GLOTTIS

Glottis financials

Chennai-based multimodal freight-forwarding and logistics company offering ocean, air and inland freight along with customs brokerage, warehousing and 3PL services.

Market cap: ₹601 Cr
Sector: Services
Calls analysed: 4

Latest concall · Q1 FY27 · call held 11 Aug 2026

Glottis Limited Q1 FY27

Revenue from Operations 2,345 million +40%EBITDA 163 million −4%EBITDA Margin 6.9% PAT 107 million

What went well

Revenue from operations increased by 39.5% year-on-year to ₹2,345 million.
Profit after tax (PAT) was ₹107 million, achieving a margin of 4.6%.
Sea export revenue grew by 83.5% year-on-year, with its contribution increasing to 19.9% from 15.1% in Q1 FY26.

What to watch

EBITDA margin declined to 6.9% in Q1 FY27 from approximately 10.04% in Q1 FY26, impacted by increased operating costs and competitive pricing.
Container throughput decreased to 21,841 TEUs in Q1 FY27 from 26,278 TEUs in Q1 FY26 and 31,402 TEUs in Q4 FY26.

Read the full call →

What Glottis Limited does

Glottis Limited is an integrated logistics and freight-forwarding company that moves B2B cargo end-to-end from a shipper's overseas factory to the customer's project site. It provides full container load (FCL) and less-than-container load (LCL) ocean freight, air freight import/export handling, and inland road transportation (standard, specialised, last-mile, urban and rural delivery), alongside customs brokerage and supply-chain consulting. It also offers ancillary services such as general warehousing, cross-docking, 3PL and custom broking, serving customers across sectors including renewable energy, engineering products, granite & minerals, chemicals, agro products and automobiles.

Segments

Ocean Freight
Air Freight
Inland Transportation

Branch offices in India: 9
Overseas agent network: 249
Custom house agents: 51
Container freight stations: 18
Countries served: 114
Shipping lines and agencies: 156

Headquarters Chennai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 2 delivered 3 missed 6 open

Sales Team Expansion delivered said Q2 FY26 Promised: Team will start coming in maybe from end of Q3 FY26 or early Q4 FY26 in Gujarat, Maharashtra and New Delhi. Q1 FY27: Promise remains achieved. Management announced new expansion plans for other regions (Hyderabad, Kolkata), separate from this original promise.
Trade Receivables missed said Q2 FY26 Promised: It will definitely come down in Q4, sir. Q1 FY27: The topic of trade receivables was not addressed in the Q1 FY27 call, after the promise to reduce them in Q4 FY26 was missed.
Asset Purchases (Trailers & Containers) delayed said Q2 FY26 Promised: Both will get completed within Q4 of FY 2026. INR 130 odd crores in capex. Q1 FY27: Capex plan re-instated with a new deadline. Management now commits to deploying the full INR 132 crore by March FY27. Progress made in Q1 with the addition of 42 trailers.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.9%, net profit down 8.3% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	287	198	307	168	215 −25%	144 −27%	196 −36%	235 +40%
Expenses	258	179	291	151	197	140	185	218
EBITDA	29	19	16	17	18 −38%	4 −79%	11 −31%	16 −6%
Margin	10%	10%	5%	10%	8%	3%	5%	7%
Other income	0	1	1	0	0	1	5	2
Interest	0	1	1	0	1	1	1	2
Depreciation	0	1	1	1	1	1	1	2
Profit before tax	28	18	15	16	17 −39%	4 −78%	14 −7%	15 −6%
Tax rate	27%	25%	27%	26%	27%	30%	22%	27%
Net profit	21	13	11	12	12 −43%	3 −77%	11 +0%	11 −8%
EPS	2.57	1.68	1.42	1.49	1.54	0.29	1.16	1.16

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −29.5% 1Y

1Y: ₹83.7 on 7 Oct 2025 → ₹59.04. High ₹83.71 (8 Oct 2025), low ₹38.14 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −1.1%; 11 Aug
Q4 FY26: −4.7%; 26 May
Q3 FY26: −0.8%; 19 Feb
Q2 FY26: −4.2%; 17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 23.2% a year over 1 year, FY25 to FY26. Operating margin narrowed to 6.9%.

Year ending	FY25	FY26
Revenue	₹941 Cr	₹723 Cr
Operating profit	₹78 Cr	₹50 Cr
Operating margin	8.3%	6.9%
Interest	₹2 Cr	₹3 Cr
Depreciation	₹2 Cr	₹4 Cr
Net profit	₹56 Cr	₹38 Cr
Net margin	6.0%	5.3%
Cash from operations	₹1 Cr	₹-69 Cr
Free cash flow	₹-6 Cr	₹-89 Cr
ROCE	90.0%	24.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	₹16 Cr	₹18 Cr
Reserves	₹0 Cr	₹1 Cr	₹9 Cr	₹41 Cr	₹181 Cr	₹262 Cr
Borrowings	₹0 Cr	₹0 Cr	₹32 Cr	₹8 Cr	₹50 Cr	₹53 Cr
Other liabilities	₹0 Cr	₹0 Cr	₹30 Cr	₹31 Cr	₹44 Cr	₹33 Cr
Total liabilities	₹0 Cr	₹1 Cr	₹72 Cr	₹82 Cr	₹291 Cr	₹367 Cr
Fixed assets	₹0 Cr	₹0 Cr	₹2 Cr	₹3 Cr	₹16 Cr	₹24 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹4 Cr	₹0 Cr	₹11 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Other assets	₹0 Cr	₹1 Cr	₹70 Cr	₹75 Cr	₹275 Cr	₹333 Cr
Total assets	₹0 Cr	₹1 Cr	₹72 Cr	₹82 Cr	₹291 Cr	₹367 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Dec 2025, the public added +1.94 pp while FIIs trimmed −1.65 pp. The shareholder count shrank 17% to 65,826.

Promoters: 74.2%
FIIs: 0.8%
DIIs: 0.8%
Public: 24.1%

Since Dec 2025

Public +1.94 pp
FIIs −1.65 pp
DIIs −0.29 pp

How it drifted, 3 quarters

Over this window the public went from 22.1% to 24.1% — +1.9 pp.

Dec '25Mar '26Jun '26

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Glottis Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Ramkumar S	36.68%	unchanged
K Manikandan	36.68%	unchanged
M Anupama	0.43%	unchanged
Parkavi Sekar	0.43%	unchanged
Arun Kumar	0.00%	unchanged
Meenakshi	0.00%	unchanged
Manjuladevi	0.00%	unchanged
Satheedevi	0.00%	unchanged
Tanvi M Nair	0.00%	unchanged
Tushar M	0.00%	unchanged
Kumari J	0.00%	unchanged
S Seetha	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹59, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~-39%. At that growth it is worth ₹5 — downside of 92%.

Growth the price implies: 9.1% a year; for 7 years, fading to 4%
It has actually compounded at: -39.3% a year; net profit, FY25–FY26
The gap: 0.5 pp; -92% downside if it only repeats history

Price today ₹59.04 Value at the reference growth ₹4.64

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Glottis Limited

Guides on how to read this kind of business and the numbers that matter.