Chartered Speed Ltd

About the Company:

Chartered Speed Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India with an operational fleet of over 750 passenger vehicles, over 45 rental and self-drive cars and over 430 Smart Bikes.

Company is one of the leading fleet bus operators in India for inter-city and intra-city passenger mobility operations.

They provide inter-city passenger mobility solutions through their bus operations largely focused in Central and Western India with an expanding footprint in Northeastern India.

They also provide services to State Transport Undertakings (“STUs”) for their intra-city passenger mobility operations in the form of city buses and Bus Rapid Transit System (“BRTS”).

Company is one of the city bus service providers to Atal Indore City Transport Services Ltd , as well as the Ahmedabad Municipal Transport Services  and Surat Municipal Corporation.

As on August 31, 2018, Company had 2,562 employees, out of which 1,240 are drivers.


Services Provided by the Company:

  • School Buses and Staff buses for Corporate Customers.
  • Automated Public bicycle (“Smart Bike”) sharing system.
  • Rental and Self-drive cars.


Company’s Background:

Chartered Speed Ltd had commenced their operations in Fiscal 2010 with a fleet of 15 buses in the intra-city segment for BRTS Ahmedabad) and have grown their fleet to a total of over 700 operational buses in the inter-city and intra-city segment, as well as the school and staff buses as on August 31, 2018.

Further, as on August 31, 2018, Company’s fleet also comprised of over 430 Smart Bikes and over 45 rental and self-drive cars.

Company’s operations are primarily focused on their inter-city bus operations in which they serviced over 2.44 million passengers and their intra-city operations which covered over 34 million kilometres, in Fiscal 2018.


Company’s Widespread Transportation Network.

Chartered Speed Ltd provides inter-city passenger mobility solutions through their widespread transportation network, which spanned across a total of 26 cities in the state of Gujarat, Madhya Pradesh, Rajasthan and Maharashtra, as on August 31, 2018.

For the inter-city passenger mobility operations, They operate over 120 buses driven by over 250 drivers who are in the full-time employment of the Company.

In this segment, Company’s buses serviced over 2.44 million passengers in Fiscal 2018 over several routes covering cities with high density urban commuter markets such as Indore, Ahmedabad, Pune,Mumbai, Jaipur and Bhopal among others.

They also connect metropolitan, tier-II and tier-III cities, such as Bhuj, Udaipur, Ratlam, Jabalpur, Shirdi, Jamnagar and Kota.

Majority of company’s buses covering inter-city routes are equipped with amenities such as Wi-Fi, charging points, reading lights, CCTV cameras and GPS tracking services.


Company’s Entry into Northeastern India:

Chartered Speed Ltd recently entered into an agreement with the Assam State Transport Corporation (“ASTC”) for operation of buses for inter-city transport between certain cities (Guwahati, Shillong, Itanagar etc.) in Northeastern India.


Company’s Smart Bike Sharing System.

Recently forayed into a public Smart Bike sharing system. Company’s Smart Bike sharing operations are currently functional in Bhopal, with a fleet of over 430 Smart Bikes as on August 31, 2018.

The customers can locate designated bike stations and rent Smart Bikes from one of 88 docking stations in Bhopal using the mobile application called ‘Chartered Bike’.

Currently company is also setting up operations in Ranchi under a service contract agreement with the Ranchi Smart City Corporation Limited  for supply and management of a fleet of 1,200 Smart Bikes.


Company’s Backward Integration:

Chartered Speed Ltd has developed an in-house bus body designing and fabrication facility at Ahmedabad.

In the last three Fiscals, They has built a total of 475 buses, of which 276 were for company’s operations and 199 were for third parties.


Management Team:

  1. Mr. Mohib Nomanbhai Khericha (Designation: Chairman and Independent Director)
  2. Mr. Pankaj Kumar Gandhi (Designation: Managing Director)


Peer Group Comparison:

There are no listed companies in India which are engaged in the same line of business and comparable to Chartered Speed Ltd scale of operations, hence comparison with industry peers are not applicable.


Financials of the Company:

(in Crores) FY 14 FY 15 FY 16 FY 17 FY 18
Revenue 108.8 152.66 201.89 242.93 258.6
Net Profit 2.68 6.83 10.8 14.1 12.43


IPO Details:

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Face Value Rs.10
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Equity Shares Prior 2,8049,480
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4.51 Will be Updated 21.33% 21.09

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Company Contact Info:
Chartered Speed Ltd
Sarkhej – Bavla Highway
Sanathal, Sarkhej
Ahmedabad – 382 210 Gujarat, India.
Telephone: +91 99 798 89920


IPO Registrar Info:
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai – 400 083, Maharashtra, India.
Telephone: +91 22 4918 6200;