Apollo Green Energy Unlisted Shares

You probably haven't heard of Apollo Green Energy. But there's a good chance some of the solar panels powering government buildings, state utilities, and industrial facilities across India were built by them.

Apollo Green Energy Limited (AGEL) is a Gurgaon-based Engineering, Procurement & Construction (EPC) company specialising in renewable energy — primarily solar. In simple terms: when a government body or a corporate wants to build a solar plant, Apollo Green is the company that actually designs it, procures the equipment, and builds it from the ground up.

The Apollo Name Is Not a Coincidence

AGEL is part of the Apollo International Group — the conglomerate led by Raaja Kanwar, who also sits on the boards of Apollo LogiSolutions and has historical ties to Apollo Tyres. That pedigree gives the company strong relationships, institutional credibility, and the ability to win large government contracts — which is exactly what they've been doing.

What Makes This Business Interesting

The numbers tell the story clearly. Apollo Green grew its revenue from ₹314 crore in FY22 to ₹1,148 crore in FY24 — that's nearly 4x growth in just two years. Yes, FY25 revenue moderated to ₹726 crore (EPC businesses are lumpy by nature — revenues move up and down depending on when projects are completed), but here's what matters: profits actually went up. PAT rose from ₹29.57 crore in FY24 to ₹44.36 crore in FY25 — and the company declared a 15% dividend, which is not something a struggling company does.

The company currently manages an active order book of over ₹3,000 crore and has 400 MW of solar capacity under its portfolio across 8 states. Major ongoing work includes 290 MW of solar projects with NHPC across Odisha, Kerala, and Gujarat, and 1,50,000+ solar streetlight installations in Bihar.

Where It's Heading

Apollo Green is not standing still. It is actively targeting a 1 GW EPC order book and is moving into three emerging segments: green hydrogen, battery energy storage (BESS), and EV charging infrastructure. It has also secured its first two Power Purchase Agreements (PPAs) in Rajasthan, signalling a shift from pure EPC (where you build for others) to owning power assets directly — which is a much higher-margin business over time.

An IPO is also on the horizon, which gives unlisted investors a potential listing-gain opportunity when the company eventually goes public.

Why Does This Matter to You as an Investor?

At ₹65 per share and a P/E of just 7.65x, Apollo Green is priced very modestly for a company operating in one of India's most policy-backed sectors. The government's 500 GW renewable energy target by 2030 means EPC companies like Apollo Green have a decade-long project pipeline sitting in front of them. The combination of a low valuation, a growing order book, dividend payouts, and an IPO on the horizon makes this a compelling story for investors who want to ride India's clean energy wave — without paying the premium that listed renewable energy stocks command.