Apollo Techno Industries IPO Overview
Mehsana (Gujarat)-based construction equipment manufacturer raising ₹47.96 cr (100% fresh issue, no OFS). Price: ₹123-130. Lot: 1,000 shares (₹2,60,000 min investment for 2,000 shares / 2 lots).
Funds for working capital requirements, general corporate purposes (detailed breakdown not yet disclosed).
Lead: Beeline Capital Advisors. Registrar: MUFG Intime India (Link Intime).
Founded 2016 (incorporated 2016 in Gujarat). India’s only domestic manufacturer of Horizontal Directional Drilling (HDD) Rigs and Diaphragm Wall Drilling Rigs, and one of the manufacturers of Rotary Drilling Rigs. 154 employees (as of June 30, 2025).
Products: HDD Rigs (Apollo A800, A1200 models for trenchless utility installation – gas pipelines, water lines, sewer, optical fiber, electrical conduits), Diaphragm Wall Drilling Rigs (foundation work for metro stations, airports, railways, riverfront developments), Rotary Drilling Rigs (deep foundation drilling), spare parts. In-house design and engineering capabilities with 5-member design team. SAP-ERP system for manufacturing processes.
Serves diverse end-user industries: Infrastructure construction, utilities (gas, water, telecom), metro/railways, airports, ports, urban development. Domestic focus with Gujarat (34.52% revenue), Maharashtra, Haryana as key markets. Growing export presence with Apollo A800 exported in 2017. Business offices in Bhopal, Chennai, Kolkata, Ghaziabad for regional service. Warranty, on-site support, technical training provided.
Trenchless technology (HDD) eliminates open digging, reducing environmental impact and social disruption. India’s infrastructure boom (metro, airports, smart cities, Bharatmala, Sagarmala) driving demand for foundation and trenchless equipment.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (BSE SME) |
| IPO Open Date | 23 December 2025 (Monday) |
| IPO Close Date | 26 December 2025 (Thursday) |
| Anchor Investor Bidding | 22 December 2025 (Sunday) |
| Allotment Date | 29 December 2025 (Monday) – Expected |
| Credit to Demat | 30 December 2025 (Tuesday) – Expected |
| Refund Initiation | 30 December 2025 (Tuesday) – Expected |
| Listing Date | 31 December 2025 (Wednesday) – Tentative |
| Price Band | ₹123 – ₹130 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares (minimum lot) |
| Min Investment (Retail) | ₹2,60,000 (2,000 shares / 2 lots at upper band ₹130) |
| sNII Investment | ₹3,90,000 (3 lots / 3,000 shares) minimum |
| bNII Investment | Data not specified |
| Issue Size | ₹47.96 crore total |
| Fresh Issue | ₹47.96 crore (100%) – 36,89,000 shares |
| Offer for Sale (OFS) | NIL – No OFS component |
| Total Shares Offered | 36,89,000 equity shares |
| Listing | BSE SME |
| Post-Issue Market Cap | ~₹177.96 crore (Pre-IPO) + IPO = ~₹225.92 crore post-IPO (at upper band ₹130) |
Issue Break-up
| Category | Allocation |
| Anchor Investors | 28.46% (10,50,000 shares) |
| QIB (Qualified Institutional Buyers) | 18.98% (7,00,000 shares – Ex Anchor) |
| Total QIB (Including Anchor) | 47.44% (17,50,000 shares) |
| NII (Non-Institutional Investors) | 14.26% (5,26,000 shares) |
| Retail Individual Investors | 33.29% (12,28,000 shares) |
| Market Maker | 5.01% (1,85,000 shares) |
Selling Shareholders (OFS ₹0 crore)
No OFS Component – 100% Fresh Issue
Note: This is a 100% fresh issue IPO with no Offer for Sale. All proceeds go directly to the company for business purposes. Promoters are not exiting.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹47.96 crore) will be used for:
Detailed fund utilization breakdown not fully disclosed in available public documents. General purposes stated:
- Working Capital Requirements
- Day-to-day operational expenses
- Raw material procurement for HDD, Diaphragm, Rotary rigs manufacturing
- Managing payment cycles with customers
- Funding inventory and receivables
- General Corporate Purposes
- Strategic initiatives
- Business expansion plans
- Technology upgrades
- Offer-related expenses
Strategic Focus:
- MD Parth Patel stated: “The proceeds from the IPO will support our growth plans and strengthen our position in the drilling equipment segment”
- Focus on indigenous manufacturing capabilities for India’s infrastructure needs
- Expanding presence in select export markets
- Strengthening B2B relationships with infrastructure developers
OFS Proceeds:
- NIL – No promoter exit
Note: 100% fresh issue for growth capital. Specific amounts for working capital vs. general corporate purposes awaited in final RHP. Management emphasis on “supporting growth plans” and “strengthening position” suggests capacity expansion and market development focus.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Beeline Capital Advisors Private Limited
Registrar:
- MUFG Intime India Private Limited (Link Intime India Private Limited)
- Address: C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083
- Phone: +91-22-4918 6270
Market Maker:
- Spread X Securities Private Limited (1,85,000 shares / 5.01% reserved)
Promoters & Management
Key Promoters (5 Promoters – Patel Family + HUFs):
Individual Promoters:
- Mr. Parth Rashmikant Patel – Promoter & Managing Director
- Key leadership driving company’s growth and IPO
- Oversees overall strategy, operations, customer relationships
- Spokesperson for IPO: “Apollo Techno is the only domestic manufacturer in India engaged in the manufacturing of HDD equipment and Diaphragm Wall Drilling Rigs”
- Mr. Rashmikant Haribhai Patel – Promoter
- Senior family member, co-founder
- Associated with business operations
- Mrs. Manjulaben Rashmikant Patel – Promoter
- Promoter family member
Hindu Undivided Families (HUFs):
- Parth Patel (HUF) – Promoter (HUF structure)
- Rashmikant Haribhai Patel HUF – Promoter (HUF structure)
Promoter Holding:
- Pre-IPO: Data not fully disclosed in available documents
- Post-IPO: Data not fully disclosed (dilution expected with 36.89 lakh fresh shares)
Company History:
- Incorporated: 2016 (CIN not disclosed in available data)
- Operations: 9 years in construction equipment manufacturing (2016-2025)
- Evolution:
- 2016: Established as manufacturer of drilling rigs in Mehsana, Gujarat
- 2017: Exported Apollo A800 HDD machine (first export milestone)
- 2019: Launched Apollo A1200 HDD machine (product range expansion)
- 2023: Introduced Diaphragm Wall Drilling Rig Machine (diversification into foundation equipment)
- Built in-house design and engineering team (5 members as of June 2025)
- Implemented SAP-ERP system for manufacturing efficiency
- Established business offices in Bhopal, Chennai, Kolkata, Ghaziabad for regional presence
- Workforce: 154 employees (as of June 30, 2025)
- Milestone:
- Became India’s only domestic manufacturer of HDD Rigs and Diaphragm Wall Drilling Rigs
- Achieved 44% revenue growth (FY24-25), 327% PAT growth (FY24-25)
- ROE 74.75%, ROCE 30.98% (FY25) demonstrating exceptional capital efficiency
Company Contact:
- Registered & Manufacturing Office: Survey No. 60, Ahmedabad-Mehsana Highway, Mandali, Dist. Mahesana, Gujarat – 384455, India
- Phone: +91 9875170439
- Website: www.apollotechno.com
COMPANY OVERVIEW
Establishment & Background:
- Incorporated: 2016 (9 years operations)
- Industry: Construction Equipment Manufacturing – Trenchless Technology & Foundation Machinery
- Headquarters: Mehsana, Gujarat
- Positioning: India’s only domestic manufacturer of HDD Rigs and Diaphragm Wall Drilling Rigs; competing with Chinese and international players
Business Model:
Product Portfolio – Drilling Equipment:
- Horizontal Directional Drilling (HDD) Rigs – Trenchless Technology
- Apollo A800: Entry-level HDD rig (exported in 2017)
- Apollo A1200: Higher capacity HDD rig (launched 2019)
- Applications: Installing underground utilities WITHOUT open digging
- Gas pipelines
- Water lines, sewer systems
- Optical fiber cables (telecom)
- Electrical conduits
- Advantage: Trenchless technology eliminates road digging, reducing environmental impact, traffic disruption, social inconvenience
- Diaphragm Wall Drilling Rigs – Foundation Equipment
- Launched 2023 (newest product line)
- Applications: Building deep foundations and retaining walls for:
- Metro stations (underground construction)
- Airports (heavy foundation requirements)
- Railways infrastructure
- Riverfront developments (flood protection walls)
- High-rise buildings
- Technology: Excavates deep trenches for concrete wall foundations
- Rotary Drilling Rigs – Foundation Equipment
- Deep foundation drilling for large construction projects
- Competes with other domestic and Chinese manufacturers (not exclusive product)
- Spare Parts
- Replacement parts for HDD, Diaphragm, Rotary rigs
- After-sales revenue stream
In-House Capabilities:
- Design & Engineering Team: 5 members (as of June 2025)
- SAP-ERP System: Manufacturing process optimization
- Indigenous Manufacturing: Reducing dependence on Chinese imports
- Warranty & Support: On-site support, technical training for customers
Customer Base:
- Infrastructure Developers: Metro corporations, NHAI, state PWDs
- Utility Companies: Gas distribution, water utilities, telecom infrastructure
- Construction Companies: Large contractors for airports, ports, urban projects
- Government Projects: Smart Cities Mission, Bharatmala, Sagarmala, metro expansions
Geographic Presence:
Domestic (Primary Focus):
- Manufacturing: Mehsana, Gujarat (Survey No. 60, Ahmedabad-Mehsana Highway)
- Business Offices: Bhopal (MP), Chennai (TN), Kolkata (WB), Ghaziabad (UP) – regional service hubs
- Key Markets:
- Gujarat: 34.52% of revenue (H1 FY26), 52.99% of domestic sales (FY25)
- Maharashtra, Haryana: Other major markets
Export (Growing):
- Apollo A800 HDD exported in 2017
- Expanding presence in select export markets (countries not specified)
Revenue Model:
- Sales of HDD Rigs, Diaphragm Wall Drilling Rigs, Rotary Drilling Rigs to B2B customers
- Spare parts sales providing recurring revenue
- After-sales services (warranty, support, training)
- High-value capital equipment with long sales cycles
Value Proposition:
- India’s Only Domestic HDD & Diaphragm Manufacturer: Exclusivity in growing market
- Import Substitution: Indigenous alternative to Chinese/international equipment
- Trenchless Technology: HDD eliminates open digging – environmentally friendly, socially less disruptive
- Infrastructure Boom Tailwind: India’s metro, airport, smart city, highway expansion driving demand
- In-House Design: Customization capability and cost control
- After-Sales Support: Warranty, on-site support, technical training building customer trust
Market Position:
- India’s ONLY domestic manufacturer of HDD Rigs and Diaphragm Wall Drilling Rigs (unique positioning)
- One of the manufacturers of Rotary Drilling Rigs (shared market)
- 9 years operational track record (2016-2025)
- 154 employees
- Growing from Gujarat base to pan-India presence via regional offices
Operations
Service Delivery:
- Manufacturing Base: Mehsana, Gujarat (single manufacturing facility)
- Regional Service Hubs: Bhopal, Chennai, Kolkata, Ghaziabad (business offices)
- Geographic Focus: Domestic India with Gujarat stronghold (34.52% revenue); growing export presence
Company Strengths
- Monopoly Positioning – India’s ONLY Domestic HDD & Diaphragm Manufacturer:
- Only Indian company manufacturing HDD Rigs and Diaphragm Wall Drilling Rigs
- Unique competitive advantage with no other domestic player
- Import substitution opportunity reducing dependence on Chinese/international equipment
- Explosive Financial Performance – 44% Revenue, 327% PAT Growth (FY24-25):
- Revenue grew 44% from ₹69.28 cr (FY24) to ₹99.14 cr (FY25)
- PAT more than quadrupled – 327% growth from ₹3.23 cr to ₹13.79 cr
- PAT margin tripled from 4.66% to 13.84% – exceptional profitability improvement
- Exceptional Capital Efficiency – 74.75% ROE, 30.98% ROCE:
- ROE of 74.75% demonstrating outstanding returns to shareholders
- ROCE of 30.98% indicating excellent capital allocation
- Among highest ROE/ROCE in SME manufacturing space
- Infrastructure Boom Tailwind – Metro, Airports, Smart Cities, Bharatmala:
- India’s ₹111 lakh crore National Infrastructure Pipeline (2020-2025)
- Metro rail expansions across 27 cities
- Airports Authority of India modernization (UDAN scheme)
- Smart Cities Mission, Bharatmala highways, Sagarmala ports driving demand for drilling equipment
- Trenchless Technology – Environmentally Friendly, Less Disruptive:
- HDD eliminates open-trench digging for utility installation
- Reduces traffic disruption, environmental impact, social inconvenience
- Growing preference for trenchless methods in urban areas
- Government push for sustainable construction practices
- In-House Design & SAP-ERP – Manufacturing Efficiency:
- 5-member in-house design and engineering team enabling customization
- SAP-ERP system optimizing manufacturing processes
- After-sales support (warranty, on-site training) building customer relationships
Key Risks & Challenges
- Intense Competition – Chinese Manufacturers Dominate Globally:
- HDD and drilling equipment market dominated by Chinese players (XCMG, Sany, CRCHI, etc.)
- Chinese equipment 30-40% cheaper than domestic alternatives
- International giants: Vermeer (USA), Herrenknecht (Germany), Hitachi Zaxis (Japan)
- Apollo Techno’s “only domestic” positioning vulnerable if other Indian players enter or Chinese imports increase
- Small Scale & Short Track Record – ₹99 Cr Revenue, Only 9 Years Old:
- Revenue of ₹99.14 cr (FY25) extremely small for capital equipment manufacturer
- Incorporated 2016 – only 9 years operational history
- Limited crisis-tested resilience (COVID-19 impact not detailed)
- Single manufacturing facility in Mehsana – no geographic diversification
- High Leverage & Contingent Liabilities – ₹30.57 Cr Debt, ₹16.01 Cr Contingencies:
- Outstanding financial indebtedness ₹30.57 cr (as of June 2025)
- Contingent liabilities ₹16.01 cr (as of June 2025) – if materialized, negative impact
- MSME dues ₹4.57 cr (June 2025) up from ₹2.61 cr (FY25) – payment delay risk
- Debt servicing pressure with interest liabilities
- Infrastructure Spending Cyclicality – Government Budget Dependency:
- Revenue highly dependent on government infrastructure capex cycles
- Budget cuts, project delays, political changes can halt orders
- Lumpy order book – large capital equipment sales are infrequent and volatile
- Economic slowdown directly impacts infrastructure spending
- Erratic Financial Performance Warning – Analyst Caution on Volatility:
- Analyst Dilip Davda notes: “The company posted erratic financial performances for the reported periods”
- FY23 PAT ₹0.90 cr → FY24 ₹3.23 cr → FY25 ₹13.79 cr (huge swings)
- Such volatility raises questions about sustainability of FY25’s 327% PAT surge
- Capital equipment business inherently lumpy but this level of volatility concerning
- Tax Proceedings & Legal Risks – Ongoing Disputes with Authorities:
- Company, promoters, and subsidiary involved in ongoing tax proceedings
- Adverse judgments can hurt business prospects and financials
- Legal compliance costs and management distraction
- Reputational risk if tax disputes escalate
Disclaimer
This information is based on publicly available sources. Investors should conduct their own research and consult financial advisors before investing.
The company reported explosive growth (FY25: 44% revenue growth to ₹99.14 cr, 327% PAT growth to ₹13.79 cr, 13.84% PAT margin, 74.75% ROE, 30.98% ROCE) as India’s only domestic manufacturer of HDD Rigs (trenchless technology) and Diaphragm Wall Drilling Rigs (foundation equipment) with 154 employees, in-house design team, SAP-ERP system, benefiting from infrastructure boom (metro, airports, smart cities), but faces significant risks including intense competition from cheaper Chinese manufacturers (XCMG, Sany, CRCHI) dominating globally, small scale (₹99 cr revenue, 9 years old, single Gujarat facility), high leverage (₹30.57 cr debt, ₹16.01 cr contingent liabilities, ₹4.57 cr MSME dues), infrastructure spending cyclicality creating order volatility, analyst warning of “erratic financial performances”, and ongoing tax/legal proceedings. SME listing on BSE.
