Apollo Green Energy Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Apollo Green Energy Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Revenue | 857.4 | 1,268.4 | 790.8 | 852.4 |
| Expense | 783.4 | 1,162.4 | 731.9 | 750.2 |
| EBITDA | 73.9 | 106.0 | 58.9 | 102.2 |
| Other Cost | 31.4 | 64.8 | 33.3 | 114.0 |
| PBT | 42.6 | 41.2 | 25.6 | -11.8 |
| Tax Expense | 8.9 | 2.6 | 7.4 | -37.3 |
| PAT | 33.7 | 38.6 | 18.2 | 25.5 |
| Other Inc./Exp. | 15.4 | 25.7 | 12.0 | 29.2 |
| Net Income | 18.3 | 64.3 | 30.2 | 54.7 |
| Shares O/S | 2.96 | 1.90 | 1.90 | 1.90 |
| EPS (₹) | 5.00 | 20.00 | 13.00 | 22.00 |
| Rev. Growth % | -32.4% | 60.4% | -7.2% | — |
| EBITDA Mgn % | 8.6% | 8.4% | 7.4% | 12.0% |
| Net Mgn % | 2.1% | 5.1% | 3.8% | 6.4% |
| EPS Growth | -75.0% | 53.8% | -40.9% | — |
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Apollo Green Energy Unlisted Shares - Stockify Fintech
What does Apollo Green Energy do?
Apollo Green Energy Limited is a major player in the Indian EPC space, which involves sectors such as energy, procurement, and construction. Apollo Group was established in 1994 and operates across sectors such as infrastructure, logistics & supply chain, fashion manufacturing, and global trading & distribution. Thus, having a global footprint.
Headquartered in Delhi, Apollo Green Energy Limited is part of the Apollo Group. Currently, the company is not listed on the stock market but trades as Apollo Green Energy unlisted shares in the unlisted markets.
History and Timeline of Apollo Green Energy
Over the years, the company has diversified into power transmission, water infrastructure, industrial engineering and utility-scale solar projects. Today, Apollo Green Energy is one of the flagship companies of the Apollo Group, focusing on India's clean energy transition through solar EPC, battery energy storage systems (BESS), power infrastructure and sustainable engineering solutions.
Year | Milestone |
1994 | Apollo International Limited was established to engage in international trading and engineering activities. |
1994-2015 | Expanded activities in infrastructure, industrial projects, power transmission, and exports. |
2016-20 | Diversified into EPC services, water infrastructure and power sector projects across India. |
2021-23 | Increased focus on renewable energy with utility-scale solar EPC and green infrastructure projects. |
2024 | Rebranded as Apollo Green Energy Limited, showing its planned shift towards clean energy and sustainable infrastructure. |
2025 | Shareholders approved a large preferential issue to strengthen capital for renewable energy expansion and project execution. |
2026 | Continued execution of large solar EPC projects, battery energy storage initiatives and government infrastructure contracts while expanding its order book. |
Apollo Group of Companies
Apollo Green Energy is a part of the Apollo Group, an Indian company that works in various areas including renewable energy, engineering, infrastructure, industrial projects, and international trade. For over 30 years, the group has gained experience in managing large-scale EPC contracts for government agencies, public organizations, and private companies.
Currently, Apollo Green Energy focuses on renewable energy projects, such as solar power, battery energy storage systems, transmission infrastructure, water management, and sustainable engineering projects.
Business Overview of Apollo Green Energy Unlisted Shares
AGEL has 3 major business segments:
A) Green Energy
AGEL focuses on providing end-to-end business solutions in the green energy sector, ensuring the integration of wind, solar, and energy storage facilities.
B) Energy Procurement & Construction (EPC) Division
Apollo specialises in medium and large-scale industrial and infrastructure projects. They implement projects in power, oil storage, transmission, solar, irrigation, and sugar-processing sectors across the globe.
C) Goods Trading Division
Apollo trades in various goods, such as tyres, batteries, lubricants, white goods, and electronic goods. They have divisions operating in India, China, Dubai, and Singapore.
Who Are The Key Competitors To Apollo Green Energy In Solar EPC?
Company | Key Strengths |
Larsen & Toubro | A trusted global engineering giant that delivers large-scale renewable projects with strong execution capability (18+ GW). |
Sterling & Wilson | A pure EPC player known for executing solar projects across the world, with a strong 24 GW global presence. |
Tata Power Solar | A balanced and reliable player working in both utility and commercial segments, backed by Tata’s strong brand trust. |
Adani Solar | A fully integrated player that controls everything from manufacturing solar panels to project execution, giving it a cost advantage. |
KPI Green Energy | A fast-growing company using a mix of power generation and EPC services, showing aggressive expansion with a 4.7 GW portfolio. |
Waaree Energies | Combines solar module manufacturing with project execution, supported by a solid 2.9 GW order pipeline |
Apollo Green Management & Leadership
Raaja Kanwar
The Chairman & Managing Director of Apollo International Group leads a global team in industries like green energy, infrastructure, logistics, fashion, and trade across 45+ countries.
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Anirudha Tikhe
Chief Human Resources Officer of Apollo Green Energy
Mr Tikhe focuses on talent acquisition, performance management, compliance, and organisational development. At Apollo Green Energy, he has implemented data-driven HR practices and diversity initiatives.
President of Business Acquisition and Strategic Initiatives of Apollo International Group.
Mr Rakesh Gupta is President of Business Acquisition and Strategic Initiatives at Apollo International Group. With over 35 years of corporate sector experience, he brings extensive expertise in finance, legal affairs, business development, project management, and investments.
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Sanjay Gupta
CEO, Apollo Green Energy Limited
Mr Sanjay Gupta serves as the CEO of Apollo Green Energy Limited, bringing over three decades of experience in the power and infrastructure sectors. Specialising in 'Concept to Commissioning' solutions for both Greenfield and Brownfield projects, Mr Gupta has held senior positions at prestigious organisations, including NTPC Ltd, Lanco Infratech Ltd, and Waaree Energies Ltd.
Apollo Green Energy Limited Financials
Particulars (Rs cr) | FY23 | FY24 | FY25 |
Revenue | 790.8 | 1,268.4 | 857.4 |
Expenses | 731.9 | 1,162.4 | 783.4 |
EBITDA | 58.9 | 106 | 73.9 |
EBITDA Margin (%) | 7.40% | 8.40% | 8.60% |
Profit After Tax (PAT) | 28 | 38.6 | 33.7 |
Net Profit Margin (%) | 3.80% | 5.10% | 2.10% |
Earnings Per Share | 13 | 20 | 5 |
A) Revenue Growth in 2 years
Apollo Green Energy's revenue has grown to Rs 1,268.4 crore in FY 23-24. This is 150% in 2 years. This clearly reflects the growth of operations for the Apollo Green Energy share price.
But in FY25, revenue declined to Rs.857.4 crore, a drop of 32.4% on a yearly basis, indicating a slowdown in execution momentum compared to the previous year.
B) EBITDA
Apollo’s EBITDA was Rs 102.2 crore in FY 21-22, which dipped to 58.9 crore in FY 22-23. This recovered in FY 23-24 to Rs 106 crores, getting back to stability and growth.
But in FY25, EBITDA declined to Rs 73.9 crore due to the decline in revenue.
Whereas EBITDA margin improved consistently over the three years, moving from 7.4% in FY23 to 8.4% in FY24 and further to 8.6% in FY25. This upward trend indicates sustained cost control and improved efficiency at the operating level.
C) Net Profit Margin
Net profit margin improved from 3.8% in FY23 to 5.1% in FY24 due to improved scale and operating leverage.
In FY25, the margin declined to 2.1%, reflecting lower revenue absorption and earnings dilution at reduced activity levels.
D) Profit after Tax
Apollo’s profit fell to 28 crores in FY23. This recovered in FY24 to Rs 38.42 crores. Thus, reflecting a strong prospect for growth in Apollo Green Energy unlisted shares.
In FY25, PAT moderated to Rs.33.7 crore, a 12.7% decline, which was relatively contained compared to the sharp reduction in revenue.
E) Earnings Per Share
Apollo gave an earning of Rs 22 per share in FY22. This dipped in FY 23 to Rs 13. However, Apollo made a comeback in FY 24 with 20 per share.
In FY25, EPS declined sharply to Rs.5, impacted by lower net profits and a higher number of outstanding shares. Earnings per share and the P/E ratio affect the Apollo Green Energy unlisted share value.
Thus, based on the above financial observations, Apollo Green Energy Unlisted Shares can give significant investment growth to investors.
Apollo Green Energy Share Price Analysis
The Apollo Green Energy unlisted share price traded near Rs 499 in August 2024, supported by strong FY24 performance, where revenue stood at Rs.1,268.4 crore, PAT at Rs.38.6 crore, and EPS at Rs 20. Volatility emerged soon after, with the price dipping to around Rs.405 in September 2024.
By December 2024, the share price had declined to about Rs 340, as concerns around execution visibility and funding clarity began to surface. The correction deepened in early 2025 after financial performance moderated. In FY25, revenue fell by 32.4% to Rs.857.4 crore, PAT declined to Rs.33.7 crore, and EPS dropped sharply to Rs.5, partly due to lower profitability and a higher share base. By March 2025, the share price had slipped to nearly Rs.265.
From April 25, Apollo Green share price began further declining, reaching a low of Rs 79 per share in October 25. The share saw a glimmer of hope on November 25, when the Apollo Green unlisted share price rose to Rs 200 mostly due to re-rating on aggressive fundraising and IPO expectations.
But later, the inability to secure a raise and payment delays made the share price run down to a range of Rs 85-90 per share by Jan 26. The Apollo Green unlisted share price dipped further to Rs 70 till May 26. By June 26, the Apollo Green Energy unlisted share price was Rs 101 per share.
Apollo Green Energy Funding History
Year | Funding Event | Amount | Purpose |
2024 | Approval for issuance of Optionally Convertible Debentures (OCDs) | Up to Rs.100 Cr | To support business expansion and working capital requirements |
Jan 2025 | The board approved preferential issue of equity shares | Up to 13.70 Cr Shares | To raise growth capital for renewable energy projects |
Feb 2025 | Shareholders approved the preferential issue | Approximately Rs.4,110 Cr | Expansion of renewable energy business, project execution, working capital and general corporate purposes |
Major Projects Executed by Apollo Green Energy
Apollo Green Energy has developed a diversified portfolio across renewable energy, power infrastructure, industrial EPC and water management. The company has executed projects for leading public sector undertakings such as NHPC, NTPC, Indian Oil Corporation (IOCL) and Adani Green Energy.
Key Completed Projects
Project | Approx. Value (in Rs. Cr.) |
Smart Solar Street Lighting Project, Bihar | 392 |
Solar Module & Piling Works for Adani Green, Khavda | 100 |
Flue Gas Desulphurisation (FGD) System Project | 677 |
IOCL Refinery Expansion Project | 313 |
IOCL Petrochemical Storage Tank Project | 133 |
Water Supply & O&M Project, Haryana | 43 |
Water & Sanitation Project, Uttar Pradesh | 75 |
Major Projects Awarded
Project | Value ( in Rs Cr) |
NHPC 200 MW Solar EPC Project | 966 |
Patepur 200 MW Solar EPC Project | 1,024 |
11 KV Distribution Line Project | 190 |
NHPC 40 MW Solar Project | 151 |
Future Project Pipeline
Project | Estimated Value (in Rs. Cr) |
NTPC Solar Park EPC (1,250 MW) | 500 |
Gurugram & Faridabad Waste-to-Energy Project (25 MW) | 500 |
As per the company's latest disclosures, Apollo Green Energy has built a strong project portfolio with a significant order book across renewable energy, power infrastructure and sustainable engineering, positioning it to benefit from India's growing clean energy investments
What Is The Future Of Green Energy?
Apollo Green Energy IPO by the first quarter of 2026: Apollo is laying the groundwork for the much-anticipated Apollo Green Energy IPO. This will give them the capital thrust to fuel our expansion into solar, energy storage, green hydrogen, and other renewable infrastructure.
Green Hydrogen & Storage: Apollo is actively in discussions with global partners to co-develop projects leveraging green hydrogen and long-duration energy storage, ensuring they remain future-ready.
Pan-India Presence: With operations already spanning 8 states, Apollo is on track to build a truly national footprint, leveraging our asset-light, tech-rich model.
All these plans can be bright prospects for investing in the Apollo Green share price in the unlisted market.
How To Buy Apollo Green Energy Unlisted Shares
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