Iware Supplychain Services Limited (IWARE)
Latest quarterly results (H2 FY26)
IWARE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 90.0% of the IWARE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 87.72%. That is close to its usual level. Turnover was only ₹21 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 90.5% · 87.0% · 82.6% · 84.2% · 90.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CARE Ratings has assigned a 'CARE B+; Stable' credit rating to the ₹73.00 crore long-term bank facilities of Iware Supplychain Services Limited. While the company's total operating income surged to ₹257.66 crore in FY26 (up from ₹85.82 crore in FY25), operating PBILDT margins contracted from 19.82% to 11.35%. CARE highlighted a stretched liquidity profile characterized by instances of EMI servicing delays in the 12 months up to August 2026 (the last being May 2026) and peak cash credit utilization reaching 92%. Additionally, cash flow from operations turned negative at -₹15.52 crore in FY26, alongside heavy customer concentration where two clients account for 75-82% of sales.
- CARE Ratings assigned 'CARE B+; Stable' rating to ₹73.00 crore long-term bank facilities
- Total operating income expanded to ₹257.66 crore in FY26, but PBILDT margin dropped to 11.35% from 19.82% in FY25
- Liquidity is stretched with past delays in EMI servicing up to May 2026 and negative operating cash flow of -₹15.52 crore in FY26
- Top two customers contribute 75-82% of total sales, highlighting significant concentration risk
Iware Supplychain Services Limited has entered into a domestic Service Agreement with Emami Agrotech Limited for end-to-end warehousing, handling, storage, and transportation services. The agreement is valid for 12 months starting from September 16, 2026, with renewal options. Commercial pricing is structured on a per metric ton (PMT) basis covering routes from Emami's Kandla plant to various destinations in Punjab, meaning the aggregate contract value is volume-dependent and currently not disclosed.
- 12-month domestic Service Agreement executed with Emami Agrotech Limited, effective from September 16, 2026
- Scope covers end-to-end warehousing, inventory management, handling, and transportation from Kandla to Punjab locations
- Commercials agreed on a per metric ton (PMT) basis; total contract value is not disclosed as it depends on actual dispatch volumes
- Termination clause allows 2 months' notice by the client or 30 days' notice by IWARE under specified circumstances
Iware Supplychain Services Limited has received an Award of Contract from the National Council of Educational Research and Training (NCERT) for the transportation of books and printing paper from NCR-Delhi to Jhansi, Varanasi, and Vasai. The contract commences on September 15, 2026, with an initial tenure of one year, extendable up to three years based on mutual consent and performance. Aggregate financial value is not disclosed as commercial consideration is based on per-trip rates and truck capacities dependent on volume requirements. The company is required to furnish a bank guarantee of ₹2,31,000 (calculated at ₹33,000 per station per truck) valid for 42 months.
- Contract awarded by NCERT for transporting books and paper from NCR-Delhi to Jhansi, Varanasi, and Vasai
- Services commence on September 15, 2026, for an initial 1-year tenure extendable up to 3 years
- Commercial value based on approved per-trip rates and truck capacity; aggregate value not disclosed
- Requires submission of a Bank Guarantee of ₹2,31,000 valid for 42 months
Iware Supplychain Services Limited has executed a domestic Transportation Services Agreement with Tube Investment of India Limited (Tube Products of India division) on September 1, 2026. Under the 1-year agreement, Iware will transport raw materials, packaging items, and finished goods between manufacturing facilities, sales depots, and customer locations. The agreement carries no minimum volume guarantee or fixed financial commitment, with revenues dependent on actual transport requirements availed. Iware is required to provide a security deposit or bank guarantee of ₹5.00 lakh.
- Executed a 1-year domestic Transportation Services Agreement effective September 1, 2026.
- Counterparty is Tube Investment of India Limited (Tube Products of India division).
- Security deposit or alternative Bank Guarantee stipulated at ₹5.00 lakh.
- No fixed minimum volume, tonnage, or guaranteed business commitment specified.
Iware Supplychain Services Limited held its 9th Annual General Meeting on August 7, 2026, where shareholders approved all six proposed resolutions with requisite majorities. A final dividend of ₹1 per equity share (10% of face value) for FY 2025-26 was ratified. Key approvals included material related party transactions and revised remuneration for the Managing Director and Joint Managing Director. Notably, 7,177,014 promoter votes were excluded from the related party transaction resolution as interested parties, which was subsequently passed by 100% of the valid public votes cast.
- Final dividend of ₹1 per equity share (10% of ₹10 face value) approved for the financial year ended March 31, 2026.
- Special resolution for Material Related Party Transactions passed with 744,000 valid public votes in favor.
- Promoter group's 7,177,014 votes were treated as invalid/interested for the Related Party Transaction resolution.
- Revision in remuneration for Managing Director Krishnakumar Jagdishprasad Tanwar and Joint MD Vikas Krishnakumar Tanwar approved.
- Total of 7,921,014 valid votes cast in favor of adopting the FY 2025-26 Audited Financial Statements.
Iware Supplychain Services Limited concluded its 9th Annual General Meeting on August 07, 2026. Shareholders approved a final dividend of ₹1 per equity share (10% of face value) for FY 2025-26. Key agenda items included the approval of material related-party transactions and revisions to the remuneration of the Managing Director and Joint Managing Director. Management also briefed shareholders on the progress of the ₹27.13 Cr expansion project in Kutch, Gujarat, funded by IPO proceeds.
- Declared a final dividend of ₹1 per equity share, representing 10% of the ₹10 face value
- Utilizing ₹27.13 Cr in IPO proceeds for capacity expansion via a new Industrial Shed in Kutch, Gujarat
- Remote e-voting was conducted between August 04 and August 06, 2026
- Proposed revisions to the remuneration of Managing Director Mr. Krishnakumar Tanwar and Joint MD Mr. Vikas Tanwar
- Approval sought for material related-party transactions under Section 188 of the Companies Act
Iware Supplychain Services has executed three separate Transport Services Agreements with Indpower Technology Solutions, Livfast Batteries, and Livguard Energy Technologies. All three contracts are domestic and carry a three-year tenure starting from July 1, 2026. While the specific commercial considerations were not disclosed, these agreements align with the company's strategy to expand its logistics footprint. This development follows the company's ongoing ₹27.13 Cr capacity expansion in Kutch, Gujarat, funded via IPO proceeds.
- 3 separate Transport Services Agreements signed with domestic entities
- 3-year contract duration for each agreement starting July 1, 2026
- ₹27.13 Cr IPO proceeds currently being utilized for operational capacity expansion
- All three client entities share the same registered office address in Gurugram
- Agreements are executed in the normal course of business with no related party interest
Financial Performance
Revenue Growth by Segment
The company reported significant growth in FY 2024–25, though specific segment-wise percentage growth figures were not disclosed in the available documents.
Capital Expenditure
The company raised INR 27.13 Cr (2,713.20 Lakhs) through an IPO in FY 2024-25, with proceeds allocated for setting up an Industrial Shed at Chadvada, Bhachau, Kutch (Gujarat) and funding additional working capital.
Credit Rating & Borrowing
The company has not been sanctioned working capital limits in excess of INR 5 Cr from banks or financial institutions. Specific borrowing costs and credit ratings were not disclosed.
Operational Drivers
Raw Materials
Fuel (diesel/petrol) is the primary operational cost driver for transportation services, though its specific percentage of total cost is not disclosed.
Import Sources
Sourced domestically within India, specifically supporting operations in Gujarat.
Capacity Expansion
The company is expanding its operational capacity by constructing an Industrial Shed at Chadvada, Bhachau, Kutch (Gujarat) using IPO proceeds of INR 27.13 Cr.
Raw Material Costs
Fuel price volatility is cited as a key risk; however, specific YoY cost change percentages were not disclosed.
Manufacturing Efficiency
As a service industry provider, the company focuses on operational capacity and productivity improvements through the new Kutch facility.
Strategic Growth
Growth Strategy
Growth will be achieved by utilizing INR 27.13 Cr in IPO proceeds to expand operational capacity via a new Industrial Shed in Kutch, Gujarat. This expansion is designed to improve productivity, support a stronger customer base, and drive long-term value creation through enhanced supply chain infrastructure.
Products & Services
Supply chain services, logistics, and warehousing solutions.
Brand Portfolio
IWARE.
New Products/Services
Expansion of warehousing and industrial shed capacity in the Kutch region.
Market Expansion
Targeting increased operational footprint in Gujarat through the Bhachau facility.
External Factors
Industry Trends
The industry is seeing a shift toward organized players and technology-driven logistics; IWARE is positioning itself by investing in new infrastructure and monitoring technology disruptions.
Competitive Landscape
Faces significant competitive pressure from both organized and unorganized players in the logistics and supply chain sector.
Competitive Moat
The company's moat is built on its robust internal control systems and strategic infrastructure investments in high-growth industrial corridors like Kutch, Gujarat.
Macro Economic Sensitivity
Highly sensitive to macroeconomic volatility affecting trade and the movement of goods, which dictates the volume of supply chain transactions.
Geopolitical Risks
Macroeconomic volatility affecting trade is identified as a risk, which includes potential impacts from international trade barriers or global economic shifts.
Regulatory & Governance
Industry Regulations
Operations are subject to changes in the regulatory and compliance environment, including the Companies Act 2013 and SEBI (LODR) Regulations.
Legal Contingencies
INR 0. The company reported no pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Fuel price volatility and technology disruptions are the primary business risks with potential to impact operational margins.
Geographic Concentration Risk
Significant concentration of new capital projects in Kutch, Gujarat, making the company sensitive to regional economic conditions.
Technology Obsolescence Risk
Technology disruptions are identified as a key risk, and the company is utilizing audit trails in accounting software to ensure data integrity.
Credit & Counterparty Risk
The company reported no material advanced loans or investments to intermediaries that would pose a credit risk.
