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PPavion · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Fire Safety · Security · Integration.

$29.6M
Revenue (modeled)
0+
Acquisitions since 2020
420
Employees
Top 10 Indian logistics solution providers (modeled)
SDM ranking
Owner: Ravindra Deshmukh · CEO Samarnath Jha · CFO Haresh Panjabi · HQ Mumbai, Maharashtra, India
Where we stand

Executive scorecard

Pavion · Board Pack · 1 · Executive Summary
Revenue
$30M
prior $25M
Revenue Growth
19.3%
prior 8.0%
EBITDA
$4M
prior $3M
EBITDA Margin
12.8%
prior 11.5%
ARR
$5M
prior $4M
Recurring Mix
16.1%
prior 12.0%
Net Revenue Retention
94.2%
prior 91.0%
Rule of 40
33
prior 28
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Pavion · Board Pack · 2 · Performance
Revenue by business unit
Transport & Logistics45%
Warehousing35%
E-fulfilment20%
Transport & Logistics
$13.31M
+14% · EBITDA 0.61% · Rec 44%
Warehousing
$10.37M
+9% · EBITDA 0.58% · Rec 46%
E-fulfilment
$5.92M
+18% · EBITDA 0.44% · Rec 24%
Roll-up validation

Acquisition cohort economics

Pavion · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
Pune Warehouse2021$1.28M$0.45M0.34%→0.53% (+0.19)92%Integrated
Transport Management System (TMS)2021$0.83M$0.3M0.3%→0.49% (+0.19)90%Integrated
Mumbai Fulfilment Ops2022$3.62M$1.96M0.41%→0.6% (+0.19)88%Integrated
Warehouse Management System (WMS)2023$2.19M$0.72M0.38%→0.49% (+0.10999999999999999)74%In progress
Collections Team2024$1.55M$0.53M0.34%→0.41% (+0.06999999999999995)55%In progress
Autonomous Reroute2024$1.4M$0.49M0.34%→0.45% (+0.10999999999999999)78%In progress
Audit & Compliance2024$1.09M$0.34M0.3%→0.34% (+0.040000000000000036)40%Early

Integrated cohorts show ~0pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Pavion · Board Pack · 4 · Capital & Cash
Net Debt/EBITDA
1.7x
target 1.5x
Covenant Headroom
1.3x
target 1.5x
DSCR
2.8x
target 3.0x
Liquidity
$6M
target $6M
Free Cash Flow
$3M
target $4M
Cash Conversion Cycle
37d
target 32d
DSO
56d
target 50d
Synergy Realized
0.0%
target 0.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 37d) and FCF improve.
Governance

Watch-list & priority actions

Pavion · Board Pack · 5 · Risk & Actions
●Maharashtra region margin driftceo
Maharashtra GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Tata Cliq expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), Audit & Compliance (66d), Myntra account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Myntra credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/Contract Compliance Dashboard attach on Integration installs.
Material external signals
[News] Tata Cliq announces new US cloud regions · Tata Cliq→ multi-region DC security opportunity
[EDGAR] Reliance Retail 10-K: elevated hub-automation capex · Reliance Retail→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend Maharashtra accounts

Structural data researched from public sources; financials are modeled estimates (Pavion is privately held). AI summary generated by Azure OpenAI (GPT-4.1).