Yash Pal Sharma, Chairman and Non-Executive Director of the Company, has been a key leader since its inception. With a Bachelor of Commerce from the University of Delhi and an executive course from Harvard Business School, he has over 28 years of experience in logistics. Sharma is currently the President of Air Cargo Forum India (2022-2024) and has held various leadership roles, including former President of Air Cargo Club of Delhi. Renowned for his visionary approach, he continues to drive innovation in the industry. He was re-designated as Chairman and Non-Executive Director on August 25, 2023. Tarun Sharma, Non-Executive Director of the Company, holds a Bachelor's in Business Studies from Leeds Metropolitan University, UK (2007). After a stint at Kuehne & Nagel, he joined his family business, Skyways Group, where he expanded its Ocean business to a Pan-India and global scale. A member of the Managing Committee of AMTOI, he also volunteered with Wizcraft International Limited for IIFA in Bangkok. With 16 years of experience in ocean freight, he joined the company in 2020 and continues to contribute his expertise. Sachin Arora, Promoter and Managing Director of the Company, holds a Bachelor's degree in Arts from the University of Delhi. With over 22 years of experience, he has worked with several companies, including Webtron Infosoft, Allcargo Global Logistics Ltd., and HTL Logistics India Pvt. Ltd. Notably, he won the Best Designer Award for creating an e-card using Flash in 2000. As Managing Director since August 25, 2023, he is responsible for driving the Company's business development strategy.

Name of the Company	Revenue (In Crore)	PAT (In Crore)	EPS ( in Rs)	P/E	CMP	Mcap (In Crore)
Brace Port Logistics Limited	55	5	4.32	18.5	80	90
Tiger Logistics (India) Limited	240	13	1.23	28.6	42.2	446
AVG Logistics Limited	480	33	23.96	27.0	482	659

* All the data is as per FY24.

Review and Recommendation of Brace Port SME IPO by team IZ is 5/10. 1. They are a global logistics company specializing in ocean cargo transportation. They also offer air freight, warehousing, specialized cargo handling, and customs clearance services. 2. What Brace Port does: Cargo shipment process begins with understanding the client's needs and providing a tailored quote. Once agreed upon, they prepare the cargo for transport and handle the necessary customs procedures. Finally, they coordinate with the airline or ship to ensure timely delivery of the shipment to its destination. a) Currently they do not have Custom House Agent License. They used third party agents for clearance b) The company outsources cargo transportation, relying on third-party logistics providers to move shipments between clients' locations and airports or seaports. 3. Their holding company SKYWAYS AIR SERVICES PVT LTD is leading player in the cargo company having revenue of 1146 cr in FY23 and PAT of 27 cr. The Skyways group is engaged in all sorts of logistics solutions. The group has presence in countries Germany, Vietnam, UAE, Hongkong and Bangladesh. 4. They serve a diverse customer base across various industries, including healthcare, sports, food, electronics, consumer goods, and automotive, with our extensive domestic and international network. 5. In Fy24, 14.35% revenue comes from Europe, 23.42% comes from America, 14.17% from Asia and rest from Others. 50% revenue comes from Export and 50% from Domestic. 6. The revenue is fluctuating in the last 3 years. In Fy21-22 they had a revenue of 54 Cr, then it has increased to 70 Cr in Fy22-23 and then reduce to 55 Cr in Fy23-24. 7. In the last 3 years the EBITDA margins are in the range of 8-12%. However, its holding company has EBITDA margins of 3-5%. 8. Promoter and MD Mr. Sachin is a seasoned logistics professional with over 22 years of experience. He has held leadership roles in prominent logistics companies and possesses a deep understanding of the industry. 9. They utilize a proprietary SaaS-based ERP system, Cargo Dash, to streamline their tracking, operations, and finance. Developed by the group company, Sgate Tech Solutions, Cargo Dash assigns a unique code to each shipment for real-time tracking. 10. For expansion and increasing revenue they are planning global footprint by opening new offices to meet growing customer demand and capture a larger market share. This expansion will reduce reliance on third-party agents, leading to increased profitability. 11. Industry Analysis - The Indian third-party logistics market is poised for significant growth driven by economic expansion, urbanization, and increased consumer spending. Government investments in infrastructure will further fuel demand. Organized logistics providers are well-positioned to capitalize on this growth due to their expertise, skilled workforce, and ability to cater to sophisticated clients. 12. Company is generating good cash from operations 7.73 Cr cumulative in the last 3 years. 13. The IPO is priced at a market capitalization of ₹90 crore with a P/E ratio of 18x. In comparison, peers like Tiger Logistics and AVG Logistics are trading at a P/E of 28x. However, it's important to note that AVG Logistics boasts an EBITDA margin of 17%, while Tiger Logistics operates at a 6% margin. Given this context, the IPO valuation appears to be on the higher side as growth is timid in the last 3 years.

Brace Port Logistics Limited A-182, Mahipalpur Extension, 5, Road No 4, South Delhi, Mahipalpur-New Delhi-110037 Phone: 011 - 41729003 Email: cs@braceport-logistics.com Website: http://www.braceport-logistics.com/