What the company does
LEAP owns and pools reusable supply-chain assets such as wooden and plastic pallets, foldable large containers, crates, bins and material-handling equipment. Customers rent these assets instead of purchasing and managing them directly.
The company also provides repair, sanitation, inventory management and reverse-logistics services. Its economics depend on keeping assets deployed, extending their useful life and efficiently moving them between customer locations and fulfilment centres.
The final RHP describes a network business whose value depends on asset density, retrieval discipline and repeat customer routes. Scale improves pooling economics only when utilisation and asset recovery keep pace with fleet additions.
At March 2026 the network comprised 14.70 million revenue-generating assets, 10,100 customer touchpoints and 29 fulfilment centres serving more than 1,000 customers. The asset base rose from 7.92 million in FY24, partly reflecting the CHEP India acquisition.
FY26 rolling utilisation was 89.34% for pallets, 71.68% for standard containers and 79.79% for material-handling equipment. This spread matters because fleet growth only creates value when deployment, pricing and useful life compensate for procurement, repair and financing costs.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹364.97 Cr | ₹209.92 Cr | ₹37.17 Cr | ₹714.18 Cr | ₹513.07 Cr | ₹1,400.28 Cr |
| FY25 | ₹466.47 Cr | ₹273.8 Cr | ₹37.56 Cr | ₹917.35 Cr | ₹801.66 Cr | ₹2,042.46 Cr |
| FY26 | ₹729.53 Cr | ₹361.01 Cr | ₹62.34 Cr | ₹1,006.33 Cr | ₹1,017.73 Cr | ₹2,401.05 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY26 revenue growth
56.4%
Revenue from operations rose to ₹729.53 crore from ₹466.47 crore.
FY26 EBITDA margin
49.5%
Derived consistently from PBT, finance cost, depreciation and other income; depreciation alone was ₹204.33 crore.
FY26 operating cash flow
₹268.27 Cr
Positive, but below ₹390.24 crore spent on property, plant and equipment.
FY26 pooled assets
14.70 million
Up from 13.30 million in FY25 and 7.92 million in FY24 across pallets, containers and MHE.
FY26 pallet utilisation
89.34%
Container utilisation was 71.68% and MHE utilisation 79.79% on the RHP's rolling 12-month definitions.
FY26 receivables/revenue
36.0%
Trade receivables were ₹262.32 crore, down from 42.7% of revenue in FY25 but still material to cash conversion.
FY26 borrowings/equity
1.01×
Borrowings reached ₹1,017.73 crore before the planned ₹360 crore repayment.
PPE / total assets
61.7%
Property, plant and equipment was ₹1,480.74 crore of ₹2,401.05 crore total assets at March 2026, making asset-life assumptions central to reported returns.
FY26 lease liabilities
₹133.57 Cr
Lease liabilities sat alongside ₹1,017.73 crore of borrowings; right-of-use assets were ₹132.20 crore.
Pooling-asset residual values
15%–25%
The RHP uses 25% for pallets and utility boxes and 15%–25% for foldable large containers and crates; useful lives and residual values are reviewed annually.
Listing-day close vs issue
-8.8%
NSE recorded a ₹165.90 open and ₹144.93 close on 14 August versus the ₹159 issue price.
Upper-band FY26 P/E
106.0×
RHP multiple using the ₹159 cap price and FY26 diluted EPS of ₹1.50, before fresh-issue dilution.
What stands out
- A large reusable-asset pool and broad fulfilment footprint can create network density and customer switching friction.
- Revenue increased 56.4% in FY26 and PAT rose 66.0%, showing strong demand and fleet deployment during the year.
- Multi-year enterprise relationships and outsourcing of pallet management can improve revenue visibility, subject to contract renewal and utilisation.
- Up to ₹360 crore of fresh proceeds is allocated to debt repayment, which could lower finance costs if deployed as filed.
Key concerns
- The business requires continuing capital expenditure. FY26 operating cash flow of ₹268.27 crore did not cover ₹390.24 crore of property, plant and equipment purchases.
- Borrowings reached ₹1,017.73 crore at March 2026 and ₹1,023.20 crore by June. The planned ₹360 crore repayment reduces, but does not remove, leverage.
- FY26 finance cost of ₹93.65 crore and depreciation of ₹204.33 crore show why the reported EBITDA margin cannot be read as equity cash profitability.
- Asset theft, damage, loss, premature retirement and weaker-than-expected useful lives can reduce returns on the pooled fleet.
- Depreciation depends on management-estimated useful lives and residual values. Because pooling assets dominate the balance sheet, changes in these assumptions can affect depreciation, reported profit and return metrics even before cash outcomes become visible.
- Customer concentration, contract renewals, receivable collection and utilisation rates can materially affect cash conversion.
- Top-ten customer concentration improved to 26.65% of FY26 revenue from 39.49% in FY24, but trade receivables still reached ₹262.32 crore. The RHP attributes collection delays partly to integrating CHEP India and SKAN Marine customers and their contractual terms.
- The ₹2,000 crore OFS represents 80.6% of the offer, so most proceeds go to selling shareholders rather than the company.
- The addendum records sizeable pre-offer transfers by Vertical Holdings II at ₹159, including 4.27% to Gamnat and 0.76% to Dymon Asia. Post-listing ownership changes merit tracking.
- A 4.83% block held by promoter Sunu Mathew and promoter-group entity Matyas had been pledged for Matyas debentures and was released to facilitate the offer and statutory lock-in. The RHP says the pledge may be recreated to the extent regulations permit, making encumbrance monitoring relevant.
- Purchases of pooled assets and services from related party Plenova were material in FY26, including ₹94.54 crore of property, plant and equipment.
- The FY26 auditor reported periods when database-level audit trails were not enabled or were periodically disabled in certain accounting software, plus limited visibility over a third-party provider's database logs. These are financial-control observations rather than evidence of a misstatement, but they warrant follow-through.
What to monitor after listing
- Net debt and finance cost after the disclosed repayment of borrowings.
- Asset utilisation, additions, disposals, losses, repair expense and any useful-life or residual-value changes across the pallet and container pools.
- Operating cash flow after maintenance and expansion capex; FY26 cash generation did not fully fund fleet additions.
- Customer concentration, contract duration and the revenue mix between pallet pooling, containers and material-handling equipment.
- Related-party asset procurement and post-offer ownership changes following the pre-offer transfers and OFS.
- Closure of database-level audit-trail exceptions and any re-creation of promoter or promoter-group share pledges.
Valuation context
At ₹159, the RHP reports 106.0× FY26 diluted EPS of ₹1.50 on a pre-offer basis. Including the fresh shares, the implied post-offer market capitalisation is about ₹7,005 crore and the FY26 PAT multiple is approximately 112.4×.
Peer comparison is imperfect: equipment-rental, logistics and supply-chain-service companies can have very different asset ownership, depreciation policies, leverage and contract structures.
The key valuation question is return on invested capital after maintenance capex, lease obligations and asset losses, not EBITDA growth in isolation. Cash generation through a full replacement cycle is the more useful test, with depreciation-policy sensitivity made explicit.
LEAP India IPO FAQs
What is the LEAP India IPO price band?
The stated price band is ₹151–₹159. Offer terms should be checked against the final prospectus and exchange notices.
When does the LEAP India IPO open and close?
The IPO is scheduled to open on 7 August 2026 and close on 11 August 2026. The stated listing date is 14 August 2026.
What is the LEAP India IPO issue size?
The stated total issue size is ₹2,480 Cr, comprising ₹480 Cr of fresh issue and ₹2,000 Cr of offer for sale.
What is the minimum lot for the LEAP India IPO?
The stated minimum lot is 94 shares.
What do the latest LEAP India financials show?
For FY26, the offer documents report revenue of ₹729.53 Cr, EBITDA of ₹361.01 Cr and PAT of ₹62.34 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the LEAP India IPO analysis?
The business requires continuing capital expenditure. FY26 operating cash flow of ₹268.27 crore did not cover ₹390.24 crore of property, plant and equipment purchases.
How is the LEAP India IPO valued?
At ₹159, the RHP reports 106.0× FY26 diluted EPS of ₹1.50 on a pre-offer basis. Including the fresh shares, the implied post-offer market capitalisation is about ₹7,005 crore and the FY26 PAT multiple is approximately 112.4×.