# Exim Routes Limited: IPO analysis > Exim Routes Limited (CIN U51909HR2019PLC115525) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹44 Cr. In FY25 it reported revenue of ₹121 Cr (+67.9% on FY24) and a net profit of ₹7.6 Cr. Promoters hold 63.4% before the IPO. Our fact-check of its claims found 1 medium or high concern across 70 claims checked. - Page: https://ipo.innerkore.com/company/U51909HR2019PLC115525/exim-routes-limited/ - CIN: U51909HR2019PLC115525 - Last updated: 11 Jun 2026 ## Key facts - **Company:** Exim Routes Limited - **CIN:** U51909HR2019PLC115525 - **Filing stage:** Prospectus - **Latest SEBI filing:** 11 Jun 2026 - **Fresh issue:** ₹44 Cr - **Final offer price:** ₹88.00 per share - **Lot size:** 1600 shares - **Bidding opens:** 12 Dec 2025 - **Bidding closes:** 16 Dec 2025 - **Listing on:** NSE - **Revenue FY25:** ₹121 Cr - **Revenue growth:** +67.9% - **Net profit FY25:** ₹7.6 Cr - **Revenue CAGR FY23 to FY25:** 82.0% - **Promoter holding (pre-IPO):** 63.4% - **Lead managers:** NARNOLIA FINANCIAL SERVICES LIMITED - **Registrar:** MAASHITLA SECURITIES PRIVATE LIMITED - **Fact-check flags:** 0 high, 1 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 21.8x P/E. At the top of the band, on FY25 profit; 7.8x book value. - **Growth** (looks fine): 82% a year. Sales FY23 to FY25; latest year +67.9%. - **Profitability** (look closer): 6.3% net margin. FY25; operating margin improving. - **Debt** (looks fine): 0.22x equity. ₹4.6 crore borrowed at the end of FY25. - **Profit into cash** (concern): -65% of profit. Operations brought in ₹-4.9 crore against ₹7.6 crore of profit in FY25. - **One-off income** (looks fine): 3% of profit. Other and one-off income is 3% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 70 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY23 | FY24 | FY25 | 3M Jun-25 | |---|---:|---:|---:|---:| | Sales | 36 | 72 | 121 | 44 | | Sales growth | – | 97.2% | 67.9% | – | | Operating profit | 0.64 | 4.6 | 10.0 | 1.4 | | Operating margin | 1.8% | 6.4% | 8.2% | 3.2% | | Net profit | 0.37 | 4.2 | 7.6 | 1.2 | | Net margin | 1.0% | 5.9% | 6.3% | 2.7% | | Net worth | 0.63 | 3.7 | 21 | 23 | | Borrowings | 2.9 | 4.5 | 4.6 | 7.3 | | Return on equity | 59.6% | 114.3% | 35.5% | – | ## Use of proceeds (fresh issue) - To meet out the expenses for Development and Maintenance of the: ₹15 crore - To meet out the expenses for Working Capital to fund business growth: ₹9.0 crore - To meet out the expenses for Investment in Office space to accommodate new hires: ₹7.1 crore - General Corporate Purposes*: ₹6.5 crore ## Fact-checked claims - **MEDIUM** (PromoterBackground): None of the entities in the Promoter Group Companies are restrained by any SEBI Order or have become defunct.. The search results mention investigations and issues related to a company named Rajesh Exports, including allegations of inflating revenues and SEBI orders, which might be relevant to the claim about entities not being restrained. However, the results do not directly confirm or deny the status of the promoter group companies of Exim Routes Limited. - **LOW** (RegulatoryAction): Equity Shares are subject to the provisions of the Companies Act, 2013, SEBI ICDR Regulations, and Memorandum & Articles of Association.. The search results confirm that Exim Routes Limited has submitted disclosures under SEBI regulations and has been involved in various legal or regulatory proceedings related to the company. However, the results do not explicitly detail the specific provisions of the Companies Act, 2013, SEBI ICDR Regulations, and Memorandum & Articles of Association mentioned in the claim. - **NONE** (LitigationStatus): A total of 1,003.11 lacs was recorded for unsecured, considered doubtful trade receivables as of June 30, 2025.. The provided search results do not contain any information that corroborates, contradicts, or updates the specific claim regarding the amount of unsecured, considered doubtful trade receivables as of June 30, 2025. The results primarily point to legal cases and financial updates related to Exim Routes. - **NONE** (LitigationStatus): Interest income from loans and advances was 2.49 lacs as of June 30, 2025.. The provided search results do not contain any direct information corroborating or contradicting the specific figure of 'Interest income from loans and advances was 2.49 lacs as of June 30, 2025.' - **NONE** (LitigationStatus): Revenue from operations outside India included Sale of services of 121.30 lacs as of June 30, 2025.. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding the revenue from operations outside India as of June 30, 2025. The results primarily point to legal cases, AGM notices, and financial results, but none mention the specific figure cited in the DRHP claim. - **NONE** (LitigationStatus): Gratuity written back was 11.96 lacs as of June 30, 2025.. The provided search results do not contain any direct information regarding a 'Gratuity written back' amount of 11.96 lacs as of June 30, 2025. The results primarily point to legal cases, AGM notices, and financial results, but do not corroborate or contradict the specific claim. - **NONE** (PromoterBackground): Manish Goyal was appointed as Chief Executive Officer on January 07, 2025.. The provided search results do not contain any information regarding the appointment of Manish Goyal as the Chief Executive Officer of Exim Routes Limited on January 07, 2025. The search results primarily discuss investigations and issues related to Rajesh Exports and Adani Group. - **NONE** (PromoterBackground): Govind Rai Garg later served as a Partner at Mehrotra & Mehrotra, Chartered Accountants (2018–2025), where he advised clients on accounting, taxation, and cross-border financial matters.. The provided search results do not contain any information regarding Govind Rai Garg serving as a Partner at Mehrotra & Mehrotra, Chartered Accountants or advising clients on accounting, taxation, and cross-border financial matters. Therefore, the claim cannot be corroborated or contradicted by the available search results. - **NONE** (PromoterBackground): Govind Rai Garg began his career with Ernst & Young India as a Senior Consultant in International Tax and Transfer Pricing (2016–2017).. The provided search results do not contain any information regarding Govind Rai Garg's career history with Ernst & Young India. The search results focus on investigations and issues related to Rajesh Exports and Adani Group, which is unrelated to the claim. - **NONE** (PromoterBackground): Govind Rai Garg holds a Bachelor of Commerce degree from the University of Delhi (2015).. The provided search results do not contain any information regarding the educational qualifications of a person named Govind Rai Garg. Therefore, the search results do not corroborate, contradict, or provide any new information relative to the claim. - **NONE** (PromoterBackground): Manish Goyal holds a Bachelor’s degree in B.Tech in Pulp & Paper Engineering from the Indian Institute of Technology (IIT) Roorkee (2008) and has over 16 years of experience in the pulp & paper and recyclables trading industry.. The provided search results do not contain any information regarding the educational qualifications or professional experience of Manish Goyal mentioned in the DRHP claim. The search results primarily discuss investigations and issues related to a company named Rajesh Exports. - **NONE** (SubsidiaryPerformance): The U.S. economy is expected to slow to 2.0 percent growth in 2025 from 2.8% in 2024 due to lagged effects of monetary policy tightening and slowing aggregate demand.. The provided search results do not contain any information regarding the expected growth rate of the U.S. economy for 2025, nor do they corroborate or contradict the claim made in the DRHP. ## Common questions ### How big is the Exim Routes Limited IPO? Exim Routes Limited's IPO comprises a fresh issue of ₹44 Cr, according to its Prospectus. The price band is not stated in that document. ### What are Exim Routes Limited's revenue and profit? Exim Routes Limited reported revenue from operations of ₹121 Cr in FY25, +67.9% versus FY24. Net profit was ₹7.6 Cr (FY24: ₹4.2 Cr). Revenue grew at a compound rate of 82.0% a year from FY23 to FY25. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Exim Routes Limited? Promoters hold 63.4% of Exim Routes Limited before the IPO. ### How will Exim Routes Limited use the IPO money? The fresh-issue proceeds are earmarked for: To meet out the expenses for Development and Maintenance of the (₹15 Cr); To meet out the expenses for Working Capital to fund business growth (₹9.0 Cr); To meet out the expenses for Investment in Office space to accommodate new hires (₹7.1 Cr); General Corporate Purposes (₹6.5 Cr). ### What are the red flags in Exim Routes Limited's Prospectus? We fact-checked 70 claims from the filing against the open web: 0 raised a high concern, 1 medium and 1 low. The most notable: The search results mention investigations and issues related to a company named Rajesh Exports, including allegations of inflating revenues and SEBI orders,… This is an automated screen, not a verdict; each finding links to its sources. ### What does Exim Routes Limited do? Forget the hype: our investigation into the Exim Routes Limited IPO reveals a glaring silence on a major financial claim. Despite circulating rumors, we found absolutely no web search results to corroborate or contradict the assertion that Manish Goyal provided short-term borrowings to the company. ### Who manages the Exim Routes Limited IPO? Book running lead managers: NARNOLIA FINANCIAL SERVICES LIMITED. Registrar to the offer: MAASHITLA SECURITIES PRIVATE LIMITED. Shares are proposed to list on NSE. ### Where can I read the original Exim Routes Limited IPO documents? All 2 filings for Exim Routes Limited (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Exim Routes Limited](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781177415072_1281.pdf) (Prospectus, filed 11 Jun 2026) - [Exim Routes Limited](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781091011695_1275.pdf) (Prospectus, filed 10 Jun 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.