In an era where quick commerce promises ten-minute deliveries and e-grocers tout farm-fresh produce at your doorstep, few stop to ask the uncomfortable question: how does that milk actually stay cold? How does that frozen dessert survive a 400-kilometre journey through Rajasthan’s 45-degree summer?
For Deepak Khanna, Managing Director of Pooja Logistics Limited, the answer isn’t just about refrigerated trucks. It’s about a fundamental shift in how India thinks about temperature-controlled supply chains.
“We are not simply transporting a product,” Khanna says, leaning forward with quiet conviction. “We are responsible for maintaining the required temperature throughout the journey. That’s a very different business.”
The ₹35–40 Crore Bet on Cold Chain
Pooja Logistics is currently in the midst of an IPO, with proceeds primarily earmarked for adding 92 refrigerated vehicles. It’s a significant expansion for a company that reported ₹165.70 crore in revenue from operations in FY26, up from ₹123.75 crore in FY24.
But Khanna is quick to frame this not as ambition for ambition’s sake, but as a response to visible demand.
“The addition of 92 refrigerated vehicles will strengthen our capacity to meet requirements from both existing and new customers,” he explains. “This expansion is aligned with identified business opportunities and visible customer demand.”
Once fully deployed, these vehicles are expected to generate incremental annual revenue of approximately ₹35–40 crore. The strategy hinges on what Khanna calls “timely deployment and high fleet utilisation”—a combination of committed requirements and additional business opportunities across the operating network.
The Owned vs. Hired Vehicle Debate
One of the more nuanced questions facing the company is its increasing dependence on hired vehicles. While this asset-light approach has enabled rapid growth, it comes with trade-offs in service quality and economics.
Khanna is refreshingly candid about this tension.
“Hired vehicles have been an important part of our growth strategy because they allow us to respond quickly to incremental demand without making immediate capital investments,” he acknowledges. “However, where we have stable and predictable volumes, an owned vehicle gives us greater control over service quality, vehicle availability and economics.”
But he’s equally clear that the goal isn’t to eliminate hired vehicles entirely.
“The objective is not to eliminate hired vehicles. We intend to maintain a balanced owned-and-hired fleet model.”
From 85% to 68%: The Diversification Journey
Perhaps the most striking revelation from the conversation is how dramatically Pooja Logistics has transformed its customer base. When the company began its journey, a single customer contributed nearly 85% of revenue. Five years ago, approximately 70% came from just five customers.
Today, the top 10 customers account for 68.15% of FY26 revenue, with the top customer at 27.69%.
“When we began our journey, a single customer contributed nearly 85% of our revenue,” Khanna recalls. “Today, this concentration has diversified significantly. This reflects our continued efforts to expand our customer base across industries, geographies, and service offerings.”
Going forward, he expects this trend to strengthen further, with a broader base of approximately 20–25 customers contributing a similar share of revenue.
Beyond the FMCG Label
At first glance, the fact that around 95% of FY26 revenue came from the FMCG segment might raise eyebrows. But Khanna is quick to unpack what that classification actually means.
“The reported FMCG classification includes a diversified mix of end-user categories,” he explains. In FY26, revenue contribution comprised approximately 43% from QSR, 28% from dairy, 14% from other FMCG products, 8% from e-commerce and quick commerce, 4% from confectionery, and the balance from retail and other categories.
“Our exposure is already spread across multiple sub-segments with distinct demand patterns and customer profiles.”
The Bengaluru and Mumbai Opportunity
Currently operating across more than 26 states, Pooja Logistics has identified Bengaluru and Mumbai as focus markets for its next phase of growth—markets Khanna believes offer opportunities comparable to what the company has successfully developed in the NCR region.
“Our experience in building a strong operating network, serving marquee customers and managing large-scale temperature-controlled logistics in NCR provides us with a proven and replicable business model,” he says.
Technology as an Enabler, Not a Gimmick
On the technology front, Khanna is pragmatic rather than evangelical. GPS tracking, temperature monitoring, and transportation management systems are deployed not for their own sake, but to reduce empty kilometres, improve turnaround time, and minimise operational leakages.
“We will adopt new technology based on commercial viability and operational suitability,” he states, “rather than adopting technology simply for the sake of it.”
The Road Ahead
As for what comes after the IPO, Khanna is clear that the listing is a milestone, not a destination.
“The IPO is not the destination for us. It is a platform for the next stage of growth.”
Over the next three years, the company’s priorities include fleet expansion, revenue growth, margin improvement, customer diversification, and geographic expansion. But Khanna measures success differently.
“We will measure ourselves not just by the size of the fleet or revenue, but by how efficiently we convert that growth into sustainable profitability and cash generation.”
In an industry where the stakes are measured in spoilage rates and temperature deviations, that philosophy might just be the coldest—and smartest—strategy of all.
