Synopsis: Veteran investor Vijay Kedia has increased his investment in iWare Supplychain Services through open market purchases after participating in a preferential allotment, as the fast-growing SME logistics company continues benefiting from India’s expanding warehousing and supply chain sector.
India’s organised logistics and warehousing industry is witnessing rapid expansion, supported by GST-led supply chain reforms, rising e-commerce penetration, dedicated freight corridors and increasing demand for modern warehouses. Companies with integrated logistics capabilities are increasingly attracting investor interest as the sector continues formalising.
Shares of iWare Supplychain Services closed at ₹402.65, up 4.99 percent on July 9, after opening at ₹402.65. The stock touched an intraday high and low of ₹402.65, hitting a fresh 52-week high, with the company commanding a market capitalisation of ₹463.32 crore.
What’s the News?
Veteran investor Vijay Kedia has strengthened his investment in NSE SME-listed iWare Supplychain Services by purchasing more than 5 lakh shares worth over ₹17 crore through open market transactions at around ₹348 per share. The latest acquisition follows his participation in the company’s preferential allotment in June 2026.
Earlier, iWare had allotted 7.91 lakh equity shares through a preferential issue at ₹255 per share, raising approximately ₹20.16 crore. Kedia participated through Kedia Securities and his personal investment vehicle, making the latest open market purchase particularly noteworthy as it was executed at a substantially higher valuation.
Unlike a preferential allotment, where investors subscribe to newly issued shares at a predetermined price, open market purchases require buying shares from existing shareholders at prevailing market prices. Acquiring additional shares nearly 36 percent above the preferential issue price indicates continued conviction in the company’s long-term growth prospects.
The investment comes as iWare continues to expand its logistics operations across India. The company operates more than 8 lakh square feet of warehousing capacity across seven states while also providing transportation, carrying and forwarding, third-party logistics, rail rake handling and allied supply chain services for customers across multiple industries.
The stock has rewarded investors significantly since its NSE SME listing in May 2025. Listed at an issue price of ₹95 per share, iWare has rallied more than 300 percent, with shares touching a fresh 52-week high of ₹402.65 on July 9, 2026, reflecting sustained investor optimism.
Financials
Kedia’s increased investment reinforces confidence in iWare’s ability to capitalise on India’s rapidly growing logistics sector. Fresh capital from the preferential issue, combined with rising investor interest, could support future expansion, warehousing capacity additions and improved earnings visibility as the company scales its operations.
The company has delivered exceptional financial growth during FY26, with revenue surging to approximately ₹258 crore from around ₹86 crore a year earlier, while net profit increased to nearly ₹15 crore. Such rapid growth demonstrates strong business momentum amid rising demand for organised logistics services.
Operational efficiency also remains a key strength. iWare reported an impressive Return on Equity (ROE) of 41.9 percent and Return on Capital Employed (ROCE) of 28.4 percent, while three-year sales growth stood at approximately 81 percent, reflecting effective utilisation of shareholder capital during its expansion phase.
Despite strong headline growth, investors should closely monitor the company’s cash generation. Operating cash flow turned negative at around ₹20 crore during FY26, while free cash flow remained substantially negative, suggesting that aggressive expansion is currently consuming significant working capital despite improving profitability.
Another area requiring attention is working capital management. Debtor days increased from around 66 days to nearly 85 days, indicating slower collections from customers. Simultaneously, borrowings rose sharply to nearly ₹70 crore, highlighting increased dependence on debt to finance growth initiatives.
Valuation has also become demanding after the stock’s sharp rally. Trading at a P/E of around 29 times and a price-to-book multiple exceeding seven times, the market is pricing in sustained high growth, leaving limited room for operational disappointments or prolonged cash flow weakness.
Industry & Strategic Analysis
India’s logistics industry continues transitioning from fragmented, unorganised operators toward integrated service providers offering warehousing, transportation and multimodal logistics solutions. Government investments in transport infrastructure, freight corridors and digitalisation are creating favourable conditions for organised players to expand market share.
iWare’s integrated business model positions it to benefit from these structural changes. Its warehousing network, rail rake handling capabilities and transportation services enable the company to provide end-to-end logistics solutions, strengthening customer relationships while creating opportunities for cross-selling additional supply chain services.
However, the logistics industry remains capital intensive and highly competitive. Sustaining rapid growth will require disciplined capital allocation, efficient working capital management and successful execution of expansion plans. Investors will closely watch whether future revenue growth translates into stronger operating cash flows and healthier margins.
The company also operates within the SME segment, where liquidity can remain limited and share prices often witness higher volatility than larger listed companies. As the business matures, consistent execution and improving financial quality will remain critical in supporting long-term investor confidence.
Company Overview
iWare Supplychain Services Limited is an Ahmedabad-based integrated logistics company providing warehousing, transportation, third-party logistics, carrying and forwarding, rail rake handling and related supply chain solutions. The company operates over 8 lakh square feet of warehousing across seven states and serves sectors including FMCG, pharmaceuticals, retail and e-commerce.
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