Apollo Green Energy Ltd

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	975	Visit
★★★★☆	₹2,600	457	Visit
★★★★★☆	₹2,700	560	Visit
★★★★★☆	₹2,800	383	Visit
★★★★☆☆	₹2,900	371	Visit

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★★★★☆

LTP:₹2,100

Min Qty:630

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★★★★☆

LTP:₹2,600

Min Qty:227

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★★★★★☆

LTP:₹2,700

Min Qty:352

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★★★★★☆

LTP:₹2,800

Min Qty:695

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★★★★☆☆

LTP:₹2,900

Min Qty:444

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.

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	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%

Fundamentals

Quick Insights

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.

Market Cap₹467.24 Cr

PE Ratio10.38

EPS13.00

Dividend Yield0%

Book Value₹₹247.13

Debt/Equity1.30

Price/Book0.55

Industry PE0

Sales₹753.40 Cr

Profit After Tax₹18.2 Cr

ISININE838A01015

SectorEPC & Renewable energy

About Company

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, they are driving India's transition to clean energy.

Since the inception, the company has rapidly grown to become a leading force in India's energy sector and now focusing on renewable energy. Their journey is marked by significant milestones, innovative projects, and a steadfast commitment to advancing clean energy technologies.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	890	Visit
★★★★☆	₹2,600	260	Visit
★★★★★☆	₹2,700	171	Visit
★★★★★☆	₹2,800	262	Visit
★★★★☆☆	₹2,900	736	Visit

Quick Insights

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.

Market Cap₹467.24 Cr

PE Ratio10.38

EPS13.00

Dividend Yield0%

Book Value₹₹247.13

Debt/Equity1.30

Price/Book0.55

Industry PE0

Sales₹753.40 Cr

Profit After Tax₹18.2 Cr

ISININE838A01015

SectorEPC & Renewable energy

About Company

Strengths

Weaknesses

Annual Reports

FY2023

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	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%

Board of Directors

Rachna JainIndependant Director

Raaja KanwarManaging Director

Vivek BhartiIndependant Director

Sunil AgarwalIndependant Director

Senior Management

No senior management information available.