Updated on 07.01.2026 @ 11:21 PM
Apollo Techno Industries Limited (ATIL) has announced its Initial Public Offering (IPO) on the BSE SME platform.
It is a Gujarat-based manufacturer of construction and foundation equipment, including Horizontal Directional Drilling (HDD) rigs. You can track this and other IPOs at our IPO calendar hub.
The subscription will open on December 23, 2025, with a price band of ₹123 to ₹130 per share.
The company aims to raise approximately ₹47.96 Crores through a fresh issue, with proceeds earmarked for working capital requirements.
In this article, you will find Apollo Techno Industries IPO GMP today, allotment date, price band, and a detailed review. You can also find the subscription demands of this and other IPOs at our subscription hub page which has updates on all the SME & Mainboard IPOs. For allotment status, you can refer to our allotment status hub page which is updated regularly.
For readers focusing on long-term financial planning alongside IPO analysis, our SIP Calculator and Mutual Fund Learning Hub offer practical tools and educational insights.
Briefs of Apollo Techno Industries IPO Details:
- Price Band: ₹123 – ₹130 per equity share
- IPO Open / Close Dates: Tuesday, December 23, 2025 – Friday, December 26, 2025
- Lot Size: 1,000 Equity Shares (Minimum Application: 2,000 Shares for Retail)
- Issue Size: 36,89,000 Equity Shares / ₹47.96 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: BSE SME
Since MUFG Intime is the registrar of the issue, here is the detailed guide on MUFG Intime IPO allotment status guide which has all the required details for new as well as long time investor.
WHAT IS THE Apollo Techno Industries IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) is a market sentiment indicator and changes daily based on demand. It is an unofficial figure and is not regulated or endorsed by SEBI, NSE, or BSE.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 130 | 145 | 11.54 |
What Are The Important Apollo Techno Industries IPO Dates & Allotment Schedule?
- IPO Open Date: Tuesday, December 23, 2025
- IPO Close Date: Friday, December 26, 2025
- Basis of Allotment Date: Monday, December 29, 2025
- Refund Initiation Date: Tuesday, December 30, 2025
- Credit of Shares: Tuesday, December 30, 2025
- Listing Date: Wednesday, December 31, 2025
What Are The Objectives of Apollo Techno Industries IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following objects:
- Working Capital Requirements (38.5 Crores): The business is capital intensive, requiring significant funds for inventory and trade receivables. A substantial portion of proceeds will bridge this gap.
- General Corporate Purposes: To fund ongoing corporate exigencies and business operations.
How is The Financial Performance of Apollo Techno Industries?
The following table summarizes the financial information derived from the Restated Consolidated Financial Statements.
(Figures in ₹ Crores)
| Period Ended | 30 Jun 2025 (3 Months) | 31 Mar 2025 (FY25) | 31 Mar 2024 (FY24) | 31 Mar 2023 (FY23) |
Total Income | 24.67 | 99.66 | 69.28 | 72.57 |
Profit After Tax | 1.08 | 13.79 | 3.23 | 0.90 |
EBITDA | 2.07 | 18.15 | 7.65 | 2.97 |
Net Worth | 26.38 | 25.32 | 11.57 | 8.20 |
Total Borrowing | 30.57 | 31.75 | 43.29 | 43.97 |
Assets | 76.25 | 76.25 | 65.09 | 65.09 |
Observations and Analysis:
Total Income:
The company recorded a robust revenue of ₹99.66 Crores in Fiscal 2025, marking a growth of approximately 43.8% over Fiscal 2024. This increase is attributed to the introduction of new products like Diaphragm Wall Drilling Rigs and expanded export sales.
Profit After Tax (PAT):
PAT surged significantly to ₹13.79 Crores in Fiscal 2025 from ₹3.23 Crores in Fiscal 2024. This growth in the bottom line reflects improved product mix and higher margins from international markets.
EBITDA:
The EBITDA for Fiscal 2025 stood at ₹18.15 Crores with a margin of 18.31%. The improvement from 11.09% in the previous fiscal year indicates enhanced operational efficiency and economies of scale.
Net Worth:
The Net Worth has strengthened to approximately ₹25.32 Crores in Fiscal 2025, supported by the retention of earnings. The Return on Net Worth (RoNW) for the same period was reported at a high 54.45%.
Total Borrowing:
Total borrowings stood at ₹31.75 Crores as of March 31, 2025, showing a reduction from ₹43.97 Crores in Fiscal 2023. The Debt-to-Equity ratio has improved to 1.25, indicating a gradual deleveraging of the balance sheet.
Assets:
Total assets have grown to ₹76.25 Crores as of June 30, 2025. This asset base is largely composed of inventory and trade receivables, reflecting the working capital-intensive nature of the heavy machinery manufacturing business.
P/E Ratio and Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹13.79, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 9.43x at the upper end of the price band (₹130).
P/E Ratio = ₹130 (Price) / ₹13.79 (Earnings Per Share)
P/E Ratio ≈ 9.43x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | Revenue (₹ Lakhs) |
Apollo Techno Industries | 9.43 | 54.45 | 9,914.09 |
| Eimco Elecon (India) Ltd | 22.06 | 11.32 | 24,647.25 |
Source: RHP
Analysis:
Based on the upper price band of ₹130 and the FY25 EPS of ₹13.79, the P/E ratio for the issue is approximately 9.43 times. The company’s sole listed peer, Eimco Elecon (India) Limited, trades at a P/E of 22.06 times.
While ATIL's valuation appears lower than that of its industry peers, investors should consider the difference in scale and market capitalisation between the two entities.
Industry Outlook
Growth Potential:
The Indian construction equipment industry is projected to grow significantly, driven by government infrastructure projects like Bharitmala, Sagarmala, and urban metro rail expansions.
Market Trends:
There is a growing preference for trenchless technology (HDD) for laying utilities like fiber optics and gas pipelines in congested urban areas to avoid surface disruption. As a domestic manufacturer of HDD rigs, ATIL is positioned to capitalize on this import-substitution trend.
What Are The Strengths and Risks of Apollo Techno Industries IPO?
Strengths:
- Niche Product Portfolio: ATIL is a domestic manufacturer of Horizontal Directional Drilling (HDD) equipment, a specialized segment with limited domestic competition.
- Financial Growth: The company demonstrated a 43% revenue growth and a substantial jump in PAT in FY25, driven by high-margin export sales.
- Operational Efficiency: Improvement in EBITDA margins to over 18% in FY25 suggests the company has achieved better control over its manufacturing costs.
Risks:
- Customer Concentration: The top 10 customers contributed approximately 67% of the revenue in the quarter ended June 30, 2025. Loss of key clients could impact revenue stability.
- Working Capital Intensity: The business requires high levels of inventory and has significant trade receivables. Inability to manage cash flows efficiently could pose liquidity risks.
- Raw Material Dependence: A significant portion (approx. 30%) of raw materials are imported. The company is exposed to foreign exchange fluctuations and global supply chain disruptions.
Key Considerations for Investors
This analysis is objective and for informational purposes only.
- Valuation: The issue is priced at a P/E of ~9.43x, which is at a discount to the peer P/E of 22.06x. However, the company is smaller in scale compared to its listed peer.
- Financial Health: While profitability (RoNW 54.45%) is strong, the company carries a debt of ₹31.74 Crores (FY25). The IPO proceeds are primarily for working capital, not debt repayment.
- Minimum Investment: Retail investors should note the minimum application size. For this SME IPO, the minimum bid is 2,000 Equity Shares (2 Lots), amounting to ₹2,60,000 at the upper price band.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This article does not constitute a recommendation to buy or sell.
Key Takeaways
- IPO Price: ₹130 per share (Upper Band).
- Minimum Retail Investment: ₹2,60,000 (2,000 Shares).
- Allotment Date: December 29, 2025.
- Listing: BSE SME Platform on December 31, 2025.
FAQs on Apollo Techno Industries IPO
What is Apollo Techno Industries IPO GMP today?
The GMP is an unofficial market indicator. You can check the same at our gmp hub page.
What is Apollo Techno Industries IPO price band?
The price band has been fixed at ₹123 to ₹130 per equity share.
What is Apollo Techno Industries IPO allotment date?
The allotment of shares is expected to be finalized on Monday, December 29, 2025.
How to check Apollo Techno Industries IPO allotment status?
The allotment status can be checked on the Registrar's website or via the BSE IPO allotment page once it is declared. You can check allotment status of this and other ipos at our allotment status hub page.
What is Apollo Techno Industries IPO listing date?
The shares are tentatively scheduled to list on the BSE SME platform on Wednesday, December 31, 2025.
Investment Perspective on Apollo Techno Industries IPO
The company shows strong growth numbers and operates in a niche infrastructure segment. The valuation appears reasonable compared to peers. However, the high ticket size for retail application and working capital intensity are factors that investors must weigh carefully.
Standard Disclaimer:
The information provided in this article is based on the Red Herring Prospectus (RHP) and available public data. It is factual and neutral. IPO investments are subject to market risks. Read all scheme-related documents carefully. This is not a recommendation to buy or sell.
