**Apollo Ingredients Limited** (formerly **Indsoya Limited**) is an Indian-listed, science-based enterprise that has undergone a radical strategic transformation. Following a change in management and an open offer in **2023**, the company rebranded on **November 23, 2023**, to align with its new identity as an **integrated healthcare solutions provider**. The company now operates at the intersection of traditional medicine, modern pharmaceuticals, and healthcare infrastructure. --- ### **Strategic Pivot: From Commodities to Integrated Healthcare** The company has transitioned from its legacy operations into a multidisciplinary healthcare entity. Under its revised **Memorandum of Association (MOA)** adopted in **September 2023**, Apollo Ingredients has established a broad operational mandate: * **Pharmaceuticals & Nutrition:** Manufacturing, importing, and exporting **Ayurvedic, Homeopathic, and Allopathic medicines**. The product portfolio includes innovative nutrition solutions, dietary supplements, and natural food colors. * **Healthcare Infrastructure:** Planning, commissioning, and managing **hospitals, diagnostic centers, pathology labs, and wellness centers**. * **Specialized Services:** Providing technical, clinical, and nursing human resources; conducting medical and clinical audits; and managing life science/stem cell depositories. * **Consultancy:** Developing strategic business development policies and operational frameworks for health solutions. --- ### **Manufacturing Base and Operational Infrastructure** To support its new manufacturing mandate, the company has secured a physical production base through a strategic long-term lease: * **Facility Location:** A-121, Shrirampur MIDC, District Ahmednagar, Maharashtra - **413709**. * **Lease Agreement:** A **10-year** lease secured from **Apollo Ingredients India Private Limited** (a related party). * **Financial Commitment:** The aggregate lease amount is capped at **₹3.00 crore**. * **Supply Chain Integration:** The Board has authorized related party transactions for the sale, purchase, or supply of goods and materials up to a limit of **₹5.00 crore** to ensure a steady flow of raw materials and finished products. --- ### **Capital Structure and Rights Issue Evolution** In **2025**, the company executed a massive capital restructuring to fund its expansion, moving from a micro-cap structure to a more robust equity base. **Equity Expansion (25:1 Rights Issue)** In **August 2025**, the company completed a **25:1 Rights Issue**, issuing **1,00,00,000** fully paid-up equity shares at **₹5.00 per share**. | Metric | Pre-Rights Issue (Mar 2025) | Post-Rights Issue (Aug 2025) | | :--- | :--- | :--- | | **Authorised Share Capital** | **₹10.00 Crore** | **₹10.00 Crore** | | **Paid-up Share Capital** | **₹0.20 Crore** | **₹5.20 Crore** | | **Total Number of Equity Shares** | **4,00,000** | **1,04,00,000** | | **Face Value per Share** | **₹5.00** | **₹5.00** | **Utilization of Rights Issue Proceeds (as of March 2026)** The company raised a total of **₹5.00 crore**. While the original intent was primarily working capital, the company deviated to secure its manufacturing facility. | Particulars | Original Allocation (₹ Cr) | Actual Utilization (₹ Cr) | Status | | :--- | :---: | :---: | :--- | | **Lease Payments (Related Party)** | **0.00** | **3.00** | **Ratified Deviation** | | **Working Capital Requirement** | **3.65** | **3.67** | **Increased** | | **General Corporate Purposes** | **1.05** | **1.05** | **Unchanged** | | **Issue Expenses** | **0.30** | **0.28** | **Actual Incurred** | | **Total** | **5.00** | **5.00** | **Fully Allocated** | --- ### **Financial Performance and Growth Indicators** The company has demonstrated a significant turnaround in revenue following its rebranding and management change. * **Revenue Growth:** Total income rose to **₹3.08 crore** in **FY 2024-25**, a substantial increase from **₹1.00 crore** in **FY 2023-24**. * **Profitability Turnaround:** The company reported a **Total Comprehensive Income** profit of **₹6.09 lakhs** in **FY 2023-24**, recovering from a loss of **₹7.33 lakhs** in the prior period. * **Operational Scaling:** Management is currently focused on deploying the newly raised capital to increase business volumes and explore global opportunities from its new registered office in **Mumbai**. --- ### **Governance, Compliance, and Risk Profile** As a transitioning entity, Apollo Ingredients faces several regulatory and operational hurdles that investors must monitor. **1. Regulatory Scrutiny and Deviations** A **SEBI-registered Monitoring Agency** identified a major deviation (**50-75%**) in the use of Rights Issue funds. While the **₹3.00 crore** lease payment to a related party was approved at the **45th AGM** in **September 2025**, the agency noted a lack of prior special resolution for the change in objects. **2. Legal Challenges** * **SAT Appeal:** In **January 2026**, the company filed an appeal before the **Securities Appellate Tribunal (SAT)** against **BSE Limited**, contesting fines and the **freezing of promoter demat accounts** related to alleged **SEBI (LODR)** non-compliance. * **Surveillance:** The stock is currently under **Graded Surveillance Measures (GSM)** by the BSE to alert investors to potential risks. **3. Internal Controls and Risk Management** * **Risk Mitigation:** The company manages **liquidity** and **market risks** through a formal **Risk Management Policy**, though it is not yet required to have a formal committee under **Regulation 21**. * **Compliance Lapses:** Historical administrative delays have occurred, such as the late filing of **Form DIR-12** for the **CFO** appointment. * **Audit Oversight:** **M/s. Ravi Patidar and Associates** have been appointed as Secretarial Auditors for a five-year term (**FY 2025-26 to 2029-30**) to strengthen governance. **4. Market and Economic Risks** The company’s growth is highly sensitive to the competitive landscape of the healthcare sector, evolving regulatory requirements for pharmaceuticals, and broader economic shifts that impact consumer spending on wellness and elective healthcare.