# Transport - Road — company-by-company sector analysis > Transport - Road: 2 companies, compared one question at a time. Sector Alpha — machine-written from the numbers. Data as of 2026-08-16. Not investment advice. ## Bottom line Transport - Road has outperformed NIFTY 500 by 49.1% over 52 weeks and 0% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. Globe International Carriers Ltd leads with revenue of ₹168 crore, based on 1 of 2 comparable companies through Dec 2025. ## Sector relative strength Transport - Road has outperformed NIFTY 500 by 49.1% over the last 52 weeks. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Globe International Carriers Ltd is the strongest against the sector itself at 0%. Readings are as of 2026-08-09. 13-week sector return versus NIFTY 500: — 52-week sector return versus NIFTY 500: 49% Stocks leading NIFTY: 2/2 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 2 Combined market value: ₹919 Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Globe International Carriers Ltd (GICL): 59/100 — Mixed-positive evidence; evidence 61% - Growth & earnings 23.3/35 | Capital efficiency 13.7/25 | Valuation 9.1/20 | Relative strength 12.5/20 - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks, ending 2026-03-29 (no longer priced) - Exact sum: 23.3 + 13.7 + 9.1 + 12.5 = 58.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Iware Supplychain Services Ltd (IWARE): 57/100 — Thin evidence · provisional; evidence 31% - Growth & earnings 15.2/35 | Capital efficiency 19.7/25 | Valuation 10.0/20 | Relative strength 12.5/20 - Exact sum: 15.2 + 19.7 + 10 + 12.5 = 57.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Globe International Carriers Ltd has the strongest one-year price move in Transport - Road at +27.5%. Iware Supplychain Services Ltd leads on Mansfield relative strength against NIFTY at +61.2%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. Globe International Carriers Ltd (GICL): 28% ### Strongest relative strength versus NIFTY 500 1. Iware Supplychain Services Ltd (IWARE): 61% 2. Globe International Carriers Ltd (GICL): 14% ## Transport - Road — the story behind the numbers This is the written read behind the Transport - Road figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 5 themes are live here, 1 of them rated high severity. The Transport - Road sector data for the week ending 2026-07-19 relies on a single constituent, Iware Supplychain Services Ltd (IWARE). The demand environment is classified as STRONG based on IWARE's Full Year FY26 performance. Revenue from Operations reached ₹257.66 Cr, representing a 200% YoY increase. How old this read is: This read comes from our Transport - Road sector brief dated 28 Jul 2026, so the words here and the numbers above them cover the same few weeks. ### Live themes, worst first - HIGH | Lorry hire charges account for a significant portion of operational revenue, exposing margins to fuel and freight cost spikes. | named for IWARE - MEDIUM | Revenue concentration in Gujarat creates vulnerability to regional disruptions or local market slowdowns. | Branch network expansion to 50 locations across India | named for IWARE - MEDIUM | Company has history of delays in statutory filings and payments, indicating potential compliance lapses. | SAMO appointment at CWC Kandla CFS indicates regulatory engagement | named for IWARE - MEDIUM | Ongoing legal proceedings involving the company and promoters pose reputational and operational risks. | named for IWARE - MEDIUM | Industrial shed project faced delays due to labor shortages during February and March 2026, leaving capital unutilized. | Capex pending for Industrial Shed at Chadvada Bhachau | named for IWARE Sources: our Transport - Road sector brief, 28 Jul 2026. ## Revenue Scale & Growth Durability What the numbers say: Globe International Carriers Ltd leads revenue at ₹168 crore; the second comparison lacks enough current evidence. Investor read: Globe International Carriers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current revenue growth signal. Evidence: Globe International Carriers Ltd · ₹168 crore | Not enough peers | 2/3 recent comparable periods | 1/2 companies · 10 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Globe International Carriers Ltd (GICL): ₹168 Cr ### Revenue growth — fastest growers ### 20-quarter Revenue history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹30 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹93 Cr | Dec 2025 — | Mar 2026 ₹164 Cr - GICL: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 ₹31 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹47 Cr | Mar 2026 — ### 20-quarter Revenue growth history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 210% | Dec 2025 — | Mar 2026 — - GICL: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 15% | Sep 2025 -4.9% | Dec 2025 23% | Mar 2026 — ## Operating Economics & Margin Trend What the numbers say: Globe International Carriers Ltd leads both opm at 21.5% and margin change at +14.4 percentage points. Investor read: Globe International Carriers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Globe International Carriers Ltd · 21.5% | 95.5% versus #2 · Iware Supplychain Services Ltd | 7/8 recent comparable periods | 2/2 companies · 20 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Globe International Carriers Ltd (GICL): 22% 2. Iware Supplychain Services Ltd (IWARE): 11% ### Margin change — fastest expanders 1. Globe International Carriers Ltd (GICL): +14.4 pp 2. Iware Supplychain Services Ltd (IWARE): −2.0 pp ### 20-quarter OPM history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 11% - GICL: Mar 2018 — | Mar 2019 — | Sep 2019 3.4% | Mar 2020 3.3% | Sep 2020 4.7% | Mar 2021 3.6% | Sep 2021 4.1% | Mar 2022 3.5% | Sep 2022 3.7% | Mar 2023 5.0% | Sep 2023 4.1% | Mar 2024 5.8% | Jun 2024 5.1% | Sep 2024 3.3% | Dec 2024 7.1% | Mar 2025 7.3% | Jun 2025 8.9% | Sep 2025 9.5% | Dec 2025 22% | Mar 2026 — ### 20-quarter Margin change history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 — - GICL: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 +1.3 pp | Mar 2021 +0.3 pp | Sep 2021 −0.7 pp | Mar 2022 −0.1 pp | Sep 2022 −0.4 pp | Mar 2023 +1.5 pp | Sep 2023 +0.4 pp | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 — | Mar 2025 +1.5 pp | Jun 2025 +3.8 pp | Sep 2025 +6.1 pp | Dec 2025 +14.5 pp | Mar 2026 — ## Profit Scale & Acceleration What the numbers say: Globe International Carriers Ltd leads net profit at ₹12 crore; the second comparison lacks enough current evidence. Investor read: Globe International Carriers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Globe International Carriers Ltd · ₹12 crore | Not enough peers | 3/3 recent comparable periods | 1/2 companies · 10 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Globe International Carriers Ltd (GICL): ₹12 Cr ### Profit growth — fastest growers ### 20-quarter Net profit history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹9 Cr - GICL: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹7 Cr | Mar 2026 — ### 20-quarter Profit growth history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 500% | Dec 2025 — | Mar 2026 — - GICL: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 63% | Sep 2025 280% | Dec 2025 352% | Mar 2026 — ## Return On Capital Employed What the numbers say: Iware Supplychain Services Ltd leads ROCE at 28%, 16.8 percentage points above Globe International Carriers Ltd. Globe International Carriers Ltd has the strongest latest improvement at +2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Iware Supplychain Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Iware Supplychain Services Ltd · 28% | 150% versus #2 · Globe International Carriers Ltd | Not enough history | 2/2 companies · 0 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Iware Supplychain Services Ltd (IWARE): 28% 2. Globe International Carriers Ltd (GICL): 11% ### ROCE change — fastest improvers 1. Globe International Carriers Ltd (GICL): +2.0 pp 2. Iware Supplychain Services Ltd (IWARE): −7.0 pp ### 20-quarter ROCE history ### 20-quarter ROCE change history ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG ### P/E — lowest P/E 1. Iware Supplychain Services Ltd (IWARE): 34.6 2. Globe International Carriers Ltd (GICL): 43.1 ### 20-quarter PEG history ### 20-quarter P/E history - IWARE: Mar 2018 — | Mar 2019 — | Sep 2019 — | Mar 2020 — | Sep 2020 — | Mar 2021 — | Sep 2021 — | Mar 2022 — | Sep 2022 — | Mar 2023 — | Sep 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 12.5 | Dec 2025 — | Mar 2026 21.4 - GICL: Mar 2018 — | Mar 2019 19.8 | Sep 2019 11.1 | Mar 2020 12.6 | Sep 2020 55.8 | Mar 2021 28.9 | Sep 2021 — | Mar 2022 29.8 | Sep 2022 62.6 | Mar 2023 72.5 | Sep 2023 86.9 | Mar 2024 67.1 | Jun 2024 39.4 | Sep 2024 65.9 | Dec 2024 78.2 | Mar 2025 76.6 | Jun 2025 62.7 | Sep 2025 75.8 | Dec 2025 71.2 | Mar 2026 — ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings. ## Every company - Iware Supplychain Services Ltd (IWARE) — market value ₹498 Cr; latest fundamentals Mar 2026 - Globe International Carriers Ltd (GICL) — market value ₹421 Cr; latest fundamentals Dec 2025 ## Source standing of each company Cross-checked: 0. Unverified: 2. Withheld: 0. Graded companies: 2. Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld. ## Methodology and freshness Fundamentals through Mar 2026; prices through 2026-08-14. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Transport - Road sector outperforming NIFTY 500? Transport - Road has outperformed NIFTY 500 by 49.1% over 52 weeks and 0% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. ### Which Transport - Road company is largest by revenue? Globe International Carriers Ltd leads with revenue of ₹168 crore, based on 1 of 2 comparable companies through Dec 2025. ### Which Transport - Road company has the strongest 4-Factor Sector Score? Globe International Carriers Ltd ranks first at 58.6/100 with 60.5% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Transport - Road comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Transport - Road index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Transport - Road, this page builds its own equal-weight basket of 2 listed Transport - Road companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Mar 2026. ### Which are the best Transport - Road stocks in India? Ranked by this page's four-factor score, Globe International Carriers Ltd places first among 2 listed Transport - Road companies, followed by Iware Supplychain Services Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Transport - Road stocks are listed in India? This comparison covers 2 listed Transport - Road companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026. ### Which Transport - Road company is the biggest? Globe International Carriers Ltd is the largest, with trailing-twelve-month revenue of ₹168 crore. That covers 1 of 2 companies with comparable reporting through Dec 2025. ### Which Transport - Road company has the best profit margins? Globe International Carriers Ltd has the highest operating margin at 21.5%, from 2 of 2 comparable companies. Globe International Carriers Ltd shows the biggest recent improvement, at +14.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Transport - Road company makes the most profit? Globe International Carriers Ltd earns the most, at ₹12 crore of trailing-twelve-month net profit, from 1 of 2 comparable companies. ### Which Transport - Road company earns the highest return on capital? Iware Supplychain Services Ltd leads on return on capital employed at 28%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Is the Transport - Road sector beating the market? Transport - Road has outperformed NIFTY 500 by 49.1% over the last 52 weeks and 0% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Transport - Road stock has the strongest price momentum? Iware Supplychain Services Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Transport - Road company scores highest for research priority? Globe International Carriers Ltd scores 58.6 out of 100 with 60.5% evidence confidence, from 23.3 points on growth and earnings, 13.7 on capital efficiency, 9.1 on valuation and 12.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Transport - Road companies does this comparison cover, and over what period? It compares 2 listed companies over up to 20 reported quarters of fundamentals, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Transport - Road sector? The 2 Transport - Road companies on this page carry ₹919 crore of combined market value. Iware Supplychain Services Ltd is the largest at ₹498 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-16. ### How is the Transport - Road sector performing? 2 of the 2 covered Transport - Road companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 49.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-16. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.