amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Apollo Fashion International Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Apollo Fashion International
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Apollo Fashion International
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 19785 | 20843 | 8998 | 18244 |
| Cost of Material Consumed | 14753 | 15373 | 6076 | 13666 |
| Change in Inventory | -134 | -178 | -138 | -29 |
| Gross Margins | 25.43 | 26.24 | 34.01 | 25.25 |
| Employee Benefit Expenses | 1421 | 2058 | 585 | 1483 |
| Other Expenses | 865 | 1360 | 689 | 929 |
| EBITDA | 2880 | 2230 | 1786 | 2195 |
| OPM | 14.56 | 10.7 | 19.85 | 12.03 |
| Other Income | 432 | 39 | 312 | 351 |
| Finance Cost | 266 | 370 | 190 | 508 |
| D&A | 176 | 209 | 281 | 290 |
| EBIT | 2704 | 2021 | 1505 | 1905 |
| EBIT Margins | 13.67 | 9.7 | 16.73 | 10.44 |
| PBT | 2870 | 1688 | 1625 | 1747 |
| PBT Margins | 14.51 | 8.1 | 18.06 | 9.58 |
| Tax | 0 | 0 | 410 | 440 |
| PAT | 2870 | 1688 | 1215 | 1307 |
| NPM | 14.51 | 8.1 | 13.5 | 7.16 |
| EPS | - | 9.38 | 8.39 | 4.39 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 14.56 | 10.7 | 19.85 | 12.03 |
| Net Profit Margin | 14.51 | 8.1 | 13.5 | 7.16 |
| Earning Per Share (Diluted) | - | 9.38 | 8.39 | 4.39 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 2157 | 2506 | 2171 | 2356.07 |
| CWIP | 0 | 0 | 21 | 36 |
| Investments | 442 | 442 | 0 | 0 |
| Trade Receivables | 4078 | 4668 | 2171 | 4675 |
| Inventory | 3663 | 4243 | 5255 | 4858 |
| Other Assets | 5005 | 8814 | 1676 | 2994.93 |
| Total Assets | 15345 | 20673 | 11294 | 14920 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 0 | 1800 | 1447.3 | 2976.5 |
| FV | 0 | 10 | 10 | 10 |
| Reserves | 11255 | 12944 | 1338 | 1981 |
| Borrowings | 1803 | 3520 | 1495 | 6581 |
| Trade Payables | 2092 | 1928 | 819 | 2391 |
| Other Liabilities | 195 | 481 | 6194.7 | 990.5 |
| Total Liabilities | 15345 | 20673 | 11294 | 14920 |
About Company
The following table shows a 10-point analysis of Apollo Fashion International Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹220–250 cr PAT ~₹8–12 cr PAT margin ~4–5% |
Mid-tier apparel manufacturer and exporter focused on women’s western wear including dresses, tops, skirts and jumpsuits. Operates under the Apollo Fashion brand with ~80–85% revenue from exports to the USA, Europe and Australia. Vertically integrated with in-house design, sampling and production, catering to fast-fashion and private label clients. |
| Industry & Market Position | Women’s apparel export player Strong fast-fashion positioning |
Competitive within India’s export apparel ecosystem with strengths in quick turnaround, quality control and pricing. Faces competition from larger integrated players and regional exporters. Exposed to global retail demand cycles, currency fluctuations and competition from Bangladesh and Vietnam. |
| Revenue Growth Trend | FY23–FY25 CAGR ~20–25% FY25 YoY growth ~15–20% |
Growth supported by new client acquisitions, higher order volumes and improved realizations. Benefited from export recovery and geographic diversification, though moderated by inventory corrections in key retail markets. |
| Profitability & Margins | EBITDA margin ~10–12% PAT margin ~4–5% ROE positive |
Stable margins driven by operational efficiencies, cost control and export incentives. Earnings moderately impacted by forex movements and raw material volatility but supported by long-term buyer relationships. |
| Cash Flow Quality | Positive operating cash flow Dividend payouts noted |
Reliable cash inflows from export remittances and structured working capital cycle. Advance payments from buyers and relatively low capex intensity support liquidity stability. |
| Balance Sheet Strength | Strong net worth Moderate debt (controlled gearing) |
Comfortable leverage supported by export receivables and order book visibility. Liquidity buffers adequate with minimal structural balance sheet risk. |
| Valuation Comfort | Unlisted price ~₹180–220 (Feb 2026) P/E ~18–22x (EPS ~₹9–11 est.) Market cap ~₹1,500–1,800 cr |
Reasonable valuation for a steady apparel export business with moderate growth. Supported by export tailwinds and execution track record. Attractive relative to several listed textile peers. |
| Management & Governance | Promoter-led with professional team Transparent disclosures & filings |
Proven capability in export order execution and client relationship management. Clean governance standards with regular reporting and compliance. |
| Growth Triggers & Catalysts | New client acquisitions Export order book ramp-up Global apparel demand recovery No confirmed IPO plans |
Organic growth from global retail normalization, new geographies and product diversification. Incremental upside from operational efficiencies and export incentives. Potential future listing could enhance valuation and liquidity. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO/DRHP |
Moderate liquidity in unlisted market with partial capital lock-in. Exit primarily through OTC transactions or strategic interest. Liquidity risk present but supported by stable export-oriented operations. |
Apollo Fashion International Limited is a part of the Apollo Group, promoted under the leadership of Mr. Raaja Kanwar, whose vision of “Nurturing Entrepreneurs through Partnership” has driven Apollo’s diversification beyond its legacy tyre business into leather, EPC & project management, digital cinema, wellness, and fashion exports.
Apollo Fashion was carved out from Apollo International Limited as a focused vertical catering to global fashion and lifestyle brands, primarily in leather accessories, footwear, and outerwear for export markets. The division traces its roots back to 1995, when Apollo entered leather garment manufacturing, and has since evolved into a globally recognised exporter.
The company’s growth trajectory has been significantly shaped by Mr. Shiraz Askari, who joined Apollo Fashion in 2005. With extensive experience in leather exports, sales, and business development, his leadership has helped institutionalise ethical practices, best-in-class manufacturing standards, and inclusive growth across product categories.
Business Model & Operations
The following explains Apollo Fashion International Limited’s operating model.
Apollo Fashion operates a B2B export-oriented manufacturing model, designing and producing fashion products for select international brands across multiple categories. The company focuses on long-term partnerships, high-quality execution, and quick turnaround cycles aligned with global retail and e-commerce requirements. Its business model is built around:
- Export-focused manufacturing
- Multi-product diversification
- Ethical sourcing and sustainability
- Design-led product development
- Relationship-driven client engagement
The company has built a strong international footprint across more than 45 countries, establishing credibility among premium global buyers.
Products & Portfolio
The following is the product portfolio of Apollo Fashion International Limited.
Apollo Fashion is a leading exporter of leather outerwear jackets in India and has diversified into multiple fashion categories:
1. Leather Outerwear
- Hand-treated, crafted leather jackets
- Manufactured by skilled craftsmen
- Focus on premium quality and finish
2. Leather Accessories
- Bags
- Wallets
- Belts
- Small leather goods (SLGs)
3. Footwear
- Men’s and women’s footwear
- Formal, casual, sneakers, moccasins
- Sandals, ankle boots, long boots
4. Textile & Apparel Division
- Outerwear
- Woven shirts
- Ladies’ tops and dresses
The textile division, launched in 2017, has further broadened Apollo Fashion’s product capabilities and customer base.
Manufacturing Capacity
Apollo Fashion operates modern, state-of-the-art manufacturing facilities equipped with advanced machinery and supported by a skilled workforce. The company has an annual production capacity of around 5,00,000 outerwear garments, 3,00,000 bags, 7,00,000 belts and small leather goods (SLGs), and 8,00,000 pairs of footwear. Its footwear division is among the top five footwear manufacturers in North India and operates from a well-equipped factory spread across 85,000 square feet.
Sourcing & Value Chain
The following explains the sourcing and value chain of Apollo Fashion International Limited.
Raw Material Sourcing
- 90% leather sourced from LWG-certified tanneries
- Skins and hides sourced globally from:
Middle East, New Zealand, Brazil, Argentina - Focus on chrome-free leather, recycled textiles, and premium trims
Value Chain Integration
- Procurement: Global sourcing of premium leather and textiles
- Production: Advanced machinery, skilled craftsmen, REACH-compliant processes
- Quality Control: Strict grading and 6-point inspection system
- Design & R&D: Trend analysis, CAD pattern making, client co-creation
- Client Collaboration: Continuous engagement with brand design teams
- Delivery & Support: Seamless execution aligned with brand identity
Regular audits by Intertek and Bureau Veritas ensure international compliance standards.
Clients & Market Reach
Apollo Fashion designs and manufactures for select global fashion brands, focusing on long-term partnerships rather than volume-driven contracts. This relationship-oriented approach enables flexibility, consistency in quality, and adaptability to changing fashion trends.
The company has a presence in 45+ countries, reinforcing its position as a trusted export partner.
Competitive Strengths
The following highlights Apollo Fashion’s key strengths.
- Diversified product portfolio across leather, footwear, and textiles
- Strong leadership and ethical business practices
- Design-led manufacturing and in-house R&D
- Sustainable sourcing through LWG-certified tanneries
- Export-focused, asset-backed manufacturing model
- Long-standing global brand relationships
Financial Overview
The following is the financial overview of Apollo Fashion International:
- Apollo Fashion was demerged as a separate entity only recently from Apollo International Limited
- Financial figures have been carved out from the parent company
- Standalone historical numbers may not fully reflect the division’s independent performance
- Investors are advised to conduct independent due diligence
Detailed standalone financials are currently limited due to the recent demerger.
Promoters & Management
The following lists key leadership associated with Apollo Fashion International Limited.
- Raaja Kanwar
- Shiraz Askari
Quick Summary
This section summarises Apollo Fashion International Limited in brief:
- Export-focused fashion manufacturing company
- Part of the diversified Apollo Group
- Strong presence in leather outerwear, accessories, footwear, and textiles
- Operations across 45+ countries
- Ethical sourcing, design-led execution, and scalable manufacturing
Shareholding Pattern of Apollo Fashion International
| Name | Holding |
|---|---|
| Apollo Green Energy Limited | 37.52% |
| RK Eternova Private Limited (Formerly Amit Dyechem Private Limited) | 21.22% |
| Kanwar Family Administrative Services Private Limited | 8.67% |
| Mr. Raaja Kanwar | 5.16% |
| Mrs. Kamayani Singh Kanwar | 4.03% |
| Others | 21.4% |
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Frequently Asked Questions
Apollo Fashion International Limited manufactures and exports leather outerwear, accessories, footwear, and apparel for global fashion brands.
No, Apollo Fashion International Limited is currently an unlisted company.
The company is promoted by the Apollo Group, led by Raaja Kanwar.
Its diversified product portfolio, ethical sourcing, strong design capabilities, and long-term brand partnerships differentiate Apollo Fashion.
Standalone financials are limited as the company was recently demerged from Apollo International Limited.
+91-9599071664
amit@unlistedkraft.in