Apollo Techno Industries Limited

Apollo Techno Industries Limited is a Mehsana based manufacturer specializing in trenchless technology and foundation equipment for the construction industry. The product line-up includes Horizontal Directional Drilling (HDD) Rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs and Spare parts. The Horizontal Directional Drilling rigs are primarily utilized for the installation of essential utilities such as gas pipelines, water supply lines, sewer lines, optical fibre cables, and electrical conduits. The Diaphragm Drilling Rigsare designed for constructing foundations for deep basements, retaining walls in railway, airports and metro stations, as well as developments along riverfronts. The Rotary Drilling Rigs are employed for creating foundation piles necessary for high-rise buildings and bridges. They also provide warranties, on-site support and technical training. In 2017, company started the commercial operation in domestic market. In the same year they exported the product Apollo A800HDD machine. In 2019, they further launched the product Apollo A1200 HDD Machine. In 2021, they acquired the subsidiary, Apollo Techno Equipments Limited. To expand the product portfolio and to offer new products, they have launched Diaphragm Wall Drilling Rig Machine in 2023. As per financial performance, Apollo Techno Industries Limited has posted total income / net profits of Rs 72.56 / 0.89 Cr (FY23), Rs 69.28 / Rs 3.23 Cr (FY24), Rs 99.66 Cr / 13.78 Cr (FY25) and Rs 24.66 Cr / 1.08 Cr (upto Q1 FY26). So as per previous financials data, company has shown zig-zag results, but sudden rise in net-profit just before IPO raises doubts. Company has an average EPS of Rs 8.12 and average RoNW of 38.36% for last three fiscals. Issue is priced at a P/BV of 4.93 as per NAV of Rs 26.38/- as on 30.06.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 55.08, 12.91 and 41.16 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this IPOs, and has handled 68 IPOs in last three fiscal years. From last 10 IPOs, that remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, three are trading below issue price and remaining all are trading above issue price or at par. (as on 18.12.25 ) As per financials,  Apollo Techno Industries Limited has shown good growth, RoNW is 54.45% and P/E is 55.08, 12.91 and 41.16 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net-profit raises doubts. Company is manufacturer specializing in trenchless technology and foundation equipment for the construction industry. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Parth Rashmikant Patel
• 2 Rashmikant Haribhai Patel
• 3 Manjulaben Rashmikant Patel
• 4 Parth Patel (HUF)
• 5 Rashmikant Haribhai Patel (HUF)