Iware Supplychain Services IPO: ₹27.13 crore issue to support working capital, debt repayment, and corporate needs. A leading logistics player in warehousing, transportation, and rake handling, with strong growth and pan-India presence. Invest in a tech-driven, expanding supply chain company.
Company Overview
Establishment Year: 2018
Business Focus
Iware Supplychain Services Limited (ISSL), established in 2018 and headquartered in Ahmedabad, Gujarat, is a pan-India integrated logistics company. It offers a comprehensive suite of services including warehousing (with third-party logistics (3PL) and carrying & forwarding agent operations), transportation, rake handling services, business auxiliary services, and rental income.
📦 Work: Core Business Operations
Service Portfolio:
- Warehousing & 3PL Services: Iware provides warehousing solutions, including third-party logistics (3PL) services, catering to various industries.
- Transportation: The company operates a fleet of over 500 company-owned trucks and collaborates with Indian Railways’ BCN rake services for cost-efficient goods transportation.
- Rake Handling Services: Iware manages rake handling services, facilitating bulk movement via the railway network.
- Business Auxiliary Services & Rental Income: The company offers additional services to support clients’ logistics needs and generates rental income from its assets.
Geographical Presence:
Iware has a strong presence across key Indian states, including Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi, enabling it to serve a diverse clientele effectively.
💪 Strengths: Competitive Advantages
- Integrated Logistics Solutions: Iware offers end-to-end logistics services, providing clients with a one-stop solution for their supply chain needs.
- Robust Infrastructure: The company operates a fleet of over 500 trucks and manages more than 10,000 truck dispatches per month.
- Technological Integration: Iware utilizes IT and automation systems, including SAP, ERP, and WMS, to enhance operational efficiency and service quality.
- Diverse Clientele: The company serves various industries, such as FMCG, auto components, and sanitaryware, demonstrating its capability to cater to different sector-specific logistics requirements.
- Financial Growth: Iware has shown consistent growth, with revenue increasing from ₹43.55 crore in FY23 to ₹86.11 crore in FY25, and profit after tax rising from ₹0.42 crore to ₹8.02 crore during the same period.
⚠️ Risks: Potential Challenges
- Client Concentration: The company’s business is dependent on sales to certain key industries and customers, including promoter group companies. A negative change in these relationships could adversely affect its financial performance.
- Dependence on Third Parties: Iware relies on third parties to acquire vehicles for its transportation operations. Market instability, including changes in fuel costs, may impact the company’s operations and financial performance.
- Seasonality: The company may experience the effects of seasonality, leading to significant fluctuations in operating results.
- IPO-Related Risks: As Iware is undergoing an IPO, there are inherent risks associated with public offerings, including market volatility and regulatory compliance challenges.
In summary, Iware Supplychain Services Limited has established itself as a comprehensive logistics service provider with a strong operational presence across India. Its integrated services, robust infrastructure, and technological adoption position it well in the logistics sector. However, the company faces challenges related to client concentration, reliance on third parties, and market volatility, which it needs to manage effectively to sustain its growth trajectory.
Financial Analysis of Iware Supplychain Services Limited (FY2023-FY2025)
| Particulars | FY2023 (₹ crore) | FY2024 (₹ crore) | FY2025 (₹ crore) |
| Revenue | 43.55 | 58.71 | 85.82 |
| Profit (Loss) | 0.42 | 4.17 | 8.02 |
| Total Assets | 39.47 | 46.81 | 56.93 |
Revenue
- FY2023: ₹43.55 crore
- FY2024: ₹58.71 crore
- FY2025: ₹85.82 crore
Analysis:
The company’s revenue grew consistently, rising ~35% from FY2023 to FY2024 and ~46% from FY2024 to FY2025, showing strong business expansion and increasing demand for its services.
Profit
- FY2023: ₹0.42 crore
- FY2024: ₹4.17 crore
- FY2025: ₹8.02 crore
Analysis:
Profit has surged significantly, indicating better cost management and improved margins. From FY2023 to FY2025, profit grew nearly 19 times, reflecting strong operational efficiency and scalability.
Assets
- FY2023: ₹39.47 crore
- FY2024: ₹46.81 crore
- FY2025: ₹56.93 crore
Analysis:
Assets have steadily increased, showing continuous investment in infrastructure and growth assets. This expansion supports the company’s growing operations across India.
📌 Summary
- Revenue, profit, and assets have shown consistent and strong growth over the last three financial years.
- The company is becoming more profitable and asset-rich, indicating good financial health and expansion capability.
- Financial growth supports the positive outlook for the IPO.
