Apollo Green Energy Unlisted Share Price, Financials & Growth Outlook

India’s concerted efforts towards reaching 500 GW of non-fossil fuel capacity by 2030 have led to considerable investor interest in the unlisted/ pre-listed renewable energy sector. One of the newer firms in this sector is Apollo Green Energy Limited (AGEL), an EPC and green infrastructure company founded by the Kanwar family (Apollo Group).

The following analysis looks at the movement of AGEL's unlisted shares and its financial results for the years leading up to this analysis.

Apollo Green Energy Overview & Key Metrics

Previously known as Apollo International Limited, AGEL has shifted its focus in terms of core operations from their traditional trading business to utility solar EPC, BESS (battery energy storage system), green hydrogen projects, and transmission lines.

Multi-Year Financial Performance (FY22 – FY25)

AGEL saw an immense increase in the execution of projects in FY24, while FY25 saw a slowdown due to delays in completing orders, which is normal in the infrastructure EPC sector.

Peer Comparison: Valuation & Multiples

Examining listed rivals in the same industry, such as solar EPC, green infrastructure, and renewable installations, may help determine whether Apollo Green Energy's valuation in the unlisted market is appropriate:

Valuation Takeaway: In the private sector, Apollo Green is trading at a significant discount relative to its listed EPC competitors (P/E of ~13x against industry P/E medians exceeding 35x-40x). Such a discount is attributed to risks associated with liquidity of privately-held stock, as well as execution variability and relatively low EBITDA margins of mid-tier contractors.

​​Core Growth Drivers

• Backward Integration: The firm intends to develop a 500 MW solar modules production unit in the state of Madhya Pradesh. The formation of captive production will insulate margins from foreign modules price fluctuations.
  
• Diversification Beyond Pure Solar: Apart from solar parks, AGEL is making its way into waste-to-energy plants (such as the 25 MW plant at Gurugram/Faridabad), FGD facilities, and regional water management.
  
• Robust Public and Private Order Pipeline: AGEL has an active EPC order book of more over ₹3,000–₹3,500 crore, which includes utility projects with Adani Green in Khavda, IOCL, and NHPC (200 MW Patepur and 40 MW solar facilities). The management has stated that they hope to grow this portfolio to ₹10,000 crore.

Key Investment Risks

• Revenue Patches and Execution Delays: Infrastructure and EPC companies are vulnerable to extended billing cycles, right-of-way issues, and contractual delays. This is demonstrated by the dramatic 32% decline in FY25 revenue.
  
• IPO Compliance Challenges: Private companies planning for an IPO come under the scanner. Any news report of past compliance audits, investigations of the enforcement directorate in former executives of the firm may delay the IPO process.
  
• Working Capital Intensity & Leveraging: The ability to service the debt will depend on the receipt of project receivables, with a debt to equity ratio of about 1.40x and significant liquidity locked in performance bank guaranties and working capital requirements.
  
• Liquidity Risk: Unlisted stock of a pre-IPO company has the strictest lock-in period (usually 6 months to one year after the IPO for pre-IPO investors under SEBI guidelines) and lacks the liquidity of listed stock.

The Bottom Line

AGEL gives you direct access to India’s clean energy transformation at valuation multiples that are far lower than those of its listed peers. While the company’s pipeline of orders worth ₹3,500+ crore does give a clear picture on the revenue front, for investors who wish to invest in the company in the pre-listing phase, they need to weigh the upside against their working capital needs and other post-listing considerations.

​
​