Apollo Green Energy Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹150.32
- Market Cap
- ₹520.28 Cr
- ISIN
- INE838A01015
- Face Value
- ₹10
- P/E Ratio
- 11.56
- EPS
- 13.00
- P/B Ratio
- 0.61
- Book Value
- ₹247.13
- Debt / Equity Ratio
- 1.30
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 |
|---|---|---|---|
| Net Revenue | 1234.27 | 753.40 | 810.36 |
| Growth % | 63.83% | -7.03% | 0 |
| Total Operating Expenses | 1162.26 | 731.99 | 750.29 |
| Growth % | 58.78% | -2.44% | 0 |
| Operating Profit | 72.01 | 21.41 | 60.07 |
| Operating Profit Margin % | 5.83% | 2.84% | 7.41% |
| Other Income | 34.09 | 37.44 | 42.06 |
| Finance Costs | 57.17 | 27.16 | 79.87 |
| Depreciation and Amortization Expense | 8.97 | 6.04 | 34.10 |
| Share of net P/L from JV | 1.21 | 6.52 | 0 |
| Profit before Tax | 41.17 | 32.17 | -11.84 |
| Income Tax | 2.58 | 7.47 | -37.29 |
| Tax % | 0.21% | 0.99% | -4.60% |
| Profit After Tax | 38.59 | 24.70 | 25.45 |
| Growth % | 56.23% | -2.95% | 0 |
| PAT% | 3.13% | 3.28% | 3.14% |
| EPS | 20.00 | 13.00 | 22.00 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 |
|---|---|---|---|
| Equity Capital | 19.00 | 19.00 | 19.00 |
| Reserves and Surplus | 513.42 | 450.54 | 412.64 |
| Total Equity | 532.42 | 469.54 | 431.64 |
| Long Term Borrowings | 273.25 | 355.23 | 198.65 |
| Other Long Term Liabilities | 18.37 | -110.90 | 295.63 |
| Total Non-Current Liabilities | 291.62 | 244.33 | 494.28 |
| Short Term Borrowings | 128.63 | 254.05 | 141.78 |
| Other Current Liabilities | 530.60 | 234.90 | 402.44 |
| Total Current Liabilities | 659.23 | 488.95 | 544.22 |
| Equity + Liabilities | 1483.27 | 1202.82 | 1,470.14 |
| Fixed Assets (incl. WIP) | 45.88 | 43.06 | 445.42 |
| Other Non Current Assets | 605.17 | 527.56 | 426.14 |
| Total NC Assets | 651.05 | 570.62 | 871.56 |
| Trade Receivables | 396.15 | 208.72 | 209.74 |
| Cash and Bank Balances | 54.05 | 69.20 | 72.38 |
| Other Current Assets | 382.02 | 139.52 | 229.92 |
| Total Current Assets | 832.22 | 632.20 | 512.04 |
| asset held for sale | 0.00 | 0 | 86.54 |
| Total Assets | 1483.27 | 1202.82 | 1470.14 |
Shareholding Pattern
- OSK Holdings (AIL) Private Limited
- 32.05%%
- AIL Consultants Private Limited
- 21.37%%
- Mr. Raaja Kanwar
- 18.23%%
- Amit Dyechem Private Limited
- 15.19%%
- Global Propmart Private Limited
- 13.16%%
Strengths & Weaknesses
Strengths
- Established market position, supported by extensive experience of the promoters:The promoters’ extensive experience and strong customer/supplier relationships drive sustained growth, with revenue reaching ~Rs 1,250 crore in FY24. A diversified presence across trading, leather, and EPC segments reduces risk from downturns. The EPC segment’s ~Rs 1,800 crore order book (as of March 2024) provides 2.5-3 years of revenue visibility, supporting the group's market position.
- Healthy financial risk profile:The company’s financial profile is strong, with a low gearing ratio of ~0.6x as of March 2024, allowing flexibility for additional debt if needed. Recent NCD issuances (~Rs 130 crore) support working capital without affecting the capital structure, expected to remain stable with gearing below 0.7x. Robust debt protection metrics and steady operating margins (8-9%) further reinforce financial stability, with no major debt-funded capex planned in the medium term.
Weaknesses
- Susceptibility of operating margin to volatility in raw material prices:The company’s operating margins dropped to ~5% in FY23 (from 8-9% in FY22) due to increased revenue from the lower-margin trading segment. Margins improved to ~8% in the first nine months of FY24, though still below CRISIL's expectations. With price revisions in trading and a focus on EPC contracts with price escalation clauses, margins are anticipated to strengthen to 8-9% over the medium term, making this a key rating sensitivity.
- Exposure to project execution risk and tender based business in the EPC segment: AIL faces project execution risks due to potential delays in regulatory clearances, leading to possible time and cost overruns. Challenges inherent to the EPC business may affect medium-term revenue visibility. Ensuring growth in operations while maintaining stable margins will remain critical for its ratings.
About Apollo Green Energy Ltd
Apollo Green Energy Limited (AGEL) is a leading EPC company specialising in renewable energy solutions. With over two decades of industry experience through our parent company, we are driving India's transition to clean energy.
Board of Directors
- Rachna Jain - Independant Director
- Raaja Kanwar - Managing Director
- Vivek Bharti - Independant Director
- Sunil Agarwal - Independant Director
