{"id":2609,"date":"2026-06-18T09:09:03","date_gmt":"2026-06-18T08:09:03","guid":{"rendered":"https:\/\/wealthcreatorz.in\/?p=2609"},"modified":"2026-06-18T09:09:05","modified_gmt":"2026-06-18T08:09:05","slug":"iware-supplychain-services-share-vijay-kedia","status":"publish","type":"post","link":"https:\/\/wealthcreatorz.in\/index.php\/2026\/06\/18\/iware-supplychain-services-share-vijay-kedia\/","title":{"rendered":"Vijay Kedia\u2019s latest bet: A soaring logistics newcomer | Iware Supplychain Services Share Analysis"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"580\" src=\"https:\/\/wealthcreatorz.in\/wp-content\/uploads\/2026\/06\/media-1024x580.jpg\" alt=\"Vijay Kedia Iware Supplychain Services Share\" class=\"wp-image-2610\" srcset=\"https:\/\/wealthcreatorz.in\/wp-content\/uploads\/2026\/06\/media-1024x580.jpg 1024w, https:\/\/wealthcreatorz.in\/wp-content\/uploads\/2026\/06\/media-300x170.jpg 300w, https:\/\/wealthcreatorz.in\/wp-content\/uploads\/2026\/06\/media-768x435.jpg 768w, https:\/\/wealthcreatorz.in\/wp-content\/uploads\/2026\/06\/media.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong>Iware Supplychain Services share<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#breaking-down-the-heavy-infrastructure-footprint-of-iware-supplychain\">Breaking Down the Heavy Infrastructure Footprint of Iware Supplychain<\/a><\/li><li><a href=\"#sme-investing-the-reality-of-liquidity-risks\">SME Investing: The Reality of Liquidity Risks<\/a><\/li><li><a href=\"#the-reality-behind-the-growth-numbers-spectacular-cagr-meets-the-low-base-effect\">The Reality Behind the Growth Numbers of Iware Supplychain Services Share : Spectacular CAGR Meets the Low-Base Effect<\/a><\/li><li><a href=\"#the-paper-profit-illusion-why-soaring-net-income-isnt-translating-into-cash\">The Paper Profit Illusion: Why Soaring Net Income Isn&#8217;t Translating Into Cash<\/a><\/li><li><a href=\"#the-price-of-growth-making-sense-of-the-26-x-p-e-multiple\">The Price of Growth: Making Sense of the 26x P\/E Multiple<\/a><\/li><li><a href=\"#s\">Suggested Reading<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Vijay Kedia usually steers clear of newly listed companies. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet, his two investment funds are aggressively buying into a tiny Gujarat warehousing business that just tripled its annual revenue. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Is this surging stock a buying opportunity to pursue immediately, or a unique case study to analyze from the sidelines? <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This investment is highly intriguing, but far from straightforward. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the company&#8217;s rapid expansion is undeniable, its growth brings critical questions that any prudent investor must answer before diving in.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> Let&#8217;s take a closer look under the hood. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ace investor and market master Vijay Kedia has built his name on a simple habit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> He buys small companies early, backs the people running them, and then sits still for years while the story plays out. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The flashy trade is not his game. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, when his name turns up next to a stock, retail investors tend to lean in and ask one question: what did he see?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kedia\u2019s latest move shines a spotlight on an unconventional market contender. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A year-old logistics company from Ahmedabad has caught the veteran investor&#8217;s eye, prompting him to pick up shares through his personal portfolio as well as his firm, Kedia Securities Pvt Ltd.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This move is highly intriguing, but it is not an open-and-shut case. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the firm\u2019s rapid expansion is undeniable, its trajectory raises a few key questions that any prudent investor should answer before getting carried away. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s take a closer look under the hood.<\/p>\n\n\n\n<h2 id=\"breaking-down-the-heavy-infrastructure-footprint-of-iware-supplychain\" class=\"wp-block-heading\"><strong>Breaking Down the Heavy Infrastructure Footprint of Iware Supplychain<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Established in 2018, Iware Supplychain Services is a nationwide logistics player that essentially manages the storage and transport of corporate goods across India. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The firm takes over warehouse operations for its corporate clients, oversees third-party logistics, manages complex rail rake handling, and provides a full suite of transport and distribution solutions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>With a modest market cap of \u20b9391 crore, the company punches above its weight by managing roughly 8 lakh square feet of warehouse space.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> Its logistics network is spread across 11 key centers in seven states, giving it a physical presence from Gujarat and Rajasthan all the way to Uttar Pradesh and West Bengal. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>This is a meat-and-potatoes, asset-heavy operation that runs on physical warehouses, trucks, and steady working capital.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It caters to foundational industries like fast-moving consumer goods, auto components, and sanitaryware. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is zero glamour here\u2014which is precisely why it fits the classic, no-frills profile Vijay Kedia has often gravitated toward throughout his investing career.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Vijay Kedia locked in a combined 6% stake in the firm, neatly dividing his bet into two equal slices.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He placed 3% under his own name and another 3% under his investment arm, Kedia Securities Pvt Ltd.<\/p>\n\n\n\n<h2 id=\"sme-investing-the-reality-of-liquidity-risks\" class=\"wp-block-heading\"><strong>SME Investing: The Reality of Liquidity Risks<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Before examining the details, it is crucial to note that this stock trades on the NSE SME platform.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investing in small and medium enterprises always carries a built-in disclaimer: proceed with absolute caution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The mandatory requirement to buy and sell in massive, fixed lots acts as a severe liquidity trap, leaving investors completely stuck when prices start to plummet.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To make matters worse, these companies operate on a tiny equity base, making them easy targets for price manipulators who orchestrate &#8216;pump and dump&#8217; schemes to corner retail money. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On top of that, relaxed accounting and reporting rules frequently mask deep financial problems\u2014meaning everyday investors rarely spot the warning signs until it is already too late to escape. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With that crucial warning in mind, let\u2019s explore how Vijay Kedia engineered his entry into the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Vijay<\/strong> <strong>Kedia didn\u2019t pick up these shares through regular stock exchange trading.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, the firm opted for a preferential issue. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means the company minted a brand-new batch of shares and sold them directly to a select group of investors, completely bypassing the open market. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>To fuel its plans, Iware issued up to 7,90,800 brand-new shares at a final price of \u20b9254.09 each, pulling in close to \u20b920 crore in fresh capital.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Standing right at the front of the line to buy these shares were Vijay Kedia\u2019s two distinct investment vehicles.<\/p>\n\n\n\n<h2 id=\"the-reality-behind-the-growth-numbers-spectacular-cagr-meets-the-low-base-effect\" class=\"wp-block-heading\"><strong>The Reality Behind the Growth Numbers of Iware Supplychain Services Share<\/strong> <strong>: Spectacular CAGR Meets the Low-Base Effect<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Financial Year<\/strong><\/td><td><strong>FY21<\/strong><\/td><td><strong>FY22<\/strong><\/td><td><strong>FY23<\/strong><\/td><td><strong>FY24<\/strong><\/td><td><strong>FY25<\/strong><\/td><td><strong>FY26<\/strong><\/td><td><strong>5Y CAGR<\/strong><\/td><\/tr><tr><td><strong>Sales (Rs cr)<\/strong><\/td><td>19<\/td><td>24<\/td><td>44<\/td><td>59<\/td><td>86<\/td><td>258<\/td><td>69%<\/td><\/tr><tr><td><strong>EBITDA (Rs cr)<\/strong><\/td><td>2<\/td><td>3<\/td><td>6<\/td><td>11<\/td><td>17<\/td><td>29<\/td><td>71%<\/td><\/tr><tr><td><strong>Net Profit (Rs cr)<\/strong><\/td><td>1<\/td><td>1<\/td><td>0<\/td><td>4<\/td><td>8<\/td><td>15<\/td><td>72%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Source : <a href=\"https:\/\/www.screener.in\/company\/IWARE\/#top\" data-type=\"link\" data-id=\"https:\/\/www.screener.in\/company\/IWARE\/#top\" target=\"_blank\" rel=\"noopener\">screener.in<\/a><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The company\u2019s long-term performance numbers tell an incredible story. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data from Screener shows that <strong>core operating profit (EBITDA) grew at a massive 71% compounded rate over the past five years<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In nearly perfect lockstep, <strong>sales have compounded at around 69%<\/strong> and <strong>net profits at about 72%<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those are highly compelling growth figures for any market observer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Now for the reality check\u2014and it involves two massive asterisks.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For starters, the company began its journey on a tiny scale. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Scaling up sales from <strong>\u20b919 crore to \u20b9258 crore<\/strong> is bound to generate eye-popping percentages simply because the starting point was so small. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More importantly, nearly all of that explosive growth was crammed into just one year. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sales sat at \u20b986 crore in FY25 before skyrocketing to \u20b9258 crore in FY26<\/strong>\u2014literally tripling in a single twelve-month window.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> If you strip away that one blockbusting year, the revenue growth from <strong>FY21 to FY25 normalizes to a much more modest 46%<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When you consider that the company also flirted with a <strong>near-breakeven patch back in FY23<\/strong>, it becomes clear that the flawless-looking CAGR hides a very bumpy financial ride. <\/p>\n\n\n\n<h2 id=\"the-paper-profit-illusion-why-soaring-net-income-isnt-translating-into-cash\" class=\"wp-block-heading\"><strong>The Paper Profit Illusion: Why Soaring Net Income Isn&#8217;t Translating Into Cash<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>This is exactly where a prudent investor needs to pump the brakes.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> As the company aggressively chased scale, its profit margins took a serious hit. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The operating margin tumbled from <strong>about 20% in FY25 down to roughly 11% in FY26<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Put simply, the company is pulling in more revenue but making much less profit on each rupee of sales. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is a classic symptom in the logistics industry, where firms often pile on low-margin transport and bulk handling assignments just to inflate their top-line growth numbers quickly. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The real red flag, however, is the cash situation.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Look past the glowing paper profits and you will see that operating cash flow actually turned negative in FY26.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> Free cash flow was even worse, dragged down by heavy spending on new warehouses and transport vehicles. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To keep the lights on and fund this growth, <strong>borrowings more than doubled, jumping from \u20b930 crore in FY25 to \u20b970 crore in FY26<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, <strong>debtor days crept up from 60 to 85 days<\/strong>, meaning it is taking the company much longer to collect cash from its clients.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a fast-growing logistics company in full expansion mode, this isn\u2019t a fatal blow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> But it does mean that paper profits aren&#8217;t translating into actual cash in the bank, and that is a trend you cannot afford to ignore. <\/p>\n\n\n\n<h2 id=\"the-price-of-growth-making-sense-of-the-26-x-p-e-multiple\" class=\"wp-block-heading\"><strong>The Price of Growth: Making Sense of the 26x P\/E Multiple<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>For all the warning signs, the company is remarkably efficient with the money it spends.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> Data from Screener shows its Return on Capital Employed (<strong>ROCE<\/strong>) hit <strong>about 28% in FY26<\/strong>, while Return on Equity (<strong>ROE<\/strong>) soared to <strong>close to 42%<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In simple terms, for every \u20b9100 of capital the business put to work, it pulled in about \u20b928 of operating profit before taxes. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That is a highly impressive scorecard for a heavy-lifting logistics firm, and it explains why a seasoned value investor would take a serious interest in the stock.<\/p>\n\n\n\n<h2 id=\"s\" class=\"wp-block-heading\">Suggested Reading<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/wealthcreatorz.in\/index.php\/2026\/04\/21\/vijay-kedia-portfolio-strategy-net-worth\/\" data-type=\"link\" data-id=\"https:\/\/wealthcreatorz.in\/index.php\/2026\/04\/21\/vijay-kedia-portfolio-strategy-net-worth\/\">Vijay Kedia Portfolio, Strategy &amp; Net Worth (2026) \u2013 SMILE Investing Explained<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vijay Kedia usually steers clear of newly listed companies. Yet, his two investment funds are aggressively buying into a tiny Gujarat warehousing business that just tripled its annual revenue. Is this surging stock a buying opportunity to pursue immediately, or a unique case study to analyze from the sidelines? This investment is highly intriguing, but &#8230; <a title=\"Vijay Kedia\u2019s latest bet: A soaring logistics newcomer | Iware Supplychain Services Share Analysis\" class=\"read-more\" href=\"https:\/\/wealthcreatorz.in\/index.php\/2026\/06\/18\/iware-supplychain-services-share-vijay-kedia\/\" aria-label=\"More on Vijay Kedia\u2019s latest bet: A soaring logistics newcomer | Iware Supplychain Services Share Analysis\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[66,36],"class_list":["post-2609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-iware-supplychain-services","tag-vijay-kedia"],"_links":{"self":[{"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/posts\/2609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/comments?post=2609"}],"version-history":[{"count":1,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/posts\/2609\/revisions"}],"predecessor-version":[{"id":2612,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/posts\/2609\/revisions\/2612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/media\/2610"}],"wp:attachment":[{"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/media?parent=2609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/categories?post=2609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wealthcreatorz.in\/index.php\/wp-json\/wp\/v2\/tags?post=2609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}