Shipwaves Online Limited

Shipwaves Online Limited provides single unified platform designed to meet the client's shipping and logistical needs. Their expertise spans across multimodal transportation solutions, offering seamless end-to-end support for shipments across Ocean, Land, and Air. The Company offers two primary service categories - Digital Freight Forwarding and Enterprise SaaS Solutions. As a digital freight forwarder, they provide end-to-end logistics services by leveraging advanced technology to streamline the transportation process across multiple modes - ocean, land, and air. The platform facilitates hassle-free bookings, real-time shipment tracking, automated documentation, and efficient customs clearance. Through a digital-first approach, they help businesses optimize freight movement, reduce manual intervention, and achieve cost and time savings. Company offers robust Enterprise SaaS Solutions tailored to meet the complex demands of supply chain management. The SaaS platform offers an integrated suite of tools designed to streamline logistics operations, providing businesses with complete visibility and control over their supply chain. These solutions include real-time data analytics, predictive insights for demand forecasting, supply chain optimization, inventory management, and comprehensive shipment planning tools. As per financial performance, Shipwaves Online Limited has posted total income / net profits of Rs 69.48 / 2.24 Cr (FY23), Rs 97.27 / Rs 6.29 Cr (FY24), Rs 108.65 Cr / 12.19 Cr (FY25) and Rs 41.71 Cr / 4.68 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. Company has an average EPS of Rs 0.82 and average RoNW of 38.20% for last three fiscals. Issue is priced at a P/BV of 1.95 as per NAV of Rs 6.16/- 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 26.99, 13.92 and 18.12 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Finshore Management Services Limited is associated with this IPOs, and has handled 30 IPOs in last three fiscal years. From last 10 IPOs, six opened below issue price and remaining above issue price or at par, on the day of listing. As of now, from last 10 IPOs, eight are trading below issue price and remaining all are trading above issue price or at par. ( As on 06.12.25 ) As per financials, Shipwaves Online Limited has shown good growth, RoNW is 41.89% and P/E is 26.99, 13.92 and 18.12 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net-profit just before IPO raises doubts. Company provides single unified platform designed to meet the client's shipping and logistical needs, which is competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Kalandan Mohammed Hari
• 2 Kalandan Mohammed Althaf
• 3 Kalandan Mohammad Arif
• 4 Abid Ali
• 5 Bibi Hajira
• 6 Mohammed Sahim Haris