Apollo Green Energy Limited Unlisted Shares

Introduction

Apollo Green Energy Limited (AGEL) is a prominent player in the renewable energy sector in India. Incorporated in 1994, AGEL is a part of the Apollo Group, a diversified Indian conglomerate with a global presence. The company specializes in providing comprehensive solutions for renewable energy projects, focusing on solar power, wind energy, and energy storage solutions. This report provides an in-depth look into AGEL's company profile, business overview, leadership, financial performance, major projects, organizational structure, and future vision.

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Company Profile

Apollo Green Energy Limited (AGEL), formerly known as Apollo International Limited, operates as a closely held limited company. The company’s corporate identity number (CIN) is U74899DL1994PLC061080. Incorporated on August 25, 1994, AGEL has an authorized share capital of 27.25 Crores and a paid-up share capital of 21.74 Crores. The company holds a CRISIL rating of BBB/Stable for long-term and A3+ for short-term, reaffirmed as of February 2023.

AGEL is headquartered in Gurgaon, India, with its registered office located at DLF Courtyard in New Delhi. As a part of the Apollo Group, AGEL benefits from the group's extensive experience and diversified portfolio across various sectors, including tyre manufacturing, healthcare, logistics, apparel, footwear, and green energy.

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Business Overview

AGEL operates through three main business verticals: Green Energy, Engineering Procurement & Construction (EPC), and Supply of Goods.

1. Green Energy Division: This division focuses on providing end-to-end solutions for renewable energy projects, ensuring the seamless integration of solar power, wind energy, and energy storage systems.

2. Engineering, Procurement & Construction (EPC) Division: Specializing in medium and large-scale infrastructure and industrial projects, this division undertakes turnkey projects in power, oil storage, transmission, solar, irrigation, and sugar processing sectors across international and domestic markets.

3. Supply of Goods Division: Engaged in trading tyres, batteries, lubricants, white goods, and electronic goods, this division operates in India, Dubai, Singapore, and China, overseeing marketing and distribution operations in 70 countries.

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Leadership and Management

AGEL’s leadership team is composed of experienced professionals with extensive expertise in various sectors:

• Raaja Kanwar: Founder, Promoter, Chairman, and Managing Director. With a management degree from Drexel University, USA, Mr. Kanwar has been instrumental in diversifying Apollo Group’s business interests.

• Rakesh Gupta: President of Business Acquisition and Strategic Initiatives. Mr. Gupta has over 35 years of experience in finance, legal, business development, and project management.

• Sanjay Gupta: CEO. Sanjay Gupta is a seasoned professional with more than 35 years of rich experience in power and infrastructure sector offering ‘Concept to Commissioning’ solutions for Green field and Brown field projects. His experience spans across the entire value chain starting from project identification and development, project financing, tariff-based bidding, financial closure, project planning & monitoring, process engineering, project contracting with supply chain management, OEM identification, Project execution, EPC solutions, Erection Testing & Commissioning and O&M. An honours degree from Jamia Milia University Mechanical Engineering batch of 1989, Chevening Scholar (funded by the Foreign and Commonwealth Office, UK) of year 1998 and a topper of Strathclyde University, UK for his MS in Energy System and the Environment. Adding to this his Post Graduation in Management & Systems with specialisation in Financial Management from IIT Delhi.
  
  Starting his career with NTPC Ltd., at Dadri project, he moved on to do designing and engineering of power projects and later on was hand-picked for a very senior position with the Director in the Corporate office. After a substantial period of 19 years, he moved in the field of Power and Infrastructure with Lanco Infratech Ltd. Later he was heading the EPC vertical of Waaree Energies Ltd., India’s largest Solar module manufacturer and was driving the SBU by implementing Solar projects across India and abroad.

Other key personnel include:

• Dinesh Mathur: Head of Projects
• Love Sharma: Head of Procurement
• Mohit Gupta: Head of Business Development
• Hemal Patel: Design Head

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Historical Financial Performance

AGEL has demonstrated robust financial growth despite the challenges posed by the COVID-19 pandemic. The company’s total income increased significantly from Rs. 280 Cr in FY 2021 to Rs. 688 Cr in FY 2023. Net income after tax also saw a substantial rise, from Rs. 6.87 Cr  in FY 2021 to Rs. 33 Cr in FY 2023. .

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Major Projects and Order Book

AGEL has a diverse portfolio of ongoing and awarded projects:

Projects Under Execution:

• Photonics WaterTech: Smart solar street light installation in Bihar (392 Cr)
• Adani Green/Nesteye Insights Pvt. Ltd.: Solar panel installation for 15 GW Adani Power Project in Gujarat (100 Cr)
• MB Power: FGD Systems for Anuppur Thermal Power Project in Madhya Pradesh (677.5 Cr)
• IOCL: Capacity expansion at Barauni refinery (313.72 Cr)
• IOCL: Petrochemical and Lube Integration Project in Vadodra, Gujarat (133.53 Cr)
• Municipal Council Palwal: Water supply system in Palwal, Haryana (42.9 Cr)
• State Water and Sanitation Mission: Rural Water Supply Projects in Uttar Pradesh (75 Cr)

Projects Awarded:

• NHPC: 200 MW Solar PV Power Project in Gujarat (966 Cr)
• Patepur Solar Power Project (P) Ltd.: 200 MW EPC project in Bihar (1024 Cr)
• JV with Ambika Associate: Associated works of 11 KV Line in Bhopal (190 Cr)
• NHPC: 40 MW Solar Power Project in Odisha (151 Cr)
• NTPC/Sterling Wilson: EPC contract for 1250 MW NTPC Solar Park project in Gujarat (500 Cr, Pipeline)
• Municipal Corporation of Gurugram (EcoGreen Energy Pvt. Ltd.): Managing and processing waste and establishing a 25 MW Waste to Energy plant in Haryana (500 Cr, Pipeline)

Total project value under execution stands at 1735 Cr, with awarded projects amounting to 2330 Cr.

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Organizational Structure

AGEL’s organizational structure is designed to support its diverse operations efficiently. The head office is led by the CEO, Sanjay Gupta, with dedicated departments for engineering, procurement, business development, and contracts. The project sites have specific heads and engineers for mechanical, electrical, and civil disciplines, ensuring effective project execution.

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Future Vision and Strategic Goals

AGEL is committed to driving innovation and sustainability in the renewable energy sector. The company aims to achieve a robust order book of 5000 Cr INR by securing projects from public sector undertakings (PSUs). AGEL plans to integrate into the solar energy value chain using government power purchase agreements (PPAs) and diversify into wind energy, energy storage solutions, EV charging stations, and green hydrogen production over the next 3-5 years.

Revenue Projections:

• FY 2024-25: 780 Cr with an expected margin of 62 Cr
• FY 2025-26: 1360 Cr with an expected margin of 102 Cr
• FY 2026-27: 2050 Cr with an expected margin of 162 Cr

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One of the Marquee Fund i.e. Resonance has bought shares in the Apollo Green Recently and invested INR 40 Cr. 

Conclusion

Apollo Green Energy Limited (AGEL) is strategically positioned to lead in the renewable energy sector through its diversified projects, robust financial performance, and visionary leadership. With significant projects under execution and a strong pipeline, AGEL is on a trajectory for sustained growth and innovation in green energy solutions. The company’s commitment to sustainability and operational excellence ensures its continued success in the evolving energy landscape.