Apana Logistics Limited

Sector: Integrated Logistics — Container Handling & Road Transportation Listing

1. Overview

Apana Logistics Limited is an integrated logistics services provider engaged in the business of providing logistics support for handling and transportation of containers, with an operating fleet that includes reach stackers, forklifts and truck-trailers. The Company was originally incorporated on January 22, 1992 as Surya Top Sale Private Limited and, after successive name changes tracking its business pivot into logistics, was converted into a public limited company as Apana Logistics Limited on December 03, 2024. It has a corporate track record spanning over 34 years.

The Company's service portfolio is deliberately diversified across four verticals — Container Handling at CFS/ICD/Port, Road Transportation, Cargo Handling at Third-Party Warehouses, and Repair, Operation & Maintenance of Trucks-Trailers. As on March 31, 2026 it owned 33 truck-trailers, 5 reach stackers and 2 cranes, supplemented by third-party equipment obtained on a contract or spot basis under a hybrid asset model. The Company serves top CFS, ICD and Port operators across multiple locations including Nhava Sheva (Maharashtra), Whitefield (Bangalore), Balli (Goa), Varnama (Gujarat), Pithampur (Madhya Pradesh) and Nagalapally (Andhra Pradesh).

For FY26 the Company reported Revenue from Operations of ₹30.85 Cr (FY25: ₹21.44 Cr; FY24: ₹20.10 Cr) — a three-year revenue CAGR of 15.36% — with PAT of ₹5.86 Cr (FY25: ₹3.11 Cr; FY24: ₹3.00 Cr), representing a PAT margin of 19.01%. EBITDA CAGR over FY24–FY26 was 34.71%, reflecting operating leverage as the Road Transportation vertical scaled sharply. The Company operates under a competitive positioning based on service quality, reliability, price competitiveness and tender-participation capability, with listed peer references being Premier Roadlines Limited and VRL Logistics Limited.

Net proceeds of ₹30.04 Cr will fund capital expenditure on 9 new Sany reach stackers (₹25.00 Cr) and general corporate purposes (₹5.04 Cr).

2. Business Model and Revenue Streams

Revenue Model

Apana operates a service-based logistics model with a hybrid asset base — combining owned reach stackers, forklifts and trucks-trailers with third-party equipment hired on a contract or need basis. This structure allows the Company to scale service delivery without proportionally scaling fixed asset ownership.

The Company primarily earns revenue through long-term tender-based contracts (typically 1 to 5 years) with CFS, ICD and Port operators, awarded via L1 (lowest bidder) eligibility with technical and financial pre-qualification. As on March 31, 2026, the Company had 6 ongoing contracts representing a total order value of ₹80.35 Cr.

Ongoing Contract Book — as at March 31, 2026 (₹ Lakhs)

Revenue by Service Vertical — 3-Year Trend (₹ Lakh)

Key structural shift: Road Transportation revenue grew from ₹4.27 Cr in FY25 to ₹15.10 Cr in FY26 (+253%) and is now the largest vertical, overtaking traditional Container Handling. This mix migration signals a strategic broadening beyond port/yard operations into pan-India first-mile/last-mile trucking.

Revenue by Geography — 3-Year Trend (₹ Lakhs)

Concentration has decisively shifted from Maharashtra (46.6% in FY24 down to 17.4% in FY26) toward a more balanced footprint. Gujarat is a brand-new geography in FY26, contributing ₹4.61 Cr — indicative of new tender wins.

Customer Concentration

Revenue is highly concentrated in top 5 customers, which contributed 97.79% in FY26, 98.85% in FY25 and 94.66% in FY24. Notably, top customer alone contributed 48.08% of FY26 revenue (₹14.83 Cr). Of the top 5, three are related parties — Roadwings Western Pvt Ltd (₹4.46 Cr in FY26), Freightrans Logistics Pvt Ltd and Highway Roadlines Pvt Ltd — where the Promoter/Director shares interest. This is a material risk flag disclosed in the RHP.

Supplier Base

Payments to third-party service providers, vendors and suppliers were ₹14.54 Cr in FY26 (47.13% of revenue from operations), up from ₹6.62 Cr in FY25. Top 10 suppliers accounted for 76.86% of Operating Expenses in FY26. [📸 SCREENSHOT: RHP page 131, Top 10 Supplier table]

Operating Metrics — Logistics Specific

3. Products and Service Portfolio

3.1 Container Handling at CFS/ICD/Port (via Leasing of Reach Stackers)

43.34% of FY26 revenue | The Company's foundational vertical. Services include unloading of ISO/DSO containers, stacking, loading onto trailers or train wagons, stuffing/de-stuffing of cargo, aggregation/segregation for survey, and data-capture at multiple CFS/ICD/Port locations. Operates under long-term tender-based contracts (1–5 years) with government/semi-government entities via GeM and internal portals. As on 31-Mar-2026 the Company had deployed 8 reach stackers at customer sites (5 owned + 3 contracted from third-parties) and provides necessary manpower for operations and maintenance.

3.2 Road Transportation

48.94% of FY26 revenue — Largest vertical | Provides pan-India container transportation for general cargo including 20 ft containers, 40 ft containers and over-dimensional loads. Covers first-mile/last-mile delivery between factory ↔ port/CFS/ICD, plus internal shifting of containers within CFS/ICD/Port premises on fixed lease basis. Executed through 33 owned truck-trailers (majority 40 ft) supplemented by third-party fleets when required. This vertical experienced ~253% year-on-year growth in FY26.

3.3 Cargo Handling at Third-Party Warehouses

2.13% of FY26 revenue | Loading, unloading, stuffing/de-stuffing, stacking, aggregation and segregation of cargo at customer warehouses using forklifts and ancillary equipment on need basis, with deployed manpower. As on 31-Mar-2026, servicing 1 warehouse at Balli, Goa with 1 forklift. This vertical has contracted sharply from ₹3.69 Cr in FY24 to ₹0.66 Cr in FY26.

3.4 Repair, Operation & Maintenance of Trucks-Trailers

5.59% of FY26 revenue | End-to-end services including preventive and breakdown maintenance, driver management, delivery of goods and full operational management of customer-owned trucks-trailers on contractual basis. As on 31-Mar-2026 the Company managed 13 third-party truck-trailers.

Proposed Capacity Expansion (IPO Object)

The Company proposes to acquire 9 Sany SRSC45V 45-Tonne Reach Stackers from Sany Heavy Industry India Pvt Ltd at ₹280 Lakhs each — total ₹25.20 Cr including GST. ₹25.00 Cr of IPO proceeds will be deployed toward this (excluding GST), with GST and any excess funded from internal accruals. This will more than triple owned reach stacker capacity from 5 to 14 units.

4. Key Business Strengths

• Diverse service offerings and customer base — Four complementary logistics verticals (container handling, road transportation, cargo handling, repair & maintenance) enabling up-sell and cross-sell opportunities across CFS, ICD, Port and third-party operators.
• Ability to participate in tenders — Established track record and financial/technical/asset base to qualify for tenders floated by government and semi-government entities (CFS, ICDs, Ports) including via the GeM portal, positioning the Company for re-tender wins.
• Assured quality services with certifications — Adherence to industry quality standards enabling repetitive work orders and long-term customer retention, evidenced by a customer contract book stretching to 2030.
• Promoter's operational leadership — Promoter and Managing Director Mr. Pratyaksh Sureka brings 8 years of hands-on logistics experience and personally oversees business operations, sales, marketing and budgeting; the Company's 34-year track record is anchored to family/promoter continuity.
• Hybrid asset model — Combination of owned equipment and third-party contracted assets provides operational flexibility, cost optimisation and cushion against demand volatility without over-capitalising the balance sheet.
• Established customer relationships in high-value nodes — Presence at strategic locations (Nhava Sheva, Bangalore ICD-Whitefield, ICD-Balli Goa, Varnama Gujarat, Pithampur MP, Nagalapally AP) provides defensible operational scale in Indian container logistics.

5. Future Growth Strategy

• Grow wallet share of existing customers — Deepen relationships by adding new service offerings, servicing new geographies for the same customers, and offering customised, integrated logistics solutions covering multi-plant/multi-location engagements. A majority of one large customer's contracts are subject to renewal in coming years, providing near-term visible upside.
• Acquire new customers via government infrastructure thrust — Leverage sales and marketing capability to capitalise on Government of India infrastructure initiatives including Dedicated Freight Corridors, new port development and new ICD greenfield projects, positioning the Company to bid for expanded tender flow.
• Continue investing in owned infrastructure capabilities — Expand hybrid asset base with 9 new Sany 45-Tonne reach stackers funded via IPO proceeds (~₹25 Cr), materially increasing the Company's owned execution capacity, reducing dependency on third-party fleet rentals and improving service quality control, timeliness and long-term unit economics.
• Diversify geographic footprint — Continue reducing concentration on Maharashtra (down from 46.6% in FY24 to 17.4% in FY26) by scaling in Karnataka, Gujarat (newly added FY26), Goa, West Bengal and Madhya Pradesh.
• Leverage technology infrastructure — Continued deployment of GPS tracking, IT-based transport management systems and internal software for fleet maintenance monitoring to maintain service SLAs and drive operational efficiency at scale.