Apana LogisticsIPO Review — Financials, Valuation & Peers
A data-only look at the Apana Logistics IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 20.33 | 3 | 4.63 | 11.87 | 25.05 | 9.26 | — |
| FY 2025 | 21.61 | 3.11 | 6.15 | 14.41 | 28.95 | 8 | — |
| FY 2026 | 31.07 | 5.86 | 11.32 | 20.27 | 36.84 | 6.3 | 4.96 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.1x
- P/E (post-issue)
- 17.91x
- RoNW
- 33.82%
- RoE
- 33.82%
- RoCE
- 45%
- Debt / Equity
- 0.31
- EPS (pre-issue)
- ₹4.96
- EPS (post-issue)
- ₹3.35
- EBITDA Margin
- 36.69%
- PAT Margin
- 19.01%
- P/BV
- 3.5x
- NAV / share
- ₹17.15
- Market Cap
- ₹105.06 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Apana Logistics | 4.96 | 17.15 | 12.1x | 33.82% | 3.53x | Restated |
| Premier Roadlines | 5.97 | 44.93 | 6.97x | 14.23% | 0.93x | Standalone |
| VRL Logistics | 13.54 | 65.31 | 22.15x | 21.27% | 4.6x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Pratyaksh Sureka</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 67.5%
- Dilution
- 32.5%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Apana Logistics operates at an EBITDA margin of 36.69% and a net (PAT) margin of 19.01% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 45% and a return on equity (RoE) of 33.82%. At the upper band, the post-issue market capitalisation works out to about ₹105.06 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure requirement of company towards purchase of reach stackers (₹25 crore), alongside general corporate purposes (₹5.04 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Apana Logistics reported revenue of ₹31.07 crore and a net profit of ₹5.86 crore. Revenue grew from ₹20.33 crore in FY2024 to ₹31.07 crore in FY2026 (+53.0%). Net worth stood at ₹20.27 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.91× post-issue earnings and 3.5× book value, against a return on net worth of 33.82% and a debt-to-equity ratio of 0.31. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Premier Roadlines and VRL Logistics, with a median peer P/E of about 14.6×. The issue's own post-issue P/E works out to 17.91×.
Promoters
The promoters of the company are <p>Pratyaksh Sureka</p>. Promoter holding stands at 100% before the issue and comes down to 67.5% after listing.
Frequently asked questions
- What is the reservation split in the Apana Logistics IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Apana Logistics and what is their holding?
- The promoters are <p>Pratyaksh Sureka</p>. Promoter holding is 100% before the issue and 67.5% after listing.
- What is the P/E ratio of the Apana Logistics IPO?
- At the upper price band, the Apana Logistics IPO is valued at 12.1× pre-issue earnings and 17.91× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Apana Logistics IPO?
- The net proceeds go primarily toward funding capital expenditure requirement of company towards purchase of reach stackers, among 3 disclosed objects.