Ashwini Container Movers Limited is a commercial transportation provider engaged in transportation of cargo across various regions in India, with a significant portion of its operations concentrated in the states of Maharashtra and Gujarat. The Company is engaged in providing surface transportation of goods in containerized trucks. Their logistics operations are supported by their own fleet of containerized trucks with a current fleet of over 300 vehicles consisting of 20-feet and 40-feet vehicles as on September 30, 2025. They mainly serve B2B customers which require transporting bulk quantities of their goods from one place to another within India specifically from Factory to port or vice versa. They primarily operate in transporting goods between ports and factories, catering specifically to customers involved in importing and exporting containerized goods. The Company primarily focusses in Full Container Load (FCL) transportation, providing reefer and non - operating reefer containers (dry container) and also engaged in Less Container Load (LCL) and Over Dimension Cargo (ODC). FCL involves dedicating an entire truck to a single shipment, making it ideal for businesses transporting large quantities of goods or requiring exclusive truck use for secure and efficient delivery. This method is commonly used in industries such as manufacturing and retail. On the other hand, LCL consolidates shipments from multiple customers into a single truck, where each shipment occupies a portion of the truck's capacity. This cost-effective option is suitable for businesses with smaller freight volumes. The company is supported by a capable team comprising 97 permanent drivers, 57 staff members and 200 + on demand drivers / staff as on September 30, 2025. The Company has been recognized with several esteemed awards, including the Kokan Udyog Ratan Award for "Transportation Services Company of the Year" (2024), the Maharashtra Udyog Samaan Award for "Excellence in Safety Standards for Container Transportation" (2024), the Excellence in Customer Service Award by Expeditors (2023), and the Service Provider of the Year Award for "Excellence in Operations and Customer Service" by Expeditors (2022). The Company is certified for ISO 9001, 14001, and 45001 standards, along with GDP compliance for distribution of products, CTPAT US compliance, and FSSAI. As per financial performance, Ashwini Container Movers Limited has posted total income / net profits of Rs 77.15 / 2.09 Cr (FY23), Rs 79.26 / Rs 1.37 Cr (FY24), Rs 96.05 Cr / 11.45 Cr (FY25) and Rs 55.86 Cr / 9.90 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Also higher trade receivables around 29% of FY25 total sales and high borrowings are red flags. Company has an average EPS of Rs 9.91 and average RoNW of 48.71% for last three fiscals. Issue is priced at a P/BV of 4.77 as per NAV of Rs 29.8/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 154.59, 18.60 and 10.75 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corporate Professionals Capital Private Limited is associated with this SME IPOs, and has handled 1 IPOs in last three fiscal years. From last one IPOs, that opened above issue price or at par, on the day of listing. As of now, from last one IPOs, that is trading above issue price or at par. ( As on 08.12.25 ) As per financials, Ashwini Container Movers Limited has shown good growth, RoNW is 76.82% and P/E is 154.59, 18.60 and 10.75 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net-profit just before IPO, higher trade receivables and high borrowings raises doubts. Company is engaged in the business of transportation of cargo across various regions in India, which is competitive business segment. BRLM is very new. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
✍️ Post a Comment