- **Apollo Ingredients is a company in the middle of a deliberate, multi-year reinvention.** Originally a small trading outfit dealing in de-oiled cakes, it was acquired in 2022 by a family with a pharmaceutical background who used it as a ready listing platform, and the acquirers intended to continue the existing oil extraction business or diversify into other areas, though no firm decision was taken; it was rebranded to Apollo Ingredients in late 2023. The recurring pattern is a shell repurposed through a change in management and objects, and it is already seeking shareholder approval for its next act - a move into agro-products and food ingredients. # Business segments A single operating segment today, built on a healthcare mandate that is still being stood up, with a second, agro-products engine already approved but not yet operational. ## 1. Healthcare solutions: the new identity, still taking shape **The company holds a wide-ranging licence to operate across the healthcare value chain - from manufacturing medicines to running hospitals - but its physical footprint is currently a single leased factory and a two-person team.** - **A licence to do almost anything in healthcare** - its main object clause authorises it to manufacture Ayurvedic, Homeopathic and Allopathic medicines, run hospitals and diagnostic centres, and provide clinical audits and paramedical staffing, giving it the legal right to enter multiple healthcare verticals under one roof. - **One factory, leased from a related party** - the company’s manufacturing unit is at A 121, Shrirampur MIDC in Maharashtra, a facility it rents on a 10-year lease from Apollo Ingredients India Private Limited, a firm that shares common directors and shareholders. - **Certifications ready, scale not yet** - it holds a shelf of quality and safety certifications including ISO 22000, GMP, HACCP, HALAL and KOSHER, which are prerequisites for supplying regulated buyers, yet it carried only Rs. 24,300 in inventory at year-end and had just two permanent employees as of March 2024. - **Revenue recognition is in place, but the engine is nascent** - its accounting policy states it earns revenue from the manufacture, trade, import and export of pharmaceuticals and medicinal chemicals, recognising it on delivery of goods, which confirms the intended activity even while the business is being built out. # Group structure and partners **The company is a standalone, debt-free listed shell with no subsidiaries, controlled by a single family and closely tied to a private entity that shares its name and directors.** - **No group, no debt** - Apollo Ingredients has no subsidiary, joint venture or associate company, and carries zero debt on its books, making it a clean corporate structure with no legacy entanglements. - **A related party that provides the physical base** - Apollo Ingredients India Private Limited is the company’s only related party, leasing it the Shrirampur factory and also supplying goods or services under a separate one-year agreement, with a material transaction limit of Rs. 5 Crore proposed for member approval at the AGM. - **Family-led, with a recent rights issue to fund working capital** - the board is anchored by the Mutreja family, with Lovely Ghanshyam Mutreja and Kirit Ghanshyam Mutreja recently swapping the Managing Director and Marketing Director roles, and the company raised funds in FY26 through a 25:1 rights issue to finance raw material procurement, inventory and trade receivables.