Apollo Green Energy Limited (AGEL) Unlisted Share Price Today

Apollo Green Energy Limited (AGEL) is an unlisted Indian renewable-energy and engineering, procurement and construction (EPC) company focused on developing and executing clean-energy and infrastructure projects. The company was formerly known as Apollo International Limited and is part of the broader Apollo International Group, promoted by the group associated with Raaja Kanwar.

Its business has been transitioning toward renewable energy and related EPC activities, with operations spanning utility-scale solar power, energy storage, hybrid power and green hydrogen solutions.

Apollo Green Energy Limited at a Glance

Apollo Green Energy's Core Business

Apollo Green Energy's business is primarily focused on engineering and executing energy and infrastructure projects.

Its renewable-energy activities include:

• Utility-scale solar EPC projects
• Renewable-energy project execution
• Energy storage solutions
• Hybrid renewable power projects
• Green hydrogen-related infrastructure
• Other energy and infrastructure EPC activities

Understanding EPC Contracts

EPC stands for Engineering, Procurement and Construction. Under an EPC contract, the contractor is generally responsible for engineering and designing the project, procuring the required equipment and materials, and executing construction until the project is completed.

For a renewable-energy company, EPC contracts can provide significant revenue opportunities, but profitability depends on project execution, costs, working capital, contractual terms and timely completion.

Energy Storage and BESS

Apollo Green Energy has identified energy storage as one of its clean-energy business areas.

BESS, or Battery Energy Storage System, refers to systems that store electricity in batteries and release it when required. Energy storage can support renewable power projects by helping manage intermittent generation from sources such as solar and wind.

Key Business Highlights

Apollo Green Energy's current business profile is increasingly linked to India's renewable-energy and clean-energy transition.

Key areas to watch include:

• Solar EPC: Development and execution of utility-scale solar projects.
• Renewable energy projects: EPC opportunities across India's growing renewable-energy sector.
• Energy storage: Development of capabilities around battery and other energy-storage solutions.
• Hybrid power: Combining renewable sources and storage to improve power availability.
• Green hydrogen: Exploring opportunities connected with India's emerging green-hydrogen infrastructure.

The company's project pipeline and ability to execute large EPC contracts are therefore important factors when evaluating its future growth.

Apollo Green Energy Financials

The following figures are based on the company's FY2024-25 financial reporting.

Source: Apollo Green Energy FY2024-25 Annual Report.

Interpreting the Financials

Apollo Green Energy's revenue declined in FY2025 compared with FY2024. The company attributed the decline in standalone revenue primarily to the disposal of non-core business verticals.

At the same time, standalone profit after tax increased from ₹29.57 crore to ₹34.89 crore. On a consolidated basis, however, PAT declined from ₹38.59 crore to ₹33.66 crore.

Revenue growth alone does not tell the full story here. The more important factors for investors include:

• Profitability and margins
• Cash flow generation
• Working-capital requirements
• Debt and repayment obligations
• Project execution
• Order-book visibility
• Business transition toward renewable energy
• Future dilution or changes in share capital

Apollo Green Energy Shareholding Pattern

As of 31 March 2025, the promoter group held approximately 57.46% of Apollo Green Energy.

The promoter structure should be considered alongside the company's broader business restructuring and transfer of non-core activities.

Source: Apollo Green Energy Annual Report FY2024-25, shareholding pattern as of 31 March 2025.

Apollo Green Energy Unlisted Share Price

There is no NSE or BSE quoted market price for Apollo Green Energy because the company is currently unlisted.

The Apollo Green Energy unlisted share price is determined in the unlisted-share market and can vary based on factors such as:

• Current demand and availability
• Transaction quantity
• Company valuation
• Financial performance
• Project pipeline
• Investor sentiment
• Expected IPO prospects
• Liquidity in the unlisted market

If you are looking to buy or sell Apollo Green Energy shares, check the current indicative price and availability rather than relying on an old quoted price.

Key Valuation Factors

Investors evaluating the price of Apollo Green Energy unlisted shares should look beyond the per-share price:

1. Earnings and earnings growth
2. Book value
3. Debt and cash flow
4. Working-capital requirements
5. Renewable-energy project pipeline
6. Order-book visibility
7. Expected profitability of EPC projects
8. Future renewable-energy opportunities
9. Share capital and potential dilution
10. Credit profile and financing conditions
11. Liquidity of the unlisted shares

Because Apollo Green Energy is unlisted, the price may not move at the same pace as listed renewable-energy companies.

Apollo Green Energy IPO and Listing Status

Apollo Green Energy Limited is currently unlisted and its shares are not traded on NSE or BSE.

The company has previously been associated with plans for a potential IPO, though historical IPO discussions are not the same as a formally confirmed IPO timetable. There is currently no confirmed NSE/BSE listing date or IPO price band.

Investors evaluating the current Apollo Green Energy unlisted share price should treat a future IPO as a possibility, not a certainty.

Recent Apollo Green Energy Developments

Sources: NHPC investor presentation (November 2024), NHPC project disclosures, Kerala state regulatory records.

For the West Kallada project, the Kerala regulatory record and NHPC's own presentation give two different dates four days apart (22 July vs. 26 July 2024) — both are cited above rather than picking one, since neither source has been superseded by the other.

200 MW Khavda Solar Project

NHPC's current project page states that its EPC Letter of Award was issued to Apollo Green Energy on 5 August 2024 for the 200 MW grid-connected solar PV project at the Khavda Renewable Energy Park in Gujarat.

The project cost is listed at ₹929 crore, including five years of operations and maintenance, with an anticipated commercial operation date of September 2026. The project is currently under construction.

50 MW West Kallada Floating Solar Project

NHPC's November 2024 presentation states that it awarded the EPC contract for a 50 MW floating solar project at West Kallada, Kerala, to Apollo Green Energy, with a project cost of approximately ₹260 crore and an expected commissioning timeline of February 2026 at that time.

Floating solar is a newer deployment model than conventional land-based solar, since panels sit on water bodies rather than land.

Why Investors Consider Apollo Green Energy Unlisted Shares

Renewable Energy Exposure

Apollo Green Energy provides exposure to India's renewable-energy and clean-energy infrastructure sector through its EPC activities.

Solar EPC Opportunities

Large solar projects can provide substantial EPC opportunities as India continues expanding renewable-energy capacity.

Large Project Wins

The 200 MW Khavda project and 50 MW West Kallada project are the company's two largest publicly disclosed EPC contracts, both awarded by NHPC.

Energy Storage and Emerging Technologies

Energy storage, hybrid power and green hydrogen could provide additional growth opportunities as India's energy system increasingly integrates intermittent renewable generation.

Potential IPO

Historical IPO plans can make the company interesting to investors looking for pre-IPO opportunities, though a future IPO is not guaranteed and should not be the primary reason for buying the shares.

If you're evaluating Apollo Green Energy unlisted shares as part of a renewable-energy or pre-IPO allocation, Unlisted Valley provides current indicative pricing, availability and transaction support.

Apollo Green Energy Risks

Risk Summary

Credit and Financial Risk

CRISIL downgraded Apollo Green Energy's ratings to D/D in September 2025 on an issuer-not-cooperating basis. A D rating indicates default or expected default and warrants close review of the company's current financial position, debt, cash flows and credit profile — irrespective of the sector's growth prospects.

Project Execution Risk

EPC projects involve risks relating to:

• Procurement
• Construction
• Equipment costs
• Labour
• Project timelines
• Regulatory approvals
• Transmission and grid connectivity
• Customer payments

Delays or cost overruns can affect project profitability and cash flow.

Working-Capital Risk

Renewable-energy EPC companies may need to spend money on equipment, construction and subcontractors before receiving corresponding project payments, making working-capital management a key factor in an EPC company's financial health.

Unlisted Share Liquidity Risk

Unlike NSE- or BSE-listed shares, Apollo Green Energy shares do not have continuous exchange-based trading. An investor may face:

• Limited buyers
• Longer selling timelines
• Price differences between transactions
• Lower liquidity
• Difficulty exiting at the desired price

IPO Risk

An IPO can potentially provide an exit route and improve liquidity, but a company having previously discussed one is not a commitment to complete it.

Before investing, review our detailed guide on the risks of investing in unlisted shares.

Apollo Green Energy SWOT Analysis

Final Thoughts on Apollo Green Energy Unlisted Shares

Apollo Green Energy Limited is positioning itself around India's renewable-energy and clean-energy infrastructure opportunity, with activities spanning solar EPC, energy storage, hybrid power and emerging green-hydrogen opportunities.

Its two largest disclosed EPC contracts — the 200 MW Khavda solar project and the 50 MW West Kallada floating solar project, both awarded by NHPC — give some visibility into its renewable-energy pipeline.

At the same time, FY2025 revenue declined, the company has undergone business restructuring, and its credit-rating history and unlisted status add further risk. If you are considering buying or selling Apollo Green Energy unlisted shares, weigh the current indicative price alongside financial performance, valuation, project execution, credit position, liquidity and IPO prospects rather than relying on the share price alone.

Important Disclosure

Unlisted Valley facilitates the buying and selling of unlisted shares, including Apollo Green Energy Limited. As a platform with a commercial interest in these transactions, we aim to provide balanced, factually sourced information to help investors make independent decisions.

Indicative prices, share availability and transaction terms may change based on market conditions. Information presented on this page is for educational and informational purposes only and should not be considered investment advice, a guarantee of returns or a recommendation to buy or sell shares.

Investors should independently evaluate Apollo Green Energy's financial performance, valuation, business prospects, liquidity and associated risks before making an investment decision.