Gujarat Apollo Industries Ltd.

•

apollo.co.inBSE: 522217NSE: GUJAPOLLO

Market Cap₹ 457 Cr.

Current Price

High / Low₹ 512 / 300

Stock P/E188.9

Book Value₹ 205

Price to Book1.58

Dividend Yield0.00 %

ROCE1.8 %

ROE0.7 %

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 is almost debt free
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

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 (411.0% of PBT)
Company has a low return on capital employed of 1.6%
Company has a low return on equity of 1.0% 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	6	12	9	11	4	5	4	6	7	8	9	8	7
	7	14	10	14	7	6	6	9	9	10	12	10	11
Operating Profit	-1	-1	-1	-3	-2	-1	-2	-3	-2	-2	-3	-3	-4
OPM %	-18.44%	-9.61%	-9.69%	-24.62%	-55.35%	-16.67%	-40.09%	-44.39%	-30.66%	-22.15%	-34.74%	-34.02%	-51.53%
	3	5	2	3	4	5	3	3	3	5	3	3	4
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	0	0	0	0	0	1	1	1	1	1	1
Profit before Tax	1	3	1	-1	1	3	0	-1	-0	3	-1	-0	0
Tax %	24.66%	5.86%	22.67%	22.86%	21.35%	11.54%	100.00%	-149.40%	141.67%	-12.11%	28.81%	103.70%	17.47%
Net Profit	1	3	1	-1	1	3	0	-2	0	3	-1	0	0
	0.47	2.32	0.49	-0.46	0.59	2.54	0.00	-1.75	0.08	2.43	-0.68	-0.03	0.29

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	78	68	68	30	26	29	30	24	38	20	32
	85	84	76	33	31	40	39	31	44	28	44
Operating Profit	-7	-16	-8	-4	-5	-10	-9	-7	-6	-8	-11
OPM %	-9.18%	-23.99%	-11.82%	-11.91%	-17.06%	-35.73%	-31.39%	-30.26%	-15.44%	-38.89%	-35.27%
	15	32	28	13	19	15	13	12	13	14	15
Interest	10	6	2	1	1	0	1	1	1	1	1
Depreciation	2	2	2	2	2	2	2	2	2	2	2
Profit before Tax	-4	8	16	6	12	2	0	2	4	3	2
Tax %	10.21%	-29.08%	36.77%	-1.01%	11.75%	-23.02%	-414.28%	-20.85%	9.53%	52.98%	-54.21%
Net Profit	-4	10	10	6	10	2	1	2	3	2	2
EPS	0.00	0.00	7.98	0.00	0.00	1.64	0.74	1.70	2.82	1.38	—
Dividend Payout %	-93.12%	33.92%	36.64%	60.73%	36.93%	122.21%	269.61%	117.37%	70.89%	145.31%	—

COMPOUNDED SALES GROWTH

10 Years:: -11%
5 Years:: -5%
3 Years:: -12%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -31%
3 Years:: 23%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 1%
3 Years:: 1%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	236	259	241	239	245	243	220	220	221	220
	109	39	10	12	9	7	10	11	11	11
Trade Payables	7	9	3	6	4	6	8	3	5	4
	19	5	5	5	6	4	7	4	4	15
Total Liabilities	385	325	271	275	277	273	256	250	253	263
	44	39	38	36	35	33	33	29	31	36
Capital Work in Progress	0	0	0	0	0	0	0	3	0	0
	163	114	60	62	58	55	55	55	55	55
	26	25	22	20	20	15	20	16	11	16
	0	0	0	0	0	0	0	0	8	6
Cash & Bank	8	8	6	6	6	10	1	1	0	0
	144	138	145	152	159	159	148	147	147	150
Total Assets	385	325	271	275	277	273	256	250	253	263

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	-17	-22	-4	2	-8	-8	-6	-2	-10
Cash from Investing	11	98	72	10	8	14	33	9	5	5
Cash from Financing	-29	-80	-49	-5	-8	-6	-24	-2	-3	5
	-9	-0	-2	-0	-0	-0	0	-0	-0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-2.68	7.37	8.19	4.94	8.12	1.64	0.74	1.70	2.82	1.38
Book Value (₹)	182.49	199.72	200.01	198.99	203.65	202.12	196.78	196.52	197.30	196.70
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 (₹)	-1.07	9.11	10.09	6.78	9.93	3.52	2.67	3.63	4.47	2.92
PROFITABILITY
Operating Margin %	9.27%	21.31%	28.78%	43.07%	56.08%	15.52%	11.36%	20.96%	-15.44%	-38.89%
Net Margin %	-4.20%	13.35%	14.69%	20.97%	38.83%	7.10%	2.96%	8.41%	8.69%	8.09%
ROE %	-1.39%	3.86%	3.94%	2.48%	4.03%	0.81%	0.36%	0.87%	1.43%	0.70%
ROCE %	1.57%	4.06%	6.23%	2.79%	4.73%	0.81%	0.43%	1.13%	1.94%	1.84%
	-0.92%	2.84%	3.48%	2.29%	3.73%	0.75%	0.33%	0.79%	1.32%	0.63%
EFFICIENCY
Debtor Days	37	43	39	101	98	62	52	32	46	128
Inventory Days	105	124	124	261	274	217	218	273	128	247
Payable Days	49	55	39	76	91	63	107	113	53	125
	94	112	124	286	281	216	163	191	121	249
FINANCIAL HEALTH
Debt to Equity (x)	0.45x	0.14x	0.04x	0.05x	0.03x	0.03x	0.04x	0.05x	0.05x	0.05x
Interest Coverage (x)	0.59x	2.32x	11.88x	6.37x	13.73x	4.63x	1.19x	2.54x	4.48x	4.09x
	2.00x	4.24x	12.00x	8.85x	11.38x	13.26x	7.51x	10.72x	9.25x	9.53x
GROWTH
Revenue Growth %	15.46%	-13.28%	1.24%	-56.38%	-11.20%	10.10%	1.39%	-19.16%	60.27%	-47.62%
Operating Profit Growth %	-39.59%	98.70%	26.31%	-36.73%	15.63%	-69.53%	-25.80%	49.17%	33.36%	-4.34%
Net Profit Growth %	-42.00%	374.55%	2.97%	-39.68%	64.44%	-79.85%	-57.76%	129.73%	65.57%	-51.22%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	65.57%	-51.22%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	75.71x	225.30x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.08x	1.58x
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	39.41x	58.98x

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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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

-1

-3

-2

-1

-2

-3

-2

-3

-4

OPM %

-18.44%

-9.61%

-9.69%

-24.62%

-55.35%

-16.67%

-40.09%

-44.39%

-30.66%

-22.15%

-34.74%

-34.02%

-51.53%

Interest

Depreciation

Profit before Tax

-1

-0

-1

-0

Tax %

24.66%

5.86%

22.67%

22.86%

21.35%

11.54%

100.00%

-149.40%

141.67%

-12.11%

28.81%

103.70%

17.47%

Net Profit

-1

-2

-1

0.47

2.32

0.49

-0.46

0.59

2.54

0.00

-1.75

0.08

2.43

-0.68

-0.03

0.29

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-7

-16

-8

-4

-5

-10

-9

-7

-6

-8

-11

OPM %

-9.18%

-23.99%

-11.82%

-11.91%

-17.06%

-35.73%

-31.39%

-30.26%

-15.44%

-38.89%

-35.27%

Interest

Depreciation

Profit before Tax

-4

Tax %

10.21%

-29.08%

36.77%

-1.01%

11.75%

-23.02%

-414.28%

-20.85%

9.53%

52.98%

-54.21%

Net Profit

-4

EPS

0.00

7.98

0.00

1.64

0.74

1.70

2.82

1.38

—

Dividend Payout %

-93.12%

33.92%

36.64%

60.73%

36.93%

122.21%

269.61%

117.37%

70.89%

145.31%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

236

259

241

239

245

243

220

221

220

109

Trade Payables

Total Liabilities

385

325

271

275

277

273

256

250

253

263

Capital Work in Progress

163

114

Cash & Bank

144

138

145

152

159

148

147

150

Total Assets

385

325

271

275

277

273

256

250

253

263

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-17

-22

-4

-8

-6

-2

-10

Cash from Investing

Cash from Financing

-29

-80

-49

-5

-8

-6

-24

-2

-3

-9

-0

-2

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

-2.68

7.37

8.19

4.94

8.12

1.64

0.74

1.70

2.82

1.38

Book Value (₹)

182.49

199.72

200.01

198.99

203.65

202.12

196.78

196.52

197.30

196.70

Dividend per Share (₹)

2.50

3.00

2.00

Cash EPS (₹)

-1.07

9.11

10.09

6.78

9.93

3.52

2.67

3.63

4.47

2.92

PROFITABILITY

Operating Margin %

9.27%

21.31%

28.78%

43.07%

56.08%

15.52%

11.36%

20.96%

-15.44%

-38.89%

Net Margin %

-4.20%

13.35%

14.69%

20.97%

38.83%

7.10%

2.96%

8.41%

8.69%

8.09%

ROE %

-1.39%

3.86%

3.94%

2.48%

4.03%

0.81%

0.36%

0.87%

1.43%

0.70%

ROCE %

1.57%

4.06%

6.23%

2.79%

4.73%

0.81%

0.43%

1.13%

1.94%

1.84%

-0.92%

2.84%

3.48%

2.29%

3.73%

0.75%

0.33%

0.79%

1.32%

0.63%

EFFICIENCY

Debtor Days

101

128

Inventory Days

105

124

261

274

217

218

273

128

247

Payable Days

107

113

125

112

124

286

281

216

163

191

121

249

FINANCIAL HEALTH

Debt to Equity (x)

0.45x

0.14x

0.04x

0.05x

0.03x

0.04x

0.05x

Interest Coverage (x)

0.59x

2.32x

11.88x

6.37x

13.73x

4.63x

1.19x

2.54x

4.48x

4.09x

2.00x

4.24x

12.00x

8.85x

11.38x

13.26x

7.51x

10.72x

9.25x

9.53x

GROWTH

Revenue Growth %

15.46%

-13.28%

1.24%

-56.38%

-11.20%

10.10%

1.39%

-19.16%

60.27%

-47.62%

Operating Profit Growth %

-39.59%

98.70%

26.31%

-36.73%

15.63%

-69.53%

-25.80%

49.17%

33.36%

-4.34%

Net Profit Growth %

-42.00%

374.55%

2.97%

-39.68%

64.44%

-79.85%

-57.76%

129.73%

65.57%

-51.22%

0.00%

65.57%

-51.22%

VALUATION

P/E (x)

0.00x

75.71x

225.30x

P/B (x)

0.00x

1.08x

1.58x

Dividend Yield %

0.00%

0.94%

0.65%

0.00x

39.41x

58.98x

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.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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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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