- CIN
- U63090HR2011PLC044318
- ISIN
- —
- Incorporated
- 30 Mar 2011
- Registered state
- Haryana
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Zephyr Logistics Network Limited runs an asset-light express freight and contract logistics network with owned sorting hubs, covering 18,400 pin codes with 22 automated sortation centres, moving about 1.1 million shipments a day. Owning the sortation layer while leasing the line-haul fleet keeps the return on capital respectable for a logistics business, but it also means cost per shipment falls only with volume density. The company is currently in the pre-IPO stage, with a listing under active consideration, and shares change hands only through negotiated off-market transfers.
Key highlights
- Cost per shipment down 6% year on year
- E-commerce share of revenue at 44%
- Contract logistics is the faster-growing segment
- Fleet leased, not owned — capex confined to hubs and automation
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹4,820.00 Cr
- EBITDA
- ₹486.00 Cr
- PAT
- ₹212.00 Cr
- Net worth
- ₹1,840.00 Cr
- Total debt
- ₹960.00 Cr
- Cash & equivalents
- ₹320.00 Cr
- Operating cash flow
- ₹386.00 Cr
- EPS
- ₹5.15
Management & board
- AMSince 2013
Arjun Malhotra
Managing Director & CEO
Has led Zephyr Logistics since 2013 and previously held senior operating roles in the same sector.
- AMSince 2011
Arjun Menon
Chief Financial Officer
- KSSince 2016
Kavita Sinha
Executive Director — Operations
- SDSince 2018
Shalini Deshpande
Company Secretary & Compliance Officer
- HBSince 2014
Harsh Banerjee
Independent Director
- MSSince 2019
Meera Sinha
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹4,820 Cr | ₹4,140 Cr | ₹3,560 Cr | +16.4% |
| EBITDA | ₹486 Cr | ₹398 Cr | ₹318 Cr | +22.1% |
| Profit after tax | ₹212 Cr | ₹162 Cr | ₹118 Cr | +30.9% |
| Earnings per share | ₹5.15 | ₹3.93 | ₹2.86 | — |
| Balance sheet | ||||
| Net worth | ₹1,840 Cr | ₹1,620 Cr | ₹1,440 Cr | +13.6% |
| Total debt | ₹960 Cr | ₹1,020 Cr | ₹1,080 Cr | — |
| Cash & equivalents | ₹320 Cr | ₹268 Cr | ₹214 Cr | — |
| Total assets | ₹3,980 Cr | ₹3,720 Cr | ₹3,480 Cr | — |
| Book value per share | ₹44.66 | ₹39.32 | ₹34.95 | — |
| Cash flow | ||||
| Operating cash flow | ₹386 Cr | ₹314 Cr | ₹262 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 17 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹23,814 Cr
- Enterprise value
- ₹24,454 Cr
- Indicative price
- ₹578
- Shares outstanding
- 41,20,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 112.3x
- P/B
- 12.9x
- EV / EBITDA
- 50.3x
- EPS
- ₹5.15
- Book value / share
- ₹44.66
- Debt / equity
- 0.5x
On FY2026 PAT
Returns & margins
- ROE
- 11.5%
- ROCE (EBITDA basis)
- 17.4%
- EBITDA margin
- 10.1%
- PAT margin
- 4.4%
- Revenue growth
- 16.4%
- Cash / market cap
- 1.3%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹578 | +1.57% | Dealer desk average, 4 quotes |
| 20 Aug 2026 | ₹569 | +1.89% | Dealer desk average |
| 20 Jul 2026 | ₹558 | +3.22% | Dealer desk average |
| 20 Jun 2026 | ₹541 | +2.97% | Dealer desk average |
| 20 May 2026 | ₹525 | +0.71% | Dealer desk average |
| 20 Apr 2026 | ₹522 | +1.17% | Dealer desk average |
| 20 Mar 2026 | ₹516 | +3.97% | Dealer desk average |
| 20 Feb 2026 | ₹496 | +0.07% | Dealer desk average |
| 20 Jan 2026 | ₹496 | +4.19% | Dealer desk average |
| 20 Dec 2025 | ₹476 | -0.00% | Dealer desk average |
| 20 Nov 2025 | ₹476 | +5.04% | Dealer desk average |
| 20 Oct 2025 | ₹453 | -1.48% | Dealer desk average |
| 20 Sep 2025 | ₹460 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Bonus27 Nov 2026
Bonus issue in the ratio 1:2
Board approved a bonus issue; record date notified to shareholders on file.
Company filing / RoC
- Board24 Sep 2025
Appointment of an independent director
Board strengthened with an additional independent director following a nomination-committee review.
Company filing / RoC
- Dividend8 Jan 2024
Final dividend declared
Dividend recommended by the board, subject to shareholder approval at the AGM.
Company filing / RoC
IPO / listing status
- Current stage
- Pre-IPO
- DRHP filed
- —
- RHP filed
- —
- Expected window
- Not announced — under evaluation
- Registrar
- —
- Book-running managers
- —
Listing timelines are indicative and subject to regulatory approval and market conditions. A filing is not a guarantee of listing.
Lock-in applies after listing
Shares acquired before a public issue are typically subject to a statutory lock-in of six months from the date of listing. Confirm the applicable period before transacting.
Read the lock-in explainerResearch
Information currently unavailable
No research has been published on Zephyr Logistics yet. Sector notes that mention it will appear here when they are.
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Customer concentration
HighTwo e-commerce platforms drive a large share of volume.
Price competition
HighExpress freight pricing is contested every renewal cycle.
Fuel and driver cost
MediumLine-haul cost inflation is passed through with a lag.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.