Iware Supplychain ServicesShare price, financial results, shareholding and management
- 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
- 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%
- 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%
- 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
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
| Sales | Profit | |
|---|---|---|
| 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 lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months.
Iware Supplychain Services half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 30 | 93.44 | 164.23 |
| Expenses | 25 | 81.71 | 146.89 |
| Operating profit | 5 | 11.72 | 17.33 |
| OPM | 15.0% | 12.6% | 10.6% |
| Interest | 1 | 1.47 | 2.96 |
| Depreciation | 2 | 1.72 | 3.70 |
| Profit before tax | 2 | 8.59 | 11.33 |
| Net profit | 1 | 6.43 | 8.63 |
Iware Supplychain Services profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 19 | 24 | 44 | 59 | 86 | 257.66 |
| Expenses | 17 | 21 | 37 | 48 | 69 | 228.61 |
| Operating profit | 2 | 3 | 6 | 11 | 17 | 29.06 |
| OPM | 12.0% | 13.0% | 14.0% | 19.0% | 20.0% | 11.3% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.72 |
| Interest | 1 | 1 | 3 | 3 | 3 | 4.43 |
| Depreciation | 0 | 1 | 3 | 3 | 4 | 5.42 |
| Exceptional and other items | · | · | 1 | · | 1 | · |
| Profit before tax | 1 | 1 | 1 | 5 | 11 | 19.92 |
| Tax rate | 0.0% | 0.0% | 100.0% | 20.0% | 27.3% | 24.4% |
| Net profit | 1 | 1 | 0 | 4 | 8 | 15.06 |
| EPS ₹ | 1.34 | 1.23 | 0.53 | 5.28 | 10.20 | 14.37 |
| Dividend payout | 0.0% | 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 capitalLast 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
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.0% | 13.0% | 14.0% | 19.0% | 20.0% | 11.3% |
| Tax rate | 0.0% | 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 payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 7.0% |
Iware Supplychain Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe 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.
Bars below the line are cash going out.
Iware Supplychain Services balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 0.01 | 8 | 10.72 |
| Reserves | 3 | 4 | 4 | 8 | 8 | 45.01 |
| Net worth | 3.01 | 4.01 | 4.01 | 8.01 | 16 | 55.72 |
| Borrowings | 18 | 23 | 27 | 25 | 30 | 70.17 |
| Other liabilities | 0.99 | 6.99 | 7.99 | 13.99 | 11 | 34.20 |
| Total liabilities | 22 | 34 | 39 | 47 | 57 | 160.09 |
| Fixed assets | 12 | 24 | 25 | 22 | 26 | 48.17 |
| Capital work in progress | 0 | 0 | 0 | 3 | 2 | 12 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 10 | 10 | 14 | 22 | 29 | 99.92 |
| Receivables | · | · | · | · | · | 59.96 |
| Inventory | · | · | · | · | · | 0 |
| Cash | · | · | · | · | · | 10.90 |
| Trade payables | · | · | · | · | · | 18.09 |
Iware Supplychain Services cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -3 | 8 | 2 | 10 | 6 | -19.80 |
| Cash from investing | -6 | -13 | -4 | -3 | -6 | -44.64 |
| Cash from financing | 8 | 5 | 1 | -5 | 2 | 63.50 |
| Net cash flow | -1 | 0 | -1 | 2 | 2 | -0.94 |
| Capital spending | · | · | · | · | · | 37.16 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 82 | 48 | 69 | 54 | 60 | 85 |
| Cash conversion cycle | 82 | 48 | 69 | 54 | 60 | 85 |
| Working capital days | 115 | -47 | -17 | -35 | 8 | 24 |
Iware Supplychain Services peers and competitors
Listed SME companies in the same industryBy 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.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| FlySBS Aviation | 1,058 | 17.3 | 319 | 61 | 22.0% | 0.12 |
| ABS Marine Services | 776 | 9.6 | 319 | 81 | 47.0% | 1.21 |
| Ashapura Logistics | 87 | 9.6 | 319 | 9 | 9.3% | 0.57 |
| Zeal Global Services | 89 | 8.0 | 286 | 11.2 | 6.5% | 0.22 |
| Acme India Industries | 562 | 23.4 | 264 | 24 | 16.0% | 0.83 |
| Iware Supplychain Services | 456 | 30.3 | 258 | 15.1 | 11.3% | 1.26 |
| Committed Cargo Care | 373 | 28.7 | 239 | 13 | 7.0% | 0.06 |
| Neptune Logitek | 45 | 7.5 | 232 | 6 | 7.0% | 0.78 |
| Sampark India Logistics | 178 | 16.2 | 223 | 11 | 9.0% | 0.79 |
| Global Ocean Logistics India | 144 | 14.4 | 208 | 10 | 5.0% | 0.00 |
| Rapid Fleet Management Services | 151 | 12.1 | 204 | 12.5 | 13.2% | 0.21 |
| Median of the 10 others | 165 | 13.3 | 252 | 11.8 | 9.2% | 0.39 |
Iware Supplychain Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe 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.
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 25 | Sep 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|---|
| Promoters | 73.35% | 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 others | 3.60% | 4.26% | 4.16% | 7.31% | 11.88% |
| Number of shareholders | 1,592 | 822 | 712 | 815 | 1,032 |
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 documentsIware Supplychain Services so far
From the company's own record
- 6 May 2025Listed on NSE Emerge at ₹95
- 10 Sept 2026An order announced
- 30 Sept 2026Promoters at 62.84%
- 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.
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.
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.
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.
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.
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.
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.
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.48RGRajnish 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.41VKVikas 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.50DVDivya 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.164LTLakshman 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.164SVSarang 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.164Iware Supplychain Services latest news and announcements
Announcements · Documents · Corporate actionsWhat 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
- Updates'credit rating 'PDF ↗
- Structural Digital DatabaseSubmission of certificate of SDD Compliance for the Quarter and Half year ended30th September, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enIware Supplychain Services Limited has informed regarding Submission of the Compliance Report on Non Applicability of Corporate Governance for the Q2 FY 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- AgreementsService Agreement with Emami Agrotech LimitedPDF ↗
- Awarding of order(s)/contract(s)Awarding of order(s)/contract(s)PDF ↗
- AgreementsTransportation Agreement Executed with Tube Investment of India LimitedPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on August 07, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on August 07, 2026PDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Copy of Newspaper PublicationOf Notice of 9th Annual General Meeting (AGM)PDF ↗
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 ↗read
- 9 Oct 2026 ↗read
- Credit ratings ↗read
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
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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.