Western Carriers (India) Limited

As per financial performance, Western Carriers (India) Limited has posted total income / net profits of Rs 1,475.79 Cr / Rs 61.13 Cr (FY22), Rs 1,637.84 Cr / 71.57 Cr (FY23) and Rs 1,691.41 Cr / Rs 80.35 Cr (FY24). So as per previous financials data, company has shown steady growth. Company has an average EPS of Rs 9.43 and average RoNW of 21.53% for last three fiscals. Issue is priced at a P/BV of 3.4 as per NAV of Rs 50.62/- as on 31.03.24. If we attribute latest earnings of FY22, FY23 and FY24, then asking price is at a P/E of around 28.69, 24.50 and 21.83 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, two lead managers are associated with this IPO, and have handled around 68 IPOs in last three fiscals. JM Financial Limited: This is 42nd IPO from this BRLM. From last 10 IPOs, two opened below issue price and remaining opened above issue price or at par on the day of listing. As of now, from last 10 IPOs, four are trading below issue price and remaining are trading above issue price. (As on 10.09.24) Kotak Mahindra Capital Company Limited: This is 28th IPO from this BRLM. From last 10 IPOs, all opened above issue price or at par on the day of listing. As of now, from last 10 IPOs, all are trading above issue price. (As on 10.09.24) As per financials, Western Carriers (India) Limited has shown good results, RoNW is 20.17% and P/E is 28.69, 24.50 and 21.83 respectively as per FY22, FY23, and FY24 earnings. So, issue looks fairly priced as compared to listed peers. Company is multi-modal, rail focused, 4PL asset-light logistics company, which is a very fragmented and competitive business segment. Performance of BRLM is good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1  Saurabh Vidyadhar Gadgil
• 2  Radhika Saurabh Gadgil
• 3 SVG Business Trust