Apollo Green Energy Limited
- Revenue Stagnation: Revenue has flattened with a CAGR of -0.1%, signaling potential project delays or market saturation in the renewables sector.
- Cash Flow Strain: Cumulative CFO is negative (-22% of Net Profit), likely due to high upfront working capital requirements typical in infrastructure projects.
- Scale: A smaller player in this dataset with 806 Cr revenue; needs to secure new order books to restart growth
Fundamentals
| Apollo Green Energy Limited Unlisted Shares Price | ₹ 84 Per Equity Share | Market Cap (in cr.) | ₹ 314 |
| Lot Size | 500 Shares | P/E Ratio | 10.04 |
| 52 Week High | ₹ 335 | P/B Ratio | 0.51 |
| 52 Week Low | ₹ 78 | Debt to Equit | 0.74 |
| Depository | NSDL & CDSL | ROE (%) | 5.11 |
| PAN Number | AAACA6447N | Book Value | 166.22 |
| ISIN Number | INE838A01015 | Face Value | 10 |
| CIN | U74899DL1994PLC061080 | Total Shares | 40610287 |
| RTA | Alankit Assignments |
Shareholding Pattern
Apollo Green Energy Limited
Apollo Green Energy Limited (AGEL), a subsidiary of the Apollo International Group, is a prominent Indian EPC firm specializing in utility-scale solar, wind, and hybrid energy solutions. Currently managing an order book of approximately ₹3,500 crore, the company aims to scale its portfolio to ₹10,000 crore by 2026 while expanding into green hydrogen and battery storage. AGEL is also vertically integrating its operations through a 500 MW solar module manufacturing plant in Madhya Pradesh and a major ₹4,500 crore solar investment in Odisha. With a reported net profit of ₹44.36 crore in FY25, the firm is strategically preparing for an IPO in 2026 to transition from a construction-focused provider to a large-scale independent power producer.
Company Business Model
Apollo Green Energy Limited operates a renewable energy EPC (Engineering, Procurement & Construction) business model, focused primarily on utility-scale solar power projects.
EPC Services
Designs, engineers, procures, and constructs large solar power plants for government bodies, PSUs, and private developers.
Turnkey Solutions
Delivers end-to-end execution including land development, civil works, module installation, and grid connectivity.
Asset-Light Model
Does not own power assets; focuses on execution capability, reducing balance-sheet risk.
Project Execution Revenue
Earns contract-based revenues through fixed-price or milestone-linked EPC contracts.
Competitors
Tata Power Solar
Strong PSU-backed EPC with execution scale.
Larsen & Toubro (L&T)
Infrastructure major with renewable EPC vertical.
Waaree Energies EPC
Strong domestic solar EPC and manufacturing linkage.
Azure Power
Utility-scale solar developer with EPC capabilities.
SWOT Analysis
Strengths
- Pure-Play Renewable EPC Focus : Specialized expertise in utility-scale solar EPC projects, enabling efficient execution.
Asset-Light Business Model : No ownership of power assets; avoids long-term debt and power price risk.
Government & PSU Exposure : Strong participation in central and state renewable tenders, ensuring steady project pipeline.
Execution Track Record : Demonstrated capability in engineering, procurement, and timely project delivery.
Sector Tailwinds : Direct beneficiary of India’s aggressive renewable energy capacity expansion goals.
Weaknesses
Low Margin EPC Nature : EPC contracts are competitive, leading to thin operating margins.
Working Capital Intensive : Large projects require significant upfront capital and expose the company to payment delays.
Order Book Dependence : Revenue visibility tied to continuous tender wins.
Limited Diversification : High dependence on solar EPC, with limited exposure to wind, storage, or O&M.
Opportunities
- Massive Renewable Build-Out in India : Government targets create multi-year demand for EPC players.
Expansion into Adjacent Segments : Entry into energy storage, hybrid projects, or O&M services can improve margins.
Private Sector Capex Revival : Rising corporate renewable adoption opens higher-quality client opportunities.
Scale Benefits : Larger order book can improve procurement efficiency and operating leverage.
Threats
- Intense Competition : Faces pressure from large EPC players like Tata Power Solar, L&T, and Sterling & Wilson.
Input Cost Volatility : Fluctuations in module prices, logistics, and duties can erode margins.
Policy & Regulatory Risk : Changes in import duties, tender terms, or execution timelines affect profitability.
Project Execution Risk : Delays due to land, grid connectivity, or approvals can impact cash flows.