Apollo Green Energy Limited (AGEL) Unlisted Share Price Today

Apollo Green Energy Limited, formerly Apollo International Limited, is an Indian public unlisted company whose current operating focus is renewable-energy engineering, procurement and construction, or EPC.

The company has been transitioning away from legacy and non-core businesses toward renewable-energy and infrastructure execution. Its current issuer-described capabilities include utility-scale solar, floating solar, energy storage, hybrid systems and green hydrogen.

These newer areas should not all be interpreted as established material revenue streams. Apollo's FY2025 audited consolidated revenue still included meaningful legacy and non-core activities, making the business transition important when comparing historical financials.

Source: Apollo Green Energy FY2024-25 Annual Report

Apollo Green Energy Limited at a Glance

The 4,06,10,287 share figure is the audited subscribed equity-share count at 31 March 2025. It should not be treated as a verified current September 2026 outstanding-share denominator.

What Does Apollo Green Energy Do?

Apollo Green Energy primarily executes EPC and project contracts.

Under an EPC contract, the company may be responsible for engineering, procurement, construction and project execution under agreed contractual milestones. Revenue from qualifying construction and service obligations can be recognised over time as performance obligations are completed.

Apollo's verified operating exposure includes:

• Utility-scale solar EPC, supported by major NHPC-linked project awards.
• Floating solar, including the West Kallada project in Kerala.
• Energy storage and BESS, identified by the company as a solution area.
• Hybrid renewable systems, identified as part of its clean-energy offering.
• Green hydrogen, currently better treated as a stated capability or strategic area than as a proven material FY2025 revenue segment.

For investors, project awards should not be confused with booked revenue, project profit or cash already collected. EPC outcomes depend on execution, procurement, billing milestones, working capital and collection.

Apollo Green Energy Financials

The latest audited annual report identified in the research is FY2024-25, for the year ended 31 March 2025.

Audited Financial Highlights

How to Read the FY2025 Numbers

Apollo Green Energy's revenue declined materially in FY2025. The company attributed the standalone decline primarily to the disposal of non-core business verticals, so the fall should not be read as a pure like-for-like contraction in renewable EPC activity.

Profitability was mixed. Standalone PAT increased from ₹29.57 crore to ₹34.89 crore, while consolidated PAT declined from ₹38.59 crore to ₹33.66 crore.

Cash conversion was also weaker than reported profit on a consolidated basis: net cash from operating activities was only ₹2.00 crore against consolidated PAT of ₹33.66 crore. At the same time, consolidated current borrowings increased and unbilled revenue rose materially during FY2025.

These figures make working-capital conversion, billing and financing important alongside reported profit.

Source: Apollo Green Energy FY2024-25 Annual Report

Apollo Green Energy Shareholding and Capital Structure

As of 31 March 2025, Apollo Green Energy's promoter group held 57.46% of the subscribed equity shares.

The FY2025 annual report records 4,06,10,287 subscribed equity shares at 31 March 2025, including partly-paid shares. The report also contains conflicting detail on the fully-paid and partly-paid split.

Later 2026 capital data indicates that the capital structure may have changed after FY2025. A current authoritative September 2026 outstanding-share denominator was not identified in the approved research.

For that reason, this page does not publish a current market capitalisation, P/E, P/B or book value per share based on the 4.06 crore figure.

Source: Apollo Green Energy FY2024-25 Annual Report

Major Apollo Green Energy Projects

200 MW Khavda Stage-I Solar Project

NHPC awarded Apollo Green Energy the EPC contract for a 200 MW AC solar project at Khavda Renewable Energy Park in Gujarat.

• EPC Letter of Award: 5 August 2024
• Disclosed project cost: ₹929 crore, including five years of operations and maintenance
• Latest authoritative project-page treatment identified: under construction

Older official schedules for Khavda have moved over time, and no authoritative post-May-2026 completion confirmation was identified in the research through 24 September 2026. This page therefore does not publish an unverified current COD.

Source: NHPC — Khavda Stage-I project

50 MW West Kallada Floating Solar Project

Apollo Green Energy is also the EPC contractor for NHPC's 50 MW West Kallada floating solar project in Kerala.

• Capacity: 50 MW
• Disclosed project cost: ₹259.716 crore, including five years of O&M
• Current NHPC status: Under construction
• Current anticipated COD: March 2027

The project gives Apollo verified exposure to floating-solar execution rather than only a stated capability.

Source: NHPC — West Kallada Floating Solar Project

Project cost should not be treated as revenue already recognised, project profit or cash already collected.

Why Has Apollo Green Energy's Unlisted Share Price Fallen?

Apollo Green Energy's unlisted-market price has repriced materially since 2024, but the available evidence does not support attributing the entire decline to one event.

Importantly, much of the historical repricing had already occurred before the September-October 2025 D-category credit-rating actions and before the 2026 Enforcement Directorate developments. Financing expectations, share issuance, dilution concerns, cash conversion, credit conditions and thin unlisted-market liquidity became relevant at different stages.

For the detailed transaction chronology and evidence-led causal analysis, read Why Is Apollo Green Energy Share Price Falling? Key Reasons.

The historical prices discussed in that article are not current quotes. The live price block on this page remains the source for current Apollo Green transaction intent.

Credit, Financing and Legal Developments

Apollo Green's credit profile deteriorated materially during 2025.

CRISIL moved the company's rated facilities from stronger 2024 levels through lower 2025 ratings and, on 22 September 2025, to CRISIL D / CRISIL D on an Issuer Not Cooperating basis. Infomerics similarly moved rated facilities to IVR D, Issuer Not Cooperating on 3 October 2025.

“Issuer Not Cooperating” and a D/default-category rating are separate facts. The rating agencies also noted information limitations, which should be considered when interpreting the ratings.

No later 2026 Apollo Green rating action was identified in the approved CRISIL/Infomerics scan through 24 September 2026.

Sources: CRISIL — 22 September 2025, Infomerics — 3 October 2025

ED and Creditor Proceedings

The Enforcement Directorate's February and July 2026 releases contain investigation-related allegations involving private financing connected with Apollo Green Energy. On 7 July 2026, the ED announced the arrest of former Apollo Green executive Rakesh Gupta and made allegations regarding private borrowings and defaults.

These are ED allegations and investigation-related actions, not final judicial findings against Apollo Green Energy. The ₹90.04 crore of properties described as attached in the February release belonged to other individuals named by the ED, not Apollo Green Energy.

Tribunal records also show creditor-initiated Section 9 IBC proceedings involving Apollo Green, including Voyager Trading Partners, Royal Cap House and Power2SME. The public records reviewed included pending or procedural stages and reply-filing orders. They do not, by themselves, establish that Apollo Green was admitted into CIRP or that the underlying creditor claims were finally decided on their merits.

Sources: ED — 27 February 2026, ED — 7 July 2026

Apollo Green Energy IPO and Listing Status

Apollo Green Energy remains unlisted.

Management had previously discussed a potential IPO, and older 2025 media references still exist. Those historical expectations are not the same as a current formal IPO process.

No Apollo Green Energy DRHP or confirmed IPO timetable was identified as of 24 September 2026.

Investors should therefore not treat a future IPO, IPO valuation or listing date as assured.

Key Risks of Apollo Green Energy Unlisted Shares

For broader market-level risks, read our guide to the risks of investing in unlisted shares.

How to Buy or Sell Apollo Green Energy Unlisted Shares

Apollo Green Energy equity shares can be bought or sold through an off-market demat transaction, subject to live price, quantity and counterparty availability.

Buying Apollo Green Energy Shares

1. Confirm the live quote and quantity. Check the current indicative price and available quantity.
2. Complete KYC and demat verification. Provide the required PAN, bank and demat details.
3. Review the Deal Note. Verify the investor name, company, ISIN, price, quantity and consideration.
4. Complete payment under the agreed terms.
5. Receive the shares through off-market demat transfer and retain the applicable transaction records.

Selling Apollo Green Energy Shares

Existing shareholders can submit their holding and quantity for a buy-side quote. The available price may differ from the displayed investor purchase quote and depends on quantity, buyer demand and counterparty availability.

Once terms and transfer requirements are agreed, the shares are transferred off-market and settlement is completed under the confirmed transaction terms.

For more detail, see the complete guide to buying and selling unlisted shares.

Final Thoughts on Apollo Green Energy Unlisted Shares

Apollo Green Energy combines a renewable-energy EPC transition and major NHPC-linked project execution with a more complex financial and risk picture.

FY2025 remained profitable, but revenue declined during the business transition, consolidated cash conversion was modest relative to PAT, and the credit profile deteriorated materially during 2025. The company also has an evolving capital structure, unlisted-market liquidity constraints and no confirmed current IPO timetable.

Investors evaluating the current Apollo Green Energy unlisted share price should therefore read the live quote together with the company's audited financials, project execution, financing position, capital structure and liquidity risks rather than relying on the per-share price or historical IPO expectations alone.

Important Disclosure

Unlisted Valley facilitates the buying and selling of unlisted shares, including Apollo Green Energy Limited, and therefore has a commercial interest in transactions involving the company.

The current price displayed on this page is an indicative unlisted-market quote and may change with quantity, availability, demand, supply and transaction timing. Historical transaction levels should not be treated as current prices.

The information on this page is for informational and educational purposes only. It is not investment advice, a guarantee of returns or a recommendation to buy or sell Apollo Green Energy shares.

Investors should independently evaluate the company's financial performance, capital structure, project execution, credit position, liquidity, legal developments and IPO uncertainty before making a transaction decision.