Western Overseas Study Abroad Limited

Western Overseas Study Abroad Limited, started in 2013, is engaged in providing educational and immigration advisory services, offering visa advice and training, language training (IELTS,TOEFL,PTE, CELPIP, DUOLINGO, LANGUAGE CERT) and Foreign languages like French, German, Spanish, consulting services, and technical, professional, and vocational education, as well as conducting seminars and workshops on Domestic and International educational topics, all aimed at supporting individuals seeking education or career opportunities abroad. The Company provides a one-stop solution to the students and customers predominantly from various parts of Punjab, Chandigarh and Haryana, Delhi And Madhya Pradesh. The Company offers a comprehensive range of professional programs which includes a) Education Consultancy b) Education Loan Guidance and Scholarships c) Admission & filing of application Formalities, d) Training for Language Proficiency Tests, e) Study Visa, tourist Visa etc., Also, they provide Admission support to the students right from the time when they enroll with them.  As per financial performance, Western Overseas Study Abroad Limited has posted total income / net profits of Rs 10.20 Cr / 0.44 Cr (FY23), Rs 20.36 Cr / Rs 1.19 Cr (FY24), Rs 22.95 Cr / 2.21 Cr (FY25) and Rs 4.96 Cr / 0.54 (upto Q1 FY26). So as per previous financials data, company has shown steady results. Company has an average EPS of Rs 3.74 and average RoNW of 28.08% for last three fiscals. Issue is priced at a P/BV of 1.96 as per NAV of Rs 28.51/- as on post issue. 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 28.29, 15.23 and 15.51 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Sobhagya Capital Options Private Limited is associated with this SME IPO, and has handled 3 SME IPOs in last one fiscal year. From last 3 IPOs, two opened below issue price and remaining all opened above issue price or at par. As of now, from last 3 IPOs, all are trading below issue price. ( As on 29.11.25 ) As per financials, Western Overseas Study Abroad Limited has shown steady results, RoNW is 13.68% and P/E is 28.29, 15.23 and 15.51 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is engaged in providing educational and immigration advisory services, which is highly competitive business segment. Performance of BRLM is very poor. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Pardeep Balyan
• 2 Mrs. Rekha Rani