Apollo Green Energy Limited (AGEL) is a prominent Indian renewable energy company, incorporated in 1994 as part of the Apollo Group. Its corporate identification number (CIN) is U74899DL1994PLC061080. The company, formerly known as Apollo International Limited, specializes in solar power, wind energy, and energy storage solutions.
**Company Profile & Key Financials:**
AGEL's authorized share capital is 27.25 Crores, while its paid-up share capital stands at 21.74 Crores. CRISIL has assigned a credit rating of BBB/Stable for long-term debt and A3+ for short-term debt. The company's headquarters are located in Gurgaon, India, with its registered office in DLF Courtyard, New Delhi.
**Business Overview:**
AGEL provides end-to-end green energy solutions for renewable energy projects. In addition to green energy, the company offers engineering procurement and construction (EPC) services for turnkey projects in power, oil storage, transmission, solar, irrigation, and sugar processing. The company also supplies goods, trading in tyres, batteries, lubricants, white goods, and electronic goods in India and international markets.
**Leadership and Management:**
Raaja Kanwar is the Founder, Promoter, and CMD of AGEL and also serves as Chairman & Managing Director of Apollo International Group, leading a global team in industries spanning green energy, infrastructure, logistics, fashion, and trade across 45+ countries. Sanjay Gupta is the CEO of Apollo Green Energy Limited, spearheading renewable energy initiatives, particularly in the solar vertical, leveraging his 35+ years of experience in the power and infrastructure sectors.
**Projects:**
As of June 2024, Apollo Green Energy had projects under execution valued at 1735 Cr. These include supplying smart solar street lights for Photonics WaterTech in Bihar (392 Cr), installation of solar panel and piling work for Adani Greens in Khavda (100 Cr), and two FGD systems for MB Power thermal power project in Madhya Pradesh (677 Cr). Other projects include refinery expansion work for IOCL in Bihar (313 Cr), storage tank work for IOCL PetroChemicals Projects in Gujarat (133 Cr), water supply and O&M project for Municipal Council in Haryana (43 Cr) and a survey, design, commissioning, and O&M project for State Water & Sanitation Mission in Lucknow (75 Cr).
The company has been awarded projects worth 2330 Cr, including a 200 MW Solar PV Power Project for NHPC in Gujarat (966 Cr), a 200 MW EPC project for Patepur Solar Power Project in Bihar (1024 Cr), associated works of 11 KV Line in Bhopal with JV Ambika Associate (190 Cr), and a 40 MW Solar Power Project for NHPC in Odisha (151 Cr).
AGEL also has a project pipeline of 1000 Cr, including EPC for 1250 MW NTPC Solar Park project in Gujarat (500 Cr, NTPC/Sterling Wilson) and managing/processing 2400 tons per day of waste from Gurugram and Faridabad, including a 25 MW Waste to Energy plant in Haryana (500 Cr, Municipal Corporation of Gurugram).
**Historical and Projected Financial Performance:**
AGEL's historical revenue was 280 Cr in FY20-21, increasing to 810 Cr in FY21-22, and slightly decreasing to 753 Cr in FY22-23. The PAT was 7 Cr, 41 Cr, and 25 Cr for the same respective years. Revenue projections for FY24-25, FY25-26, and FY26-27 are 780 Cr, 1360 Cr, and 2050 Cr, with margins of 62 Cr, 102 Cr, and 162 Cr respectively.
**Valuation and Future Goals:**
Apollo Green has recently raised approximately INR 60 Cr at a Pre-Money Valuation of ~INR 427 Cr and Post-Valuation Money ~INR 500 Cr, with Resonance Fund investing INR 40 Cr in the round. The company aims for an order book target of 5000 Cr INR by securing PSU projects. Future expansion plans include the solar energy value chain, wind energy, energy storage solutions, EV charging stations, and green hydrogen production.
**Clients:**
Apollo Green lists the following as clients: NHPC, Adani Power, Indian Oil, MB Power, Municipal Corporation Palwal, BREDA, NTPC, and MCG (Municipal Corporation of Gurugram).
