WEBSITE BSE:540404 NSE: PRIMEFRESH Inc. Year: 2007 Industry: Logistics My Bucket: Add Stock
Last updated: 11:18
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1. Business Overview
Prime Fresh Ltd. operates in the logistics sector in India. As a logistics company, its core business involves providing services that facilitate the movement, storage, and management of goods across the supply chain. This typically includes freight transportation (road, rail, air, sea), warehousing, distribution, and potentially value-added services like cold chain logistics, inventory management, customs clearance, and supply chain consulting. The company makes money by charging service fees for these various logistics operations to its clients, which can range from manufacturers and retailers to agricultural producers. Given "Fresh" in its name, it likely has a focus or specialization in handling perishable goods, which often requires temperature-controlled environments (cold chain logistics).
2. Key Segments / Revenue Mix
Specific revenue mix by segment is not publicly disclosed based on general public information. However, typical segments for a logistics company like Prime Fresh could include:
Freight Forwarding & Transportation (primary revenue source)
Warehousing & Storage (including temperature-controlled storage if specializing in 'fresh' goods)
Cold Chain Logistics (specialized services for perishable goods)
Value-Added Services (e.g., packaging, labelling, last-mile delivery, supply chain consulting)
Revenue would primarily be generated through service fees for these various offerings.
3. Industry & Positioning
The Indian logistics industry is large, complex, and undergoing significant transformation, driven by infrastructure development, e-commerce growth, and policy reforms like GST. It is a highly fragmented market with numerous unorganized players alongside a growing number of organized national and regional players. Prime Fresh likely positions itself as an organized player, potentially leveraging its experience or specialized infrastructure (especially if focused on cold chain logistics) to serve specific client needs. Within the broader logistics landscape, a focus on "fresh" implies a niche in temperature-controlled supply chains, a segment that is experiencing robust growth due to increasing demand for fresh produce, pharmaceuticals, and processed foods.
4. Competitive Advantage (Moat)
For a logistics company in India, potential competitive advantages can include:
Network & Scale: A widespread operational network and significant fleet size can offer cost efficiencies and broader reach.
Specialized Infrastructure: For Prime Fresh, a strong network of cold chain warehouses, refrigerated trucks, and specialized handling equipment could be a significant moat, particularly in a segment requiring precise temperature control and swift delivery.
Customer Relationships & Service: Long-term contracts and high-quality, reliable service, especially for time-sensitive or perishable goods, can lead to sticky client relationships.
Operational Efficiency: Leveraging technology and process optimization to offer competitive pricing.
Without specific details, any moat for Prime Fresh would likely stem from its potential specialization in cold chain logistics, which demands specific assets and expertise, creating higher barriers to entry for generalist logistics providers.
5. Growth Drivers
Key factors that can drive Prime Fresh Ltd.'s growth over the next 3-5 years include:
E-commerce Boom: Increasing online grocery and food delivery penetration, driving demand for efficient cold chain and last-mile logistics.
Rising Consumer Demand for Perishables: Growing disposable incomes and changing dietary habits are boosting demand for fresh produce, dairy, and processed foods, necessitating robust cold chain infrastructure.
Government Infrastructure Push: Ongoing investments in roads, dedicated freight corridors, and logistics parks improve efficiency and reduce transit times.
Formalization of Logistics Sector: GST implementation and policy support are shifting business from unorganized to organized players, benefiting established companies.
Agriculture & Food Processing Growth: Expansion in these sectors directly correlates with increased demand for cold storage and transportation solutions.
6. Risks
Intense Competition: The Indian logistics market is highly fragmented and competitive, leading to pricing pressures and margin erosion.
Fuel Price Volatility: Transportation costs are heavily influenced by diesel prices, which can impact profitability significantly.
Infrastructure Gaps: Despite improvements, inadequate infrastructure in certain regions can still lead to operational inefficiencies and delays.
Regulatory Changes: Shifting transport policies, taxation, or environmental regulations could impact operations and costs.
Economic Slowdown: A downturn in the broader economy can reduce manufacturing output and consumer spending, directly impacting demand for logistics services.
Technology Disruption: Rapid advancements in logistics technology (e.g., automation, AI, IoT) require continuous investment to remain competitive.
7. Management & Ownership
Prime Fresh Ltd. is an Indian company, likely promoter-led, which is common in India. In such structures, the vision and execution capabilities of the founding family or core management team are crucial. Ownership typically comprises the promoter group holding a significant stake, with the remaining shares held by the public, and potentially institutional investors. The quality of management is critical for navigating the competitive logistics landscape, making strategic investments in infrastructure or technology, and building strong client relationships.
8. Outlook
Prime Fresh Ltd. operates in a dynamic and growing sector. The Indian logistics market, particularly the cold chain segment, is poised for significant growth driven by favorable demographics, e-commerce penetration, and increasing demand for specialized transportation. The bull case hinges on the company's ability to effectively leverage this sectoral growth, expand its network, potentially deepen its specialization in cold chain logistics, and adopt technology to enhance efficiency and service quality. This could lead to increased market share and profitability. However, the bear case considers the fierce competition, susceptibility to fuel price fluctuations, and the capital-intensive nature of logistics. Operational challenges, the need for continuous investment in infrastructure and technology, and the fragmented market mean that sustained growth and superior margins will depend heavily on strategic execution, cost management, and the ability to differentiate its services in a crowded market.
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Market Cap ₹322 Cr.
Stock P/E 34.9
P/B 3.9
Current Price ₹231.8
Book Value ₹ 60
Face Value 10
52W High ₹324.5
Dividend Yield 0%
52W Low ₹ 145
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|
| Net Sales | 47 | 49 | 54 | 53 | 66 | 74 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 47 | 49 | 54 | 53 | 67 | 74 |
| Total Expenditure | 42 | 46 | 52 | 49 | 63 | 68 |
| Operating Profit | 5 | 4 | 3 | 4 | 4 | 6 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 4 | 3 | 4 | 4 | 6 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit After Tax | 3 | 3 | 2 | 3 | 3 | 5 |
| Adjustments | 0 | -0 | -0 | -0 | -0 | -0 |
| Profit After Adjustments | 3 | 3 | 2 | 3 | 3 | 5 |
| Adjusted Earnings Per Share | 2.5 | 2 | 1.3 | 2.1 | 2.2 | 3.3 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 36 | 44 | 50 | 66 | 77 | 99 | 149 | 207 | 247 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Income | 24 | 36 | 44 | 50 | 66 | 77 | 100 | 150 | 208 | 248 |
| Total Expenditure | 23 | 34 | 42 | 47 | 61 | 72 | 92 | 139 | 194 | 232 |
| Operating Profit | 1 | 2 | 2 | 3 | 4 | 5 | 7 | 10 | 13 | 17 |
| Interest | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 2 | 2 | 3 | 5 | 7 | 10 | 13 | 17 |
| Provision for Tax | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 | 4 | 4 |
| Profit After Tax | 0 | 1 | 1 | 2 | 2 | 3 | 5 | 7 | 9 | 13 |
| Adjustments | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 0 | 1 | 1 | 2 | 2 | 3 | 5 | 7 | 9 | 13 |
| Adjusted Earnings Per Share | 0.3 | 0.9 | 1.2 | 1.6 | 2 | 2.8 | 4 | 5.1 | 6.7 | 8.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 39% | 39% | 33% | 0% |
| Operating Profit CAGR | 30% | 38% | 34% | 0% |
| PAT CAGR | 29% | 44% | 35% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 50% | 4% | 27% | NA% |
| ROE Average | 14% | 16% | 17% | 15% |
| ROCE Average | 19% | 21% | 21% | 19% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 7 | 8 | 9 | 12 | 18 | 22 | 30 | 62 | 71 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Borrowings | 0 | 0 | 2 | 1 | 1 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Total Current Liabilities | 8 | 6 | 5 | 13 | 7 | 8 | 9 | 8 | 10 |
| Total Liabilities | 14 | 14 | 16 | 26 | 26 | 31 | 40 | 71 | 81 |
| Fixed Assets | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 8 | 1 |
| Total Current Assets | 13 | 13 | 15 | 25 | 26 | 29 | 38 | 62 | 79 |
| Total Assets | 14 | 14 | 16 | 26 | 26 | 31 | 40 | 71 | 81 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 7 | 1 | 1 | 0 | 1 | 1 | 3 | 5 |
| Cash Flow from Operating Activities | 4 | -7 | 2 | -3 | -2 | -0 | -1 | -11 | -11 |
| Cash Flow from Investing Activities | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -7 | 7 |
| Cash Flow from Financing Activities | 2 | 0 | -1 | 3 | 2 | 1 | 3 | 20 | 4 |
| Net Cash Inflow / Outflow | 7 | -7 | 0 | -0 | 0 | 0 | 2 | 2 | -0 |
| Closing Cash & Cash Equivalent | 7 | 1 | 1 | 0 | 1 | 1 | 3 | 5 | 5 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.31 | 0.94 | 1.21 | 1.58 | 2.01 | 2.8 | 4.05 | 5.11 | 6.69 |
| CEPS(Rs) | 0.5 | 1.1 | 1.34 | 1.69 | 2.09 | 2.9 | 4.19 | 5.28 | 6.9 |
| DPS(Rs) | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 |
| Book NAV/Share(Rs) | 6.22 | 7.16 | 8.37 | 9.95 | 15.28 | 18.08 | 24.26 | 45.49 | 51.67 |
| Core EBITDA Margin(%) | 3.96 | 4.8 | 5.02 | 5.81 | 6.41 | 6.32 | 7.15 | 6.52 | 5.99 |
| EBIT Margin(%) | 3.23 | 4.37 | 4.73 | 5.62 | 6.3 | 6.5 | 7.38 | 6.67 | 6.35 |
| Pre Tax Margin(%) | 1.98 | 3.84 | 3.95 | 4.46 | 5.09 | 5.91 | 7.08 | 6.4 | 6.2 |
| PAT Margin (%) | 1.35 | 2.74 | 2.88 | 3.33 | 3.63 | 4.33 | 5.16 | 4.72 | 4.46 |
| Cash Profit Margin (%) | 2.18 | 3.19 | 3.18 | 3.54 | 3.77 | 4.44 | 5.28 | 4.83 | 4.55 |
| ROA(%) | 2.25 | 7 | 8.59 | 8.02 | 9.14 | 11.75 | 14.49 | 12.69 | 12.12 |
| ROE(%) | 4.95 | 14.12 | 15.62 | 17.33 | 16.72 | 16.94 | 19.8 | 15.24 | 13.9 |
| ROCE(%) | 8.77 | 16.48 | 19.42 | 20.33 | 21.43 | 20.61 | 23.79 | 20.46 | 19.17 |
| Receivable days | 36.34 | 44.84 | 67.82 | 94.38 | 100.97 | 94.27 | 84.08 | 88.72 | 89.32 |
| Inventory Days | 25.96 | 21.63 | 18.67 | 24.63 | 17.58 | 10.97 | 13.27 | 12.63 | 13.33 |
| Payable days | 15.22 | 24.4 | 36.45 | 59.27 | 37.46 | 12.88 | 15.22 | 15.59 | 9.18 |
| PER(x) | 65.53 | 62.3 | 31.61 | 23.17 | 24.82 | 27.48 | 51.83 | 47.85 | 17.95 |
| Price/Book(x) | 3.24 | 8.22 | 4.58 | 3.68 | 3.27 | 4.26 | 8.65 | 5.37 | 2.32 |
| Dividend Yield(%) | 0.33 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0 |
| EV/Net Sales(x) | 0.68 | 1.77 | 0.95 | 0.85 | 0.95 | 1.22 | 2.66 | 2.2 | 0.79 |
| EV/Core EBITDA(x) | 16.65 | 36.76 | 18.84 | 14.54 | 14.78 | 18.43 | 35.52 | 32.54 | 12.26 |
| Net Sales Growth(%) | 0 | 51.31 | 22.24 | 13.18 | 31.25 | 17.72 | 28.68 | 50.19 | 38.57 |
| EBIT Growth(%) | 0 | 104.43 | 32.5 | 34.34 | 47.32 | 21.47 | 46.08 | 35.58 | 31.98 |
| PAT Growth(%) | 0 | 206.83 | 28.44 | 30.93 | 43.23 | 40.26 | 53.35 | 37.4 | 30.8 |
| EPS Growth(%) | 0 | 206.82 | 28.43 | 30.27 | 27.5 | 39.13 | 44.5 | 26.12 | 30.89 |
| Debt/Equity(x) | 0.35 | 0.38 | 0.27 | 0.42 | 0.23 | 0.2 | 0.16 | 0 | 0.06 |
| Current Ratio(x) | 1.68 | 2.01 | 2.74 | 1.94 | 3.7 | 3.9 | 4.07 | 7.37 | 7.9 |
| Quick Ratio(x) | 1.47 | 1.61 | 2.38 | 1.56 | 3.49 | 3.48 | 3.63 | 6.63 | 7.01 |
| Interest Cover(x) | 2.58 | 8.26 | 6.04 | 4.85 | 5.18 | 11.01 | 23.92 | 24.93 | 41.86 |
| Total Debt/Mcap(x) | 0.11 | 0.05 | 0.06 | 0.11 | 0.07 | 0.05 | 0.02 | 0 | 0.03 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 59.05 | 57.57 | 57.57 | 52.87 | 50.82 | 49.89 | 49.89 | 49.94 | 49.94 | 50.75 |
| FII | 0 | 0 | 0 | 0.01 | 0.12 | 0.05 | 0.05 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.51 | 0.82 | 0.92 | 0.9 |
| Public | 40.95 | 42.43 | 42.43 | 47.13 | 49.06 | 50.06 | 49.55 | 49.24 | 49.15 | 48.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.72 | 0.72 | 0.72 | 0.72 | 0.69 | 0.68 | 0.68 | 0.68 | 0.68 | 0.7 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.5 | 0.53 | 0.53 | 0.64 | 0.67 | 0.68 | 0.68 | 0.67 | 0.67 | 0.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.22 | 1.25 | 1.25 | 1.36 | 1.36 | 1.36 | 1.36 | 1.37 | 1.37 | 1.39 |
* The pros and cons are machine generated.
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