Oneclick Logi. NSE RI review - (Not Rated)

•    The company is engaged in the business of integrated logistics services and related solutions.
•    It marked inconsistency in its bottom lines for the reported periods.
•    It mulls acquisition of VT LLC for better synergies going forward.
•    Based on its recent financial data, the issue appears aggressively priced.
•    There is no harm in skipping this pricey and dicey bet.

ABOUT COMPANY:
Oneclick Logistics India Ltd., (OLIL) is engaged in the business of integrated logistics services and solutions providing across geographies and are thus significantly dependent on international trade between countries. Any adverse economic or political developments in geographies where it operates or provides services, especially in key markets of India, as a result of a global economic slowdown or otherwise, could lead to a general decline in domestic consumption and a slowdown in international trade, which could have a significant impact on its businesses. 

These factors could have a negative impact on the volume and freight rates of inbound and outbound freight from regions where the company operates. If these regions continue to experience slower growth or a decline in trade, OLIL’s business, financial condition and results of operations could be materially and adversely affected. 

Further, the operating results of the Company depends on the import and export volumes to and from India as well as worldwide trade volumes. The volumes of international trade and India’s imports and exports will be affected by changes and developments in the global economy, as well as financial and political conditions that are beyond Company’s control. The company operates on an asset light model. For better synergies, the company made some acquisitions in the recent past and is raising further equity capital to fund its proposes acquisition of VT LLC.

VT LLC is general trading company specializing in global procurement and merchant trading of metals, electronics, and general commodities. VT LLC is a licensed general trading company under Dubai's Department of Economic Development (DED). The proposed investment is intended to develop better connectivity, flexibility, global network and regulatory expertise. The offer document is silent on its employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 1118400 equity shares of Rs. 10 each at a fixed price of Rs. 313.00 per share to mobilize Rs. 35.01 cr. The RI opens for subscription on March 09, 2026, and will close on March 16, 2026. The company is offering RI in the ratio of 1 for 5 to its eligible stakeholders as of the record date of February 26, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on NSE. The company is spending Rs. 0.32 cr. for this RI process, and from the net proceeds, it will utilize Rs. 26.48 cr. for acquisition of equity shares of Veesham Traders (LLC), and Rs. 8.21 cr. for general corporate purposes. 

The RI is solely lead managed by the company itself., and Bigshare Services Pvt. Ltd. is the registrar to the issue. 

Post-RI, company’s current paid-up equity capital of Rs. 5.59 cr. will stand enhanced to Rs. 6.71 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 210.07 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 28.73 cr. / Rs. 0.66 cr. (FY24), Rs. 44.90 cr. / Rs. 2.12 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 0.71 cr. on a total income of Rs. 22.79 cr. Its NAV stood at Rs. 104.98 as of September 30, 2025. 

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.

SCRIP PERFORMANCE: BASED ON NSE WEBSITE DATA: SCRIP CODE: OLIL (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 300.00 on February 25, 2026, and opened on an ex-right basis at Rs. 294.00 on February 26, 2026. Since then, it has marked a high/low of Rs. 320.10 / Rs. 280.00. The scrip last closed at Rs. 317.00 as of March 06, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 355.00 / Rs. 144.00. 

The promoters’ holding declined to 14.19% for period ended September 30, 2025, against 22.02% for the quarter ended March 31, 2025, and at 67.17% for the quarter ended September 30, 2024. Thus, heavy decline in promoter’s holding raises concern. The counter is currently well managed by vested interests and traded above the RI price, to tempt investors.