The tepid curiosity within the IPO was in step with modest responses a lot of the SME points acquired this 12 months.
Firm overview
Included in 2011, Ahmedabad-headquartered Iware Supplychain is an built-in logistics participant providing warehousing, third-party logistics (3PL), transportation, rake dealing with, and auxiliary manufacturing companies. It manages over 8 lakh sq. ft of warehousing area throughout Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi.The corporate additionally owns a fleet of 47 automobiles and operates enterprise auxiliary companies equivalent to sub-assembly for OEMs at its Karsanpura facility in Gujarat. With a shopper checklist spanning FMCG, edible oil, and residential home equipment, Iware positions itself as a one-stop provide chain associate for pan-India operations.
Financials
For the 12 months ended March 2025, Iware posted revenues of Rs 85.82 crore and a revenue after tax of Rs 6.02 crore, reflecting a gradual progress trajectory. The corporate reported a PAT margin of seven%, with a low debt-to-equity ratio of 0.38x. Nonetheless, practically 36% of its operational income was spent on lorry rent expenses, highlighting a cost-intensive enterprise mannequin.Its geographic focus — with over 67% of revenues coming from Gujarat — might pose dangers within the occasion of regional slowdowns. Furthermore, with 41% of whole bills tied to lorry rent, any spike in gas or freight prices might damage margins.Whereas the warehousing and logistics sector continues to draw investor curiosity attributable to coverage assist and sectoral tailwinds, Iware’s reliance on regional contracts, rising operational prices, and modest subscription figures counsel the inventory might even see a flat to modest premium on debut.
