LEAP India Q2: Profit Zooms 62% YoY To ₹18 Cr, Revenue Up 18%

Revenue from operations jumped 18.2% to ₹211.2 Cr in the quarter under review from ₹178.7 Cr in Q2 FY26

Including other income of ₹4.7 Cr, total income for the period stood at ₹215.9 Cr in the quarter under review

Meanwhile, total expenses rose 14.7% YoY to ₹185.2 Cr in Q2 FY27. LEAP India also incurred an additional ₹6 Cr in tax expenses during the quarter

The company’s EBITDA rose 25% YoY to ₹109.7 Cr, with the EBITDA margin expanding 91 basis points to 50.8%.

The company’s profit was impacted by a one-time charge of ₹6.8 Cr for prepayment of long-term borrowings.

Meanwhile, operating revenue jumped 18.2% to ₹211.2 Cr in the quarter under review from ₹178.7 Cr in Q2 FY26. On a QoQ basis, the company’s top line remained largely flat and rose 3.8% from ₹203.4 Cr in Q1 FY27.

Including other income of ₹4.7 Cr, total income for the period stood at ₹215.9 Cr in the quarter under review.

Meanwhile, expenses rose 14.7% to ₹185.2 Cr in Q2 FY27 as against ₹161.5 Cr in the quarter ended September 2025. LEAP India also incurred an additional ₹6 Cr in tax expenses during the quarter.

The company also announced two strategic acquisitions. Through its wholly owned subsidiaries, LEAP signed agreements to acquire the businesses of Vimprotech and Total International Packaging Solutions (TIPS) for a combined consideration of ₹142 Cr. The businesses generated ₹65 Cr in revenue in FY26 and serve more than 200 customers across sectors including electronics, white goods, pharmaceuticals, agriculture, automotive and food and beverages.

Vimprotech brings in-house plastics design, mould-making and manufacturing capabilities across facilities in Puducherry and Tamil Nadu. TIPS adds an automotive container-pooling business with four warehouses across Bengaluru, Nashik and Tirunelveli. The acquisitions are expected to strengthen backward integration, reduce reliance on external suppliers and create cross-selling opportunities for pallets, crates, containers and MHE.

Founded in 2013 by Sunu Mathew, LEAP India provides supply chain solutions spanning equipment pooling, inventory management, transportation, and repair and maintenance. It serves customers across sectors such as FMCG, beverages, ecommerce, automotive and retail.

Asset pooling remained the core growth driver. Income from asset pooling increased 19% YoY in Q2 FY27, while material handling equipment (MHE) income rose 52%. LEAP operates a pool of 15.5 Mn assets valued at over ₹1,820 Cr, serving more than 1,100 customers across 11,000-plus touchpoints and 27 fulfilment centres. Customer churn remained below 0.5%.

Asset utilisation stood at 89.3% for pallets and 82.3% for MHE as of September 2026, while container utilisation improved to 73.7%. LEAP estimates that it commands around 90% of India’s organised pallet-pooling market, which it expects to expand as organised warehousing, supply-chain automation and modern retail drive demand.

LEAP’s balance sheet also strengthened. Net debt nearly halved to ₹433.7 Cr from ₹801 Cr a year earlier, while the debt-to-equity ratio improved to 0.48x from 0.96x. Net debt-to-EBITDA declined to around 1.9x from 4.4x.

“Strong growth, continued improvements in cost efficiency and rising profitability position us well to sustain this momentum. With a scalable business model, disciplined execution and a clear focus on operational excellence, we remain confident in our ability to deliver long-term value and strengthen the trust our shareholders have placed in us,” Mathew said.