Apana Logistics Limited, a Kolkata-based provider of container handling and transportation services, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company is raising ₹30.04 crore through a fresh issue to expand its fleet of reach stackers and fund general corporate purposes.

About the Company

Incorporated in 1992, Apana Logistics operates across multiple Indian states including Maharashtra, Karnataka, Goa, West Bengal, Andhra Pradesh, Madhya Pradesh, and Gujarat. The company serves leading Container Freight Station (CFS), Inland Container Depot (ICD), and Port operators. Its service portfolio includes container handling at CFS/ICD/Port facilities, road transportation using a fleet of 33 truck-trailers, cargo handling at third-party warehouses, and repair and maintenance of trucks-trailers. As of March 31, 2026, the company owned five reach stackers and two cranes.

Financial Performance

Apana Logistics demonstrated significant growth in FY2026, with revenue from operations jumping 43.96% year-on-year. Profitability also expanded sharply as operating leverage improved.

The company recorded a Profit After Tax (PAT) margin of 18.87% in FY2026, up from 14.76% in FY2024. Operating cash flows remained positive across all three years, while outstanding secured debt stood at ₹5.94 crore as of March 2026.

Why the Company Is Raising Funds

The proceeds from the ₹30.04 crore fresh issue will be utilized as follows:

• Purchase of Reach Stackers: ₹25.00 crore (83.22%) to acquire up to nine additional reach stackers, enhancing cargo handling capacity and reducing reliance on third-party fleets.
• General Corporate Purposes: ₹5.04 crore (16.78%) for meeting operating expenses and business development needs.

Business Strengths

• Diversified Services: Offers end-to-end logistics solutions including handling, transport, and maintenance, reducing revenue concentration risk.
• Government Tender Eligibility: Possesses credentials to participate in government and semi-government tenders.
• Operational Track Record: Over 34 years of experience with established relationships with major port and CFS operators.
• Promoter Expertise: Promoters bring eight years of specialized experience in the logistics solutions industry.

Key Risks

• Customer Concentration: The top five customers contributed 97.79% of revenue in FY2026, posing a high concentration risk.
• Third-Party Dependency: Payments to third-party service providers accounted for 47.13% of revenue in FY2026, indicating operational reliance on external networks.
• Governance Concerns: The company reported missing historical corporate records, including some board meeting minutes and statutory filings.
• Working Capital Pressure: Trade receivables days increased from 66 days in FY2024 to 82 days in FY2026.

Important IPO Dates

• IPO Open Date: 07-Sep-2026
• IPO Close Date: 09-Sep-2026
• Allotment Date: 10-Sep-2026
• Listing Date: 15-Sep-2026

Offer Details

• Issue Type: Fresh Issue
• Total Issue Size: ₹30.04 Crore
• Offer for Sale: Nil

Bottom Line

Apana Logistics presents a growth story with accelerating revenues and expanding margins, supported by a clear capital expenditure plan to boost capacity. However, investors must weigh these positives against extreme customer concentration and governance irregularities regarding historical records.