Marinetrans India Limited IPO

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Founding and History: Marinetrans, established on June 24, 2004, specializes in sea freight forwarding. Founded by Mr. Tiraj Kumar Babu Kotian, the company initially focused on sea-freight operations. Over time, the business expanded by incorporating and investing in ‘Safewater Lines India Private Limited’ to broaden its presence in sea-freight forwarding. A demerger in 2019 separated Marinetrans and ‘Safewater Lines India Private Limited,’ allowing Marinetrans to concentrate on regions outside of North America.

Service Evolution: Marinetrans began as a freight forwarder, later expanding into Door-to-Door Delivery and 3PL services through informal arrangements with third-party providers. The company offers a comprehensive suite of transport management and freight-related services, including sea and air freight, transportation, multimodal transportation, project cargo handling, third-party logistics, and various ancillary services.

Operations and Geographical Presence: Operating from its head office in Navi Mumbai, Maharashtra, and a branch in Ahmedabad, Gujarat, Marinetrans primarily operates through key Indian ports such as JNPT, Nhava Sheva, Mundra, Kandla, Chennai, and Vizag. The company facilitates cargo transport globally, acting as an intermediary between shipping lines and customers.

Collaborations and Dependencies: Marinetrans relies on third-party logistics providers for transportation, customs clearances, and cargo delivery. The company collaborates informally with various logistics providers, both within and outside India, for export and import services. Marinetrans is not a licensed Custom House Agent (CHA) and outsources customs clearance procedures to CHA forwarders.

Network Memberships: Being a member of JCtrans Agency Network and Co-operative Logistics Network, Marinetrans connects with fellow members globally, facilitating third-party door-to-door shipments.

Customer-Centric Approach: Acknowledging unique customer shipment requirements, Marinetrans prioritizes building personal relationships. The company has outsourced vendors and established partnerships to offer a diverse range of services at competitive prices, adopting an asset-light business model for scalability.

Gamut of Services:

  • Freight Forwarding: Comprehensive sea and air freight forwarding services, including door-to-door pickup, shipping document management, and custom clearance through third-party service providers.
  • Transportation: Safe and reliable surface transportation for general cargo, heavy, and over-dimensional consignments, including unloading at the destination site, all handled by third-party providers.
  • Multimodal Transportation: Integration of different transport modes for efficient and cost-effective door-to-door movement of goods.
  • Other Value-Added Services: Third-party services encompassing door-to-door delivery, cargo handling, packing, and more.

Objects of the Marinetrans India Limited IPO:

The company proposes to utilize the funds which are being raised towards funding the following objects and achieve the benefits of listing on the NSE Emerge Platform: i. Funding of working capital requirements of the Company. ii. General Corporate Expenses iii. Issue Expenses

Marinetrans India Limited IPO Details:

Open Date: Nov 30 2023
Close Date: Dec 05 2023
Total Shares: 4,200,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 10.92 Cr.
Lot Size: 4000 Shares
Issue Price: ₹ 26 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 11 2023

Promoters And Management:

i. Mr. Tiraj Kotian aged 47 years, is a Commerce Graduate from Mumbai University and has over 25 years of experience in the shipping industry. He started his carrier in 1997 as a Sales Executive in a well noted Shipping/ Consolidation company handling cargo consolidation for various sectors. He founded Marinetrans India Pvt Ltd in 2004 primarily focused on freight forwarding business. He has been instrumental in popularizing the Marinetrans brand and expanding the Company to a national level, having opened branches of Marinetrans all over India. ii. Mr. Praveen Kunder is an MBA in Finance Graduate with 18 years of experience in the field of finance and taxation. He has rich experience in managing financial statements, statutory compliances, audit, taxation and budgeting. The knowledge and experience held by Mr. Praveen Kunder will be beneficial in the interest of the Company. He has been appointed as Chief Financial Officer of the Company. Mr. Nikhil Kishor Joshi is the Company Secretary and Compliance Officer of the Company. He holds a bachelor’s degree in Commerce from University of Mumbai. He also holds a bachelor’s degree in Law from University of Mumbai. He is also a member of the Institute of Company Secretaries of India. In the Company, he is responsible for ensuring compliance with statutory and regulatory requirements. Before association with the Company, he was associated with NNM Nextgen Advisory Private Limited. He has an experience of over 6 years. As he was appointed in May 19 2023, no remuneration was paid or payable to him in Fiscal 2023.

Financials of Marinetrans India Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 9,582 20,321 15,027 1,384
Other Income 31 6 10 1
Total Revenue 9,613 20,327 15,037 1,384
Direct Expenses 9,184 19,692 14,335 1,279
Employee benefits expenses 194 231 253 52
Other Expenses 77 110 180 15
EBITDA 158 293 268 39
Depreciation & Amortisation 4 3 5 1
Finance Cost 44 40 55 20
EBIT 154 290 263 38
OPM (%) 1.64% 1.44% 1.78% 2.80%
PBT 110 250 208 18
Tax 30 64 55 4
PAT 79 186 153 14
NPM (%) 0.82% 0.91% 1.02% 1.00%
No.of Shares 127.26 127.26 127.26 127.26
EPS 0.62 1.45 1.20 0.11

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Marinetrans India Limited 150 1.5 1.20 21.6 26 33
Cargosol Logistics Ltd 170 4 4.13 20.8 38.2 39
Cargotrans Maritime Ltd 70 2 4.85 17.8 76 31
AllCargo logistics Ltd 18,051 653 25.62 23.4 267 6,550
Total Transport Systems Ltd 590 5 3.25 199.0 124 199
* All the data is as per FY23.

Recommendation on Marinetrans India Limited IPO:

Review and Recommendation of Marinetrans India Limited IPO by IZ team is 4/10

Marine Trans India Limited is a freight forwarding company that was established in 2004. The company has a global presence and operates in over 35 countries. Marine Trans India Limited offers a variety of services, including freight forwarding, transportation, customs clearance, and warehousing. The company has a strong track record of growth and profitability. They do not own any shipping assets. They are simply a bridge between client and shipping companies.

The company is planning to use the proceeds from its IPO to expand its operations, increase its team size, and start a warehousing business. The company also plans to form joint ventures with strategic partners to provide one-stop solutions to its customers.

Marine Trans India Limited is a well-established company with a strong track record of growth and profitability. The company is well-positioned for future growth and is a good investment opportunity for investors who are looking for exposure to the logistics sector.

The company's revenue for FY23 is around be ₹150 crores down from ₹200 crores due to low freight charges, however, in the volume terms they are growing . The company has a debt-to-equity ratio of 0.5. The company's top five customers account for less than 10% of its total revenue.

Financial Highlights

1. Revenue for FY23 is around ₹150 crores. 2. The company has a debt-to-equity ratio of 0.5. 3. The company's top five customers account for less than 10% of its total revenue.

Growth Strategy

1. Marine Trans India Limited is planning to expand its operations by opening new branches in India. 2. The company is also planning to increase its team size and start a warehousing business. 3. Marine Trans India Limited is also planning to form joint ventures with other companies to provide one-stop solutions to its customers.

Growth Opportunities

1. The freight forwarding industry is a growing industry with a large market size. Marine Trans India Limited is well-positioned to take advantage of this growth. The company has a strong track record of growth and a well-defined growth strategy. 2. The company's expansion plans are ambitious, but they are also realistic. The company has a strong financial position and a good management team.


1. The freight forwarding industry is a competitive industry. The company faces competition from both domestic and international players. The company also faces risks related to the global economy, such as trade wars and economic recessions. 2. The company's expansion plans will require significant investment. The company will need to ensure that it has the financial resources to support its growth. The company will also need to manage its expansion carefully to avoid overextending itself.


The company has a strong track record of growth, a well-defined growth strategy, and a good financial position. However, investors should be aware of the risks associated with the freight forwarding industry before investing in the company and valuation is also not reasonable.

Lead Manager of Marinetrans India Limited IPO:

  1. Swaraj Shares and Securities Private Limited

Registrar of Marinetrans India Limited IPO:

  1. Skyline Financial Services Private Ltd

Company Address:

Marinetrans India Limited 801/802, 8th Floor, Vindhya Commercial Complex Plot No. 1, Sector 11, CBD Belapur Navi Mumbai, Thane - 400614 Phone: +91-7777045320 Email: Website

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