Wagons Learning Limited IPO

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Wagons Learning Limited is a leading provider of corporate training, digital learning, and skill development solutions. Operating under a B2B model, the Company offers a comprehensive suite of services including Training and Certifications, Digital Learning Solutions, Trainer Outsourcing, Payroll Management Solutions, and Skill Development Programs.

Service Offerings

i. Corporate Training and Consulting
ii. Digital Learning Solutions
iii. Skill Development Initiatives
iv. Trainer Outsourcing and Payroll Management

Geographical Reach and Expansion

i. Wagons Learning currently operates across India, serving clients from various industries.
ii. Recently expanded internationally by setting up a branch office in Dubai at The Meydan Hotel, Grandstand, with plans to offer Education Technology, Digital Libraries, Government Projects, and Custom Content Development services.
iii. Actively planning to explore and enter new international markets.

Strategic Focus

i. Customer-Centric Approach: Tailored solutions based on client needs, backed by a strong network of expert trainers and learning resources.
ii. Technology-Driven Delivery: Investments in EdTech platforms to ensure seamless, scalable, and impactful learning experiences.
iii. Commitment to Excellence: Deep industry expertise, quality assurance, and focus on driving measurable learning outcomes for clients.

Objects of the Wagons Learning Limited IPO:

IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. To meet out the Working Capital requirements of the Company. ii. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company. iii. To meet out the General Corporate Purposes. Total number of share issue :- i. Fresh issue is 30,80,000 shares, ii. Offer for sale is 16,00,000 shares.
DRHP of Wagons Learning Limited IPO
RHP of Wagons Learning Limited IPO

Wagons Learning Limited IPO Details:

Open Date: May 02 2025
Close Date: May 06 2025
Total Shares: 46,80,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 38.38 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 78 - 82 Per Equity Share
Listing At: BSE SME
Listing Date: May 09 2025

Promoters And Management:

Uday Jagannath Shetty, Promoter, Chairman, and CEO of the Company, holds a B.Sc. from Fergusson College and an MBA in Marketing and Finance from Pune University. With over 20 years of experience in the commercial training and coaching industry, and leadership roles at ICICI Bank and HDFC Bank, he specializes in business strategy, market analysis, sales optimization, and leadership development, helping organizations drive growth, build high-performing teams, and enhance their commercial capabilities. Raviraj Poojary, Promoter and Managing Director – Automotive and Allied Industries, holds an MBA from Pune University and has extensive experience with automotive giants like Tata Motors and Force Motors. Beginning his career in 2007 with Tata Motors as Area Manager for Himachal Pradesh, he later co-founded Wagons Learning Private Limited in 2011. With his expertise in training, development, and customer satisfaction, he leads the automotive operations, ensuring transparent sales and service practices while continuously expanding the network of certified Auto Sales Professionals. Abhishek, a seasoned banker with over 19 years of experience across retail and investment banking at leading private banks like ICICI Bank, Deutsche Bank, and Kotak Mahindra Bank, holds an MBA from the Indian Institute of Planning and Management, Mumbai. He currently leads the Government and CSR Implementation segment at Wagons Learning, bringing strong project execution skills, customer focus, and an entrepreneurial mindset, consistently delivering innovative and impactful initiatives.

Financials of Wagons Learning Limited IPO:

In Cr.
Particulars December 31, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 33.05 33.37 16.10 9.79
EBITDA 8.44 8.12 1.20 0.25
EBITDA Margins 25.54% 24.34% 7.48% 2.61%
PAT 5.54 5.61 0.70 0.09
PAT Margins 16.77% 16.81% 5.35% 0.97%
ROCE 27.33%(Not Annualised) 45.27% 17.74% 4.69%
CFOA -1.21 1.71 -0.34 -0.81

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Wagons Learning  (FY 2024) 33.37 Cr. 24.34% 16.81% 0.31 127.92 Cr. 22.80*
NIIT Learning Systems (TTM) 1,621 Cr. 23% 14.37% 0.11 5,321 Cr. 22.10
Vinsys IT Services (TTM) 183 Cr. 19% 14.20% 0.27 583 Cr. 22.60
*Forward PE on the basis of FY 25 PAT is 17.33.

Recommendation on Wagons Learning Limited IPO:

Review and Recommendation of Wagons Learning IPO by team IZ is 3/10.

Lead Manager of Wagons Learning Limited IPO:

  1. Khandwala Securities Limited

Registrar of Wagons Learning Limited IPO:

  1. Cameo Corporate Services Limited

Company Address:

Wagons Learning Limited Office No. 302, Tower 2, Montreal Business Center, Pallod Farms, Baner, Phone: +91-8149006055 Email: compliance@wagonslearning.com Website: http://www.wagonslearning.com/

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