversification & Expansion: Expanding into new geographies, service offerings (e.g., cold chain, specialized warehousing), or higher-value-added services.
Risks
Global Economic Slowdown: A downturn in global trade or India's economy could significantly reduce demand for freight forwarding services.
Volatile Freight Rates & Fuel Prices: Fluctuations in ocean and air freight rates, as well as fuel costs, directly impact profitability, which can be challenging to pass on to customers.
Intense Competition: The fragmented nature of the logistics industry leads to intense price competition from both large global players and numerous local operators.
Geopolitical Risks & Trade Wars: International conflicts, protectionist trade policies, or new tariffs can disrupt supply chains and reduce trade volumes.
Regulatory Changes: Changes in customs regulations, trade policies, or environmental norms can increase operational costs and complexity.
Dependency on Third-Party Carriers: Reliance on shipping lines, airlines, and trucking companies means the company is susceptible to their service disruptions, capacity issues, or price changes.
Management & Ownership
Cargotrans Maritime Ltd. is likely a promoter-led company, common in the Indian business landscape. The quality of management is crucial in the logistics sector, relying on extensive industry experience, strong relationships, and operational efficiency. Promoter ownership typically ensures alignment of interests with long-term company growth, but also implies potential concentration of decision-making. The management team's ability to navigate complex global supply chains, manage relationships with various stakeholders, and adapt to technological changes will be key to the company's sustained success. Specific details on individual management members or precise ownership percentages are not provided in the prompt.
Outlook
Cargotrans Maritime operates in a sector with structural tailwinds from India's economic growth and increasing global trade. The continuous need for efficient supply chain management provides a strong demand base. However, the business is highly competitive, sensitive to global economic cycles, and vulnerable to volatile freight and fuel costs. The company's ability to leverage its network, operational efficiencies, and customer relationships, potentially by specializing or integrating technology, will be critical. The outlook depends on its agility to adapt to market dynamics, expand its service offerings, and navigate intense competition while managing operational costs effectively.
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| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 49 | 90 | 74 | 68 | 87 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | |
| Total Income | 21 | 49 | 90 | 74 | 68 | 88 | |
| Total Expenditure | 20 | 47 | 86 | 71 | 65 | 82 | |
| Operating Profit | 1 | 2 | 4 | 4 | 3 | 6 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | |
| Depreciation | 0 | 1 | 1 | 0 | 0 | 1 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 2 | 3 | 3 | 3 | 4 | |
| Provision for Tax | 0 | 0 | 1 | 1 | 1 | 1 | |
| Profit After Tax | 0 | 1 | 2 | 2 | 2 | 3 | |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 1 | 2 | 2 | 2 | 3 | |
| Adjusted Earnings Per Share | 0.9 | 3.8 | 7.1 | 5.7 | 5.1 | 7.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 28% | -1% | 33% | 0% |
| Operating Profit CAGR | 100% | 14% | 43% | 0% |
| PAT CAGR | 50% | 14% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 10% | -5% | NA% | NA% |
| ROE Average | 18% | 20% | 32% | 30% |
| ROCE Average | 24% | 25% | 32% | 29% |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 3 | 6 | 13 | 15 | 23 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 3 | 2 | 0 | 2 | 2 |
| Other Non-Current Liabilities | 0 | 0 | -0 | -0 | -0 | 0 |
| Total Current Liabilities | 2 | 5 | 4 | 6 | 7 | 8 |
| Total Liabilities | 6 | 11 | 12 | 19 | 24 | 34 |
| Fixed Assets | 1 | 1 | 1 | 1 | 8 | 15 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 2 | 4 |
| Total Current Assets | 5 | 9 | 10 | 18 | 14 | 14 |
| Total Assets | 6 | 11 | 12 | 19 | 24 | 34 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 1 | 3 |
| Cash Flow from Operating Activities | -1 | 1 | 0 | -3 | 9 | 2 |
| Cash Flow from Investing Activities | -1 | -1 | 0 | -0 | -9 | -10 |
| Cash Flow from Financing Activities | 2 | 1 | 0 | 3 | 2 | 5 |
| Net Cash Inflow / Outflow | -0 | 1 | 0 | 0 | 2 | -3 |
| Closing Cash & Cash Equivalent | 0 | 1 | 0 | 1 | 3 | 1 |
| # | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.92 | 3.83 | 7.06 | 5.74 | 5.11 | 7.33 |
| CEPS(Rs) | 1.66 | 5.55 | 9.69 | 6.78 | 5.91 | 9.35 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0.5 |
| Book NAV/Share(Rs) | 6.03 | 9.87 | 18.38 | 31.14 | 36.22 | 48.76 |
| Core EBITDA Margin(%) | 4.27 | 4.9 | 4.34 | 4.61 | 4.4 | 6.24 |
| EBIT Margin(%) | 3.22 | 3.87 | 3.73 | 4.24 | 4.5 | 5.74 |
| Pre Tax Margin(%) | 1.85 | 3.15 | 3.44 | 4.19 | 4.16 | 5.05 |
| PAT Margin (%) | 1.34 | 2.33 | 2.6 | 3.16 | 3.08 | 3.92 |
| Cash Profit Margin (%) | 2.42 | 3.37 | 3.25 | 3.73 | 3.56 | 5 |
| ROA(%) | 4.66 | 13.86 | 20.94 | 15.32 | 9.62 | 11.79 |
| ROE(%) | 15.23 | 48.22 | 54.91 | 25.72 | 15.17 | 18.24 |
| ROCE(%) | 15.29 | 35.94 | 47.31 | 30.41 | 20.25 | 23.64 |
| Receivable days | 56.88 | 35.07 | 26.61 | 36.18 | 43.43 | 39.18 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 12.54 | 9.98 | 9.32 |
| Price/Book(x) | 0 | 0 | 0 | 2.31 | 1.41 | 1.4 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0.73 |
| EV/Net Sales(x) | 0.14 | 0.06 | 0.02 | 0.38 | 0.29 | 0.39 |
| EV/Core EBITDA(x) | 3.21 | 1.29 | 0.42 | 7.9 | 5.85 | 5.68 |
| Net Sales Growth(%) | 0 | 140.08 | 81.23 | -17.08 | -8.85 | 29.24 |
| EBIT Growth(%) | 0 | 188.45 | 74.63 | -5.62 | -3.22 | 64.75 |
| PAT Growth(%) | 0 | 317.31 | 102.33 | 0.7 | -11.04 | 64.46 |
| EPS Growth(%) | 0 | 317.31 | 84.08 | -18.61 | -11.04 | 43.37 |
| Debt/Equity(x) | 1.39 | 1.13 | 0.42 | 0.02 | 0.16 | 0.11 |
| Current Ratio(x) | 2.16 | 1.79 | 2.67 | 2.87 | 2.01 | 1.72 |
| Quick Ratio(x) | 2.16 | 1.79 | 2.67 | 2.87 | 2.01 | 1.72 |
| Interest Cover(x) | 2.35 | 5.37 | 13.25 | 92.87 | 13.25 | 8.39 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.01 | 0.12 | 0.08 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 73.53 | 73.53 | 73.53 | 73.53 | 67.95 | 67.95 | 67.95 | 53.7 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.47 | 26.47 | 26.47 | 26.47 | 32.05 | 32.05 | 32.05 | 46.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.32 | 0.32 | 0.32 | 0.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.15 | 0.15 | 0.15 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.41 | 0.47 | 0.47 | 0.47 | 0.59 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +28% | -1% | +33% | — |
| Operating Profit CAGR | +100% | +14% | +43% | — |
| PAT CAGR | +50% | +14% | — | — |
| Share Price CAGR | +10% | -5% | — | — |
| ROE Average | +18% | +20% | +32% | +30% |
| ROCE Average | +24% | +25% | +32% | +29% |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 73.53 | 73.53 | 73.53 | 73.53 | 67.95 | 67.95 | 67.95 | 53.7 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.47 | 26.47 | 26.47 | 26.47 | 32.05 | 32.05 | 32.05 | 46.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.32 | 0.32 | 0.32 | 0.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.15 | 0.15 | 0.15 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.41 | 0.47 | 0.47 | 0.47 | 0.59 |
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