Apana Logistics shifts to container handling as revenue leader

Apana Logistics Limited shifted its revenue base towards container handling in FY25. Container handling at container freight stations, inland container depots and ports generated Rs 13.81 crore, or 64.41% of FY25 revenue from operations of Rs 21.44 crore, compared with Rs 1.16 crore in FY23; road transportation fell to Rs 4.27 crore from Rs 8.51 crore.

How did container handling become Apana Logistics’ revenue leader?

Apana Logistics made container handling at CFS, ICD and port locations its largest reported revenue vertical in FY25, overtaking road transportation by a wide margin. CFS means container freight station and ICD means inland container depot. The vertical generated Rs 13.81 crore in the year ended March 31, 2025, compared with Rs 9.03 crore in FY24 and Rs 1.16 crore in FY23.

The change was evident in both value and revenue mix. Container handling represented 64.41% of Rs 21.44 crore in FY25 revenue from operations, calculated from the disclosed vertical figures, compared with 44.93% in FY24 and 4.27% in FY23. Container handling increased by Rs 12.65 crore between FY23 and FY25 even as revenue from operations declined by Rs 5.71 crore.

What changed in Apana Logistics’ other principal services?

Apana Logistics’ three other reported verticals each generated less revenue in FY25 than in FY23. Road transportation, the largest category in FY23 at Rs 8.51 crore, generated Rs 4.27 crore in FY25. That was a decline of Rs 4.24 crore, or 49.77%, and reduced road transportation to 19.93% of FY25 revenue from operations.

Cargo handling at third-party warehouses rose from Rs 3.34 crore in FY23 to Rs 3.69 crore in FY24, before falling to Rs 1.11 crore in FY25. Its FY25 revenue was Rs 2.23 crore below FY23, a decrease of 66.84%. Operation and maintenance of trucks and trailers declined from Rs 4.03 crore in FY23 to Rs 2.25 crore in FY25, a reduction of Rs 1.78 crore.

The figures show a changed revenue composition rather than expansion across all service lines. The three non-container verticals together generated Rs 7.63 crore in FY25, compared with Rs 15.88 crore in FY23. Their combined share of revenue from operations fell from 58.51% in FY23 to 35.59% in FY25, while container handling supplied the remaining 64.41% in FY25.

What does container handling mean for Apana Logistics’ overall sales trend?

Apana Logistics’ FY25 revenue from operations rose 6.66% from FY24 but remained 21.03% below FY23. Revenue from operations was Rs 21.44 crore in FY25, against Rs 20.10 crore in FY24 and Rs 27.14 crore in FY23. The company disclosed a three-year revenue compound annual growth rate, or CAGR, of negative 7.57%; CAGR measures the annualised rate of change between a beginning and ending value over a stated period.

Container handling supplied more than the full increase in FY25 operating revenue. The category increased by Rs 4.78 crore between FY24 and FY25, while third-party warehouse cargo handling fell by Rs 2.58 crore, truck-and-trailer operation and maintenance fell by Rs 0.96 crore, and road transportation fell by Rs 1.45 lakh. The net effect was a Rs 1.34 crore increase in revenue from operations.

Total income, which includes revenue from operations and other income, was Rs 21.61 crore in FY25, compared with Rs 20.33 crore in FY24 and Rs 27.28 crore in FY23. The difference between FY25 total income and revenue from operations was Rs 17.58 lakh. Operating services therefore accounted for most of Apana Logistics’ reported total income in each of the three disclosed years.

How did profitability move as Apana Logistics changed its revenue mix?

Apana Logistics reported higher earnings before interest, taxes, depreciation and amortisation, or EBITDA, even though FY25 revenue from operations remained below FY23. EBITDA was Rs 6.15 crore in FY25, compared with Rs 4.63 crore in FY24 and Rs 3.10 crore in FY23. The prospectus defines EBITDA as profit for the year plus tax, interest, depreciation and amortisation expenses, minus other income.

The EBITDA margin, calculated as EBITDA divided by revenue from operations, increased to 28.70% in FY25 from 23.05% in FY24 and 11.43% in FY23. Profit after tax was Rs 3.11 crore in FY25, compared with Rs 3.00 crore in FY24 and Rs 1.30 crore in FY23. Profit after tax margin was 14.49% in FY25, against 14.94% in FY24 and 4.79% in FY23.

Operating cash flow, defined as net cash inflow from operating activities, was Rs 8.21 crore in FY25, up from Rs 2.56 crore in FY24 and Rs 1.64 crore in FY23. These measures increased while container handling became more concentrated in the revenue mix. The disclosed figures do not identify whether the profit changes arose from container handling, cost movements or other components of the reported results.

What must hold for container handling to remain Apana Logistics’ main revenue stream?

Container handling must continue to generate sufficient revenue to exceed Apana Logistics’ other service lines if it is to remain the leading vertical. In FY25, container handling revenue of Rs 13.81 crore exceeded the combined Rs 7.63 crore from road transportation, third-party warehouse cargo handling, and truck-and-trailer operation and maintenance by Rs 6.18 crore. That gap established its leading position at March 31, 2025.

Apana Logistics’ financial indicators also changed across the three reported years. Net worth rose to Rs 14.41 crore in FY25 from Rs 11.87 crore in FY24 and Rs 8.87 crore in FY23, while the debt-to-equity ratio declined to 0.56 from 0.78 in FY24. The current ratio, defined as current assets divided by current liabilities, was 1.00 in FY25, compared with 1.75 in FY24 and 1.55 in FY23.

Apana Logistics stated that it would continue to disclose the prospectus key performance indicators at least annually, or more frequently if its board decides, for one year after listing or until complete use of fresh-issue proceeds, whichever is later. The continuing disclosure is also subject to the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations. The vertical revenue table will show whether container handling remains above road transportation and whether FY25 concentration persists.

Conclusion

Apana Logistics’ reported revenue mix changed from a road-transport-led structure in FY23 to a container-handling-led structure in FY25. Container handling increased by Rs 12.65 crore over two years and reached 64.41% of FY25 operating revenue, while road transportation declined by Rs 4.24 crore and the two other disclosed verticals also ended below their FY23 levels. EBITDA and profit after tax increased over the period, but Apana Logistics does not attribute those changes to a particular revenue vertical.

The next key performance indicator disclosures should show whether container handling sustains its FY25 revenue of Rs 13.81 crore and whether road transportation, warehouse cargo handling, or truck-and-trailer operations recover. Apana Logistics’ stated annual KPI disclosure plan provides the next reported measure, while the prospectus leaves the specific drivers of the sharp revenue shifts unresolved.