Absolute Projects (India) Ltd (APIL)
New Delhi EPC contractor building substations and transmission lines on turnkey contracts for NTPC, Power Grid and state utilities.
Market cap
₹331.1 Cr
4.30 Cr shares
P/E ratio
38.89
Sector average 25
Book value
₹20.93
P/B 3.68
1-year return
-31.08%
52w ₹62 – ₹180
Currently 13% of the way through its 52-week range.
Indicative price history
1Y change
-31.08% ₹112 → ₹77
52-week band in this window: ₹70.43 – ₹181.20. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Power T&D EPC contractor since 1995 serving NTPC, Power Grid and state utilities.
- FY24 operating revenue in the ₹100–500 Cr band; paid-up capital ₹8.60 Cr at ₹2 face value.
- Unlisted quote ₹77 after a spike to ₹180 in April 2026.
About Absolute Projects
Absolute Projects (India) Ltd (APIL) is a New Delhi-based engineering, procurement and construction company focused on power transmission and distribution. It executes turnkey contracts for substations, transmission lines and rural electrification packages, with clients that include NTPC, Power Grid Corporation of India and state transmission and distribution utilities.
The company was incorporated on 7 February 1995 and is registered with the Registrar of Companies, Delhi. Registry filings show an authorised capital of ₹25 Cr and paid-up capital of ₹8.60 Cr; the shares carry a face value of ₹2, giving about 4.3 Cr shares outstanding. Operating revenue for FY24 was in the ₹100–500 Cr band reported by registry aggregators.
The unlisted quote of ₹77 values the equity at roughly ₹330 Cr. Dealer sites quoted the stock as high as ₹180 in April 2026, so the price has been volatile and trades are thin, typically in lots of 500–1,000 shares.
Only registry basics (incorporation, capital, face value) and a revenue band are publicly reported; revenue, profit and balance-sheet line items below are reconstructed around that band and should be treated as approximate. Live re-verification of these figures was not possible at the time of writing.
Where the revenue comes from
- Substation & transmission-line EPC70%
Turnkey packages for Power Grid, NTPC and state transcos
- Distribution & rural electrification22%
Feeder, distribution-network and metering projects
- O&M and other services8%
Maintenance contracts and supply of equipment
Products & services
Substation EPC
Design, supply, erection and commissioning of EHV/HV substations.
Transmission lines
Turnkey construction of transmission lines and towers.
Distribution networks
Feeder separation, rural electrification and metering works.
What works
- • Established 30-year track record in power T&D EPC with central and state utility clients.
- • Order flow supported by India's transmission capex cycle (Power Grid, RE evacuation, state grid strengthening).
- • Small equity base (₹8.6 Cr paid-up) means modest profits translate into meaningful per-share earnings.
What to watch
- • EPC margins are thin and working-capital heavy; delayed utility payments and retention money strain cash flows.
- • Concentrated client base of government utilities exposes the company to tendering cycles and price competition.
- • Financial disclosure is limited; the unlisted price has swung widely (₹60–180) on very low volumes.