Snowman Logistics Limited

Sector: Cold Chain Logistics  |  HQ: Bengaluru, Karnataka  |  Founded: 1993  |  Employees: ~1,400

Listed as: NSE / BSE listed  |  NSE / BSE  |  Ticker: SNOWMAN.NS  |  Website →

Key people

• Sunil Nair (CEO)

Company overview

Snowman Logistics Limited is India's largest organised cold chain logistics company. Founded in 1993 and headquartered in Bengaluru, Snowman operates 41 temperature-controlled warehouses (cold storage) and 400+ reefer trucks across India. FY25 revenue approximately ₹420 crore. The company is a subsidiary of Adani Logistics Limited (via the recent Adani Group strategic investment).

Business model

Three segments: Warehousing (cold storage rental and managed services), Transportation (reefer truck operations), and Distribution (last-mile cold chain).

Operating segments

Recent developments

May 2026

Snowman Logistics demonstrated a mixed financial trajectory through FY26. After Q3 FY26 saw losses deepen amid persistent margin pressures and operational headwinds [10], Q4 marked a return to profitability, though underlying margin challenges remain [1]. India Ratings affirmed the company's credit rating [3], providing a degree of financial stability signal, while Simplywall.st flagged valuation concerns around entry pricing for investors [2]. The company maintains its distinction as India's only listed entity focused on temperature-controlled supply chain solutions [4].

On the operational front, Snowman is aggressively expanding its infrastructure footprint. A flagship development is a 6,500-pallet temperature-controlled warehouse in Patna, targeted for completion by 2027 [5,7,8,9], representing a significant capacity addition in the eastern region. This follows earlier network expansion through two new owned temperature-controlled warehouses in Kolkata and Krishnapatnam [6], collectively signaling an acceleration in asset-building to capture growing cold chain demand across domestic markets.

Sources (10)

1. Snowman Logistics Q4 FY26: Return to Profitability Masks Persistent Margin Pressures - Markets Mojo · Markets Mojo · Thu, 07 May 2026
2. Getting In Cheap On Snowman Logistics Limited (NSE:SNOWMAN) Might Be Difficult - simplywall.st · simplywall.st · Fri, 06 Feb 2026
3. Snowman Logistics Receives Credit Rating Affirmation from India Ratings - scanx.trade · scanx.trade · Wed, 11 Mar 2026
4. Snowman Logistics: India’s only listed leader in temperature-controlled supply chain solutions - Trade Brains · Trade Brains · Sat, 29 Nov 2025
5. Snowman Logistics Limited to set up 6,500-pallet temperature-controlled warehouse in Patna by 2027 - Logistics Insider · Logistics Insider · Sat, 14 Mar 2026
6. Snowman Logistics expands network with 2 new Temperature-Controlled owned warehouses in Kolkata and Krishnapatnam - India Shipping News · India Shipping News · Thu, 26 Jun 2025
7. Snowman Logistics To Open 6,500-Pallet Cold Storage In Patna - Construction World India · Construction World India · Tue, 17 Mar 2026
8. Snowman Logistics Expands Operations With 6,500-Pallet Facility in Patna. - News on Projects · News on Projects · Sat, 14 Mar 2026
9. Snowman Logistics Announces 6,500-Pallet Temperature-Controlled Facility in Patna - scanx.trade · scanx.trade · Fri, 13 Mar 2026
10. Snowman Logistics Q3 FY26: Losses Deepen Amid Margin Pressures and Operational Headwinds - Markets Mojo · Markets Mojo · Fri, 06 Feb 2026

Financial performance and recent trajectory

FY25 revenue ₹420 crore. EBITDA margin in 18-22 percent range supported by warehouse rental contracts. The Adani Logistics investment is the principal post-FY25 strategic development.

Stock performance and shareholder context

Snowman (NSE: SNOWMAN, BSE: 538635). Adani Group is the largest shareholder following the strategic investment.

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

Largest organised Indian cold chain player. Competitors include Coldex, Crystal Logistic Cool Chain, ColdEx Cargo, ColdrushColdrush, and regional independents.

Key risks

High capex intensity per warehouse; electricity cost; QSR demand cyclicality; competitive intensity from new Adani Logistics-led integrated cold chain.

Outlook

Adani Group integration provides capital and customer access for further expansion.

KAMRIT point of view

Building or competing with Snowman?

KAMRIT advises promoters, family offices, and global enterprises evaluating greenfield entry into the cold chain logistics sector. Our Bankable DPR with Cost Model and ROI benchmarks your project economics against the listed-company cost structure of Snowman and peers. The Execution Partnership tier covers everything from incorporation through commissioning. A 20-minute scoping call with our partners is free.

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.