Leap India Ltd(LEAPIND)

NSE: LEAPINDBSE: 544865

₹ 123-1.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,419 crNext results: 26 Oct 2026Website: www.leapindia.netUpdated: 24 Oct 2026

About

Leap India Ltd is an asset-pooling company that rents out pallets, crates, containers, and material-handling equipment (MHE) to manufacturers and logistics operators across India. In Q1 FY27 the company managed 14.9 million pooled units and reported total income of INR 2,134 Mn. It serves 1,000+ customers across 10,500+ touchpoints as of Q1 FY27.^[1]

Business segments

Pallet pooling (rental and movement hire) is the core service line; automotive now accounts for 20% of total turnover in Q1 FY27, up from 13.5 - 14% before the CHEP acquisition.^[1]
MHE (branded TARON) is a second segment offering material-handling equipment on rent; it contributed INR 35.3 crores in revenue in Q1 FY27, up 33% YoY.^[1]

Key operating numbers

Total pooled assets: 14.9 Mn units in Q1 FY27, up 9% YoY.^[1]
Pallet utilisation: 89.2% in Q1 FY27, up from 88.6%. MHE utilisation: 80.9% (down from 82.9%). Container utilisation: 72.9% (down from 73.2%).^[1]
Per-pallet yield: INR 1.54 per day in Q1 FY27, up from INR 1.45 in Q1 FY26.^[1]
Movement Hire volumes: 766,000 pallets in Q1 FY27, up 8% YoY from 711,000; growth was held back by slow textile-industry performance.^[1]
DSO (pallet business): 119 days in Q1 FY27, down from 131 days in Q1 FY26.^[1]
EBITDA margin: 53.5% in Q1 FY27, up 108 bps YoY; transportation cost fell from 11% to 10% of revenue; repair cost fell from 6% to 4.7% of revenue.^[1]

Customers and distribution

Customer count exceeded 1,000 in Q1 FY27, up from 900+ in Q1 FY26, served across 10,500+ touchpoints (up from 7,000+ in Q1 FY26).^[1]
48 new customers signed in Q1 FY27 from 11 sectors - more than double the normal quarterly rate of 18 - 20 - adding approximately 100,000 pallet opportunity for the year; sectors include beverages, e-commerce, agro, and automotive.^[1]
A price increase of 5 - 6% was taken in Q1 FY27.^[1]

Operations

Post-CHEP integration, two CHEP fulfilment centres have been closed; a further ~250,000 sq ft of warehouse consolidation is planned for Q2 - Q3 FY27.^[1]
GCC presence established via wholly owned subsidiaries in Saudi Arabia (MISA licence) and the UAE (ADGM and Dubai entities), with 5 staff and 20 customer discussions completed as of Q1 FY27; live operations deferred to mid-September 2026 due to geopolitical conditions.^[1]
A further investment of 785,000 Saudi Riyal (INR 2,04,10,000) was made in LEAP Gulf Company (Saudi Arabia wholly owned subsidiary) in September 2026.^[2]

Expansion and capex

Q1 FY27 capex was INR 76 crores, down from INR 110 crores in Q1 FY26; management slowed asset purchases due to raw-material cost inflation (crate cost rose from INR 650 to INR 1,000 - 1,200).^[1]
Net pallet addition target for FY27: ~850,000 pallets; annual Movement Hire pallet target: 3.7 Mn pallets.^[1]
GCC revenues targeted at INR 150 - 200 crores within three years from Q1 FY27.^[1]
MHE (TARON) added 174 new machines in Q1 FY27; monthly average pooling revenue from MHE improved from INR 9.6 crores to INR 11.6 crores.^[1]

Recent developments

On 5 October 2026, LEAP India incorporated two wholly owned subsidiaries: Total Integrated Packaging Solutions Private Limited (initial subscription INR 1,65,00,000; 16,50,000 equity shares) and Vimprotech Private Limited (INR 4,03,00,000; 40,30,000 equity shares).^[3]
On 1 October 2026, LEAP India also disclosed the incorporation of Total International Packaging Solutions Private Limited (logistics/supply-chain) and Vimprotech Private Limited (plastics processing) as wholly owned subsidiaries.^[4]
In September 2026, LEAP India invested a further 785,000 Saudi Riyal (INR 2,04,10,000) in LEAP Gulf Company to support expansion in Saudi Arabia.^[2]
Acquisitions in India and internationally are under evaluation; management indicated news was expected in Q2 - Q3 FY27.^[1]

Market Cap

₹5,419 Cr

High / Low

₹172 / 129

No. of Shares

44.05 Cr

Promoter holding

55.6%

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