💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations for FY 2024-25 was INR 20.07 Cr, representing a 47.6% decrease from INR 38.31 Cr in the previous year. For H1 FY26 (ending September 30, 2025), consolidated revenue from two subsidiaries was reported at INR 15.85 Cr.

Geographic Revenue Split

The company operates in domestic (India) and export markets. Exports to Nepal are active, but other export regions are facing a 'USD crisis' and geopolitical instability, leading to delayed or canceled orders. Specific % split per region is not disclosed.

Profitability Margins

Net Profit Margin for FY 2024-25 was 8.09%, a slight decrease from 8.69% in the previous year. Profit After Tax (PAT) fell by 51.2% to INR 1.62 Cr from INR 3.33 Cr due to lower sales volumes and fixed operating expenses.

EBITDA Margin

Operating Profit Margin was reported at 29.01% for FY 2024-25 compared to 8.49% in the previous year, although management noted a 'drastic reduction' in margins due to stagnant operating expenses against lower sales, suggesting a potential data discrepancy in the source report.

Capital Expenditure

During H1 FY26, the company recorded a purchase of assets/CWIP (net) of INR 0.70 Cr and purchase of fixed assets of INR 0.75 Cr. In the previous full year, asset purchases totaled INR 8.14 Cr.

Credit Rating & Borrowing

The company maintains a low-leverage profile with a Debt-Equity ratio of 0.05:1. Finance costs for H1 FY26 were INR 0.57 Cr. Specific credit ratings and interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

The company utilizes engineering inputs for heavy machinery; however, specific names like steel or copper and their exact % of total cost are not disclosed in the documents.

Capacity Expansion

The company is leveraging core competencies to expand its product portfolio into construction and material handling equipment. Current installed capacity in units or MT is not disclosed.

Raw Material Costs

Cost of materials consumed for H1 FY26 (standalone) was INR 0.10 Cr. Procurement strategies focus on accepting orders only at break-even sales values for the domestic market to manage stiff competition.

Manufacturing Efficiency

Capacity utilization metrics are not explicitly provided, but the company noted that projects went on hold due to the general election, implying lower utilization during the early part of the year.

📈 Strategic Growth

Growth Strategy

The company is diversifying its product portfolio beyond its core crushing and screening equipment into construction equipment and material handling equipment. This leveraging of engineering and manufacturing competencies is intended to attract new customer segments and offset domestic project delays.

Products & Services

Core products include Crushing and Screening equipment. New product lines include Construction equipment and Material Handling equipment.

Brand Portfolio

Gujarat Apollo.

New Products/Services

Construction equipment and material handling equipment are the primary new product launches; expected revenue contribution % is not disclosed.

Market Expansion

The company is targeting expansion in the construction and material handling sectors to diversify its revenue base.

Strategic Alliances

The company has investments in subsidiaries (AEML Investments Limited, Apollo FBC Crushing Equipments Ltd) and joint ventures/associates. Specific partner names for new JVs were not disclosed.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward broader infrastructure equipment portfolios. Gujarat Apollo is positioning itself by moving from niche crushing equipment to a wider range of construction and material handling solutions.

Competitive Landscape

The company faces 'stiff competition' in the domestic market, forcing a focus on break-even pricing for certain orders.

Competitive Moat

The company's moat is built on its core engineering and product development competencies in the crushing and screening niche. Sustainability depends on successfully transitioning these skills to the broader construction equipment market.

Macro Economic Sensitivity

Highly sensitive to government cycles; the 2024 general election caused significant project delays. Also sensitive to global currency stability (USD availability).

Consumer Behavior

Customer demand is currently driven by government-led infrastructure projects, making the company's order book cyclical and tied to political stability.

Geopolitical Risks

Geopolitical situations in export markets have directly resulted in delayed and canceled orders, particularly in regions facing USD crises.

⚖️ Regulatory & Governance

Industry Regulations

The company complies with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015. It maintains a Vigil Mechanism/Whistle Blower Policy to report unethical behavior or fraud.

Taxation Policy Impact

The company's Profit Before Tax was INR 3.45 Cr and PAT was INR 1.62 Cr for FY 2024-25, implying an effective tax rate of approximately 53% (including deferred tax adjustments).

Legal Contingencies

The company reported no instances of non-compliance related to capital markets during the last three years. Specific values for pending court cases or labor disputes were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recovery of export markets facing USD crises and the timeline for domestic projects that were put on hold during the election period.

Geographic Concentration Risk

The company has a significant dependency on the Indian domestic market and Nepal for its current revenue, as other export markets are currently constrained.

Technology Obsolescence Risk

The company is mitigating technology risks by developing 'innovative solutions' in its new product lines (material handling and construction equipment).

Credit & Counterparty Risk

Current ratio of 9.53:1 indicates very high liquidity and low immediate credit risk. Trade payables for micro and small enterprises stood at INR 4.26 Cr.