Apana Logistics IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Apana Logistics

Price band

₹60

Lot size

2000 shares

Min investment

₹1,20,000

Issue size

₹34.14 Cr

About the company

Apana Logistics Ltd was started in 1992. The company provides logistics support for handling and moving shipping containers. Its services cover container handling at container freight stations, known as CFS, at inland container depots, known as ICD, and at ports. It also does road transportation, handles cargo at warehouses owned by other parties, and carries out repair, operation and maintenance of truck-trailers. Its customers are among the leading CFS, ICD and port operators in India, and the company positions itself on giving cost effective and time effective solutions. As on 31 August 2025 it owned and maintained a fleet of 33 truck-trailers and 5 reach stackers, which are the heavy machines used to lift and stack containers. It serves more than 10 customers and has long standing relationships with them, with two of its top five customers associated with it for over 10 years. As on 31 August 2025 it had 85 permanent employees.

Apana Logistics Ltd provides container handling and transport services at container freight stations, inland container depots and ports, along with road transport and truck-trailer maintenance. Running since 1992, it owned 33 truck-trailers and 5 reach stackers as on 31 August 2025 and serves leading CFS, ICD and port operators.

IPO details

Issue price: ₹60
Price band: ₹60
Face value: ₹10
Lot size: 2000
Min investment: ₹1,20,000
Issue size: ₹34.14 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7942
NSE symbol: APANA.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,20,000
Retail (Max)	1	2,000	₹1,20,000
HNI (Min)	2	4,000	₹2,40,000

Investor reservation

CATEGORY	RESERVED
NII	27,00,000 shares (50.00% of the Offer)
Retail	27,00,000 shares (50.00% of the Offer)

Objects of the issue

1Funding capital expenditure requirement of company towards purchase of reach stackers25.00

2General corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	29.42	25.56	15.07
Total Income	21.61	20.33	27.28
Profit After Tax	3.17	3.00	1.30
EBITDA	6.15	4.63	3.10
NET Worth	14.41	11.87	8.87
Reserves and Surplus	2.65	9.90	6.90
Total Borrowing	8.00	9.26	1.77

Key performance indicators

P/E Ratio

17.91

EPS (₹)

3.35

RoCE

26.57%

RoNW

23.64%

PAT Margin

14.49%

✓ Strengths

• Profit has grown, from Rs 1.30 crore in FY2023 to Rs 3.00 crore in FY2024 and Rs 3.17 crore in FY2025.

• EBITDA has doubled over the same period, from Rs 3.10 crore in FY2023 to Rs 6.15 crore in FY2025.

• Return ratios are good, with RoCE of 26.57% and RoNW of 23.64%, and a PAT margin of 14.49%. At the issue price of Rs 60 the P/E works out to about 17.91 times on an EPS of Rs 3.35.

• The company has a long record, having been in this business since 1992.

• Customer relationships are long standing. Two of its top five customers have been with it for more than 10 years.

• It owns its equipment rather than hiring it, with a fleet of 33 truck-trailers and 5 reach stackers as on 31 August 2025.

• Rs 25 crore of the Rs 34.14 crore issue goes into buying reach stackers, which directly adds earning capacity.

• Borrowing came down from Rs 9.26 crore in FY2024 to Rs 8.00 crore in FY2025 while net worth rose to Rs 14.41 crore.

⚠ Risks

• Sales have not recovered to their earlier level. Total income was Rs 27.28 crore in FY2023, fell to Rs 20.33 crore in FY2024 and was Rs 21.61 crore in FY2025, so it is still well below where it was two years earlier.

• The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.

• The promoter names are not stated in the data available to us, and the category wise reservation for the issue is also not available, so both need to be read from the RHP.

• The customer base is very small at more than 10 customers, so losing even one large CFS or port operator would be felt immediately.

• This is a capital heavy business. Reach stackers and truck-trailers are costly, wear out and need replacing, so spending does not stop after this issue.

• Container volumes depend on export and import trade. A slowdown in EXIM cargo directly reduces handling and transport work.

• Borrowing of Rs 8.00 crore is high against a net worth of Rs 14.41 crore.

• This is a fixed price issue at Rs 60 per share, so there is no price discovery through bidding.

• Promoter holding will come down from 100% to 67.5% after the issue.

• This is an SME issue. One lot is 2,000 shares, which is Rs 1.20 lakh at the issue price, and SME shares usually trade in low volume after listing.

Promoters & holding

Pre-issue promoter holding

100%

Post-issue promoter holding

67.5%

Data refreshed 07 Nov 2026, 05:00 pm IST. GMP is unofficial market sentiment, not investment advice.