Flomic Global Logistics Limited

Industrials — Integrated Freight & Logistics · BSE

₹40.20−₹0.63 (−1.54%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Flomic Global Logistics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Flomic Global Logistics Limited provides logistics services worldwide.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees499

Annual revenue₹427 Cr

How does it make money?

Turns over ₹427 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 499 employees supports ₹85.5 lakh of revenue a year, the signature of a people-led business.

EBITDA margin9.0%

Net margin0.1%

Revenue / employee₹85.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Little sign of one

Returns on capital of 12.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE12.0%

ROE0.7%

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +2% while net margin moved -97% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+2%

Margin effect-97%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 0.7% — barely ahead of inflation
✗ Profit has declined at 68.0% a year
✗ Profit fell 91.6% in the latest year

Quality vs. Valuation

Company Quality

35/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

13.8x

3Y Median

26.5x

40 monthly readings · mean 53.9x · range 13.3x–266.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 48% below its 3y median of 26.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 85% below the peer median of 88.8x.

vs. its own history

Cheap

26.5x median over 40 months · -48%

vs. sector peers

Cheap

88.8x median of 3 peers · -85%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

13.8x

P/B

1.55x

EV/EBITDA

3.8x

PEG

—

Dividend Yield

0.25%

What's Good / What's Bad

🟢 What's Going Well3

Cash generation is improving
Free cash flow is up 66% over 3 years.
Valuation below its historical average
At 13.8x the stock trades 48% below its own median of 26.5x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 22.8% to 0.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 26.2% to 12.0% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 1.82x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🟡Profit is decliningFinancial
Net profit is down 97% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 48% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 85% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.82x. Interest is payable whether or not the business has a good year.
Growth barely outpaces inflation
Revenue compounding at 0.7% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 22.8% to 0.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 7%✓ 9.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 1.1x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 0.7% CAGR
Latest reported year was 18.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹55 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹73 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.8x

Cheap

Cheap against the generic band

P/B Ratio

1.55x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.92

Profitable

Profitable on a per-share basis

ROE

0.7%

Weak

Weak capital efficiency

ROCE

12.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.82x

High

High leverage

Revenue Growth (YoY)

18.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-91.6%

Falling

Profits are shrinking

Dividend Yield

0.25%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹55 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹40.2

Operating Margin

3.9%

Weak

Thin margins leave little room for error

Net Margin

1.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.08

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.16

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

43.8 / 43.5

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

39.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹418 Cr	₹332 Cr	₹495 Cr	₹427 Cr	+0.7%
EBITDA	₹37 Cr	₹32 Cr	₹45 Cr	₹38 Cr	+1.1%
EBITDA Margin	8.9%	9.7%	9.1%	9.0%	—
PAT (Net Profit)	₹9 Cr	₹2 Cr	₹4 Cr	₹0 Cr	-68.0%
EPS	₹5.22	₹1.2	₹2.03	₹0.17	-68.1%
ROE	22.8%	5.0%	7.9%	0.7%	—
ROCE	26.2%	11.1%	15.9%	12.0%	—
Total Debt	₹72 Cr	₹113 Cr	₹114 Cr	₹86 Cr	+6.1%
Free Cash Flow	₹33 Cr	₹17 Cr	₹14 Cr	₹55 Cr	+18.3%

🟡 Revenue has been broadly flat over 3 years (0.7% a year).

🟡 EBITDA has been broadly flat over 3 years (1.1% a year).

🟡 EBITDA Margin has held roughly flat at 9.0% over 3 years.

🔴 PAT (Net Profit) has shrunk at 68.0% a year over 3 years.

🔴 EPS has shrunk at 68.1% a year over 3 years.

🔴 ROE has fallen from 22.8% to 0.7% over 3 years (-22.1 pts).

🔴 ROCE has fallen from 26.2% to 12.0% over 3 years (-14.2 pts).

🔴 Total Debt has grown at 6.1% a year over 3 years.

🟢 Free Cash Flow has grown at 18.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹178 Cr

Total Liabilities

₹131 Cr

Total Debt

₹86 Cr

Cash & Equivalents

₹13 Cr

Operating Cash Flow

₹56 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

88.6%

Corporate Actions

Dividend Rate

₹0.1

Ex-Dividend Date

17 Sept 2025

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

6 general

Compare with

Equitymaster, 16 Oct

Flomic Global Logistics Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Flomic Global Logistics appoints Rao, Fernandes to lead key divisions

scanx.trade, 29 Jul

Flomic Global Logistics sets September 4 record date for 45th AGM e-voting

scanx.trade, 20 Aug

Flomic Global Logistics Limited (504380) Company Information

Simply Wall Street, 09 Aug

Flomic Global Logistics Submits Company Overview Document to BSE Under Regulation 30

scanx.trade, 01 Apr

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate9/20

🔴GrowthWeak5/20

🔴ProfitabilityWeak4.6/15

🟢ValuationAttractive11.8/15

🔴RiskHigh3.9/10

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 7%9.0%
✗Debt / EBITDA stays below 2x2.2x
✗Interest cover stays above 3x1.1x
✗Revenue growth stays above 4% a year0.7% CAGR
✓Free cash flow remains positive₹55 Cr