Gujarat Apollo Industries Ltd.

•

apollo.co.inBSE: 522217NSE: GUJAPOLLO

Market Cap₹ 457 Cr.

Current Price

High / Low₹ 512 / 300

Stock P/E81.6

Book Value₹ 392

Price to Book0.76

Dividend Yield0.00 %

ROCE1.9 %

ROE0.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
A large part of profit comes from other income (466.6% of PBT)
Company has a low return on capital employed of 2.5%
Company has a low return on equity of 1.7% over last 3 years
Promoter holding has decreased over last 2 years: -7.3pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	580.72	850.16	3707.90	991.77	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	GUJAPOLLO	352.50	81.55	457.19	0.00	0.81	-29.77	9.98	-9.96	1.88	-36.14

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	13	17	14	13	9	10	6	17	11	13	16	13	10
	13	18	13	15	11	11	8	26	13	15	20	15	16
Operating Profit	-0	-1	0	-2	-2	-1	-2	-9	-2	-2	-4	-2	-6
OPM %	-1.67%	-5.59%	2.78%	-16.85%	-24.24%	-11.90%	-30.66%	-50.50%	-21.03%	-18.15%	-24.30%	-16.90%	-58.65%
	5	8	6	4	8	8	6	6	7	8	7	5	7
Interest	1	1	1	0	0	1	1	2	1	1	1	0	1
Depreciation	1	1	1	1	1	1	1	2	1	1	1	1	1
Profit before Tax	3	5	5	1	5	5	2	-6	2	3	0	1	1
Tax %	4.59%	2.86%	2.59%	235.44%	9.59%	11.49%	4.18%	-59.36%	23.67%	36.67%	18.52%	-33.33%	45.40%
Net Profit	0	0	0	0	4	5	2	-9	1	2	6	2	1
	2.75	4.42	3.75	-1.54	3.37	4.06	1.98	-7.42	0.98	1.98	0.51	1.40	0.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	82	68	68	30	26	55	56	72	57	42	52
	94	85	78	37	33	66	60	77	60	55	66
Operating Profit	-12	-17	-10	-7	-7	-11	-5	-6	-3	-14	-14
OPM %	-14.71%	-25.23%	-14.43%	-24.56%	-25.71%	-20.07%	-8.10%	-7.71%	-5.25%	-32.99%	-27.55%
	28	39	46	20	27	99	26	25	23	29	27
Interest	10	6	2	1	1	2	2	2	2	4	3
Depreciation	3	3	3	3	2	3	5	5	5	5	6
Profit before Tax	3	14	31	8	16	82	14	11	14	6	6
Tax %	-28.07%	-6.41%	23.48%	13.72%	17.66%	45.62%	40.58%	-8.46%	16.69%	76.07%	22.76%
Net Profit	3	15	24	7	14	45	8	12	11	1	5
EPS	0.00	0.00	24.23	0.00	0.00	35.91	7.82	9.68	9.38	1.99	—
Dividend Payout %	17.88%	10.92%	12.06%	19.84%	14.55%	5.57%	25.40%	20.66%	21.33%	100.68%	—

COMPOUNDED SALES GROWTH

10 Years:: -6%
5 Years:: 9%
3 Years:: -9%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -38%
3 Years:: -37%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 10%
3 Years:: 17%
1 Year:: -26%

RETURN ON EQUITY

10 Years:: 3%
5 Years:: 3%
3 Years:: 2%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	13	13	13	13	12	12	12	12
	413	473	457	464	481	521	512	467	471	470
	113	39	10	17	14	65	18	26	20	49
Trade Payables	6	8	3	6	4	6	11	7	6	7
	20	5	5	5	7	9	17	7	11	17
Total Liabilities	565	538	488	504	518	614	570	519	519	555
	55	44	41	38	37	114	112	107	108	128
Capital Work in Progress	0	0	0	0	0	1	1	5	4	3
	286	271	203	213	221	113	116	60	56	60
	28	27	24	20	20	18	40	31	21	26
	0	0	0	0	0	0	0	0	25	19
Cash & Bank	25	30	34	31	29	102	23	20	3	1
	171	167	185	202	210	267	278	297	301	317
Total Assets	565	538	488	504	518	614	570	519	519	555

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	17	0	-36	-4	13	-26	-10	-66	7	-16
Cash from Investing	10	87	92	11	2	20	92	69	3	-13
Cash from Financing	-35	-79	-49	-6	-13	43	-78	1	-11	29
	-9	5	4	-1	-0	0	0	-0	0	-0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	13.98	22.90	24.87	15.12	20.62	35.91	7.87	9.68	9.38	1.99
Book Value (₹)	312.35	356.25	371.06	376.43	389.53	421.15	443.63	405.67	408.89	408.67
Dividend per Share (₹)	2.50	2.50	3.00	3.00	3.00	2.00	2.00	2.00	2.00	2.00
Cash EPS (₹)	4.84	12.66	21.09	7.72	12.70	37.95	11.19	14.90	13.68	5.60
PROFITABILITY
Operating Margin %	17.79%	29.64%	53.14%	51.03%	76.49%	158.94%	38.19%	26.41%	-5.25%	-32.99%
Net Margin %	3.63%	19.34%	33.99%	23.98%	51.28%	81.01%	14.69%	17.35%	19.85%	3.54%
ROE %	0.85%	3.20%	5.02%	1.52%	2.80%	8.69%	1.55%	2.49%	2.36%	0.30%
ROCE %	2.54%	3.68%	6.59%	1.97%	3.55%	15.20%	2.85%	2.66%	3.10%	1.88%
	0.63%	2.64%	4.68%	1.45%	2.66%	7.88%	1.38%	2.29%	2.18%	0.27%
EFFICIENCY
Debtor Days	38	45	43	109	104	51	85	106	164	193
Inventory Days	116	134	132	269	275	125	189	178	166	209
Payable Days	41	50	35	66	91	36	87	60	59	65
	113	128	139	312	288	139	186	224	272	336
FINANCIAL HEALTH
Debt to Equity (x)	0.27x	0.08x	0.02x	0.04x	0.03x	0.12x	0.03x	0.05x	0.04x	0.10x
Interest Coverage (x)	1.25x	3.30x	18.97x	7.74x	13.97x	41.24x	6.55x	5.83x	7.65x	2.67x
	2.14x	4.75x	13.99x	8.09x	15.72x	3.82x	6.42x	10.39x	6.46x	4.00x
GROWTH
Revenue Growth %	0.90%	-17.18%	1.29%	-56.09%	-11.84%	107.83%	1.14%	29.07%	-20.60%	-27.19%
Operating Profit Growth %	-5.29%	38.16%	67.73%	-59.13%	32.14%	331.87%	-75.70%	-10.73%	7.76%	-26.79%
Net Profit Growth %	432.25%	341.18%	64.48%	-69.98%	88.55%	228.33%	-81.66%	52.47%	-9.19%	-87.01%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.12%	-78.82%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.78x	156.11x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.52x	0.76x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%	0.65%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	13.24x	27.71x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.64	51.99	51.99	51.99	51.99	51.99	47.30	47.30	47.30
	0.01	0.03	0.01	0.01	0.14	0.00	0.05	0.18	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.35	47.98	48.01	48.01	47.87	48.01	52.65	52.52	52.70

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Record Date

2026-09-05 - Gujarat Apollo Industries Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is 21-Sep-2026.

2026-09-03

Outcome of Board Meeting

2026-09-03 - Gujarat Apollo Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.

2026-08-14

General Updates

2026-08-14 - Gujarat Apollo Industries Limited has informed the Exchange about General Updates

2026-08-14

Change in Management

2026-08-14 - Gujarat Apollo Industries Limited has informed the Exchange about change in Management

2026-08-14

Outcome of Board Meeting

2026-08-14 - Gujarat Apollo Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-01

General Updates

2026-08-01 - Gujarat Apollo Industries Limited has informed the Exchange about General Updates

2026-07-16

Structural Digital Database

2026-07-16 - SDD FOR QE 30.06.2026

2026-07-16

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-16 - Gujarat Apollo Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-30

Disclosure under SEBI Takeover Regulations

2026-06-30 - Asit A. Patel has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

News

Recent coverage and analyst commentary for GUJAPOLLO

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Gujarat Apollo Industries Ltd.

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Name

BHEL

433.35

62.03

150895.22

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

970.60

89.95

47994.32

0.61

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3634.35

72.98

43305.57

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

35625.15

57.15

31498.06

0.31

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1002.85

70.89

22807.13

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2248.45

80.08

20407.72

0.09

580.72

850.16

3707.90

991.77

33.54

20.46

TRITURBINE

577.50

54.59

18358.64

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2775.95

128.99

17927.57

0.00

35.16

19.46

172.60

25.90

12.28

37.29

LLOYDSENGG

84.28

58.44

13072.16

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1547.15

550.12

11623.38

0.13

-108.25

-406.36

1723.44

383.99

8.37

3.27

KRN

1579.75

106.67

10340.80

0.00

32.90

164.84

252.32

118.87

16.06

19.44

GUJAPOLLO

352.50

81.55

457.19

0.00

0.81

-29.77

9.98

-9.96

1.88

-36.14

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-0

-1

-2

-1

-2

-9

-2

-4

-2

-6

OPM %

-1.67%

-5.59%

2.78%

-16.85%

-24.24%

-11.90%

-30.66%

-50.50%

-21.03%

-18.15%

-24.30%

-16.90%

-58.65%

Interest

Depreciation

Profit before Tax

-6

Tax %

4.59%

2.86%

2.59%

235.44%

9.59%

11.49%

4.18%

-59.36%

23.67%

36.67%

18.52%

-33.33%

45.40%

Net Profit

-9

2.75

4.42

3.75

-1.54

3.37

4.06

1.98

-7.42

0.98

1.98

0.51

1.40

0.62

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-12

-17

-10

-7

-11

-5

-6

-3

-14

OPM %

-14.71%

-25.23%

-14.43%

-24.56%

-25.71%

-20.07%

-8.10%

-7.71%

-5.25%

-32.99%

-27.55%

Interest

Depreciation

Profit before Tax

Tax %

-28.07%

-6.41%

23.48%

13.72%

17.66%

45.62%

40.58%

-8.46%

16.69%

76.07%

22.76%

Net Profit

EPS

0.00

24.23

0.00

35.91

7.82

9.68

9.38

1.99

—

Dividend Payout %

17.88%

10.92%

12.06%

19.84%

14.55%

5.57%

25.40%

20.66%

21.33%

100.68%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

413

473

457

464

481

521

512

467

471

470

113

Trade Payables

Total Liabilities

565

538

488

504

518

614

570

519

555

114

112

107

108

128

Capital Work in Progress

286

271

203

213

221

113

116

Cash & Bank

102

171

167

185

202

210

267

278

297

301

317

Total Assets

565

538

488

504

518

614

570

519

555

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-36

-4

-26

-10

-66

-16

Cash from Investing

-13

Cash from Financing

-35

-79

-49

-6

-13

-78

-11

-9

-1

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

13.98

22.90

24.87

15.12

20.62

35.91

7.87

9.68

9.38

1.99

Book Value (₹)

312.35

356.25

371.06

376.43

389.53

421.15

443.63

405.67

408.89

408.67

Dividend per Share (₹)

2.50

3.00

2.00

Cash EPS (₹)

4.84

12.66

21.09

7.72

12.70

37.95

11.19

14.90

13.68

5.60

PROFITABILITY

Operating Margin %

17.79%

29.64%

53.14%

51.03%

76.49%

158.94%

38.19%

26.41%

-5.25%

-32.99%

Net Margin %

3.63%

19.34%

33.99%

23.98%

51.28%

81.01%

14.69%

17.35%

19.85%

3.54%

ROE %

0.85%

3.20%

5.02%

1.52%

2.80%

8.69%

1.55%

2.49%

2.36%

0.30%

ROCE %

2.54%

3.68%

6.59%

1.97%

3.55%

15.20%

2.85%

2.66%

3.10%

1.88%

0.63%

2.64%

4.68%

1.45%

2.66%

7.88%

1.38%

2.29%

2.18%

0.27%

EFFICIENCY

Debtor Days

109

104

106

164

193

Inventory Days

116

134

132

269

275

125

189

178

166

209

Payable Days

113

128

139

312

288

139

186

224

272

336

FINANCIAL HEALTH

Debt to Equity (x)

0.27x

0.08x

0.02x

0.04x

0.03x

0.12x

0.03x

0.05x

0.04x

0.10x

Interest Coverage (x)

1.25x

3.30x

18.97x

7.74x

13.97x

41.24x

6.55x

5.83x

7.65x

2.67x

2.14x

4.75x

13.99x

8.09x

15.72x

3.82x

6.42x

10.39x

6.46x

4.00x

GROWTH

Revenue Growth %

0.90%

-17.18%

1.29%

-56.09%

-11.84%

107.83%

1.14%

29.07%

-20.60%

-27.19%

Operating Profit Growth %

-5.29%

38.16%

67.73%

-59.13%

32.14%

331.87%

-75.70%

-10.73%

7.76%

-26.79%

Net Profit Growth %

432.25%

341.18%

64.48%

-69.98%

88.55%

228.33%

-81.66%

52.47%

-9.19%

-87.01%

0.00%

-3.12%

-78.82%

VALUATION

P/E (x)

0.00x

22.78x

156.11x

P/B (x)

0.00x

0.52x

0.76x

Dividend Yield %

0.00%

0.94%

0.65%

0.00x

13.24x

27.71x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

54.64

51.99

47.30

0.01

0.03

0.01

0.14

0.00

0.05

0.18

0.00

DIIs

0.00

Government

0.00

45.35

47.98

48.01

47.87

48.01

52.65

52.52

52.70

Gujarat Apollo Industries Ltd.

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Balance Sheet

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Gujarat Apollo Industries Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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