Iware Supplychain Services Ltd Management Discussions

(a) Industry Structure and Developments

The Indian logistics and supply chain industry continues to witness steady growth, supported by increasing demand for integrated logistics solutions, expansion of manufacturing activities, infrastructure development, growth of e-commerce, and government initiatives for improving logistics efficiency.

During the year under review, the Company strengthened its position as an integrated multimodal logistics service provider by expanding its capabilities in warehousing, transportation, rake handling, container freight station (cfs) operations, and end-to- end supply chain solutions.

During the financial year under review, the Company continued to strengthen its position as an integrated multimodal logistics and supply chain solutions provider, offering warehousing, transportation, rake handling, Container Freight Station (cfs) operations, and end-to-end logistics solutions across India.

The Company expanded its operational footprint and enhanced its logistics capabilities through investments in infrastructure, technology, and service expansion. During the year, the Company operated across more than 50+ locations, supported by a fleet strength of 165+ vehicles and managed warehousing capacity exceeding 8 lakh square feet.

The Company strengthened its warehousing network through expansion of facilities at Samakhiyali, Bhimsar and Gandhidham (Gujarat), Balotra (Rajasthan), Nagpur, Aurangabad, and the Delhi region, and commenced new 3PL warehousing operations for Jaquar at Nagpur and Aurangabad.

The Company achieved significant milestones in multimodal logistics by commencing Container Freight Station (cfs) operations at Kandla under the SAMO partnership with Central Warehousing Corporation (cwc), executing its first container rake movement, launching Green Channel Rail Cargo Service, and enhancing its rail-linked logistics capabilities.

The acquisition of AKT Logistics LLP through slump sale further strengthened the Companys operational capabilities and customer base. The Company also expanded its customer portfolio by onboarding reputed organisations while continuing strong relationships with existing customers.

During the year, the Company was recognised with the "Best Multi Modal (bcn) Service 2024-25” award by AWL Agri Business Limited for excellence in multimodal logistics operation.

(b) Opportunities and Threats Opportunities

The Company sees significant growth opportunities arising from:

• Increasing demand for organised warehousing and 3PL services;

• Growth in multimodal and rail-based logistics solutions;

• Expansion of manufacturing and industrial activities;

• Increasing preference for technology-enabled supply chain solutions.

Threats

The Companys operations may be affected by factors such as:

• Volatility in fuel and operating costs;

• Increasing competition in the logistics sector;

• Changes in regulatory requirements;

• Economic and supply chain disruptions.

The Company continuously monitors these risks and takes appropriate measures to mitigate their impact.

(c) Segment-wise / Product-wise Performance

The Company operates through the following business segments and continues to provide integrated logistics and supply chain solutions to its customers across diverse industries:

1. Transportation

Transportation continues to be the principal business segment of the Company. The Company provides integrated road transportation and logistics solutions across various locations, catering to the diverse requirements of its customers. During the year under review, the Company continued to focus on operational efficiency, timely service delivery and customer satisfaction while expanding its transportation network.

2. Rake Handling

The Company is engaged in rake handling services, offering end-to-end logistics support for the loading, unloading, handling and movement of bulk cargo through rail networks. During the year, the Company continued to strengthen its operational capabilities in this segment by ensuring efficient cargo handling and seamless coordination with customers and other stakeholders.

3. Warehousing

The Company provides warehousing solutions, including storage, inventory management and value-added logistics services to its customers. The warehousing segment continued to support the Companys integrated logistics business by offering secure and efficient storage facilities and supply chain solutions.

4. Rental

The Company also earns rental income from leasing of commercial assets and properties. This segment provides an additional source of revenue and contributes to the overall financial performance of the Company.

(d) Outlook

The outlook for the logistics sector remains positive due to increasing demand for efficient supply chain solutions and growth in organized logistics services. The Company will continue to focus on expanding its logistics infrastructure, strengthening multimodal capabilities, improving operational efficiency, adopting technology solutions, and building long-term customer relationships.

(e) Risks and Concerns

The Company is exposed to various operational and business risks, including fluctuations in fuel prices, competition, regulatory changes, customer concentration, and external disruptions affecting logistics operations. The Company has adopted appropriate measures through effective planning, process improvements, customer diversification, and regular monitoring of business risks.

(f) Internal Control Systems and Adequacy

The Company has adequate internal control systems commensurate with the size and nature of its operations. These controls ensure safeguarding of assets, accuracy of financial reporting, compliance with applicable laws, and efficient conduct of business operations.

The effectiveness of internal controls is periodically reviewed by the management and corrective actions are taken wherever required.

(g) Financial Performance with Respect to Operational Performance

During FY 2025-26, the Company recorded strong growth in business operations. The

Companys revenue growth was supported by expansion of warehousing activities, multimodal logistics operations, increased customer base, and improved operational capabilities.

Key financial highlights are as follows:

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations (if in lakhs)	25,766.18	8,582.24
Total Income (? in lakhs)	25,838.13	8,610.96
Profit Before Tax (if in lakhs)	1,995.14	1,085.36
Profit After Tax (if in lakhs)	1,506.17	801.93

Revenue from operations increased by approximately 200%, while Profit After Tax increased by approximately 88% compared to the previous year. The Companys financial position also strengthened during the year, with Net Worth increasing to U5,572.27 lakhs from tfl.618.62 lakhs in the previous year.

(h) Human Resources and Industrial Relations

The Company recognises human resources as an important contributor to its operational success. During the year, the Company focused on strengthening its management team, improving operational capabilities, and developing employee skills to support business expansion.

During the financial year 2025-26, the Company strengthened its leadership and governance framework through key appointments across the Board and senior management. Mr. Vikas Krishnakumar Tanwar was appointed as the Joint Managing Director, reinforcing the Companys strategic leadership. Mr. Mukesh Chandra joined the Board as an Independent Director, enhancing the Boards independence and governance practices. At the senior management level, Mr. Manoj Bhavsar was appointed as the Chief Operating Officer (coo) to drive operational excellence, Mr. Hitesh Kubavat was appointed as the Chief Financial Officer (CFO) to oversee the Companys finance function and strengthen financial management, and Ms. Alka Kumari was appointed as the Company Secretary & Compliance Officer to ensure robust corporate governance and regulatory compliance. These appointments reflect the Companys commitment to strengthening its management capabilities and governance framework to support its future growth and long-term value creation.

Industrial relations remained cordial throughout the year, and the Company continued to maintain a positive working environment.

The Company had 338 employees as on 31st March 2026.

(j) Change in Return on Net Worth (RoNW)

The Return on Net Worth (RoNW) for FY 2025-26 was 27.03% as compared to 49.54% in FY 2024-25.

The decrease in RoNW was mainly due to a significant increase in the Companys net worth arising from fresh capital infusion, increase in reserves and surplus, and retention of profits. Although the Company reported higher profitability during the year, the growth in shareholders funds was higher, resulting in a lower RoNW percentage.

The improved capital base provides adequate support for future expansion and long- term growth.

For and on behalf of Board of Directors
(Krishna Kumar Tanwar)	(Rajnish Gautam)
Managing Director	Chairman & Whole- Time Director)
DIN:03494825	DIN:03494830
Place: Ahmedabad
Date: 15th July, 2026