About the Company: Supply Chain & Asset Pooling Pioneer
Incorporated in 2013, LEAP India Ltd specializes in sustainable supply chain and asset-pooling solutions. It offers services including equipment pooling, returnable packaging, inventory management, transportation, and repair & maintenance across industries like e-commerce, FMCG, automotive, and consumer durables. Global investment firm KKR acquired a majority stake in LEAP India in 2023, aligning with its Asia infrastructure strategy.
The company’s core asset-pooling portfolio includes:
- Pallets: Durable, recyclable wooden pallets with up to 5-ton load capacity for efficient storage, handling, and transportation.
- Containers: Reusable, foldable, and stackable containers designed for safe storage, material handling, and supply chain operations.
- Material Handling Equipment (MHE): Industrial equipment, including forklifts, for efficient lifting, moving, loading, and stacking of materials.
- Articulated Forklifts: Compact forklifts designed for narrow aisles, improving warehouse space utilization and pallet handling.
- VNA (Very Narrow Aisle) Forklifts: Specialized forklifts for high-density warehouses, enabling efficient operations in ultra-narrow aisles and high-rack storage.
The company serves a diverse customer base spanning sectors such as fast-moving consumer goods (“FMCG”), food and beverage (“F&B”), third-party logistics (“3PL”), e-commerce, quick commerce, automotive, and industrials. As of March 31, 2026, LEAP India has established partnerships with over 1,000 customers, including blue-chip corporations such as Hindustan Coca-Cola Beverages, Marico, Toll (India) Logistics, Daikin Airconditioning India, and Panasonic Life Solutions India. As of March 31, 2026, the company employed 419 permanent staff and 2,062 MHE operators.
The company’s promoters are Sunu Mathew and Vertical Holdings II Pte. Ltd.
Financial Trends & Performance
LEAP India Ltd.’s revenue increased by 54% and profit after tax (PAT) rose by 66% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹2,401.05 Cr | ₹2,042.46 Cr | ₹1,400.28 Cr |
| Total Income | ₹747.36 Cr | ₹485.03 Cr | ₹371.94 Cr |
| Profit After Tax (PAT) | ₹62.34 Cr | ₹37.56 Cr | ₹37.17 Cr |
| EBITDA | ₹378.83 Cr | ₹273.80 Cr | ₹209.92 Cr |
| Net Worth | ₹1,006.33 Cr | ₹917.35 Cr | ₹714.18 Cr |
| Reserves and Surplus | ₹678.78 Cr | ₹606.09 Cr | ₹521.84 Cr |
| Total Borrowings | ₹1,017.73 Cr | ₹801.66 Cr | ₹513.07 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated Consolidated)
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
- Category Dominance: Largest on-demand supply chain asset pooling company in an industry featuring significant barriers to entry.
- Rapid Industry Tailwinds: Operating within a multi-decadal growth trajectory driven by modern logistics, warehousing, and e-commerce.
- Blue-Chip Client Retention: Highly resilient business model supported by long-standing relationships with leading market leaders across high-growth verticals.
- ESG Alignment: Strong focus on ESG considerations, responsible sourcing, and circular reusable asset design.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
IPO Structure & Use of Proceeds
The ₹2,480.00 Cr issue consists of a Fresh Issue of ₹480.00 Cr (3,01,88,679 shares) and an Offer for Sale of ₹2,000.00 Cr (12,57,86,163 shares) by promoter selling shareholders Vertical Holdings II Pte. Ltd. and KIA EBT Scheme 3. The net fresh proceeds are proposed to be utilized as follows:
- Repayment / prepayment, in full or in part, of certain borrowings availed by the Company ₹360.00 Cr
- General Corporate Purposes Balance
Bidding opens on August 7, 2026 and closes on August 11, 2026. Minimum retail application lot size is fixed at 94 shares (₹14,946 based on upper price band).
LEAP India Limited holds a pioneer position in India’s asset-pooling and returnable packaging ecosystem, backed by institutional backing from KKR. The company demonstrates strong top-line momentum, with revenue expanding by 54% and PAT rising 66% in FY26, alongside robust EBITDA margins of 50.69%.
The fresh issue proceeds of ₹360 Cr allocated toward debt reduction will help optimize balance sheet leverage. Investors looking for long-term exposure to modern supply chain infrastructure and ESG-aligned logistics models may evaluate this offering closely.
