Snowman Logistics financials and balance sheet

NSE: SNOWMANBSE: 538635Transport ServicesSmall Cap

₹33.81₹0.33 (0.97%)BSE ₹33.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹34.14.

52-week range of traded prices to 23 Oct 2026

₹30.50Low, 30 Mar 2026₹53.40High, 3 Nov 2025

Next results date: the board meets on 28 Oct 2026 to consider: financial results.

Market cap: ₹565 Cr1,729th largest listed
P/E: 106.5
P/E without one-offs: 87.9
P/B: 1.4
Dividend yield: 1.48%
ROE: 1.3%
ROE without one-offs: 1.6%
ROCE: 5.2%
Debt to equity: 0.23
Volume, NSE: 1,35,59950.6% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Snowman Logistics annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹604 Cr, year to Mar 2026A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.1% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue604
Materials and goods−207
Employee costs−45
Other expenses−262
Operating profit91
Depreciation−68
Other income+3.6
One-off items−2.7
Finance costs−27
Profit before tax−2.6
Tax+5.9
Net profit3.3

What the company owns

Plant, investments and other assets₹766 Cr
Inventory₹13 Cr

What pays for it: net worth and liabilities

Net worth₹402 Cr
Other liabilities₹239 Cr
Borrowings₹93 Cr
Owed to suppliers₹44 Cr

Snowman Logistics business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Snowman Logistics segment results by quarter

Revenue by segment

₹604 CrTotal

Warehousing Services₹253 Cr41.9% of total
Trading and distribution₹225 Cr37.2% of total
Transportation Services₹126 Cr20.9% of total

Profit by segment

Warehousing Services₹20.2 Cr57.5% of total
Trading and distribution₹14.5 Cr41.1% of total
Transportation Services₹0.5 Cr1.4% of total

Segment results by year

Standalone, ₹ crore, years to March.

Warehousing Services
Revenue, ₹ crore
156
151
159
178
206
227
227
253
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
41
20
30
33
34
36
26
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading and distribution
Revenue, ₹ crore
86
145
184
225
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
14
11
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Transportation Services
Revenue, ₹ crore
142
126
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	233	240	237	286	418	503	553	604
Company revenue, as in its results	233	240	237	286	418	503	553	604
Revenue	156	151	159	178	206	227	227	253
Revenue growth	–	−3.8%	5.3%	12.4%	15.4%	10.6%	−0.3%	11.7%
Profit	41	20	30	33	34	36	26	20
Profit growth	–	−50.5%	49.8%	9.2%	3.5%	7.1%	−28.0%	−22.7%
Margin	25.9%	13.3%	19.0%	18.4%	16.5%	16.0%	11.5%	8.0%
Return on capital	11.8%	5.9%	9.4%	9.6%	10.2%	11.0%	9.0%	6.8%
Assets	432	532	532	586	573	575	575	608
Liabilities	88	195	213	242	239	245	284	309
Capital employed	344	337	319	343	335	330	291	299
Revenue	–	–	–	–	86	145	184	225
Revenue growth	–	–	–	–	–	69.8%	26.4%	22.5%
Profit	–	–	–	–	6	14	11	14
Profit growth	–	–	–	–	–	140.0%	−15.7%	26.2%
Margin	–	–	–	–	6.6%	9.4%	6.2%	6.4%
Return on capital	–	–	–	–	74.6%	434.4%	–	65.2%
Assets	–	–	–	–	12	23	20	32
Liabilities	–	–	–	–	4	20	21	10
Capital employed	–	–	–	–	8	3	−1	22
Revenue	–	–	–	–	–	–	142	126
Revenue growth	–	–	–	–	–	–	–	−11.3%
Profit	–	–	–	–	–	–	3	1
Profit growth	–	–	–	–	–	–	–	−81.7%
Margin	–	–	–	–	–	–	1.9%	0.4%
Return on capital	–	–	–	–	–	–	6.6%	2.1%
Assets	–	–	–	–	–	–	78	53
Liabilities	–	–	–	–	–	–	36	29
Capital employed	–	–	–	–	–	–	42	24
Revenue	72	85	76	101	123	131	–	–
Revenue growth	–	17.4%	−10.7%	33.6%	22.1%	5.8%	–	–
Profit	−4	−1	−6	−2	9	4	–	–
Profit growth	–	–	–	–	–	−54.4%	–	–
Margin	−5.3%	−1.4%	−8.4%	−2.4%	7.3%	3.2%	–	–
Return on capital	−12.9%	−3.7%	−27.2%	−9.7%	33.1%	20.0%	–	–
Assets	43	35	24	38	39	56	–	–
Liabilities	13	3	1	13	12	35	–	–
Capital employed	30	32	23	25	27	21	–	–
Revenue	4	5	3	7	3	0	–	–
Revenue growth	–	25.3%	−40.2%	140.2%	−57.2%	–	–	–
Profit	1	1	0	2	1	0	–	–
Profit growth	–	114.0%	–	–	−51.4%	–	–	–
Margin	13.8%	23.5%	−2.8%	26.9%	30.5%	–	–	–
Return on capital	46.6%	43.9%	–	–	–	–	–	–
Assets	5	4	4	6	0	0	–	–
Liabilities	4	2	5	10	0	0	–	–
Capital employed	1	3	−1	−3	0	0	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Snowman Logistics quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 6 Jun	Mar 2021Filed 27 Apr	Mar 2022Filed 26 Apr	Mar 2023Filed 27 May	Mar 2024Filed 10 Jul	Mar 2025Filed 30 Jun	Mar 2026Filed 6 May
Revenue from operations	189	194	233	240	237	286	418	503	553	604
	153	150	174	180	172	216	329	402	463	513
Materials and goods bought	–	–	0	0	0	0	79	131	169	207
Employee costs	–	–	23	24	24	27	34	36	39	45
Other expenses	–	–	151	156	148	189	216	235	255	262
Operating profit before depreciation	36	44	59	60	65	70	89	102	89	91
Operating margin	19.2%	22.9%	25.4%	25.1%	27.4%	24.4%	21.2%	20.2%	16.2%	15.0%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	18.9%	26.0%	30.6%	34.2%
Employee costs, % of revenue	–	–	9.9%	10.0%	10.2%	9.5%	8.1%	7.2%	7.1%	7.4%
Other expenses, % of revenue	–	–	64.7%	64.9%	62.4%	66.1%	51.8%	46.7%	46.1%	43.3%
Depreciation and amortisation	39	40	41	50	49	51	52	59	63	68
Operating profit after depreciation	−2	4	18	10	16	18	36	42	26	23
Other income	1	4	3	3	3	4	8	7	4	4
Finance costs	11	12	10	20	17	18	22	24	24	27
Profit before one-off items and tax	−13	−4	11	−6	2	4	22	25	6	0
One-off items	−3	–	0	0	0	0	0	0	0	−3
Profit before tax	−15	−4	11	−6	2	4	22	25	6	−3
	−11	–	1	9	2	2	8	13	0	−6
Current tax	–	–	0	0	0	1	4	4	4	2
Deferred tax	–	–	1	8	2	1	4	8	−3	−8
Net profit	−5	−4	10	−15	0	2	13	13	6	3
Other comprehensive income	–	–	0	0	0	0	−1	0	0	0
Total comprehensive income	–	–	10	−15	0	2	12	13	6	3
Net margin	−2.6%	−1.8%	4.2%	−6.2%	0.0%	0.6%	3.2%	2.5%	1.0%	0.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 14 May	Mar 2020Filed 6 Jun	Mar 2021Filed 27 Apr	Mar 2022Filed 26 Apr	Mar 2023Filed 27 May	Mar 2024Filed 10 Jul	Mar 2025Filed 30 Jun	Mar 2026Filed 6 May
	435	420	420	422	422	418	407	402
Share capital	167	167	167	167	167	167	167	167
Reserves	268	253	253	255	255	251	240	235
	58	43	72	121	105	96	131	93
Repayable after a year	55	36	70	107	78	62	96	93
Repayable within a year	3	7	1	14	27	34	34	0
	62	48	42	60	79	94	99	96
Trade payables	19	15	20	34	33	37	39	44
Other financial liabilities	37	22	13	9	11	18	21	45
Other liabilities	3	3	7	3	5	4	3	4
Provisions	0	1	1	1	3	2	2	3
	64	174	205	246	224	234	265	281
Other financial liabilities	2	137	134	138	145	169	165	–
Other liabilities	7	0	–	0	0	–	0	181
Provisions	1	1	0	1	2	3	4	7
	562	642	667	728	725	746	771	779
Held for sale or for a demerger	–	–	1	0	–	–	–	–
	503	579	560	615	586	439	642	652
Plant in use, after depreciation	413	367	332	419	391	377	365	408
Plant being built	0	0	20	2	8	14	53	0
Intangible assets	0	0	129	124	0	0	0	0
Other financial assets	34	27	–	16	16	18	18	188
Deferred tax	53	45	42	41	37	29	32	39
Other assets	2	140	36	14	134	–	175	16
	59	63	106	112	139	308	129	128
Inventories	0	0	0	0	8	12	15	13
Trade receivables	52	56	52	67	72	83	91	0
Cash and cash equivalents	2	2	31	16	2	8	4	0
Other bank balances	0	0	13	16	2	2	2	0
Current investments	0	0	0	1	43	35	0	0
Loans given	0	0	0	0	0	0	0	0
Other financial assets	1	0	3	4	1	–	1	99
Other assets	4	4	7	9	10	169	16	15
Net debt	56	41	28	89	57	52	124	93

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 Apr	Mar 2022Filed 26 Apr	Mar 2023Filed 27 May	Mar 2024Filed 10 Jul	Mar 2025Filed 30 Jun	Mar 2026Filed 6 May
	71	69	87	88	65	98
	65	70	85	92	76	104
	−4	−5	−8	−13	−19	8
Receivables	3	−15	−5	−10	−9	3
Inventories	0	0	−8	−4	−3	2
Payables	5	14	0	5	0	0
Other working capital	−11	−4	5	−4	−7	4
Tax paid	5	−1	0	−4	−11	−6
Interest paid	0	0	2	0	0	0
Capital spending	31	103	18	36	88	29
Free cash flow	40	−34	69	52	−22	69
	−41	−99	−42	−24	−52	−28
Plant and property sold	1	6	3	1	1	1
Interest received	1	1	1	0	0	0
	0	17	−58	−59	−17	−62
Borrowings raised	89	51	3	21	69	19
Borrowings repaid	−69	−10	−20	−30	−34	−34
Interest paid	−5	−6	−22	−24	−8	−9
Lease payments	−3	−5	−7	−9	0	0
Dividends paid	0	0	13	17	17	8
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	30	−14	−13	5	−3	8

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Snowman Logistics dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 6 Jun	Mar 2021Filed 27 Apr	Mar 2022Filed 26 Apr	Mar 2023Filed 27 May	Mar 2024Filed 10 Jul	Mar 2025Filed 30 Jun	Mar 2026Filed 6 May
Earnings per share	−₹0.30	−₹0.21	₹0.58	−₹0.90	₹0.00	₹0.10	₹0.80	₹0.76	₹0.34	₹0.20
Diluted earnings per share	−₹0.30	−₹0.21	₹0.58	−₹0.90	₹0.00	₹0.10	₹0.80	₹0.76	₹0.34	₹0.20
Dividend per share	–	–	–	–	–	–	₹0.75	₹1.00	₹1.00	₹0.50
Book value per share	–	–	₹26.04	₹25.12	₹25.13	₹25.24	₹25.23	₹25.02	₹24.36	₹24.07
Dividend payout	–	–	–	–	–	–	93.6%	131.5%	293.6%	253.0%
Shareholder yield	–	–	–	–	0.0%	0.0%	2.3%	1.4%	2.2%	1.6%
Market cap at the year end (₹ crore)	1,059	748	549	527	732	510	535	1,225	748	513

Ratios

Standalone, years to March.Snowman Logistics PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 6 Jun	Mar 2021Filed 27 Apr	Mar 2022Filed 26 Apr	Mar 2023Filed 27 May	Mar 2024Filed 10 Jul	Mar 2025Filed 30 Jun	Mar 2026Filed 6 May
Revenue growth	−21.2%	2.7%	19.7%	3.3%	−1.3%	20.7%	45.9%	20.5%	9.8%	9.4%
Operating profit growth	−28.3%	22.3%	32.7%	2.0%	8.0%	7.2%	27.0%	14.7%	−12.1%	1.8%
Net profit growth	–	–	–	–	–	2,693.8%	699.1%	−5.1%	−55.2%	−42.0%
Earnings per share growth	–	–	–	–	–	–	700.0%	−5.0%	−55.3%	−41.2%
	–	–	2.2%	−3.5%	0.0%	0.4%	3.2%	3.0%	1.4%	0.8%
	–	–	–	−5.7 pts	3.5 pts	0.4 pts	2.8 pts	−0.1 pts	−1.6 pts	−0.6 pts
From the net margin	–	–	–	−5.6 pts	3.5 pts	0.3 pts	1.8 pts	−0.7 pts	−1.8 pts	−0.6 pts
From asset turnover	–	–	–	0.1 pts	0.0 pts	0.0 pts	0.9 pts	0.5 pts	0.1 pts	0.1 pts
From borrowing	–	–	–	−0.3 pts	0.0 pts	0.0 pts	0.1 pts	0.1 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	3.6%	2.2%	3.3%	3.4%	6.9%	8.2%	4.9%	4.7%
Cash conversion	–	–	–	–	1,17,869.3%	4,108.7%	649.2%	691.1%	1,149.5%	2,978.0%
Interest cover	–	0.4	1.7	0.5	0.9	1.0	1.6	1.8	1.1	0.9
Debt to equity	–	–	0.13	0.10	0.17	0.29	0.25	0.23	0.32	0.23
Receivable days	–	–	81	84	81	86	63	60	60	0
Inventory days	–	–	–	–	–	–	35	34	33	23
Payable days	–	–	–	–	–	–	153	104	83	78
Cash conversion cycle, days	–	–	–	–	–	–	−55	−10	9	−55
Working capital days	–	–	−4	29	33	42	34	147	38	19
Asset turnover	–	–	0.41	0.40	0.36	0.41	0.58	0.68	0.73	0.78
Assets per rupee of net worth	–	–	1.29	1.41	1.56	1.66	1.72	1.75	1.84	1.92
Sales per rupee of plant	–	–	0.56	0.66	0.71	0.68	1.07	1.33	1.51	1.48
Capital spending to depreciation	–	–	–	–	0.63	2.00	0.34	0.61	1.39	0.43
Plant being built, % of plant in use	–	–	0.0%	0.0%	6.1%	0.4%	2.1%	3.7%	14.5%	0.0%

Interest cover is left blank for the year to Mar 2017: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.4%
Cash from operations against operating profit: 108.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.7%	20.6%	13.1%
Profit growth, yearly rate	−16.7%	122.9%	−37.3%
Return on equity, average	–	1.8%	1.7%
Return on capital employed, average	–	5.6%	5.9%
Operating margin, average	21.7%	19.4%	17.1%
Net margin, average	0.1%	1.6%	1.4%
Asset turnover, average	–	0.64	0.73
Cash conversion cycle, days, average	–	−28	−19
Interest cover, average	1.1	1.3	1.2
Debt to equity, average	–	0.26	0.26

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	407	252	98
Cash from investing	−245	−104	−28
Cash from financing	−179	−138	−62
Capital spending	273	153	29
Dividends paid	54	42	8
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	163	109	19
Borrowings repaid	128	98	34

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	6	7	7	5	7
Altman Z-scorePublished threshold 1.1	5.38	3.55	3.84	3.27	3.55	4.75	2.71	2.58
Beneish M-scorePublished threshold −1.78	–	–	−3.08	−2.89	−2.65	−3.04	−1.42	−3.84
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−4.50	4.62	−4.30	−6.98	−1.03	−8.66
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	14.97	8.77	7.56	11.59
Receivables growth less revenue growthOur threshold 0 percentage points	–	4.14	−4.23	7.60	−39.48	−5.04	−0.28	−109.38
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	−6.67	−4.75	−34.58
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.02	1.98	0.93	−0.16	31.24	−27.51	16.12
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.04	1.39	0.01	0.35	0.30	1.03	0.00
Effective tax ratePublished threshold 17.16 per cent	10.53	–	97.53	58.09	37.70	49.67	5.07	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	28.28	37.70	31.96	−171.43	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
10 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A+; IND A1Review, Re-affirm	Stable	166.50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.