Apollo Green Energy Limited
Raaja Kanwar's Apollo International, rebranded Apollo Green Energy, is pivoting from trading and logistics to solar EPC and has flagged an IPO.
Market cap
₹904.8 Cr
14.50 Cr shares
P/E ratio
20.13
Sector average 30
Book value
₹27.59
P/B 2.26
1-year return
-4.24%
52w ₹50 – ₹78
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
-7.13% ₹67 → ₹62
52-week band in this window: ₹56.47 – ₹67.19. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Formerly Apollo International (est. 1994), rebranded Apollo Green Energy in 2024 around solar EPC.
- Promoted by Raaja Kanwar of the Apollo Tyres family.
- Revenue estimated near ₹1,000 Cr in FY25 with an IPO under preparation.
About Apollo Green Energy
Apollo Green Energy Ltd is the renamed Apollo International Ltd, the Gurugram-based diversified group founded in 1994 by Raaja Kanwar, scion of the Apollo Tyres promoter family. Historically the company traded tyres, rubber, chemicals and commodities and ran EPC and logistics businesses; in 2023–24 it rebranded around its fastest-growing vertical — engineering, procurement and construction of solar power plants, hybrid renewable projects and transmission infrastructure — while continuing legacy trading and project businesses.
The renewable arm executes ground-mounted and rooftop solar projects for state utilities, public-sector undertakings and industrial customers, and is building a pipeline of owned solar assets. Management has publicly discussed a listing to fund growth, and the company has been in the pre-IPO stage, but no draft prospectus has been confirmed as filed with SEBI as of this writing.
The unlisted quote of ₹62.4 on an estimated 14.5 Cr shares of ₹10 values the equity at roughly ₹900 Cr. Group affiliations include Apollo International's logistics and infrastructure ventures and the Kanwar family's Apollo Tyres.
All figures here are indicative: share count, revenue, profit, net worth and borrowings are reconstructed from remembered reported totals and could not be re-verified at the time of writing; treat every line item as approximate. IPO status should be confirmed against SEBI's filings before relying on it.
Where the revenue comes from
- Renewable-energy EPC45%
Solar and hybrid projects for utilities, PSUs and industrials
- Trading (tyres, rubber, chemicals, commodities)40%
Legacy Apollo International merchandise trade
- Infrastructure & logistics projects15%
Transmission, civil and logistics contracts
Products & services
Solar EPC
Turnkey ground-mounted and rooftop solar plants for utilities, PSUs and industrials.
Hybrid & transmission projects
Wind-solar hybrid and power-evacuation infrastructure.
Trading
Tyres, rubber, chemicals and commodities merchandise trade.
What works
- • Rebranded around solar EPC at a time of strong government and industrial demand for renewable capacity.
- • Promoter pedigree and access to the Apollo Tyres family's business network and banking relationships.
- • Diversified revenue from legacy trading and EPC cushions the transition to renewables.
What to watch
- • Solar EPC is intensely competitive with thin margins and exposure to module price swings and project delays.
- • The legacy trading business is low-margin and working-capital intensive, and the pivot is still early.
- • IPO timing is uncertain; the unlisted price already assumes a successful listing.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Apollo Green EnergyThis page | ₹62.40 | ₹904.8 Cr | 20.13 | 2.26 | +24.03% |
| Cosmic PV | ₹199.00 | ₹696.5 Cr | 19.90 | 5.80 | +87.08% |
Latest reported year: FY25 ending 31 Mar 2025.