Apana Logistics Limited Revenue Fell 21% as EBITDA Margin Doubled

Apana Logistics Limited reported revenue from operations of Rs 21.44 crore in the year ended March 31, 2025, down 21% from Rs 27.14 crore in FY23, while earnings before interest, tax, depreciation and amortisation, or EBITDA, margin rose to 28.70% from 11.43%. The disclosed pattern combines a smaller revenue base with higher operating profitability and operating cash flow.

How much did Apana Logistics revenue fall?

Apana Logistics’ revenue from operations declined by Rs 5.71 crore, or about 21%, between FY23 and FY25. Revenue moved from Rs 27.14 crore in FY23 to Rs 20.10 crore in FY24, before recovering by Rs 1.34 crore to Rs 21.44 crore in FY25. The FY25 figure nonetheless remained Rs 5.71 crore below the FY23 level.

The company’s key performance indicator, or KPI, disclosure records revenue compound annual growth rate, or CAGR, of negative 7.57% for FY25. Revenue CAGR is defined as the annual compounded rate calculated from beginning and ending revenue values. The reported negative figure is consistent with the FY23-to-FY25 revenue decline, although FY25 revenue was 6.66% above FY24.

Total income, which includes revenue from operations and other income, followed the same overall direction. It fell from Rs 27.28 crore in FY23 to Rs 21.61 crore in FY25, a reduction of Rs 5.67 crore. The difference between FY25 total income and revenue from operations was Rs 17.58 lakh, indicating that other income was a limited part of total income in the FY25 KPI disclosure.

Why did Apana Logistics’ EBITDA margin more than double?

Apana Logistics’ EBITDA margin rose by 17.27 percentage points, from 11.43% in FY23 to 28.70% in FY25, as EBITDA increased while revenue declined over the two-year comparison. EBITDA was Rs 3.10 crore in FY23, Rs 4.63 crore in FY24 and Rs 6.15 crore in FY25. The resulting FY25 margin was more than 2.5 times the FY23 margin.

EBITDA is defined in the KPI disclosure as profit for the year plus tax expense, interest expense, and depreciation and amortisation expense, minus other income. EBITDA margin is EBITDA divided by revenue from operations. The FY25 margin therefore reflects both the Rs 3.05 crore rise in EBITDA from FY23 and the Rs 5.71 crore reduction in the operating-revenue denominator.

Earnings before interest and tax, or EBIT, also increased from Rs 2.01 crore in FY23 to Rs 5.21 crore in FY25. The prospectus defines EBIT as profit plus tax expense and interest expense, minus other income. For the margin expansion to persist, EBITDA must remain elevated relative to revenue from operations because the KPI uses operating revenue, rather than total income, as its denominator.

Which Apana Logistics revenue verticals changed between FY23 and FY25?

Apana Logistics’ disclosed revenue mix shifted toward container handling at container freight stations, inland container depots and ports during FY23 to FY25. Revenue from that vertical rose from Rs 1.16 crore in FY23 to Rs 13.81 crore in FY25, an increase of Rs 12.65 crore. Road transportation, third-party warehouse cargo handling, and truck and trailer operation and maintenance each reported lower revenue over the same period.

Container handling represented about 64% of FY25 revenue from operations of Rs 21.44 crore, compared with about 4% of FY23 revenue of Rs 27.14 crore. Road transportation was Rs 4.27 crore in FY25, nearly unchanged from Rs 4.29 crore in FY24, but down from Rs 8.51 crore in FY23. The disclosed figures show that a larger share of FY25 operating revenue came from container handling.

Cargo handling at third-party warehouses declined from Rs 3.34 crore in FY23 to Rs 1.11 crore in FY25, while operation and maintenance of trucks and trailers declined from Rs 4.03 crore to Rs 2.25 crore. From FY24 to FY25, container-handling revenue increased by Rs 4.78 crore, while the other three disclosed verticals together decreased by Rs 3.56 crore. Continued container-handling revenue would be material to maintaining the FY25 mix shown in the KPI table.

What do Apana Logistics’ profit, cash flow and balance-sheet KPIs show?

Apana Logistics increased profit after tax, or PAT, from Rs 1.30 crore in FY23 to Rs 3.11 crore in FY25 despite the lower revenue base. PAT was Rs 3.00 crore in FY24, so FY25 profit increased by Rs 10.33 lakh year on year. PAT margin rose from 4.79% in FY23 to 14.94% in FY24 and then eased to 14.49% in FY25.

Operating cash flow increased from Rs 1.64 crore in FY23 to Rs 8.21 crore in FY25. The KPI defines operating cash flow as net cash inflow from or used in operating activities, making the FY25 result a measure of cash generated by day-to-day business activities. FY25 operating cash flow exceeded EBITDA of Rs 6.15 crore by Rs 2.06 crore, while the disclosure does not provide working-capital components that explain the difference.

Net worth, defined as paid-up share capital plus reserves and surplus, rose from Rs 8.87 crore in FY23 to Rs 14.41 crore in FY25. Return on capital employed, or ROCE, declined from 29.00% in FY24 to 26.57% in FY25, while return on equity, also called return on net worth, declined from 28.96% to 23.64%. The current ratio, defined as current assets divided by current liabilities, fell from 1.75 in FY24 to 1.00 in FY25, while debt-to-equity declined from 0.78 to 0.56.

How does Apana Logistics compare with the disclosed listed peers?

Apana Logistics was smaller by FY25 revenue than both listed peers named in its KPI comparison. Apana Logistics reported Rs 21.44 crore of FY25 revenue from operations, compared with Rs 288.26 crore for Premier Roadlines Limited and Rs 3,160.95 crore for VRL Logistics Limited. The comparison uses Apana Logistics’ restated information and the peers’ standalone annual-report information for the year ended March 31, 2025.

Apana Logistics reported a 28.70% EBITDA margin in FY25, versus 8.48% for Premier Roadlines and 18.12% for VRL Logistics. Its disclosed revenue CAGR was negative 7.57%, while Premier Roadlines reported 14.52% and VRL Logistics reported 6.07%. Apana Logistics’ higher reported FY25 margin therefore coincided with a revenue trajectory that differed from both selected peers.

Conclusion

Apana Logistics’ FY25 KPI record shows that rising profitability did not come from a larger two-year revenue base. Revenue from operations was Rs 21.44 crore in FY25 versus Rs 27.14 crore in FY23, while EBITDA rose from Rs 3.10 crore to Rs 6.15 crore and margin expanded from 11.43% to 28.70%. The disclosed category data identifies container handling as the largest FY25 revenue vertical.

The next disclosed measure to watch is whether Apana Logistics maintains periodic KPI reporting after listing, as it says it will do at least annually for one year after listing, or until complete utilisation of fresh-issue proceeds if later. The prospectus also states that ongoing KPIs will continue to be certified as required under the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, providing future disclosures on revenue mix, margin, operating cash flow and liquidity.