An Overview of the Apollo Techno Industries IPO
Apollo Techno Industries Ltd is making its market debut with a highly anticipated SME IPO, set to open on December 23, 2025, aiming to raise ₹47.96 crore through the issuance of 36.89 lakh equity shares at a price band of ₹123 to ₹130 per share. As India’s only domestic manufacturer of Horizontal Directional Drilling (HDD) and Diaphragm machines, the company is uniquely positioned to benefit from the country’s infrastructure boom, including metro, airport, and smart city projects.
With explosive financial growth – revenue up 44% and profit after tax soaring by 327% in FY25—Apollo Techno stands out for its indigenous manufacturing capabilities, robust after-sales support, and impressive capital effi1ciency, making it a compelling opportunity for investors seeking exposure to India’s evolving infrastructure sector. The company’s registrar for this IPO is MUFG Intime India Pvt. Ltd.
IPO Key Dates and Issue Details
| Event | Date |
|---|---|
| IPO Open Date | Dec 23, 2025 |
| IPO Close Date | Dec 26, 2025 |
| Allotment Date | Dec 29, 2025 |
| Refund Initiation | Dec 30, 2025 |
| Shares Credit to Demat | Dec 30, 2025 |
| Listing Date | Dec 31, 2025 |
| Issue Price | ₹123 – ₹130 |
| Lot Size | 1,000 shares |
| Minimum Investment | ₹130,000 |
| Issue Size | ₹47.96 Cr |
| Face Value | ₹10/share |
| Listing Platform | BSE SME |
Market Lot Size and Investment
Apollo Techno Industries IPO is open to all categories of investors. The minimum lot size is 1,000 shares, with a minimum investment of ₹130,000. Retail investors can apply for up to 2,000 shares (₹260,000), while HNIs and institutional investors can bid for higher quantities.
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IPO Reservation and Allotment
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Anchor Investors | 10,50,000 | 28.46% |
| Non-Institutional Investors | 5,26,000 | 14.26% |
| Qualified Institutional | 7,00,000 | 18.98% |
| Retail Individual | 12,28,000 | 33.29% |
| Market Makers | 1,85,000 | 5.01% |
| Total | 36,89,000 | 100.00% |
Company’s DRHP & RHP Files
| DRHP File | View |
| RHP File | View |
Apollo Techno Industries GMP (Grey Market Premium)
The Apollo Techno Industries IPO is witnessing a small grey market premium (GMP), with unlisted shares trading at ₹135 as of December 24, 2025. This translates to a GMP of ₹5 (about 4%) above the upper price band, indicating positive sentiment and strong listing day expectations.
Apollo Techno Industries ltd. allotment details:
Allotment check link: MUFG Intime India Pvt. Ltd.
Anchor Investors List
Apollo Techno Industries IPO attracted notable anchor investors, with 10,50,000 shares (28.46% of the issue) allocated to institutional players. Key anchor investors include NEGEN UNDISCOVERED VALUE FUND, TATTVAM AIF TRUST, NINE ALPS TRUST, EVERGROW CAPITAL, and AARTH AIF GROWTH FUND.
Merchant Bankers and Registrars
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Lead Manager:Â Beeline Capital Advisors
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Registrar:Â MUFG Intime India Pvt. Ltd.
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Legal Advisor:Â Not publicly disclosed
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Bankers to the Issue: Not publicly disclosed
Promoters Holding Pattern
Pre-IPO, promoters held a significant stake, but the exact percentage is not disclosed in public sources. The IPO is a fresh issue, so no shares are being sold by existing promoters.
Apollo Techno Industries Ltd. Company Information
Apollo Techno Industries Limited is a company in Mehsana that makes trenchless technology and foundation equipment for the building and infrastructure industries. The company was founded in 2016 and has swiftly become a major participant in the Indian machinery and equipment industry. It focuses on new drilling solutions that work in both domestic and foreign markets.
Horizontal Directional Drilling (HDD) rigs, diaphragm wall drilling rigs, and rotary drilling rigs are among of the company’s main products. These rigs are used to put in underground utilities such gas pipelines, water supply lines, sewer systems, optical fiber cables, and electrical conduits. Apollo Techno designs these products in-house, which lets them tailor solutions to Indian soil conditions and offer full lifecycle support, such as refurbishing, on-site technical assistance, operator training, and spare parts supply.
Apollo Techno Industries has a full-time design staff and is ISO 9001:2015 certified, which shows that it is dedicated to quality and always getting better. The company’s ability to make things allows it to service a wide range of end-user industries, such as utilities, energy, and infrastructure, both in India and in export markets.
Apollo Techno keeps growing in the industry by putting a lot of emphasis on understanding what customers want and creating long-term connections with them. Gujarat is the company’s biggest market in India, followed by Maharashtra and Haryana. The company is ready for more growth with ambitions to add new product lines and enter new markets. Apollo Techno is a leader in India’s foundation drilling technology market since it has a lot of experience in precise engineering and making things in India.
Company Financials and Valuation
Profit and Loss Statement (Rs in Cr.)
| Particulars | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 |
|---|---|---|---|---|---|
| Operating Income | 99.14 | 71.66 | 71.73 | 53.31 | 46.60 |
| Cost of Sales | 81.38 | 63.62 | 68.79 | 51.13 | 43.98 |
| Operating Profit | 17.76 | 8.04 | 2.94 | 2.18 | 2.62 |
| Other Recurring Income | 0.52 | 0.30 | 0.82 | 0.73 | 0.82 |
| Adjusted PBDIT | 18.28 | 8.33 | 3.76 | 2.91 | 3.44 |
| Financial Expenses | 2.64 | 2.57 | 1.55 | 1.35 | 2.26 |
| Depreciation | 0.87 | 0.85 | 0.81 | 0.83 | 0.85 |
| Adjusted PBT | 14.76 | 4.92 | 1.40 | 0.73 | 0.33 |
| Tax Charges | 3.66 | 1.16 | 0.43 | 0.20 | -0.25 |
| Adjusted PAT | 11.10 | 3.76 | 0.97 | 0.53 | 0.58 |
| Reported Net Profit | 11.28 | 3.80 | 0.98 | 0.58 | 0.58 |
| Retained Earnings | 21.53 | 10.28 | 6.48 | 5.51 | 4.93 |
Balance Sheet (Rs in Cr.)
| Particulars | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 |
|---|---|---|---|---|---|
| Equity Share Capital | 10.00 | 2.50 | 2.50 | 2.50 | 2.50 |
| Reserves & Surplus | 14.03 | 10.28 | 6.48 | 5.51 | 4.93 |
| Secured Loans | 30.49 | 41.62 | 40.87 | 36.77 | 33.29 |
| Net Block | 11.03 | 11.57 | 12.01 | 12.29 | 12.68 |
| Investments | 3.30 | 3.29 | 3.27 | 3.27 | 3.27 |
| Current Assets, Loans & Adv. | 61.37 | 53.20 | 48.36 | 42.99 | 36.24 |
| Total Net Current Assets | 40.19 | 39.54 | 34.57 | 29.21 | 24.76 |
| Contingent Liabilities | 0.68 | 0.31 | 0.27 | 0.00 | 0.00 |
| No. of Equity Shares (Lacs) | 1.00 | 0.25 | 0.25 | 0.25 | 0.25 |
Apollo Techno Industries Ltd. Valuation
| Valuation Parameter | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|
| Price-to-Earnings (P/E) | 9.43 | 41.16 | – |
| Earnings Per Share (EPS) | ₹13.79 | ₹3.23 | ₹0.90 |
| Return on Equity (ROE) | 74.75% | 32.68% | 11.96% |
| Return on Capital Employed (ROCE) | 30.98% | 12.29% | 3.76% |
| Net Asset Value (NAV) | ₹11.57 | ₹8.21 | – |
| Debt-to-Equity Ratio | 1.16 | 1.25 | – |
| Market Capitalization | ₹178 Cr | – | – |
| EBITDA Margin | 18% | – | – |
Peer Company Comparison
| Company Name | Issue Size (₹ Cr) | Price Band (₹) | Lot Size | GMP (%) | Key Sector |
|---|---|---|---|---|---|
| Apollo Techno Industries | 47.96 | 123–130 | 1,000 | 14 | Electrical Equipment |
| MARC Technocrats | 42.59 | 93 | 1,000 | 8 | Engineering |
| Global Ocean Logistics | 30.41 | 78 | 1,000 | 6 | Logistics |
| KSH International | 710.00 | 384 | 1,000 | 5 | Textiles |
Company Address and Contact
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Head Office & Factory:
Survey No. 60, Ahmedabad-Mehsana Highway, Mandali – 384455, Dist: Mehsana, Gujarat, India
Phone: +91 9909014960, +91 98751 70439
Email: info@apollotechno.com, cs@apollotechno.com
Website: www.apollotechno.com​
Registrar Address and Contact
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Registrar:Â MUFG Intime India Private Limited
Address: C-101, 247 PARK, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, India
Phone: +91-22-49186000, +91-22-49186270
Fax: +91-22-49186060
Email: investor.helpdesk@in.mpms.mufg.com, rnt.helpdesk@in.mpms.mufg.com
Website:Â www.in.mpms.mufg.com
Final Verdict
Apollo Techno Industries IPO presents a compelling opportunity for SME investors, backed by strong grey market sentiment, a robust anchor investor base, and a clear focus on growth sectors. The company’s financial discipline and operational strengths further enhance its appeal in the SME segment.
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
