Jayesh Logistics Limited

As per financial performance, Jayesh Logistics Limited has posted total income / net profits of Rs 60.37 Cr / 1.09 Cr (FY23), Rs 46.55 Cr / Rs 3.84 Cr (FY24), Rs 60.88 Cr / 10.80 Cr (FY25) and Rs 25.25 Cr / 2.01 Cr (upto Q1 FY26). So as per previous financials data, company has shown good growth, but trade receivables is around 27% of FY25 total sales. Company has an average EPS of Rs 7.79 and average RoNW of 48.97% for last three fiscals. Issue is priced at a P/BV of 4 as per NAV of Rs 30.51/- as on 30.06.25. 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 33.52, 14.73 and 13.13 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Indcap Advisors Private Limited is associated with this SME IPO, and has handled one SME IPO in last three fiscal years. One IPO opened below issue price on the day of listing. As of now, one IPO is trading below issue price. ( As on 25.10.25 ) As per financials, Jayesh Logistics Limited has shown good growth, RoNW is 56.77% and P/E is 33.52, 14.73 and 13.13 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but trade receivables are around 33% for FY25 total sales and also sudden rise in net profit just before IPO raises doubts. Company is a service provider in the logistics and supply chain management industry, primarily providing freight services using road transportation like trucks and railways and non-freight services, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Sanjay Kumar Kundaliya
• 2 Navita Kundaliya
• 3 RHMB India Private Limited 
• 4 Bishnu Kumar Bajaj
• 5 Rashmi Bajaj
• 6 Rishi Maheshwari