Company Overview

Apollo Green Energy Limited (AGEL), part of the Apollo International Group, is a rapidly expanding renewable energy company focused on solar, wind, and green hydrogen solutions. Headquartered in Gurgaon, AGEL leverages over two decades of experience to deliver turnkey Engineering, Procurement & Construction (EPC) services across India. The company was founded in 1994 and has built a strong reputation in project execution and sustainable technology integration.

AGEL has delivered more than 400 MW of solar power capacity nationwide, including fixed-tilt and floating installations. It is also executing a major ₹700 cr Flue Gas Desulphurization project aimed at reducing pollution. As of FY 24, it maintained a substantial ₹3,500 cr order book encompassing solar, hydro, and energy storage projects across eight states.

Looking forward, Apollo Green Energy Limited is expanding into emerging sectors—green hydrogen, battery energy storage systems (BESS), hybrid renewable plants, and EV infrastructure. With a goal to build a ₹10,000 cr project portfolio by 2025 and an IPO on the horizon, AGEL combines operational scale with innovative technology to support India’s path to carbon neutrality and sustainable development.

Quick Overview Table

Financial Overview

• Revenue for FY24:
  • “₹1,174.8 cr in revenue for FY 24” – This is largely confirmed. Mint and Business Standard report this figure (or very close to it) for FY24 revenue. However, some other sources (like Energetica India and SN Capital) state the FY25 revenue as ₹726.16 crore and FY24 revenue as ₹1,171 crore. Sharescart indicates FY24 Net Sales at ₹1,234.3 Cr.
  • The significant increase “sharply up from ₹324.8 cr in FY 22” is generally consistent with the strong growth trajectory reported.
• Net Profit for FY25 and FY24:
  • “net profit of ₹44.4 cr in FY 25, compared to ₹29.6 cr the previous year” – This is strongly supported by multiple sources like Business Standard, PTI, Rediff Money, Energetica India, and SN Capital. They all report ₹44.36 crore for FY25 and ₹29.57 crore for FY24.
• Dividend Declaration:
  • “declared a 15% dividend” – This is consistently reported across news articles for FY25.
• Project Pipeline:
  • “pipeline, which includes solar, hydro, and green hydrogen contracts totaling ₹3,500 cr” – Mint reports an “order book of ₹3,500 crore” and EQ Magazine and Energetica India also mention a “growing order pipeline of over ₹3,000 crore,” which is consistent.
• Diversification into BESS and EV Infrastructure:
  • “incremental move into BESS and EV infrastructure underpins long-term revenue visibility.” – This is explicitly stated in multiple recent news articles (e.g., Chemical Industry Digest, ET EnergyWorld, Energetica India, EnergyNews.biz), indicating a strategic expansion into these areas, as well as green hydrogen.
• Asset-light EPC operations and strategic focus:
  • The emphasis on “Asset-light EPC operations and project diversification” is mentioned in several reports as a key aspect of their business model.
  • The overall message of “robust financial base and increasing margins, Apollo Green Energy Limited  is poised for scalability and profitability ahead of its planned IPO” aligns with the sentiment and company statements in various reports.

Key Point of Caution/Clarification: The main discrepancy lies in the reported FY24 revenue figure. While some sources confirm the ₹1,174.8 crore, others (particularly those reporting on FY25 results) state the FY24 revenue as ₹1,171 crore or ₹726.16 crore, and FY25 revenue as ₹726.16 crore. There might be a slight mix-up in which year which revenue figure applies, or different sources are reporting consolidated vs. standalone numbers, or an update in figures.

For example:

• Business Standard (June 5, 2025) states: “According to a company statement, its revenue stood at Rs 1,171 crore in 2023-24 compared to Rs Rs 726.16 crore in 2024-25.” This is a bit confusingly worded, suggesting ₹1,171 crore for FY24 and ₹726.16 crore for FY25.
• Energetica India (June 6, 2025) explicitly states: “Apollo Green Energy has reported a consolidated revenue of INR 726.16 crore for the financial year 2024–25”.
• Mint (November 5, 2024) stated: “Apollo Green Energy Limited revenue trajectory has been noteworthy, rising from ₹324.83 crore in FY22 to ₹688.85 crore in FY23 and further soaring to ₹1,174.77 crore in FY24.”

Why Invest in Apollo Green Energy Limited?

Apollo Green Energy offers a strategic entry into India’s renewable infrastructure boom. With proven execution in solar and hydro projects, a strong ₹3,500 cr order book, and an expanding portfolio—including green hydrogen and energy storage—Apollo Green Energy Limited stands to benefit from government incentives and rising clean-energy demand. Its imminent IPO further strengthens investor appeal, offering access to growth ahead of listing, while a solid balance sheet and operational track record provide confidence in its scalable model.

Benefits

1. Strong EPC Expertise
   Proven track record in designing and executing large-scale renewable projects ensures reliable performance.
2. Diversified Renewable Portfolio
   Engaged in solar, hydro, wind, BESS, and green hydrogen—reducing dependency on one segment.
3. Massive Growth Pipeline
   ₹3,500 cr order book now expanding toward the targeted ₹10,000 cr portfolio by 2025.
4. Rapid Revenue Growth
   FY 24 revenue soared from ₹325 cr to ₹1,175 cr—showing strong scaling ability.
5. Profitability Achieved
   Posted ₹44 cr profit in FY 25; growing profitability adds shareholder value.
6. Shareholder Returns
   Declared 15% dividend, signaling healthy cash flow and investor commitment.
7. Government Credit Rating
   Received BBB/Stable and A3+ short-term ratings from CRISIL—low-risk profile.
8. IPO Potential
   Planning public listing in 2025, offering pre-IPO investment window.
9. Pan-India Reach
   Operating across eight states, reducing regional execution dependency.
10. Emerging Technologies
    Expanding into green hydrogen, energy storage, EV charging—future-ready diversification.
11. Parentage Strength
    Backed by Apollo International Group—reliable corporate governance and capital access.
12. Sustainable ESG Focus
    Projects align with India’s clean energy goals and net-zero commitments.
    

Business Segments

Apollo Green Energy operates across several interconnected verticals focused on clean energy deployment:

1. EPC Services
   AGEL specializes in Engineering, Procurement, and Construction for utility-scale solar, hydro, and hybrid power plants. Its project portfolio spans fixed-tilt, floating, and tracker-based solar systems, and includes flue gas desulfurization for thermal power plants.
2. IPP Projects
   The company is establishing Independent Power Producer units to directly generate and sell renewable power to off-takers via long-term Power Purchase Agreements, under schemes like PM-KUSUM.
3. Energy Storage & BESS
   With rising renewable integration, Apollo Green Energy Limited  is incorporating battery energy storage systems to improve grid reliability and support round-the-clock clean power.
4. Green Hydrogen Infrastructure
   Recognizing hydrogen’s future role, AGEL is initiating electrolyzer installations and supply frameworks to support industrial green hydrogen production.
5. EV Charging & Infrastructure
   As part of its diversification and energy transition agenda, the company is evaluating partnerships to develop EV charging networks aligned with its clean power output.

This multi-vertical approach allows Apollo Green Energy Limited to offer comprehensive, future-ready clean energy solutions, reinforcing its position as a one-stop provider in India’s green transition.

Subsidiaries & Group Companies 

Apollo Green Energy is part of Apollo International Group, a diversified conglomerate with interests across healthcare, logistics, tyre manufacturing, and renewable energy. The group provides strategic capital, governance frameworks, and cross-sector synergies that support AGEL’s growth.

While AGEL does not currently operate with listed subsidiaries, it has established key strategic units:

• Apollo Green Energy Ltd – Core renewable development arm leading solar and hydro EPC.
• Green Hydrogen Division – Emerging team focusing on electrolyzer deployment and hydrogen ecosystems.
• BESS & EV Infrastructure Team – Dedicated group building battery storage and charging solutions.
• International Projects Cell – Exploring overseas partnerships, particularly in Southeast Asia and the Middle East.
• Project Finance Unit – Structured finance division aligning capital, government schemes, and off-taker support.
  

Expert Opinion

Apollo Green Energy is gaining rapid traction as a leader in India’s renewable energy landscape. Experts consider its pragmatic model—blending EPC execution, IPP strategy, and emerging green-tech verticals—as highly market-relevant. Notably, AGEL has transitioned from revenue modesty to robust scale, with a turnkey solar capacity of 400 MW and a ₹3,500 cr order book spanning diverse technological formats. Such growth reflects strong operational discipline and efficient cashflow deployment—seen in its maiden ₹44 cr net profit and consistent dividend payout.

Analysts highlight AGEL’s breadth across EPC, IPP, BESS, and hydrogen as a distinctive advantage. Integrated solutions appeal to both state policymakers and private sectors seeking carbon mitigation. The company’s planned foray into EV charging further complements its clean energy offerings—a strategic alignment with India’s urbanization and vehicle electrification roadmap.

The backing from Apollo International Group adds credibility. The group’s experience in finance, project management, and strategic capital placement ensures AGEL remains well-funded and resilient. CRISIL’s long-term BBB and short-term A3+ ratings confirm sound financial health and risk mitigation.

Risks include project execution delays, grid integration challenges, interest rate fluctuations, and IPO dependence. However, AGEL’s consistent execution and expanding margins position it well to manage such issues. The planned IPO in 2025 is expected to unlock higher valuations and broaden its capital base.

In summary, Apollo Green Energy combines scale, diversification, and impact-driven strategy, making it a timely investment in India’s net-zero future. Its integrated model, backed by strong promoters and positive financials, forms a compelling case for long-term investors seeking both growth and green credentials.