Iware Supplychain Services Limited is an integrated pan-India logistics provider transitioning from a regional transport entity into a comprehensive **end-to-end supply chain management** solutions provider. The company leverages a strategic network across **Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi**, offering a digital-led multimodal logistics ecosystem. --- ### **Core Service Verticals & Multimodal Capabilities** The company’s business model is built around five primary service pillars designed to provide a seamless flow of goods from production to the end consumer: * **Warehousing & 3PL:** Comprehensive storage solutions including **Third-Party Logistics (3PL)** and **Carrying & Forwarding (C&F) Agent** services. * **Transportation:** Long-distance and regional movement of goods, including specialized **C&F** transportation and heavy-haulage. * **Rake Handling Services:** Management of rail-side operations and multimodal transfers, bridging the gap between rail and road. * **Business Auxiliary Services:** Specialized support services tailored to industrial and corporate clients to streamline their internal supply chains. * **Rental Income:** Revenue generated from the strategic leasing of logistics assets or dedicated warehouse space. --- ### **Strategic Partnerships & High-Value Contracts** Iware maintains a robust portfolio of contracts with major public and private sector entities, ensuring consistent volumes and operational scale: | Partner / Client | Service Type | Key Details | | :--- | :--- | :--- | | **Central Warehousing Corporation (CWC)** | **Strategic Alliance Management Operator (SAMO)** | Appointed to manage the **Container Freight Station (CFS)** at **Kandla Port** (Effective Feb 2026). | | **Central Warehousing Corporation (CWC)** | **Multimodal Rail Logistics** | Launched India’s first rail shipment of **Bitumen** (approx. **2,000 MT** in phase 1) from Gandhidham to the Northeast. | | **Gujarat Tea Processors & Packers (Wagh Bakri)** | **Transport Services** | Movement of goods from Aslali Warehouse (Gujarat) to Hyderabad (Effective Oct 2025). | | **Bunge India Private Limited** | **C&F Agent** | Comprehensive Carrying & Forwarding agreement (Effective Oct 2025). | | **Emami Agrotech Limited (EAL)** | **Multimodal Transportation** | Movement of edible oil from the Kandla plant to various locations across India. | | **Mitsui Chemicals India** | **3PL Services** | Third-party logistics service agreement (Effective July 2025). | --- ### **Strategic Growth Pillars & Capital Deployment** The company is executing a multi-pronged growth strategy funded by its **April 2025 IPO** proceeds and internal accruals: * **Inorganic Expansion (AKT Logistics Acquisition):** In **March 2026**, the company completed the acquisition of **AKT Logistics LLP** on a **slump sale** basis for **₹50,00,000**. This move consolidates logistics operations, integrates existing licenses/permits, and captures **operational synergies**. * **Infrastructure Development:** Utilizing IPO funds, the company is constructing an **Industrial Shed at Chadvada, Bhachau (Kutch, Gujarat)**. This facility is designed to increase **warehousing capacity** and improve productivity in a high-demand industrial corridor. * **Fleet & Asset Strengthening:** In early 2026, the company invested **₹3,00,00,000** to expand its commercial vehicle fleet, purchasing assets from **Inter India Roadways** (**₹1 Crore**) and **Edisafe Logistics** (**₹2 Crore**). * **Specialized Logistics:** The company is aggressively targeting heavy industrial materials like **Bitumen**, which require specialized handling, storage, and multimodal (rail-to-road) capabilities. --- ### **Financial Performance & Capital Structure** Iware has undergone a significant financial transformation, moving from a private entity to a listed public company with a strengthened balance sheet. **Key Corporate Milestones:** * **IPO Proceeds:** Raised **₹27.13 crore** via the **NSE EMERGE** platform (May 2025). * **Capital Expansion:** Authorized Share Capital increased from **₹1.00 lakh** to **₹12.50 crore**. * **Bonus Issue:** Executed a **785:1** bonus equity share issue in September 2024. * **Dividend Policy:** Management currently **ploughs back 100% of profits** into the business to fund aggressive growth. **Comparative Financial Metrics (FY24 vs. FY25):** | Metric | FY 2023-24 | FY 2024-25 | Analysis | | :--- | :---: | :---: | :--- | | **Revenue Growth** | - | **+46%** | Driven by increased sales volumes and new contracts. | | **Profit After Tax (PAT)** | - | **Double YoY** | Significant surge in bottom-line efficiency. | | **Current Ratio** | **0.93** | **0.87** | Tight liquidity; current assets slightly below liabilities. | | **Debt-Equity Ratio** | **6.84** | **Higher** | Increased leverage to fund long-term asset expansion. | | **Debt Service Coverage (DSCR)** | - | **Improved** | Higher profits enhancing repayment capability. | | **Trade Receivable Turnover** | - | **Better** | Faster collection cycle despite higher sales. | | **Trade Payable Turnover** | - | **Lower** | Extended payment cycle due to higher material purchases. | --- ### **Operational Infrastructure & Governance** * **Leadership:** The company is led by a dedicated senior management team, including a newly appointed **Chief Operating Officer (COO)** as of January 2026, to oversee the transition to integrated supply chain services. * **Internal Controls:** The **Audit Committee** monitors internal control systems to prevent **material weaknesses**. The company maintains a formal **CSR Policy** and **CSR Committee** in compliance with **Section 135** of the Companies Act. * **Related Party Transactions (RPT):** Iware adheres to strict governance regarding RPTs. Transactions exceeding **10% of annual consolidated turnover** are classified as **Material** and require prior shareholder approval under **SEBI LODR** regulations. --- ### **Risk Mitigation & Future Outlook** Iware operates under a structured **Risk Management Policy** to navigate the following challenges: * **Market Sensitivities:** Mitigation of **fuel price volatility** and competitive pressures through service differentiation and multimodal efficiency. * **Asset Protection:** Maintenance of **adequate insurance** for all physical assets and cargo. * **Macro Alignment:** The company is strategically aligned with government initiatives such as **PM GatiShakti**, **'Make in India'**, and the rising demand for logistics from the **MSME** sector. **Conclusion:** With a successful transition to a public entity and the strategic deployment of **₹27.13 crore** in capital, Iware Supplychain Services Limited is positioned to capture the growing demand for integrated, multimodal logistics in India. Its focus on high-value contracts (CWC, Bunge, Wagh Bakri) and infrastructure ownership (Chadvada Industrial Shed) provides a foundation for sustained revenue scaling.