Iware Supplychain ServicesShare price, financial results, shareholding and management

NSE Emerge · IWARELogistics and warehousingListed 6 May 2025IPO ₹95Catch them young
iware.co.in ↗Live price on NSE ↗ISIN INE1AII01014 · Lot 600 shares · ₹2.38 lakh
₹396.35
-1.90% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹456 cr
Stock P/E
30.3peers 13.3
Book value
₹48.4
Price to book
8.19
EV / operating profit
17.7
Market cap to sales
1.77
Returns and growth
ROCE · FY26
28.3%
ROE · FY26
42.0%
ROE, 3-year average
58.4%
Operating margin · FY26
11.3%peers 9.2%
Sales growth, 3 years
80.2%
Profit growth, 3 years
+88.3%
Safety
Debt to equity
1.26peers 0.39
Borrowings
₹70.2 cr
Interest cover
5.5×
Cash from business / op. profit
-68%
Debtor days
85
Pledged
0.00%
Ownership and share
Promoter holding
62.84%
Change in promoter holding
-6.17 pts
Shareholders
1,032
52-week high / low
₹539 / ₹164
Dividend yield
Paid
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Iware Supplychain Services share price chart

₹396.35+130.10% 1 year

Close on 6 Nov 2026 · -1.92% on the day · Vol 12,000

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
+7.0%
3 months
-15.8%
6 months
+6.7%
1 year
+130.1%
Since IPO
+317.2%
Traded a day, 20 days
₹0.47 cr
Taken for delivery
87%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+200%+88%
3 years, a year+80%-

About Iware Supplychain Services: business, products and customers

iWare Supplychain Services moves and stores goods for other companies: it runs trucks, warehouses and the loading and unloading of goods trains. Most of its work is in Gujarat, and its shares trade on NSE Emerge.

iWare Supplychain Services was set up in Ahmedabad in 2018 and offers trucking, warehousing with handling services, the loading and unloading of railway freight rakes, and rental of property. Its customers work in consumer goods, farm produce, auto components, sanitary ware and other industries, and it works out of a network that grew to 50 branches in FY26. Its promoter company, Inter India Roadways, is in the same line of business and supplies vehicles when needed.

Trucking has become the bulk of the business: it gave 81.66% of FY26 revenue against 64.41% in FY25, with rake handling and warehousing most of the rest. The company's own fleet grew from 47 vehicles to 165 during FY26, and it also hires vehicles from local owners and promoter group companies.

Read more about the business

What is new: Central Warehousing Corporation appointed it to run the container freight station at Kandla, and with that body it ran its first container rake and, in December 2025, India's first rail shipment of bitumen from Gandhidham to Guwahati. It took over the logistics business of AKT Logistics, a related party, from January 2026, and signed three year transport agreements from July 2026 with three companies, including Livfast Batteries and Livguard Energy Technologies.

From the prospectus (22 April 2025), the FY26 annual report, the December 2025 press release, the October 2026 credit rating note and the company's exchange announcements of March and August 2026.

Read the deeper study ↓

In its favour

  • Sales have grown very fast: 80% a year over three years.
  • It earns a high return on the money it uses: ROCE 28% in FY26.
  • The promoters own a large part of the company: 62.84%.
  • It paid a dividend in the past year.

To watch

  • Completion of the IPO funded industrial shed at Chadvada, Bhachau, which was behind schedule at March 2026 (Annual Report 2025-26, p.55).
  • Collection of the ₹60.0 cr owed by customers at March 2026, and loan payments on time after the rating note of October 2026 described liquidity as stretched (Annual Report 2025-26, p.16; CARE Ratings, 8 Oct 2026, p.3).
  • Revenue from the three year transport agreements that began on 1 July 2026 (Exchange announcement, 6 Aug 2026, p.1).
  • The preferential issue of 7,90,800 shares approved by shareholders in May 2026 (Annual Report 2025-26, p.56 and p.57).
  • Its borrowings rose a lot last year: ₹70.2 cr, from ₹30 cr.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Iware Supplychain Services revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.

Sales and net profit, every year, ₹ crore
SalesNet profit
0100200300Sales, FY21: 19 ₹ cr19Net profit, FY21: 1 ₹ cr1FY21Sales, FY22: 24 ₹ cr24Net profit, FY22: 1 ₹ cr1FY22Sales, FY23: 44 ₹ cr44Net profit, FY23: 0 ₹ cr0FY23Sales, FY24: 59 ₹ cr59Net profit, FY24: 4 ₹ cr4FY24Sales, FY25: 86 ₹ cr86Net profit, FY25: 8 ₹ cr8FY25Sales, FY26: 258 ₹ cr258Net profit, FY26: 15.1 ₹ cr15.1FY26
The latest halves, ₹ crore
SalesNet profit
050100150200Sales, H1FY25: 30 ₹ cr30Net profit, H1FY25: 1 ₹ cr1H1FY25Sales, H1FY26: 93.4 ₹ cr93.4Net profit, H1FY26: 6.4 ₹ cr6.4H1FY26Sales, H2FY26: 164 ₹ cr164Net profit, H2FY26: 8.6 ₹ cr8.6H2FY26

SME companies report every six months.

Iware Supplychain Services half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY25H1FY26H2FY26
Sales3093.44164.23
Expenses2581.71146.89
Operating profit511.7217.33
OPM15.0%12.6%10.6%
Interest11.472.96
Depreciation21.723.70
Profit before tax28.5911.33
Net profit16.438.63

Iware Supplychain Services profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY22FY23FY24FY25FY26
Sales1924445986257.66
Expenses1721374869228.61
Operating profit236111729.06
OPM12.0%13.0%14.0%19.0%20.0%11.3%
Other income000000.72
Interest113334.43
Depreciation013345.42
Exceptional and other items··1·1·
Profit before tax11151119.92
Tax rate0.0%0.0%100.0%20.0%27.3%24.4%
Net profit1104815.06
EPS ₹1.341.230.535.2810.2014.37
Dividend payout0.0%0.0%0.0%0.0%0.0%7.0%

The years to FY25 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.

Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.

Iware Supplychain Services profitability

Margins and returns on capital

Last year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%10%20%30%FY21: 12.0%12.0%FY21FY22: 13.0%13.0%FY22FY23: 14.0%14.0%FY23FY24: 19.0%19.0%FY24FY25: 20.0%20.0%FY25FY26: 11.3%11.3%FY26
Per cent
FY21FY22FY23FY24FY25FY26
Operating margin12.0%13.0%14.0%19.0%20.0%11.3%
Tax rate0.0%0.0%100.0%20.0%27.3%24.4%
ROCE·8.3%13.8%25.0%35.4%28.3%
ROE·28.5%0.0%66.6%66.6%42.0%
Dividend payout0.0%0.0%0.0%0.0%0.0%7.0%

Iware Supplychain Services debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
020406080Net worth, FY21: 3 ₹ cr3Borrowings, FY21: 18 ₹ cr18FY21Net worth, FY22: 4 ₹ cr4Borrowings, FY22: 23 ₹ cr23FY22Net worth, FY23: 4 ₹ cr4Borrowings, FY23: 27 ₹ cr27FY23Net worth, FY24: 8 ₹ cr8Borrowings, FY24: 25 ₹ cr25FY24Net worth, FY25: 16 ₹ cr16Borrowings, FY25: 30 ₹ cr30FY25Net worth, FY26: 55.7 ₹ cr55.7Borrowings, FY26: 70.2 ₹ cr70.2FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-20-1001020Cash from the business, FY21: -3 ₹ cr-3Net profit, FY21: 1 ₹ cr1FY21Cash from the business, FY22: 8 ₹ cr8Net profit, FY22: 1 ₹ cr1FY22Cash from the business, FY23: 2 ₹ cr2Net profit, FY23: 0 ₹ cr0FY23Cash from the business, FY24: 10 ₹ cr10Net profit, FY24: 4 ₹ cr4FY24Cash from the business, FY25: 6 ₹ cr6Net profit, FY25: 8 ₹ cr8FY25Cash from the business, FY26: -19.8 ₹ cr-19.8Net profit, FY26: 15.1 ₹ cr15.1FY26

Bars below the line are cash going out.

Iware Supplychain Services balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Equity capital0.010.010.010.01810.72
Reserves3448845.01
Net worth3.014.014.018.011655.72
Borrowings182327253070.17
Other liabilities0.996.997.9913.991134.20
Total liabilities2234394757160.09
Fixed assets122425222648.17
Capital work in progress0003212
Investments000000
Other assets101014222999.92
Receivables·····59.96
Inventory·····0
Cash·····10.90
Trade payables·····18.09

Iware Supplychain Services cash flow

₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Cash from operations-382106-19.80
Cash from investing-6-13-4-3-6-44.64
Cash from financing851-5263.50
Net cash flow-10-122-0.94
Capital spending·····37.16

Working capital

Days

Days
FY21FY22FY23FY24FY25FY26
Debtor days824869546085
Cash conversion cycle824869546085
Working capital days115-47-17-35824

Iware Supplychain Services peers and competitors

Listed SME companies in the same industry

By sales, Iware Supplychain Services is number 14 of the 50 listed SME companies in transport services.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
FlySBS Aviation1,05817.33196122.0%0.12
ABS Marine Services7769.63198147.0%1.21
Ashapura Logistics879.631999.3%0.57
Zeal Global Services898.028611.26.5%0.22
Acme India Industries56223.42642416.0%0.83
Iware Supplychain Services45630.325815.111.3%1.26
Committed Cargo Care37328.7239137.0%0.06
Neptune Logitek457.523267.0%0.78
Sampark India Logistics17816.2223119.0%0.79
Global Ocean Logistics India14414.4208105.0%0.00
Rapid Fleet Management Services15112.120412.513.2%0.21
Median of the 10 others16513.325211.89.2%0.39

Iware Supplychain Services shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.

Promoters
62.84%
-10.51 pts since May 25
Indian institutions (DIIs)
1.30%
+0.83 pts since Sep 25
HNIs (over ₹2 lakh each)
8.58%
+5.10 pts since May 25
Small holders (up to ₹2 lakh)
15.40%
-4.17 pts since May 25
Companies and others
11.88%
+8.28 pts since May 25
Number of shareholders
1,032
1,592 in May 25

Iware Supplychain Services shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

May 25Sep 25Mar 26Jun 26Sep 26
Promoters73.35%74.08%74.09%69.01%62.84%
Indian institutions (DIIs)-0.47%0.48%0.44%1.30%
HNIs (over ₹2 lakh each)3.48%7.84%8.40%9.91%8.58%
Small holders (up to ₹2 lakh)19.57%13.35%12.87%13.33%15.40%
Companies and others3.60%4.26%4.16%7.31%11.88%
Number of shareholders1,5928227128151,032

The named holders are at 30 Sept 2026, beside 5 June 2026, each under the group the pattern files them in.

Iware Supplychain Services study: the business from its own documents

Read from 7 of the company's own documents

Iware Supplychain Services so far

From the company's own record

  1. 6 May 2025Listed on NSE Emerge at ₹95
  2. 10 Sept 2026An order announced
  3. 30 Sept 2026Promoters at 62.84%
  4. 17 July 2026Highest close since listing, ₹530.80

Iware Supplychain Services key facts from the filings

Each figure with the document it comes from

Revenue
₹257.7 cr
FY26 revenue from operations, about three times the ₹85.8 cr of FY25; profit after tax was ₹15.1 cr against ₹8.0 cr.Annual Report 2025-26, p.4 and p.7
Trucking share of revenue
81.66%
Share of FY26 revenue from transportation, up from 64.41% in FY25; warehousing and rake handling earn more on each rupee.Annual Report 2025-26, p.75 and p.153; Prospectus, p.122
Largest customer
51.03%
Share of FY25 revenue from the single largest customer; the top five gave 91.90%.Prospectus, p.121 and p.122
Money owed by customers
₹60.0 cr
Trade receivables at 31 March 2026, about four times the ₹14.1 cr a year earlier, as many new clients were added.Annual Report 2025-26, p.16 and p.153
Cash from operations
₹19.8 cr outflow
Cash used by the business in FY26, against ₹6.0 cr made in FY25, mainly because receivables grew.Annual Report 2025-26, p.116
Show 5 more facts
Credit rating
CARE B+; Stable
Assigned on 8 October 2026 to ₹73.0 cr of bank loans; the note calls liquidity stretched, with a delayed loan instalment in the year to August 2026, the last in May 2026.Credit rating note, CARE Ratings, 8 Oct 2026, p.1 to p.3 (filed 9 Oct 2026)
AKT Logistics takeover
₹0.50 cr
Price paid for the logistics business of AKT Logistics, a related party with FY25 turnover of ₹76.7 cr, taken over from 15 January 2026.Exchange announcement, 13 Mar 2026, p.1 to p.4
Kandla container station
CWC appointment
Appointed by Central Warehousing Corporation to run the Kandla container freight station, its first such operation.Annual Report 2025-26, p.9 and p.53
Related party dealings
Up to ₹500 cr a year
Limit on dealings with promoter group firms, including Inter India Roadways and AKT Logistics, put to shareholders at the August 2026 AGM.Annual Report 2025-26, p.24 and p.44
Promoter company stake
68.27%
Held by Inter India Roadways, which Krishnakumar Jagdishprasad Tanwar and Rajnish Gautam owned in near equal parts at the time of the offer.Shareholding pattern, June 2026; Prospectus, p.175 and p.176

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

The company does not state an order book. It says it signed three year transport agreements with Indpower Technology Solutions, Livfast Batteries and Livguard Energy Technologies running from 1 July 2026, without giving their value. Its directors' report says the industrial shed at Chadvada, Bhachau, to be built with IPO money, could not be finished by March 2026 because of labour shortages and site problems, and that the company will complete it at the earliest.

3 yearsTransport agreements with three companiesFrom 1 Jul 2026, value not stated
165Vehicles in own fleetMarch 2026

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

iWare Supplychain Services earns its money by moving and storing goods for large shippers, and it tripled its sales in the latest year by adding trucks, branches and customers.

Its weak spots are a few customers giving most of the work, thinner margins as trucking grows, money tied up in unpaid bills, and many dealings with promoter group firms.

WatchCan it set its own prices?Its margin fell as it grew, because more of the work is trucking with bought in services that leave less for the company.
The evidence. The FY26 notes say other expenses, mostly outsourced logistics services, rose from 70.8% to 83.5% of revenue, and the net profit margin fell from 9.34% to 5.85%.Annual Report 2025-26, p.153
AverageHow strong is it against rivals?Rail linked warehouses and its role at the Kandla container station set it apart from plain truckers, but road freight itself is open to many.
The evidence. Appointed by Central Warehousing Corporation to run the Kandla container freight station, first container rake and bitumen rail shipment with that body, and an award from AWL Agri Business for rail and road service.Annual Report 2025-26, p.9 and p.15; Press release, 2 Dec 2025, p.1
WatchWho are its customers?One customer gave about half the revenue and five gave almost all of it before listing, though many new names were added in the latest year.
The evidence. The largest customer gave 51.03% of FY25 revenue and the top five 91.90%; the October 2026 rating note puts the top two at about 75% to 82% of sales in each of the three years to FY26. New clients in FY26 included Louis Dreyfus Company India, Bunge India, Emami Agrotech and Mitsui Chemicals.Prospectus, p.121 and p.122; Annual Report 2025-26, p.14 and p.53; Credit rating note, CARE Ratings, 8 Oct 2026, p.3
WatchDoes it need a lot of money?Growth needs trucks, warehouses and a lot of money waiting to be collected, and the business used cash in the latest year.
The evidence. ₹37.2 cr spent on property and equipment in FY26, receivables up to ₹60.0 cr from ₹14.1 cr, and a cash outflow from operations of ₹19.8 cr. The October 2026 rating note says cash credit use averaged about 80% and an instalment was paid late as recently as May 2026.Annual Report 2025-26, p.16, p.116 and p.117; Credit rating note, CARE Ratings, 8 Oct 2026, p.2 and p.3
AverageCan it keep finding new work?It keeps adding customers, services and places, and has signed multi year transport agreements, but it does not say how much work is in hand.
The evidence. Branches grew to 50, new clients were added across farm, industrial and consumer goods, and three year agreements with three companies start from July 2026 with no value stated.Annual Report 2025-26, p.7 and p.14; Exchange announcement, 6 Aug 2026, p.1 to p.4
AverageDo good and bad years swing a lot?Sales have risen every year so far, but the margin moves with the mix of trucking against warehousing and rake handling.
The evidence. Revenue went from ₹43.6 cr in FY23 to ₹58.7 cr, ₹85.8 cr and ₹257.7 cr, while the EBITDA margin rose to 19.81% in FY25 and then fell in FY26.Prospectus, p.122; Annual Report 2025-26, p.4 and p.153

Who runs Iware Supplychain Services?

Promoters, directors and officers; tap a name for the background

KJKrishnakumar Jagdishprasad TanwarPromoter, Founder and Managing Director

A director since the company was formed in January 2018 and Managing Director since September 2024; a matriculate with more than 20 years in transport and logistics, earlier handled business development, marketing and operations at the promoter company, Inter India Roadways, and is also a whole time director there. The board proposed raising monthly pay from ₹2 lakh to ₹7 lakh from April 2026, put to the August 2026 AGM. The annual report states that Krishnakumar Jagdishprasad Tanwar is the father of Vikas Krishnakumar Tanwar and of the Chief Executive Officer, Twinkle Tanwar.

Prospectus, p.163 and p.175; Annual Report 2025-26, p.47 and p.48
RGRajnish GautamPromoter, Chairman and Whole Time Director

A director since the company was formed in 2018 and Chairman and Whole Time Director for five years from September 2024. Holds a B.Com from Devi Ahilya Vishwavidyalaya, Indore (1985), with over 21 years in transport and logistics; also a director of the promoter company, Inter India Roadways.

Prospectus, p.163; Annual Report 2025-26, p.40 and p.41
VKVikas Krishnakumar TanwarJoint Managing Director

Appointed Joint Managing Director on 9 January 2026 to lead execution, systems and the running of the Kandla container station and rail linked warehouses; a graduate with experience in logistics, supply chain operations and business development, and a designated partner of AKT Logistics.

Annual Report 2025-26, p.13, p.49 and p.50
DVDivya Vikas TanwarNon-Executive Director

On the board since September 2024; holds a B.Com from Maharaja Ganga Singh University, Bikaner (2016), with a background in business administration and finance. The prospectus states that Divya Vikas Tanwar is the daughter in law of Krishnakumar Jagdishprasad Tanwar.

Prospectus, p.163 and p.164
LTLakshman ThakurIndependent Director

Holds an M.Sc in mathematics from Patna University (1985) and retired in November 2022 as an Indian Revenue Service officer after 37 years, working in audit, valuation and vigilance. Independent director for five years from December 2024.

Prospectus, p.163 and p.164
SVSarang Vishnupant JagtapIndependent Director

Holds a B.Sc in agriculture from Mahatma Phule Krishi Vidyapeeth, Rahuri (2000) and an M.Sc from Shivaji University, Kolhapur (2005). Chairs the audit committee; independent director for five years from December 2024.

Prospectus, p.164

Iware Supplychain Services latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • Shareholding, 30 Sept 2026: promoters 69.01% to 62.84%.
  • 10 Sept 2026: an order announced.

Iware Supplychain Services announcements

87 on record, latest first; each opens the filing on the exchange

Iware Supplychain Services annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Offer document
Annual reports
Credit ratings

Iware Supplychain Services share split, bonus and dividends

From the corporate actions the company announces on the exchange

  • DividendDIVIDEND - RE 1 PER SHAREex-date 31 July 2026
Checks we ran on Iware Supplychain Services' data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (1,15,06,800 shares).
  • !The FY26 results imply 1,07,20,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • ✓Earnings per share moves in line with profit across the years shown.
  • ✓Revenue and profit are reported for every year shown, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Iware Supplychain Services

What does Iware Supplychain Services do?

iWare Supplychain Services moves and stores goods for other companies: it runs trucks, warehouses and the loading and unloading of goods trains. Most of its work is in Gujarat, and its shares trade on NSE Emerge.

What is the share price of Iware Supplychain Services?

₹396 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Iware Supplychain Services?

₹456 cr at the close on 6 Nov 2026, on 1,15,06,800 shares.

What is the P/E of Iware Supplychain Services?

30.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Iware Supplychain Services' revenue and profit?

Revenue ₹258 cr and profit after tax ₹15 cr in FY26.

Who are the promoters of Iware Supplychain Services?

Krishnakumar Jagdishprasad Tanwar, Rajnish Gautam; promoters held 62.84% at 30 Sept 2026.

What was the IPO price of Iware Supplychain Services?

₹95 a share; it listed on 6 May 2025.

What is Iware Supplychain Services' website?

www.iware.co.in

More SME companies like Iware Supplychain Services

Other listed SME companies in transport services, the closest in size first, each read from its own documents.

Every listed SME company in Transport Services → · SME companies listed in 2025 →

Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 1 press release, 87 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.