| Market Cap (cr): | 561 | Book Value: | 162.09 |
|---|---|---|---|
| Lot Size: | 100 | 52 Week High: | 525 |
| 52 Week Low: | 40 | EPS: | 20.22 |
| Demat Account: | PB: | 1 | |
| Face Value: | 10 | Debt To Equity: | 0.73 |
| No Of Shares: | 3.46cr | Url: | https://apollo-greenenergy.com/ |
Overview :
Key Takeaways
Apollo Green Energy Limited (AGEL), CIN U74899DL1994PLC061080, formerly Apollo International Limited, is a Delhi-headquartered renewable energy EPC company incorporated on 25 August 1994 — 30+ years of engineering history.
FY25 revenue declined to ~₹726–857 crore from ~₹1,171–1,234 crore in FY24 — a deliberate consequence of divesting non-core verticals and refocusing on core EPC.
Despite lower revenue, net profit rose to ₹44.36 crore in FY25 from ₹29.57 crore in FY24, and the company declared a 15% dividend — proof the refocus improved quality of earnings.
Order book exceeds ₹3,000 crore, including NHPC EPC projects across Odisha, Kerala and Gujarat (~290 MW AC) and a completed ₹700 crore Flue Gas Desulfurisation (FGD) project delivered six months ahead of schedule.
Chairman & Managing Director: Mr. Raaja Kanwar. Target: 1 GW EPC order book by 2026; debt-to-equity comfortable at roughly 0.6x.
Company Overview & Fundamentals
Apollo Green Energy unlisted shares offer exposure to India's renewable buildout through an asset-light EPC contractor with a 30-year engineering lineage and a ₹3,000 crore order book. Unlike developers who own power plants and carry decades of balance-sheet risk, AGEL builds them for others — earning engineering margins without owning the assets. In FY25 the company chose profit over topline, and the numbers vindicate the decision.
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| Parameter | Details |
|---|---|
| Company Name | Apollo Green Energy Limited (AGEL) |
| Former Name | Apollo International Limited |
| CIN | U74899DL1994PLC061080 |
| Incorporated | 25 August 1994 |
| Headquarters | New Delhi |
| Group | Apollo International Group |
| Industry | Renewable Energy EPC — Solar, Wind, BESS, Green Hydrogen |
| Chairman & MD | Mr. Raaja Kanwar |
| Order Book | ₹3,000+ crore |
| Capacity Delivered | 400+ MW solar across 8+ states |
| Debt-to-Equity | ~0.6x (comfortable) |
| Minimum Investment | From ~₹10,000 |
What Apollo Green Energy Does
AGEL is a turnkey Engineering, Procurement and Construction contractor for renewable and process infrastructure:
- 1. Solar EPC (core business) Utility-scale and distributed solar — fixed-tilt, tracker-based, and floating solar installations. Full lifecycle from project conceptualisation through grid integration and commissioning.
- 2. Wind Energy EPC services for wind power projects.
- 3. Battery Energy Storage Systems (BESS) Storage integration — an increasingly critical component as India's grid absorbs more intermittent renewables.
- 4. Green Hydrogen Infrastructure Emerging vertical aligned with the National Green Hydrogen Mission.
- 5. Process & Infrastructure Projects Most notably the ₹700 crore Flue Gas Desulfurisation (FGD) project — completed six months ahead of schedule, placing AGEL among a limited set of Indian EPC players with proven FGD execution capability. FGD is mandatory pollution-control equipment for thermal plants, representing a large multi-year market.
Blue-Chip Customer Base
| Category | Clients |
|---|---|
| PSUs | NHPC, NTPC, IOCL |
| Private Corporates | Adani Green, MB Power |
| Government Bodies | Various state and central agencies |
Currently executing 400+ MW of solar projects across 8 states, with a major ongoing NHPC 200 MW EPC project in Gujarat and NHPC projects across Odisha, Kerala and Gujarat totalling approximately 290 MW AC.
Promoters & Management
| Person | Role |
|---|---|
| Mr. Raaja Kanwar | Chairman & Managing Director |
AGEL operates under the Apollo International Group, a diversified Indian business house. The company's origins as Apollo International Limited (1994) mean it brings three decades of engineering, procurement, and international trading experience into the renewable sector — not a newly-formed clean-energy startup.
In the CMD's own words on strategy: the focus is on expanding the EPC pipeline and increasing presence in emerging areas like IPP (Independent Power Producer) and energy storage — signalling a planned evolution from pure contractor toward asset ownership over time.
Financial Performance — 4-Year Trend
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | ~₹324.8 Cr | — | ₹1,171–1,234 Cr | ₹726–857 Cr |
| EBITDA | ₹102.2 Cr | ₹58.9 Cr | ₹106.0 Cr | ₹73.9 Cr |
| EBITDA Margin | — | 7.4% | 8.4% | 8.6% |
| Net Profit (PAT) | — | — | ₹29.57 Cr | ₹44.36 Cr (+50%) |
| Net Profit Margin | — | 3.8% | 5.1% | ~2.1–5.5%* |
| EPS | — | — | ₹20 | ₹5 |
| Dividend | — | — | — | 15% declared |
| Debt-to-Equity | — | — | — | ~0.6x |
*Margin varies by which revenue basis is used — see the note below.
Important Note on Revenue Figure Discrepancies
Public sources report AGEL's FY24 and FY25 revenue differently — ₹726.16 crore, ₹857.4 crore, ₹1,171 crore, ₹1,174.8 crore and ₹1,234.3 crore all appear across reputable outlets. The differences arise from standalone versus consolidated reporting and provisional versus audited figures.
What is consistently confirmed across sources:
- FY25 revenue declined materially from FY24
- FY25 net profit rose to ₹44.36 crore from ₹29.57 crore
- A 15% dividend was declared for FY25
- Order book exceeds ₹3,000 crore
Always request the audited annual report before making an investment decision. Arms Securities can share the latest available documents.
- Reading These Numbers Like an Analyst
- The revenue decline was a choice, not a failure. Management divested non-core business verticals to refocus on core EPC and renewables. Revenue fell roughly 32–35% — but profit rose 50%. This is exactly what a disciplined portfolio cleanup looks like.
- Margins improved every single year. EBITDA margin moved 7.4% (FY23) → 8.4% (FY24) → 8.6% (FY25) — a consistent upward trend proving sustained cost control and better project selection. For EPC, where 5–7% margins are common, 8.6% is respectable.
- The EPS drop from ₹20 to ₹5 needs explanation — and it is not what it looks like. EPS fell ~75% while PAT actually rose 50%. The cause is a higher share count (equity issuance), not deteriorating earnings. Understand this before reacting to headline EPS.
- The 15% dividend is a genuine quality signal. Very few unlisted growth companies pay dividends. Doing so while investing in growth indicates real cash generation, not just accounting profit.
- Leverage is comfortable. Debt-to-equity of around 0.6x (some sources cite up to 1.3x on different bases) is moderate for a project-execution business, giving headroom to fund the ₹3,000 crore order book without distress.
- The 36% revenue CAGR context. Growth from ~₹324.8 crore (FY22) to the FY24 peak represented rapid scaling; FY25's step back is a consolidation year, not a structural reversal — provided the order book converts.
- Growth Roadmap
| Target | Detail |
|---|---|
| EPC Order Book | 1 GW by 2026 |
| Project Portfolio | ₹10,000 crore ambition |
| Manufacturing | Plans for a 500 MW solar module manufacturing plant |
| Business Model Evolution | Expanding into IPP (asset ownership) and energy storage |
| IPO | Strong market speculation about a filing; no DRHP confirmed |
Why Invest in Apollo Green Energy Unlisted Shares?
- 30+ years of engineering lineage — incorporated 1994, not a clean-energy startup riding a theme
- Blue-chip PSU customer base — NHPC, NTPC, IOCL plus Adani Green; PSU contracts mean payment certainty even if cycles are slow
- ₹3,000 crore order book providing roughly 2.5–3 years of revenue visibility
- Proven margin expansion — 7.4% → 8.4% → 8.6% EBITDA over three years
- Rare FGD execution capability — the ₹700 crore project delivered six months early opens a large mandated pollution-control market
- Asset-light model — earns engineering margins without carrying 25-year project debt on the balance sheet
- Dividend-paying — a 15% FY25 dividend is unusual and valuable in the unlisted space
- Diversified renewable exposure — solar, wind, BESS, and green hydrogen rather than a single-technology bet
Risks to Consider — Read Carefully
- Revenue volatility is structural. EPC revenue is lumpy — it depends on project timing and milestone recognition. FY25's 32–35% decline illustrates how sharply the topline can move.
- Thin EPC margins. At 8.6% EBITDA and low-single-digit net margins, there is limited cushion. Cost overruns on a single large project can meaningfully dent a year's profit.
- Policy and regulatory dependence. Heavy reliance on government policies, subsidies and PPA approvals — changes directly affect profitability.
- Reporting inconsistency. Public revenue figures vary widely by source and basis. This makes independent valuation harder and demands you obtain audited statements.
- EPS dilution. The share count has increased; future equity raises would dilute further.
- Customer concentration in PSUs — long payment cycles and tender-dependent order flow.
- Competitive intensity. Indian solar EPC is crowded with well-capitalised players competing on price.
- No confirmed IPO. Market speculation about a filing exists, but no DRHP has been confirmed. Treat any timeline as speculative and assume OTC-only liquidity.
- Wide price history. The unlisted price has moved significantly across recent periods — entry discipline is essential.
How to Buy Apollo Green Energy Unlisted Shares from Arms Securities
- Get the live price — Call/WhatsApp +91-8882245112
- Confirm quantity — minimum investment typically from ₹10,000
- Share your CMR (Client Master Report) from your NSDL/CDSL DP
- Transfer payment — NEFT/RTGS/IMPS
- Receive shares in your demat within 24–48 hours
FAQs — Apollo Green Energy Unlisted Shares
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What is the current price of Apollo Green Energy unlisted shares?
AGEL unlisted share prices move daily with OTC demand and have shown a wide range over recent periods. For today's confirmed Arms Securities quote and available quantity, call/WhatsApp +91-8882245112 or email contact@armssecurities.com.
Is Apollo Green Energy the same as Apollo International?
Yes — Apollo Green Energy Limited was formerly Apollo International Limited, incorporated on 25 August 1994 under CIN U74899DL1994PLC061080. It operates under the Apollo International Group and rebranded as it refocused on renewable energy EPC.
Why did Apollo Green Energy's revenue fall in FY25?
The decline was deliberate. Operating revenue fell from roughly ₹1,171–1,234 crore (FY24) to approximately ₹726–857 crore (FY25), primarily due to divestment of non-core business verticals and a strategic refocus on core EPC and renewable businesses. Despite lower revenue, net profit rose to ₹44.36 crore from ₹29.57 crore, and EBITDA margin improved to 8.6%.
Why did EPS fall from ₹20 to ₹5 if profit increased?
Because the number of outstanding shares increased. Net profit rose approximately 50% (₹29.57 Cr → ₹44.36 Cr), but a larger share count spread that profit across more shares. The EPS decline reflects dilution, not deteriorating business performance.
Is Apollo Green Energy profitable and does it pay dividends?
Yes to both. FY25 net profit was ₹44.36 crore, up from ₹29.57 crore in FY24, and the company declared a 15% dividend for FY25 — an uncommon and positive signal in the unlisted space.
Will Apollo Green Energy do an IPO?
There has been strong market speculation about an IPO filing, but no DRHP has been confirmed. Investors should assume a multi-year horizon with OTC-market liquidity only. Any listing would carry SEBI's mandatory 6-month lock-in for pre-IPO shareholders.
What is Apollo Green Energy's order book?
Over ₹3,000 crore, including ongoing NHPC EPC projects across Odisha, Kerala and Gujarat (approximately 290 MW AC) and the completed ₹700 crore FGD project. The company targets a 1 GW EPC order book by 2026.
Profit & Loss Summary
(All Amount in ₹ Crores)
| PROFIT & LOSS | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 1,268.4 | 790.8 | 852.4 |
| Expense | 1,162.4 | 731.9 | 750.2 |
| EBITDA | 106.0 | 58.9 | 102.2 |
| Other Cost | 64.8 | 33.3 | 114.0 |
| Profit Before Taxes | 41.2 | 25.6 | -11.8 |
| Tax Expense | 2.6 | 7.4 | -37.3 |
| Profit after Taxes | 38.6 | 18.2 | 25.5 |
| Other Income | Exp. | 25.7 | 12.0 | 29.2 |
| Income (Net Of Taxes) | 64.3 | 30.2 | 54.7 |
| Outstanding Share | 1.9 | 1.9 | 1.9 |
| Earning per Share (Rs | Share) | 20.0 | 13.0 | 22.0 |
| Revenue Growth % | 60.4% | -7.2% | - |
| EBITDA Margin % | 8.4% | 7.4% | 12% |
| Net Margin % | 5.1% | 3.8% | 6.4% |
| Earning per Share Growth % | 53.8% | -40.9% | - |
Balance Sheet
(All Amount in ₹ Crores)
| Balance Sheet | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash & Cash Equivalent | 2.4 | 69.2 | 72.4 |
| Non Current Asset | 651.1 | 570.6 | 958.1 |
| Current Asset | 829.8 | 563.0 | 439.6 |
| Total Asset | 1,483.3 | 1,202.8 | 1,470.1 |
| Equity Share Capital | 19.0 | 19.0 | 19.0 |
| Reserves | 513.3 | 450.5 | 412.6 |
| Total Equity | 532.3 | 469.5 | 431.6 |
| Non Current Liability | 291.7 | 244.3 | 494.3 |
| Current Liability | 659.3 | 489.0 | 544.2 |
| Total Liabilities | 951.0 | 733.3 | 1,038.5 |
| Total Equity & Liability | 1,483.3 | 1,202.8 | 1,470.1 |
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