Apollo Techno Industries IPO FY26 – ₹48 Cr Fresh Issue, 327% PAT Growth, ROE 74.75%, Debt Doing Push-Ups at 3.74x
1. At a Glance – The IPO That Drills Deep, Literally and Financially
If Indian infrastructure had a gym, Apollo Techno Industries Limited would be the guy doing deadlifts in one corner while carrying a loan book on the other shoulder. Incorporated in 2016, now knocking on the BSE SME door with a ₹47.96 crore book-built IPO, this company manufactures hardcore construction equipment like Horizontal Directional Drilling rigs and rotary piling machines—basically the stuff that digs holes so governments can cut ribbons later.
Pre-IPO market cap stands at ₹177.96 crore, price band ₹123–₹130, and the minimum retail ticket is a very democratic ₹2.6 lakh (because retail investors clearly love pain). The company just delivered a FY25 performance that looks like it drank three protein shakes: revenue up 44% YoY and PAT exploding by 327%. ROE at a face-melting 74.75%, ROCE at 30.98%, and EBITDA margin chilling at 18.31%.
But before you scream “multibagger”, pause. Debt-to-equity is 3.74. Borrowings are ₹30.57 crore as of June 2025. This is not a yoga company; it’s a heavy machine lifter with heavy liabilities. The IPO proceeds are mostly for working capital, not a beach house in Goa. So yes, spicy numbers—but with jalapeno-level risk.
Curious already? Good. Let’s open the drilling site.
2. Introduction – When Construction Meets Capital Markets
Apollo Techno Industries is not your usual IPO darling with a “platform”, “ecosystem”, or “AI-powered blockchain-enabled synergies”. This company sells machines that dig, drill, and shake the earth. Very old-school. Very desi. Very loud.
The timing of the IPO is interesting. FY24 was meh on topline, FY25 suddenly turned into a Bollywood comeback story. PAT jumped from ₹3.23 crore in FY24 to ₹13.79 crore in FY25. That’s not growth; that’s redemption arc. Naturally, investors are squinting at the numbers like an auditor staring at cash sales on 31st March.
The promoters—Patel family (full Gujarat special)—held 100% pre-IPO and will still retain a comfortable 73.05% post issue. Anchor investors already pumped in ₹13.65 crore, which tells us two things: one, institutions see potential; two, lock-in calendars are already marked in red.
The IPO is entirely a fresh issue. No promoter is cashing out to buy a new Fortuner. The money is going straight into working capital, which makes sense because making drilling rigs isn’t cheap, and customers don’t exactly pay on UPI instantly.
But is this a sustainable industrial growth story or a one-year wonder doing pre-IPO push-ups? That’s the real question, isn’t it?
3. Business Model – WTF Do They Even Do?
Apollo Techno Industries lives in the glamorous world of trenchless technology. No, not something from a Marvel movie—this is about installing pipes, cables, and utilities underground without digging up the entire road and annoying every commuter in a 5-km radius.
Their core products include Horizontal Directional Drilling (HDD) rigs, diaphragm drilling rigs, and rotary piling rigs. These machines are used in metro projects, bridges, flood protection systems, and large infrastructure builds. Basically, whenever the government announces a mega project, Apollo wants its machines on site.
The company designs its equipment in-house. The design team has five members—which sounds small until you realize this isn’t a SaaS startup. Engineering, fabrication, refurbishment, and spare parts form the backbone of revenue. They also refurbish older machines, squeezing extra margins out of metal that refuses to die.
Geographically, Gujarat leads sales at 34.52%, followed by Maharashtra and Haryana. Translation: infrastructure-heavy states with money and urgency. International aspirations exist, but for now, India is the playground.
The business model is cyclical, capex-heavy, and dependent on government and infrastructure spending. When infra booms, Apollo prints. When projects stall, machines gather dust. Simple, brutal, honest.
If you like clean subscription revenue, this is not your stock. If you understand machines, steel, and delayed receivables, welcome home.
4. Financials Overview – Numbers That Bench Press
All figures are in ₹ crore.
Metric
Latest Period (FY25)
FY24
Previous Period (FY23)
YoY %
Trend
Total Income
99.66
69.28
72.57
+44%
🔥
EBITDA
18.15
7.65
2.97
+137%
🚀
PAT
13.79
3.23
0.90
+327%
💣
EPS (Pre-IPO)
13.79
3.23
0.90
+327%
⚡
Now the twist. Post-IPO EPS drops to ₹3.16 due to dilution. That’s
