Established in **1987**, Gujarat Apollo Industries Limited is a cornerstone of the Gujarat Apollo Group, possessing an engineering legacy spanning over **50 years**. The company is a specialist in the design, manufacturing, and distribution of high-uptime equipment for the mining and road construction sectors. Headquartered in India, the company leverages indigenous manufacturing and lower labor costs to provide high-quality, affordable infrastructure solutions for both domestic and international markets. --- ### **Core Product Portfolio and Engineering Capabilities** Gujarat Apollo operates primarily in the manufacturing and sale of **Construction and Mining Machineries** and their respective spare parts. The company’s engineering philosophy centers on a **Continuous Improvement Program** and a dedicated in-house quality assurance department focused on **Process Technology** and **Import Substitution**. | Segment | Key Products & Focus Areas | Status / Strategic Detail | | :--- | :--- | :--- | | **Crushing & Screening** | Jaw Crushers, Cone Crushers, Impact Crushers (**HSI**), Coal Crushers, Vibrating Screens, and Conveyors. | Core revenue driver; applications in road/building construction and mining. | | **Road Construction** | Asphalt Mixing Plants (Hot Mix), Paver Finishers, Wet-mix Plants, Bitumen Sprayers, Kerb Laying Machines. | Flagship products; currently in **Technical Testing and Validation** phase for safety and durability. | | **Material Handling** | **Farana** pick and carry cranes. | Currently **Under Development** to expand industrial equipment reach. | | **Maintenance & Spares** | Indigenous manufacturing of components. | Focus on substituting previously imported spares to lower lifecycle costs for users. | --- ### **Strategic Growth: The Dual-Engine Diversification Model** The company is executing a **Dual-Engine growth strategy**, utilizing its engineering core and cash reserves to transition into a comprehensive solution provider across **Infrastructure** and **Agriculture**. #### **1. Infrastructure & Mining Expansion** Following the expiration of a **Non-Compete agreement**, the company is aggressively re-entering the road construction equipment market. Strategic initiatives include: * **Contract Manufacturing:** Offering services to Global **Original Equipment Manufacturers (OEMs)** to diversify revenue streams. * **Product Range Extension:** Expanding the crusher portfolio to include specialized **Horizontal Shaft Impactors (HSI)** and **Coal Crushers** to meet mining demand for iron ore and coal. #### **2. Agricultural Machinery Vertical** Gujarat Apollo has diversified into the agricultural sector through strategic acquisitions and subsidiaries, targeting **₹ 90 Crores** in revenue from this vertical within the next **3 years**. * **Fieldtrack Earthmovers Pvt. Ltd. (FEPL):** A **100% subsidiary** manufacturing **14 hp to 25 hp mini tractors** with a dealer network across **Gujarat, Maharashtra, Karnataka, and UP**. * **Ganesh Agro Equipment Pvt. Ltd. (GAE):** Acquired a **50% stake** for **₹ 19.48 Crores** to bolster the agri-portfolio. * **Krishitek Industries Pvt. Ltd. (KIPL):** A **50% subsidiary** focused on power reapers and mini tillers. * **PFH Agri Equipment India Pvt. Ltd.:** A **50:50 Joint Venture** with **PFH BV (Belgium)** for innovative agricultural solutions. --- ### **Capital Structure and Shareholder Information** As of **March 31, 2025**, the company’s equity share capital consisted of **11,800,000** shares. Following a warrant conversion in **February 2026**, the paid-up capital increased to **₹ 12.97 Crores**. **Shareholding Distribution (Pre-Conversion):** * **NSDL (Demat):** **9,179,169** shares (**77.79%**) * **CDSL (Demat):** **2,506,437** shares (**21.24%**) * **Physical:** **114,394** shares (**0.97%**) **Key Capital Events:** * **Warrant Conversion:** In **October 2025**, the company allotted **1,170,000 equity shares** following the conversion of warrants issued at **₹ 292 per share**, raising approximately **₹ 34.16 Crores** for expansion and working capital. * **Shareholder Reclassification:** Successfully reclassified certain shareholders from 'Promoter' to 'Public' in **September 2022**. * **Dividends:** The Board maintained a consistent dividend of **₹ 2/- per share (20%)** for FY 2023-24 and FY 2024-25. --- ### **Financial Performance and Operational Metrics** The company maintains a conservative balance sheet with a focus on liquidity and efficient asset management. | Metric (₹ Crore) | FY 2024-25 (Consolidated) | FY 2024-25 (Standalone) | FY 2023-24 (Standalone) | | :--- | :---: | :---: | :---: | | **Revenue from Operations** | **41.55** | **20.07** | **38.31** | | **EBITDA** | - | **6.39** | **6.68** | | **Profit After Tax (PAT)** | **1.47** | **1.62** | **3.33** | | **Earnings Per Share (EPS)** | - | **₹ 1.38** | **₹ 2.82** | **Efficiency Ratios:** * **Inventory Turnover:** Improved to **2.06:1** (FY 2023-24) from **0.99:1**, indicating better stock management. * **Debtors Turnover:** Stood at **7.97** (FY 2023-24), reflecting disciplined credit policies. --- ### **Risk Management and Mitigation Framework** Gujarat Apollo employs a structured approach to mitigate macroeconomic and financial risks. * **Foreign Exchange Risk:** The company maintains a neutral position on imports/exports. A **Japanese Yen (JPY)** denominated External Commercial Borrowing (**ECB**) is **fully hedged** using a cross-currency interest rate swap. * **Interest Rate Risk:** The company has **zero outstanding borrowings** at fluctuating rates on a standalone basis, eliminating direct interest exposure. LIBOR-linked floating rate ECBs are **fully hedged** via swaps. * **Credit Risk:** Managed through security deposits, bank guarantees, and maintaining a diversified, unrelated customer base. * **Market Competition:** To counter low-priced local players, the company focuses on **Indigenous Substitution** of spares to reduce user lifecycle costs and expands its **dynamic Dealer Network** into rural territories. * **Operational Risks:** Mitigation includes smart inventory management for **on-demand product availability** and preventive maintenance of plant machinery to ensure production efficiency. --- ### **Future Outlook and Sustainability** The company’s growth is closely tied to government infrastructure spending on roads, railways, and airports. While no major capital investment is currently planned for alternate energy sources, the company remains focused on energy conservation through machine efficiency. With the successful integration of **Fieldtrack Earthmovers** and **Ganesh Agro**, Gujarat Apollo is positioned to capture the rising demand in the mechanized farming sector while reclaiming its leadership in the road construction machinery market.