Kolkata (West Bengal) [India], September 26: Dhillon Freight Carrier Limited (DFCL), an emerging logistics solutions provider with over a decade of experience in road transportation, has announced its maiden initial public offering (IPO) to raise ₹10.08 crore. The IPO will open for subscription on September 29, 2025, and close on October 1, 2025. The equity shares are proposed to be listed on the BSE SME platform.
The fixed price issue comprises 14,00,000 equity shares of face value ₹10 each, offered at ₹72 per share. Following the issue, the promoters’ holding will stand at 64.29%, while the public shareholding will be 35.71%.
Founded in 2014 by Mr. Karan Singh Dhillon, DFCL began operations on a small scale as Dhillon Freight Carrier Private Limited. Over the years, it has expanded into a professional and certified logistics solutions provider, accredited with ISO 9001:2015 certification.
The company provides a wide spectrum of services including Parcel/Less-than-Truck Load (LTL) deliveries, Contract Logistics, and Fleet Rental/Leasing, catering to both B2B and B2C customers.
Currently, DFCL operates a fleet of 62 in-house vehicles and has established a network of 22 booking offices, pickup facilities, warehouses, and delivery offices across West Bengal, Bihar, Delhi, and Uttar Pradesh.
The business is driven by three promoters:
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Mr. Karan Singh Dhillon, Founder & Managing Director, who has been at the helm since inception, focusing on sales, marketing, and operations.
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Mrs. Joyce Singh Dhillon, Director, overseeing administration and human resources.
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Mr. Karamveer Singh Dhillon, Director, who joined in 2018 and manages innovation, financials, and compliance.
Together, their sector-specific expertise and entrepreneurial drive have enabled the company to scale operations and build a growing customer base in India’s competitive logistics sector.
DFCL has reported steady growth and improving profitability over the past three years:
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Revenue from operations reached ₹2,473.97 lakh in FY25, compared to ₹2,401.79 lakh in FY24.
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EBITDA stood at ₹367.23 lakh in FY25, with margins improving to 14.84%, up from 13.79% in FY24 and 5.89% in FY23.
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Profit After Tax (PAT) grew to ₹172.98 lakh in FY25, against ₹109.31 lakh in FY24 and ₹35.72 lakh in FY23.
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Return on Net Worth (RoNW) remained robust at 33.09% in FY25.
The consistent improvement in profitability and operational efficiency reflects the company’s focus on cost management and business expansion.
IPO Details
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Issue Size: ₹10.08 crore (14,00,000 equity shares)
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Issue Price: ₹72 per share (Fixed Price)
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Face Value: ₹10 per equity share
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Bid Lot: 1,600 shares
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Market Maker: Anant Securities
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Registrar: KFin Technologies Ltd
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Lead Manager: Finshore Management Services Ltd
The IPO proceeds will be deployed towards purchasing new transportation vehicles and their fabrication, as well as for general corporate purposes and issue-related expenses.
India’s logistics sector, estimated to touch $380 billion by 2025, is witnessing rapid expansion on the back of strong demand from e-commerce, retail, and manufacturing sectors. Road transport continues to dominate freight movement, accounting for over 60% of the logistics market.
With its presence in eastern and northern India, DFCL plans to strengthen its fleet, scale up operations, and leverage technology to meet increasing customer demand.
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Divya Agarwal
