Gujarat Apollo Industries is an engineering company that makes heavy equipment for crushing rock and building roads - and it is methodically rebuilding itself into a broader machinery group. Born in 1987 from a family engineering legacy in Mehsana, Gujarat, the company spent decades making road-construction and mining gear, then sold its road-equipment business to a European multinational in 2013 and fully exited in 2020. The pattern that explains everything that follows is a recurring one: use cash from a mature business to fund a new adjacent one, wait out non-compete restrictions, and then re-enter or diversify using the same in-house engineering and lower-cost Indian manufacturing base.
Business segments
Three engines at different stages - a mining-equipment cash cow, a road-construction comeback built on old know-how, and an agricultural-machinery platform assembled through acquisitions - each funded by the one before.
1. Crushing and screening equipment: the mining backbone that pays the bills
The company makes the machines that turn big rocks into small ones - jaw crushers, cone crushers, vibrating screens and conveyors - and sells them to mines, quarries and infrastructure projects across India and export markets.
- The core product line - the range spans Jaw Crushers, Impact Crushers, Cone Crushers, Vibrating Screens and Conveyors, used in road construction, building construction, mining and general infrastructure. Every government road, railway or airport project that needs aggregate creates demand for this equipment.
- Made in India, mostly from Indian steel - raw material consumption is overwhelmingly indigenous, at over 99% in recent years, with steel as the primary input. The company's factory sits on two plots totalling 47,000 square metres near Mehsana, 60 kilometres north of Ahmedabad, and runs with just 95 permanent employees.
- Competes on value, not price - the market is intensely competitive with numerous local players offering low-priced products, so the company positions itself as a maker of high-quality, high-uptime equipment at affordable prices for customers who want reliability over the cheapest option. India's lower labour costs help keep its equipment competitive against Gulf and African manufacturers in export markets.
- Revenue comes from equipment sales, with credit terms of up to 180 days - control transfers to the customer at delivery, and the customer base is large, industrial and unrelated, which limits concentration risk; services typically require security deposits or bank guarantees. The company also earns export entitlements like Duty Drawback.
- Steel prices are the swing factor - volatility in steel and other raw material costs can squeeze margins because passing price increases through to customers takes time, making raw-material management a constant operational focus.
2. Road-construction equipment: the comeback built on old muscle memory
After a twelve-year non-compete, the company is restarting its original road-construction equipment line - asphalt plants, pavers, sprayers - with commercial sales targeted for early 2026.
- A business it already knows how to run - the company made road-construction equipment for decades before selling the business to a European MNC in 2013 and fully exiting its retained 30% stake in 2020. The non-compete period has now expired, and it is drawing on that same operational history and proven reliability to re-enter.
- The initial product set mirrors its old catalogue - Asphalt Mixing Plants (Hot Mix Plants), Paver Finishers (Asphalt Pavers), Bitumen Sprayers, Kerb Laying Machines and other auxiliary road-construction equipment. As of December 2025, the asphalt plants and pavers had completed development and moved into technical testing and validation.
- Phased investment of about INR 50 Crores over three years - the board approved the new product line in August 2025, and commercial sales and deliveries are scheduled to begin in the fourth quarter of the financial year ending March 2026. The company is not starting from a standing start: it already has the factory, the supply chain and the engineering team from its crushing-equipment business.
3. Agricultural equipment and farm mechanisation: a platform stitched together through acquisitions
The company is assembling a farm-machinery group through a holding structure - small tractors, harvesters, weeders, planters and threshers - distributed through a growing rural dealer network.
- Three operating entities, each with a distinct product focus - Fieldtrack Earthmovers makes Mini Tractors in the 14 to 25 horsepower range and their attachments. Krishitek Industries makes harvesting and maintenance equipment: Walk-behind Reapers, Power Weeders, Mini Tillers and crop-cutting machines for paddy, soybean and other crops. Ganesh Agro Equipment makes planting and processing gear: Thrashers, Potato Planters, Flail Mowers, Rotavators and Disc Harrows.
- Built through a cascade of stakes - the wholly owned subsidiary AEML Investments Ltd. holds 100% of Fieldtrack (acquired in phases, completed January 2025), 50% of Krishitek (completed June 2024), and is in the process of acquiring 50% of Ganesh Agro (initiated December 2024). AEML itself manufactures components for agricultural equipment and also trades in commodities and stainless-steel long products using spare capacity at other manufacturers.
- Distribution is the current battleground - the company is prioritising aggressive expansion of dealer touchpoints for deep penetration across rural territories, backed by supply-chain logistics and inventory management to keep equipment available on demand. Fieldtrack already has a dealer network across Maharashtra, Karnataka, Uttar Pradesh and Gujarat.
- Factory capacity is expanding - a current factory expansion is scheduled for completion in June 2026, with a second phase planned for 2028, suggesting the company is building physical capacity ahead of expected demand.
Group structure and partners
The company operates as a holding entity with two wholly owned manufacturing subsidiaries and a web of step-down stakes in agricultural-machinery companies, plus a European joint venture.
- AEML Investments Ltd. is the main holding subsidiary - formerly called Apollo Earthmovers Limited, it is wholly owned and serves as the vehicle through which the company holds its agricultural-equipment stakes: 100% of Fieldtrack Earthmovers, 50% of Krishitek Industries, and a process underway to acquire 50% of Ganesh Agro Equipment. AEML completely exited its previous joint venture, Ammann India Private Limited, in June 2020 by exercising a put option for Rs. 202.43 Crores, which freed up capital for the farm-mechanisation push.
- Apollo FBC Crushing Equipments Limited is the mining-equipment manufacturing subsidiary - also wholly owned, it is engaged in equipment manufacturing and sits alongside the parent company's own crushing-and-screening operations.
- PFH Agri Equipment India Private Limited is an associate company with PFH BV of Belgium - incorporated in December 2022, it develops and markets agricultural machinery, and a director of Gujarat Apollo Industries sits on its board.
- A former mining associate has been largely exited - the company's shareholding in Credo Advanced Chemicals Limited (formerly Credo Mineral Industries Limited) fell below 20% by December 2022, and it ceased to be an associate.