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Apollo Green Energy Ltd Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Apollo Green Energy Ltd
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Apollo Green Energy Ltd
P&L Statement
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 810 | 753 | 1234 |
| Cost of Material Consumed | 262 | 321 | 465 |
| Gross Margins | 67.65 | 57.37 | 62.32 |
| Change in Inventory | -1 | -3 | -1.45 |
| Employee Benefit Expenses | 94 | 56 | 50 |
| Other Expenses | 396 | 357 | 647 |
| EBITDA | 59 | 22 | 73.45 |
| OPM | 7.28 | 2.92 | 5.95 |
| Other Income | 58 | 44 | 34 |
| Finance Cost | 80 | 27 | 57 |
| D&A | 34 | 6 | 8.97 |
| EBIT | 25 | 16 | 64.48 |
| EBIT Margins | 3.09 | 2.12 | 5.23 |
| PBT | 78 | 32 | 41 |
| PBT Margins | 9.63 | 4.25 | 3.32 |
| Tax | 37 | 7 | 2.58 |
| PAT | 41 | 25 | 38.42 |
| NPM | 5.06 | 3.32 | 3.11 |
| EPS | 21.58 | 13.16 | 20.22 |
Financial Ratios |
2022 | 2023 | 2024 |
|---|---|---|---|
| Operating Profit Margin | 7.28 | 2.92 | 5.95 |
| Net Profit Margin | 5.06 | 3.32 | 3.11 |
| Earning Per Share (Diluted) | 21.58 | 13.16 | 20.22 |
Balance Sheet
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 444 | 43 | 45 |
| CWIP | 0.8 | 0 | 0 |
| Investments | 268 | 480 | 331 |
| Trade Receivables | 210 | 209 | 396 |
| Inventory | 37 | 43 | 53 |
| Other Assets | 510.2 | 428 | 658 |
| Total Assets | 1470 | 1203 | 1483 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 19 | 19 | 19 |
| FV | 10 | 10 | 10 |
| Reserves | 412 | 450 | 532 |
| Borrowings | 609 | 340 | 401 |
| Trade Payables | 139 | 139 | 0 |
| Other Liabilities | 291 | 255 | 531 |
| Total Liabilities | 1470 | 1203 | 1483 |
About Company
Apollo Green Energy Limited (AGEL) is a key player in India’s renewable-energy sector. Incorporated in 1994, AGEL is part of the Apollo Group, a diversified Indian conglomerate with global reach. The company delivers end-to-end solutions in solar power, wind energy and energy-storage systems.
The following table shows a 10-point analysis of Apollo Green Energy Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹726 cr (Consol.) · PAT ₹44 cr · PAT margin ~6% | Renewable energy EPC player focused on solar, waste-to-energy, BESS, green hydrogen and EV infrastructure; pivoted to pure-play renewables post FY25 demerger of non-core fashion/textile business; 400+ MW solar portfolio with strong utility-scale execution. |
| Industry & Market Position | Renewables EPC · Order book ~₹1,800–3,500 cr · Target 1 GW capacity & ₹10,000 cr portfolio by 2026 | Emerging participant in India’s green transition; benefits from policy tailwinds in solar/wind; competitive EPC positioning but faces execution and scale risks versus larger players. |
| Revenue Growth Trend | FY23–FY25 volatile (FY24 ~₹1,234 cr peak → FY25 ₹726 cr post-demerger) | FY25 dip due to legacy business divestment; core renewables expected to accelerate with strong order book and sector momentum. |
| Profitability & Margins | Improving EBITDA margin · ROE ~9% · PAT margin ~6% | Margins strengthened after turnaround and cost rationalisation; healthy for project-based EPC model; reduced drag from legacy segments supports profitability. |
| Cash Flow Quality | Positive OCF · Dividend 15% (~₹1.5/share) | Operational cash generation stable with working capital management; dividend payout signals management confidence; project cycles may affect timing of inflows. |
| Balance Sheet Strength | Net worth ~₹500–700 cr · Debt/Equity ~0.7x | Comfortable leverage post equity infusion and strategic restructuring; growing asset base and order visibility provide downside cushion. |
| Valuation Comfort | Unlisted price ₹79–110 (Feb 2026 range) · P/E ~8–15x (EPS ~₹12–16) | Reasonable valuation for renewables growth story; corrected from prior highs (~₹300+); premium supported by IPO anticipation and sector tailwinds. |
| Management & Governance | Promoter-led (Apollo Group) · Professional management | Strong execution history and strategic pivot capability; transparent disclosures; aligned with regulatory and green energy norms. |
| Growth Triggers & Catalysts | Order book execution · Entry into Green H2/BESS/EV · 500 MW module plant · IPO preparation (DRHP initiated; target FY26/Q1 2026) | Potential value unlock via IPO; diversification and capacity expansion drive organic growth; policy support and execution key upside levers. |
| Liquidity & Exit Visibility | OTC liquidity · IPO targeted FY26 | Limited liquidity until listing; high exit visibility with anticipated IPO providing liquidity and potential re-rating. |
Company Profile
AGEL (formerly Apollo International Limited) is a closely held limited company with CIN U74899DL1994PLC061080, incorporated on 25 August 1994. Its authorised share capital is ₹27.25 crore and paid-up capital ₹21.74 crore. The company holds a CRISIL long-term rating of BBB/Stable and short-term rating of A3+, reaffirmed in February 2023. Headquartered in Gurgaon, with its registered office in New Delhi, AGEL benefits from the Apollo Group’s presence in tyres, healthcare, logistics, apparel, footwear and green energy.
Business Overview
AGEL’s operations are divided into three verticals:
- Green Energy Division: Provides complete solutions for renewable-energy projects — solar, wind and storage.
- EPC Division: Manages medium to large-scale infrastructure and industrial turnkey projects in power, oil/storage, transmission, solar, irrigation and sugar processing — both in India and abroad.
- Supply of Goods Division: Trades tyres, batteries, lubricants, white goods and electronics in India, Dubai, Singapore and China; distribution network spans ~70 countries.
Leadership & Management
The following are the key persons in leadership positions:
- Raaja Kanwar – Founder, Promoter, Chairman & Managing Director. Holds a management degree from Drexel University (USA).
- Rakesh Gupta – President (Business Acquisition & Strategic Initiatives), over 35 years of experience in finance, legal and project-management roles.
- Sanjay Gupta – CEO, more than 35 years in power & infrastructure sector, full value-chain experience from concept to commissioning.
Other key personnel include Dinesh Mathur (Head of Projects), Love Sharma (Head of Procurement), Mohit Gupta (Head of Business Development) and Manoj Pant (Head Engineering & Design).
Historical Financial Performance
The company has grown notably despite the COVID-19 impact. Income rose from ₹280 crore in FY2021 to ₹688 crore in FY2023.
Net income after tax increased from ₹6.87 crore in FY2021 to ~₹33 crore in FY2023.
Major Projects & Order Book
Under execution: Projects worth ₹1,735 crore. Awarded: Projects worth ₹2,330 crore. These include solar-PV, water-supply systems, FGD systems, and major EPC works.
Examples: 200 MW solar PV in Gujarat for ₹966 crore; EPC project in Bihar 200 MW for ₹1,024 crore.
Organisational Structure
The head office is led by the CEO (Sanjay Gupta), with dedicated divisions for engineering, procurement, business development and contracts. Project sites have mechanical, electrical and civil heads for execution.
Future Vision & Strategic Goals
AGEL aims to secure an order book of ₹5,000 crore in the next 3-5 years, extend its value chain in solar PPAs, diversify into wind energy, energy-storage systems, EV-charging stations and green hydrogen. Revenue projections:
- FY2024-25: ₹780 crore (margin ~₹62 crore)
- FY2025-26: ₹1,360 crore (margin ~₹102 crore)
- FY2026-27: ₹2,050 crore (margin ~₹162 crore)
A marquee fund, Resonance, recently invested ₹40 crore in AGEL.
Quick Summary
AGEL is well-positioned to lead in India’s renewable-energy push. With a diversified project base, solid management and a strong strategic goal-set, the company has growth potential. However, as with many companies in this space, execution risk, capital intensity and timely order fulfilment will be key. For readers of InvestKraft, this means the opportunity is promising — and the risk-check is clear. Explore AGEL’s unlisted share potential now if you’re tracking upcoming pre-IPO/unlisted investments in the renewables sector.
Shareholding Pattern of Apollo Green Energy Ltd
| Name | Holding |
|---|---|
| OSK Holdings (AIL) Private Limited | 32% |
| AIL Consultants Private Limited | 21% |
| Raaja Kanwar | 18% |
| Amit Dyechem Private Limited | 15% |
| Global Propmart Private Limited | 13% |
| Others | 1% |
Promoters of Apollo Green Energy Ltd
| Name | Designation | Linkedin Profile |
|---|---|---|
| Raaja Kanwar | Founder, Promoter, Chairman & Managing Director |  |
| Rakesh Gupta | President – Business Acquisition & Strategic Initiatives | |
| Sanjay Gupta | Chief Executive Officer (CEO) | |
| Dinesh Mathur | Head of Projects | |
| Love Sharma | Head of Procurement | |
| Mohit Gupta | Head of Business Development | |
| Manoj Pant | Head of Engineering and Design | |
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Frequently Asked Questions
Apollo Green Energy unlisted shares are equity shares of a privately held company that is not listed on stock exchanges like NSE or BSE. These shares can be bought through private transactions on platforms such as UnlistedKraft.
Yes. You can invest in Apollo Green Energy unlisted shares through UnlistedKraft. Complete your KYC, place your order, and the shares will be delivered to your demat account within 24 hours.
All unlisted shares come with some level of risk due to limited public information and liquidity. However, Apollo Green Energy is part of the growing clean energy sector, and investing through UnlistedKraft ensures secure, verified transactions.
The share price is based on recent private deals, demand and supply in the unlisted space, and the financial performance of the company. UnlistedKraft provides updated and fair market pricing.
Yes, you must have an active demat account to receive and hold unlisted shares like those of Apollo Green Energy Ltd.
There is no mandatory lock-in period unless the company goes public. Investors usually hold shares until a major liquidity event like an IPO or acquisition for better returns.
Yes. You can sell your shares before the IPO through UnlistedKraft’s resale network, depending on market demand and buyer availability.
Yes. If Apollo Green Energy goes for an IPO, SEBI mandates a six-month lock-in period for all pre-IPO investors.
If the shares are held for more than two years, long-term capital gains are taxed at 20 percent with indexation. If sold within two years, the gains are treated as short-term and taxed according to your income slab.
UnlistedKraft provides verified opportunities, transparent pricing, expert support, and seamless processing. It is a trusted platform for investing in unlisted companies like Apollo Green Energy Ltd, especially in the high-potential renewable energy space.
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