Apana Logistics Limited: Container Handling Is 64% of Revenue

Apana Logistics Limited reported container handling at 64.41% of fiscal 2025 revenue from operations, versus 3.89% in fiscal 2023, shifting the stated mix away from road transportation at 19.94% in fiscal 2025. The underlying fiscal 2023 amounts do not fully reconcile with the reported percentage.

How did Apana Logistics container handling reach 64% of revenue?

Apana Logistics reported that container handling at container freight stations, inland container depots and ports accounted for 64.41% of fiscal 2025 revenue from operations, up from a stated 3.89% in fiscal 2023. Revenue from this vertical rose from Rs 1.1581 crore in fiscal 2023 to Rs 9.0301 crore in fiscal 2024 and Rs 13.8056 crore in fiscal 2025. Its fiscal year ends on March 31.

The stated change in mix occurred while total revenue from operations declined over the two-year comparison. Total operating revenue was Rs 27.1418 crore in fiscal 2023, Rs 20.0964 crore in fiscal 2024 and Rs 21.435 crore in fiscal 2025. Container-handling revenue increased by Rs 12.6475 crore between fiscal 2023 and fiscal 2025, whereas total operating revenue decreased by Rs 5.7068 crore.

The fiscal 2025 result makes container handling the largest reported revenue vertical, ahead of road transportation at 19.94%, truck-trailer operation and maintenance at 10.59%, and warehouse cargo handling at 5.16%. This mix depends on the company continuing to secure and execute container-handling contracts, because it participates in tenders and its customer contracts generally run for two to five years.

What work does Apana Logistics perform in container handling?

Apana Logistics performs container handling using reach stackers at container freight stations, inland container depots and ports. A reach stacker is a machine used to lift, move and stack containers. The disclosed work includes loading and unloading containers, moving empty containers, stacking, loading containers onto trailers or train wagons, and stuffing or de-stuffing cargo.

The service is supported by a combination of owned and third-party equipment. As of August 31, 2025, Apana Logistics owned five reach stackers and 33 truck-trailers. It had deployed 10 reach stackers at customer sites, including five reach stackers obtained on contract from third-party service providers.

Apana Logistics typically obtains this work through tenders under which the lowest bidder, described as the L1 bidder, is eligible subject to financial and technical criteria. After receiving a letter of intent, the company says it generally provides a bank guarantee equal to 2% to 5% of tender value and deploys the reach stacker within the contractual period, typically 90 days. These requirements mean that tender eligibility, bank-guarantee capacity and equipment deployment affect the continuation of container-handling revenue.

Why is road transportation now a smaller part of revenue?

Road transportation became a smaller reported share because its revenue declined while container handling expanded. Road transportation revenue decreased from Rs 8.5086 crore in fiscal 2023 to Rs 4.2881 crore in fiscal 2024 and Rs 4.2736 crore in fiscal 2025. Its reported share of operating revenue fell from 77.73% in fiscal 2023 to 50.94% in fiscal 2024 and 19.94% in fiscal 2025.

Apana Logistics uses road transportation for first-mile and last-mile movement of 20-foot and 40-foot containers, as well as some heavy and over-dimensional container consignments. The service covers movements between factories, ports, container freight stations and inland container depots, plus internal shifting at customer sites. The company provides this work with its 33 owned truck-trailers and, at times, third-party service providers.

The other two reported service lines also generated less revenue in fiscal 2025 than in fiscal 2023. Cargo handling at third-party warehouses declined from Rs 3.3388 crore to Rs 1.1069 crore, while operation and maintenance of trucks and trailers declined from Rs 4.0326 crore to Rs 2.2488 crore. As of August 31, 2025, Apana Logistics handled two third-party warehouses and managed 13 third-party trucks-trailers.

Do Apana Logistics’ reported revenue-mix percentages reconcile with the amounts?

Apana Logistics’ fiscal 2025 category amounts and percentages broadly reconcile, but the fiscal 2023 and fiscal 2024 segment disclosures contain inconsistencies. For fiscal 2025, container handling of Rs 13.8056 crore is reported as 64.41% of Rs 21.4349 crore in segment revenue, and the four vertical amounts total Rs 21.4349 crore.

For fiscal 2023, the segment table reports container handling of Rs 1.1581 crore and a 3.89% share, while total revenue from operations is shown as Rs 27.1418 crore. The stated amount represents about 4.27% of that total, and the four reported fiscal 2023 vertical amounts total Rs 17.0381 crore rather than Rs 27.1418 crore. The stated fiscal 2023 percentage should therefore be treated as the company’s reported mix figure rather than a figure that can be derived from the displayed amounts.

Fiscal 2024 has a separate mismatch. The table reports warehouse cargo-handling revenue of Rs 3.6871 crore and total revenue from operations of Rs 20.0962 crore, but assigns warehouse cargo handling a 4.74% share. The reported fiscal 2024 category percentages total 100%, yet the displayed warehouse amount is about 18.35% of the displayed total; this limits the precision of intermediate-year mix comparisons.

How concentrated are Apana Logistics’ customers and operating locations?

Apana Logistics’ revenue was concentrated among five customers in fiscal 2025. Its top five customers generated Rs 21.1878 crore, or 98.85% of Rs 21.435 crore of revenue from operations, compared with Rs 19.0238 crore, or 94.66%, in fiscal 2024. The two largest customers contributed approximately 69.57% of fiscal 2025 operating revenue.

Maharashtra and Karnataka together accounted for 85% of fiscal 2025 operating revenue. Maharashtra generated Rs 9.3612 crore, or 44%, and Karnataka generated Rs 8.8363 crore, or 41%. Karnataka’s revenue increased from Rs 3.9737 crore in fiscal 2024 and Rs 6.02 lakh in fiscal 2023, while Maharashtra revenue was broadly unchanged from Rs 9.3453 crore in fiscal 2024.

Apana Logistics had seven ongoing contracts as of August 31, 2025, of which six were tender-based. Its disclosed contract list includes container-handling work for Container Corporation of India Limited at Balli through September 24, 2027, at Whitefield through August 4, 2028, and for Balmer Lawrie & Co. Ltd. at Nhava Sheva through August 4, 2028. The company’s stated strategy is to increase work with existing customers through additional services, geographies and assets, but revenue remains dependent on contract execution and customer demand.

Conclusion

Apana Logistics’ reported fiscal 2025 revenue mix places container handling at the centre of its operating model, with a 64.41% share of revenue from operations and Rs 13.8056 crore of revenue. Road transportation, previously reported as 77.73% of fiscal 2023 revenue, accounted for 19.94% in fiscal 2025 after its revenue declined to Rs 4.2736 crore. The shift also increases the relevance of tender awards, reach-stacker deployment and activity at container facilities.

The next disclosures to watch are execution of the seven ongoing contracts and the company’s plan to deepen relationships with existing customers through expanded services, locations and assets. A clarification or corrected presentation of the fiscal 2023 and fiscal 2024 segment tables would also matter, because the displayed amounts and percentages do not fully reconcile in those periods.