Apana Logistics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.16×
- Retail individualRII · up to ₹2 lakh
- 2.23×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 27,00,000 | 7,64,000 | ₹4.58 Cr | 0.28× |
| Retail individual | 27,00,000 | 60,20,000 | ₹36.12 Cr | 2.23× |
| Total | 54,00,000 | 67,84,000 | ₹40.70 Cr | 1.26× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 09 Sept, 06:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 07 Sep 2026 – 09 Sep 2026
- Listing date
- 15 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹60
- Issue price
- ₹60 per share
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹34.14 Cr
- Fresh issue
- ₹32.40 Cr 54,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹105 Cr
- Promoter holding
- 100.00% → 67.50% pre-issue → post-issue
- ISIN
- INE1ET101019
- CIN
- U51909WB1992PLC054214
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- 11A, Rajshree, 6 Hastings Park Road, Kolkata, West Bengal, India- 700027
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 27,00,000 | 50.00% | 47.45% |
| bNII > ₹10L · within NII | 27,00,000 | — | 47.45% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 27,00,000 | 50.00% | 47.45% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,90,000 | — | 5.10% |
| Total issue | 56,90,000 | — | 100.00% |
Net offer to the public of 54,00,000 shares, out of a total issue of 56,90,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹60
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹60 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.96 | 3.35 |
| P/E (×) | 12.10 | 17.91 |
| Price to book (×) | 4.92 | — |
| Market cap | — | ₹105 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 23.64%
- ROCE
- 42.00%
- Debt / equity
- 0.56
- PAT margin
- 14.49%
- EBITDA margin
- 28.70%
- NAV per share
- ₹12.19
- Price to book
- 4.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 31.07 | 21.61 | 20.33 |
| Revenue from operations | 30.85 | 21.43 | 20.1 |
| Other income | 0.22 | 0.18 | 0.23 |
| Total expenses | 21.84 | 17.24 | 16.22 |
| Operating profit | 9.23 | 4.37 | 4.11 |
| Operating margin | 29.71% | 20.22% | 20.22% |
| Profit before tax | 9.23 | 4.37 | 4.11 |
| Profit after tax | 5.86 | 3.11 | 3 |
| PAT margin | 18.86% | 14.39% | 14.76% |
| Balance sheet | |||
| Total assets | 36.84 | 28.95 | 25.05 |
| Current assets | 12.92 | 8 | 9.4 |
| Current liabilities | 9.27 | 6.84 | 5.16 |
| Total liabilities | 16.56 | 14.54 | 13.18 |
| Net worth | 20.27 | 14.41 | 11.87 |
| Current ratio | 1.39× | 1.17× | 1.82× |
| Return on equity | 28.91% | 21.58% | 25.27% |
| Cash flow | |||
| Operating cash flow | 6.06 | 8.18 | 1.06 |
| Investing cash flow | -4 | -6.08 | -7.7 |
| Financing cash flow | -2.78 | -2.28 | 7.25 |
| Net cash flow | -0.72 | -0.17 | 0.62 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure requirement towards purchase of reach stackers ₹25 Cr
The company proposes to utilize funds for purchasing up to 9 reach stackers to enhance cargo handling capacity, improve operational efficiency, reduce reliance on third-party fleets, and ensure timely fulfillment of customer orders.
2 General Corporate Purposes ₹5.04 Cr
The company intends to deploy funds for general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, and meeting exigencies in the ordinary course of business.
About Apana Logistics
Apana Logistics Limited, incorporated in 1992 as Surya Top Sale Private Limited and renamed to its current name in 2007, is a logistics services company operating across container freight stations (CFS), inland container depots (ICD), ports, and third-party warehouses. The company generates revenue from four primary service verticals: container handling at CFS/ICD/Port (43.34% of FY2026 revenue), road transportation (48.94%), cargo handling at third-party warehouses (2.13%), and operation & maintenance of trucks and trailers (5.59%). For the fiscal year ended March 31, 2026, the company reported revenue from operations of ₹3,085.13 lakhs, representing 43.93% growth year-over-year. The company employs a hybrid model combining owned transport assets with third-party service providers and network partners. As of March 31, 2026, the company owned 5 reach stackers, 33 trucks-trailers, and 2 cranes. Its operations are geographically concentrated in Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh, Madhya Pradesh, and Gujarat.
Management
Pratyaksh Sureka
MD
Vasant Vitthal Dongre
CFO
Shankar Viswanathan
Director
Farzan Ghadially
Director
Pawanlata Kaul Mam
Director
Kiran Joshi
COO
Brijesh Kumar Singh
Director of Operations
Strengths
As stated in the offer document
Diverse service offerings and customer base
The company's service offerings are diverse covering container handling at CFS/ICD/port, road transportation, cargo handling at third-party warehouses, and repairs & maintenance of trucks-trailers, enabling up-selling and down-selling services to customers and vendors.
Ability to participate in tenders
The company has necessary financial, technical and asset-based requirements with extensive work experience providing track record to participate and qualify in tenders floated by government and semi-government entities.
Assured Quality Services
The company adheres to quality standards required as per industry norms and contracts, capable of providing quality services at competitive prices resulting in winning tenders and seeking repetitive work orders.
Track record of growth and profitability
The company demonstrated revenue growth from ₹2,009.64 lakhs (FY2024) to ₹3,085.13 lakhs (FY2026) with 15.36% CAGR, EBITDA growth with 34.71% CAGR, and PAT increasing to ₹586.47 lakhs in FY2026.
Promoters' experience and track record
The company's Promoter has 8 years' experience in logistics solutions industry, with the company incorporated in 1992 having over 34 years track record enabling foresight of challenges and implementation of mitigating steps.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company depends on a limited number of key customers for the majority of its revenues, with top 5 customers representing 97.79%, 98.85%, and 94.66% of revenue from operations in fiscal 2026, 2025, and 2024 respectively. Loss of any key customer could materially and adversely affect the company's business, results of operations, cash flows and financial condition.
Dependence on Third-Party Service Providers and Network Partners
The company relies heavily on network partners, third-party service providers and vendors for critical operations, with payments to these parties representing 47.13%, 30.87%, and 51.68% of revenue from operations in fiscal 2026, 2025, and 2024 respectively. Disruption of these relationships or unsatisfactory services could significantly impact business operations and profitability.
Missing Historical Corporate Records and Compliance Issues
The company is unable to trace some historical records including minutes of Board meetings, shareholder meetings, and corresponding form filings with the Registrar of Companies. There have been instances of delayed statutory filings and non-compliances that could result in penalties or regulatory action affecting the company's financial position.
Significant Related Party Transaction Exposure
The company has substantial revenue from related parties representing 14.46%, 17.59%, and 20.26% of revenue from operations in fiscal 2026, 2025, and 2024 respectively. These transactions may involve potential conflicts of interest and the company cannot assure more favorable terms could not have been achieved with independent parties.
Industry Performance Dependency Risk
The company is highly dependent on the performance of Container Freight Station (CFS), Inland Container Depots (ICD), and port industries, with 43.34%, 64.41%, and 44.93% of revenue from container handling operations in fiscal 2026, 2025, and 2024 respectively. Fluctuations in these industries could materially affect business operations and financial performance.
Operational Equipment and Vehicle Breakdown Risk
The company's operations are heavily dependent on trucks, vehicles and material handling equipment including reach stackers and forklifts. Any significant malfunction or breakdown could entail substantial repair costs, cause operational delays, and potentially result in contract terminations with customers, significantly affecting business reputation and financial results.
Working Capital and Cash Flow Management Risk
The company experiences significant working capital requirements with trade receivables days increasing from 66 days in fiscal 2024 to 82 days in fiscal 2026. Payment delays by customers and tightening of payment periods by third-party service providers could negatively affect cash flows and the company's ability to meet working capital requirements.
Secured Debt and Asset Collateralization Risk
The company has secured outstanding debt of ₹593.71 lakhs as of March 31, 2026, with lenders having charges over movable properties (vehicles). Default in loan repayment could result in asset confiscation by lenders, adversely affecting operations, reputation, and business continuity.
Geographic Revenue Concentration Risk
The company generates substantial revenue from specific regions including Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh, Madhya Pradesh and Gujarat. Any adverse developments in these regions could significantly impact revenue and results of operations, while expansion to new markets may face competitive disadvantages.
Regulatory Compliance and Licensing Risk
The company operates under various laws requiring multiple approvals from statutory/regulatory authorities. Failure to obtain, maintain or renew requisite permits and approvals could materially disrupt business operations and adversely affect financial condition and results of operations.
Company Analysis
from PROSPECTUSApana Logistics Limited provides container handling, road transportation, cargo handling, and truck/trailer operations & maintenance services across India.
Apana Logistics Limited, incorporated in 1992 as Surya Top Sale Private Limited and renamed to its current name in 2007, is a logistics services company operating across container freight stations (CFS), inland container depots (ICD), ports, and third-party warehouses. The company generates revenue from four primary service verticals: container handling at CFS/ICD/Port (43.34% of FY2026 revenue), road transportation (48.94%), cargo handling at third-party warehouses (2.13%), and operation & maintenance of trucks and trailers (5.59%). For the fiscal year ended March 31, 2026, the company reported revenue from operations of ₹3,085.13 lakhs, representing 43.93% growth year-over-year. The company employs a hybrid model combining owned transport assets with third-party service providers and network partners. As of March 31, 2026, the company owned 5 reach stackers, 33 trucks-trailers, and 2 cranes. Its operations are geographically concentrated in Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh, Madhya Pradesh, and Gujarat.
Objects of the Issue
- Funding of capital expenditure requirements for purchase of reach stackers upto ₹2,500.00 lakhs p.35
- General corporate purposes p.35
- Funding capital expenditure requirement of our company towards purchase of reach stackers (Vehicles) ₹2,500.00 lakhs p.86
- General Corporate Purposes ₹504.32 lakhs p.86
- Funding of capital expenditure requirements of our Company towards purchase of Reach Stackers p.135
Issue Structure
- Total Issue
- ₹3,414 lakhs (upto 56,90,000 equity shares)
- Fresh Issue
- ₹3,414 lakhs (upto 56,90,000 equity shares of face value ₹10 each at ₹60 per share)
- Offer for Sale
- Nil
- Price Band
- ₹60 per equity share
- Lot Size
- 4,000 equity shares as a bid lot, with multiples of 2,000 thereafter
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through container handling services at CFS/ICD/Port facilities, road transportation services, cargo handling at third-party warehouses, and operation & maintenance services for trucks and trailers. The business model combines owned assets with third-party service providers and vendors, allowing operational flexibility. The company extends credit to customers with post-billing credit terms of up to 90 days. Revenue is derived from tender-based contracts and ongoing commercial relationships with key customers.
Business Segments
SWOT Analysis
- • None of our Directors have prior listed company experience except one(p.45)
- • Strong profitability with growing EBITDA margins(p.96)
- • High return on capital employed(p.96)
- • Diverse service offerings across logistics verticals(p.133)
- • Proven track record of revenue and profitability growth(p.134)
- • Tender participation capability with technical and financial qualifications(p.134)
- • Strong balance sheet with low leverage(p.134)
- • Experienced promoter and management team with 34+ years cumulative industry experience(p.135)
- • Experienced management team with 34+ years combined logistics industry experience(p.207)
- • Diversified service offering across container handling, road transportation, cargo handling, and equipment maintenance(p.207)
- • Strong financial performance with 88.79% increase in PAT and 43.93% revenue growth in FY2026(p.213)
- • Strong EBITDA margin expansion from 28.70% to 36.69% indicating operational efficiency improvements(p.208)
- • Established relationships with leading CFS/ICD and Port operators(p.207)
- • Owned fleet of 33 truck-trailers, 5 reach stackers and 2 cranes providing asset backing(p.207)
- • High customer concentration risk(p.22)
- • Dependence on third-party service providers and vendors(p.23)
- • Missing historical corporate records and regulatory filings(p.24)
- • Significant related party transactions(p.26)
- • High dependence on key management personnel(p.31)
- • No registered intellectual property rights(p.29)
- • Working capital requirements and payment delays(p.28)
- • High employee attrition rates(p.41)
- • Delayed statutory filings and compliance issues(p.37)
- • Rented premises without ownership(p.36)
- • Board lacks prior experience in listed companies(p.45)
- • Limited asset base restricts operational capacity(p.87)
- • Significant related party transactions and advances(p.60)
- • High customer concentration risk(p.133)
- • High dependence on top single customer(p.140)
- • Limited owned fleet and reliance on third-party assets(p.130)
- • Heavy dependence on few major customers - related party transactions with Roadwings Western and Freightrans account for significant revenue(p.199)
- • Significant debt obligations with total borrowings of ₹630.13 Lakhs as of March 31, 2026(p.202)
- • High employee benefit expenses at 8.87% of total revenue with gratuity and PF obligations(p.210)
- • Reliance on related party companies for business - inter-company advances and transactions(p.199)
- • Substantial increase in operating expenses from ₹1,113.29 Lakhs to ₹1,531.06 Lakhs (37.53% increase) with machine expenses growing significantly(p.212)
- • Outstanding TDS liabilities across multiple financial years(p.226)
- • Multiple GST demands and disputes pending adjudication(p.227)
- • Pending criminal litigation with material financial exposure(p.222)
- • Civil suit with significant claimed damages pending(p.222)
- • Expansion of service offerings and customer base(p.31)
- • Growth in container handling and road transportation verticals(p.27)
- • Expansion into new geographical markets(p.30)
- • Expansion through additional reach stacker acquisition(p.88)
- • Enhanced market credibility from listing(p.86)
- • Diverse service portfolio across logistics verticals(p.93)
- • Government infrastructure expansion and development of new ports and ICDs(p.135)
- • Growth in container handling services through tender bidding(p.134)
- • Expansion of operations across geographies(p.135)
- • Capacity expansion through reach stacker acquisition(p.135)
- • India's logistics sector transformation and modernization(p.113)
- • Expansion of container handling services at CFS/ICD/Port facilities which is the largest revenue contributor at ₹1,337.06 Lakhs in FY2026(p.208)
- • Scaling road transportation services which showed strong growth from ₹427.36 Lakhs to ₹1,509.74 Lakhs (252.95% increase)(p.208)
- • Geographic expansion and market penetration with experience in operations and maintenance services for reach stackers(p.207)
- • Leverage supply chain expertise and understanding of regional market dynamics for transportation(p.207)
- • Industry cyclicality and customer industry dependence(p.27)
- • Regulatory and compliance risks(p.29)
- • Operational and transportation risks including accidents(p.28)
- • Hazardous and contraband cargo risks(p.30)
- • Competition and market concentration risks(p.30)
- • Fuel price and economic volatility(p.27)
- • Secured debt and asset seizure risk(p.33)
- • Litigation and regulatory penalties(p.32)
- • Business entirely dependent on port functioning(p.46)
- • Exposure to natural disasters, pandemics, and civil unrest(p.46)
- • Volatility in Indian inflation and costs(p.45)
- • Exposure to Indian economic slowdown and global financial turmoil(p.47)
- • Regulatory and legal uncertainties affecting operations(p.45)
- • Trading price volatility and potential circuit breaker restrictions(p.45)
- • Customer concentration and contract renewal risk(p.135)
- • Highly fragmented and competitive logistics industry(p.139)
- • Vulnerability to fuel price fluctuations(p.118)
- • Fragmented supply and demand causing operational inefficiencies(p.119)
- • Truck driver shortage affecting fleet utilization(p.120)
- • Termination of customer contracts without cause and with little notice or penalty(p.209)
- • Adverse changes in central or state government policies affecting logistics operations(p.209)
- • Increased competition impacting pricing and market share(p.209)
- • Exposure to foreign exchange fluctuations and interest rate changes(p.209)
- • Dependency on third-party suppliers for critical inputs and operations(p.209)
- • Regulatory compliance risks including inability to obtain or maintain permits and changing safety/environmental laws(p.209)
- • Exposure to inflation impacting operating costs(p.216)
- • Interest rate risk on outstanding borrowings(p.216)
- • Economic uncertainty from changing tax and regulatory environment(p.217)
- • External economic factors beyond company control(p.217)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pratyaksh Sureka | Promoter | 100% | 67.50% |
| Pratyaksh Sureka | Promoter | 89.46% | 60.39% |
| Adarsh Sureka | Promoter Group | 1.00% | 0.68% |
| Krishna Shrawan Sureka | Promoter Group | 8.53% | 5.76% |
| Aanchal Pratyaksh Sureka | Promoter Group | 1.00% | 0.68% |
| Bhani Ram Sureka | Promoter Group | 0.01% | Negligible |
| Bimla Devi Sureka | Promoter Group | 0.01% | Negligible |
| Shrawan Kumar Sureka | Promoter Group | 0.01% | Negligible |
| Pratyaksh Sureka | Promoter | — | — |
| Pratyaksh Sureka | Promoter | 89.46% | — |
| Ganesh Kumar Agarwal | Promoter | — | — |
| Mohani Devi Poddar | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Apana Logistics THIS ISSUE | 4.96 | 17.15 | 17.91, computed at the offer price | 4.92, computed at the offer price | 33.82% |
| 5.97 | 44.93 | 6.97 | 0.93 | 14.23% | |
| 13.54 | 65.31 | 22.15 | 4.60 | 21.27% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.