Apollo Green Energy Ltd

Apollo Green Energy Ltd

₹107 - ₹118
Stockify
★★★★☆☆
LTP:₹107
Min Qty:100
Altcase
★★★★★
LTP:₹108
Min Qty:100
Unlisted Zone
★★★★★☆
LTP:₹109
Min Qty:100
Wealth Wisdom India
★★★★☆
LTP:₹110
Min Qty:100
Altius Investech
★★★★☆
LTP:₹110
Min Qty:100
Fundamentals

Quick Insights

  • Diversified Revenue Profile: The company operates in three segments: EPC (43% of FY23 revenue), leather accessories and garments (32%), and trading (25%). Revenue shifted from leather to EPC and trading compared to FY22. Diversified geographical presence: AGEL handles EPC projects for government and private infrastructure in India and abroad. In the leather segment, it manufactures and sells garments and accessories to international retail brands. The company operates in India, the UK, USA, Canada, Europe, Africa, the Middle East, and Southeast Asia. Healthy Order Book: With a robust order book of approximately Rs 1,800 crore as of March 2024, the group has strong revenue visibility for the next 2.5 to 3 years. This, coupled with a focus on expanding operations within the EPC segment, is expected to support and strengthen the group’s established market position.
Market Cap₹467.24 Cr
PE Ratio10.38
EPS₹13
Dividend Yield-
Book Value₹247.13 Cr
Debt/Equity1.3
Price/Book0.55
Price/Sales-
Industry PE-
Sales₹753.4 Cr
Profit After Tax₹18.2 Cr
Share Capital₹19 Cr
Shares Outstanding-
ISININE838A01015
SectorEPC & Renewable energy
SymbolAPOLLPGREEN
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.

Latest News
No news available.
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.
Annual Reports
FY 2023
Balance SheetFY2024FY2023FY2022
Equity Capital19.0019.0019.00
Reserves and Surplus513.42450.54412.64
Total Equity532.42469.54431.64
Long Term Borrowings273.25355.23198.65
Other Long Term Liabilities18.37-110.90295.63
Total Non-Current Liabilities291.62244.33494.28
Short Term Borrowings128.63254.05141.78
Other Current Liabilities530.60234.90402.44
Total Current Liabilities659.23488.95544.22
Equity + Liabilities1483.271202.821,470.14
Fixed Assets (incl. WIP)45.8843.06445.42
Other Non Current Assets605.17527.56426.14
Total NC Assets651.05570.62871.56
Trade Receivables396.15208.72209.74
Cash and Bank Balances54.0569.2072.38
Other Current Assets382.02139.52229.92
Total Current Assets832.22632.20512.04
asset held for sale0.00086.54
Total Assets1483.271202.821470.14
Profit & LossFY2024FY2023FY2022
Net Revenue1234.27753.40810.36
Growth %63.83%-7.03%0
Total Operating Expenses1162.26731.99750.29
Growth %58.78%-2.44%0
Operating Profit72.0121.4160.07
Operating Profit Margin %5.83%2.84%7.41%
Other Income34.0937.4442.06
Finance Costs57.1727.1679.87
Depreciation and Amortization Expense8.976.0434.10
Share of net P/L from JV1.216.520
Profit before Tax41.1732.17-11.84
Income Tax2.587.47-37.29
Tax %0.21%0.99%-4.60%
Profit After Tax38.5924.7025.45
Growth %56.23%-2.95%0
PAT%3.13%3.28%3.14%
EPS20.0013.0022.00
Shareholding Pattern
ColorShareholderHolding
OSK Holdings (AIL) Private Limited32.05%
AIL Consultants Private Limited21.37%
Mr. Raaja Kanwar18.23%
Amit Dyechem Private Limited15.19%
Global Propmart Private Limited13.16%
Board of Directors
Rachna JainIndependant Director
Raaja KanwarManaging Director
Vivek BhartiIndependant Director
Sunil AgarwalIndependant Director
Senior Management
No senior management information available.

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