LEAP India LimitedLogistics & TransportationLEAPIND
Q1 FY27 concall · earnings callLEAP India Limited
LEAP India's maiden post-listing Q1 FY27 delivered 19% income growth with EBITDA margin at 53.5% on pooling demand and 48 new customer wins, while guiding to 20% plus annual growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total income | ₹213.4 Cr | +19% | |
| EBITDA | ₹114.1 Cr | +21% YoY | |
| EBITDA margin | 53.5% | approximately 108 basis points | |
| PAT | ₹24.7 Cr | +30% | |
| Cash PAT | ₹81.2 Cr | +23% YoY |
TL;DR
- Total income grew 19% to INR2,134 million with EBITDA of INR1,141 million at 53.5% margin and PAT of INR247 million.
- Closed Q1 with 14.9 million assets versus 13.65 million assets last year Q1, utilization improved from 88.6% to 89.2%, serving 1,000-plus customers across 10,500 touchpoints.
- Signed 48 new customers from 11 sectors versus normal 18 to 20 per quarter, giving additional 100,000 pallet opportunity.
- Movement Hire rose 8% to 766,000 pallets from 711,000; MHE added 174 new machines for INR35.3 crores revenue with 33% growth.
- Transportation cost fell from 11% to 10% and repair cost from 6% to 4.7%, while per pallet yield rose to INR1.54 from INR1.45.
Said on the call
“as supply chain becomes complex and more automated, a reliable and standardized pallet is no longer an optional thing. It actually becomes an integral part of the operating system.”
From the Q&A
| Topic | What management said |
|---|---|
| Asset growth versus revenue growth | Management said revenue growth exceeded asset growth due to churning and mix, with Movement Hire at 766,000 pallets versus 711,000 last year and MHE revenue of INR35.3 crores, up 33%. |
| Growth and margin outlook | Management guided to 20% plus YoY revenue growth, with EBITDA growth expected to be higher on a full-year basis, though quarterly margins will vary with mix between pallets, automotive and MHE. |
| Container slowdown and capex | Management said container pooling demand is intact but asset buying is slowed because crate cost rose to INR1,200, INR1,000 from INR650, and Q1 capex was INR76 crores versus INR110 crores last year. |
| GCC expansion | Management said GCC setup costs are largely incurred with licenses in place, but deployment is cautious due to conflict; three-year revenue potential seen at INR150 crores to INR200 crores. |
| Working capital and CHEP integration | Management said DSO reduced from 131 days to 119 days and targets 10 to 15 days reduction per quarter, with two warehouses of 250,000 sq ft planned for closure as part of CHEP integration. |
Guidance
- Target 20% plus YoY revenue growth on a full-year basis, with Middle East opportunity over and above India growth
- EBITDA margin expected to hover around 47% to 56%, with scope to add 100 to 200 bps over time
- Target net addition of 850,000 pallets in FY27 and Movement Hire of 3.7 million pallets for the year
- Middle East revenue estimated at INR150 crores to INR200 crores in three years
Source
Summary written from the transcript filed by LEAP India Limited for the call held on 1 Sept 2026; published 10 Sept 2026, 15:37 IST.
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