Mann Fleet Partners IPO

Strengths · 7

• 01EBITDA margin was 50.04% in FY2025 and 53.98% in FY2024, on revenue from operations of Rs 95.27 crore and Rs 133.10 crore.
• 02Profit after tax was Rs 44.65 crore in FY2024 and Rs 18.64 crore in FY2025, and the company stayed profitable in the nine months to 31 December 2025 at Rs 17.60 crore.
• 03Operating cash flow was Rs 34.43 crore in FY2025 and Rs 42.37 crore in the nine months to 31 December 2025.
• 04Net worth grew from Rs 18.65 crore at 31 March 2023 to Rs 85.00 crore at 31 March 2025 and Rs 113.49 crore at 31 December 2025.
• 05Debt to equity improved from 1.20 times in FY2023 to 0.75 times in FY2025 and 0.62 times at 31 December 2025.
• 06The company serves 80 cities through its own fleet of over 364 vehicles and a vendor network, and has operated for over 33 years.
• 07Promoters and promoter group hold the shares before the issue, with Amrit Pal Singh Mann alone holding 53.45%.

Risks · 10

• 01The largest customer gave 51.96% of revenue in the nine months to 31 December 2025, and the top 5 customers gave 57.71%.
• 02Customer concentration has swung widely: the top 5 customers gave 25.80% in FY2023, 61.03% in FY2024 and 37.87% in FY2025, and not all have long-term contracts.
• 03Revenue from operations fell from Rs 133.10 crore in FY2024 to Rs 95.27 crore in FY2025, and profit after tax fell from Rs 44.65 crore to Rs 18.64 crore.
• 04Total borrowings including lease liability were Rs 70.45 crore at 31 December 2025, and the fresh issue is meant to repay Rs 65.00 crore of borrowings.
• 05General corporate purposes can take up to 25% of the gross proceeds of the fresh issue, and the amount is not yet fixed.
• 06The current ratio was below 1 in the nine months to December 2025 and in FY2023, FY2024 and FY2025, which can strain short-term payments.
• 07Operations are concentrated in Delhi, and the company says a large share of corporate car rental sits with the unorganised sector.
• 08The company cannot trace bank statements for certain share allotments and has filed some forms with the Registrar of Companies late or not at all.
• 09Chauffeur shortage, higher chauffeur pay and fuel or EV charging costs can hurt profit.
• 10The offer includes 19,10,600 shares sold by promoters and individual shareholders, who receive that money and not the company.

Mann Fleet Partners Limited was earlier known as Mann Tourist Transport Service Limited. The company was incorporated in 1992 and is based in Okhla Industrial Area, New Delhi. It provides chauffeured ground passenger transport using economy, premium and luxury vehicles and coaches.

The company works through two segments. Corporate Car Rental serves corporates, government ministries, embassies, event management companies, transporters and travel agencies. Retail Car Rental serves individuals for personal needs. Corporate Car Rental gave 97.74% of revenue for the nine months ended 31 December 2025, and Retail Car Rental gave 2.26%.

As on 31 May 2026, the company operated a fleet of over 364 vehicles. It offers event-based transport, spot rentals and long-term rentals. Besides its own fleet, it uses a network of vendors to reach 80 cities across India. The main metro regions it works in are Delhi, Gurugram, Noida, Mumbai, Chennai, Kolkata and Ahmedabad.

Its offices are in Delhi, Mumbai, Noida, Gurugram, Chennai and Ahmedabad. The facilities include fleet management and dispatch systems, vehicle maintenance through authorised dealerships, and technology systems for booking, tracking and monitoring. The document describes the company as having over 33 years of experience.

The promoters are Amrit Pal Singh Mann, Parmjeet Mann and Robin Singh Mann. Amrit Pal Singh Mann has been associated with the company since 1992. Robin Singh Mann joined in March 2024. The board has three executive directors and three independent directors.

The industry

The company quotes an ICRA report on the Indian cab and coach rental industry. The industry serves individuals, corporates, government agencies, travel operators and event organisers, with services such as chauffeur-driven rentals, corporate travel, airport transfers, tourism and employee transport. The report says demand for premium and luxury mobility is growing, and that luxury cab and coach rental is among the fastest-growing categories of the organised market. The abridged prospectus does not give a market size figure.

Customer concentration: The largest customer gave 51.96% of revenue in the nine months to 31 December 2025 (22.05% in FY2025), and the top 5 customers gave 57.71% (37.87% in FY2025).