Gujarat Apollo Industries Ltd. - Comprehensive Analysis Report
Summary
Gujarat Apollo Industries Ltd. stands as a significant Indian manufacturer in the construction and mining equipment industry. As the flagship company of the Apollo Group of Industries, it specializes in a comprehensive range of machinery, including crushers, screeners, and asphalt drum mix plants. The company plays a crucial role in India's infrastructure development and is recognized as a pioneer in asphalt road construction equipment, maintaining a strong presence in both domestic and international markets. Its core mission is built upon high ethical standards, embracing technology, striving for customer delight, ensuring quality commitment, offering competitive prices, and continuous improvement of products, processes, and people, all while serving the nation.
1. Strategic Focus & Objectives
Core Objectives
Gujarat Apollo Industries Ltd. is strategically focused on the manufacturing and sale of construction and mining machinery and their spare parts. A key objective is to expand its global footprint through aggressive marketing campaigns for export markets and continuous product diversification.
Specialization Areas
The company's key areas of expertise lie in producing Crushing & Screening equipment, widely used in road construction, building, mining, and general infrastructure development projects. Gujarat Apollo is renowned as a pioneer in asphalt road construction equipment. They are known for providing state-of-the-art and technically savvy crushing and screening solutions for industries like quarries, mining, construction, and recycling. The company’s product design philosophy is centered on the "3Es": Environment, Energy, and Efficiency.
Target Markets
Gujarat Apollo Industries Ltd. primarily targets the Indian market for construction and mining equipment, and also serves international clients.
2. Financial Overview
Funding History
Gujarat Apollo Industries Limited has a market capitalization of approximately ₹559 crores to ₹571 crores. As of December 4, 2025, its market cap has increased by 51.01% in one year. The company has a history of consistent dividend payouts.
For Q1 FY 2025 (as of August 13, 2025), standalone profit after tax was ₹9.77 lakhs, a decrease from ₹69.50 lakhs year-on-year. Consolidated profit after tax for the same period was ₹128.50 lakhs, down from ₹423.24 lakhs in the previous year's quarter. However, consolidated revenue from operations increased to ₹1,108.06 lakhs from ₹853.47 lakhs year-on-year. The trailing twelve-month consolidated revenue as of September 30, 2025, was $5.48 million, with a net income of -$472 thousand and EBITDA of -$1,393 thousand for the same period.
In terms of funding, Gujarat Apollo Industries Limited announced a private placement to issue convertible warrants through preferential allotment to raise approximately INR 85.1175 million on August 24, 2024. Renowned investor Ashish Kacholia acquired a 1.06% stake in the company, potentially attracting increased market attention.
3. Product Pipeline
Key Products/Services
Gujarat Apollo Industries Ltd. manufactures a wide range of road construction and mining equipment.
Road Construction Equipment:
Asphalt Drum Mix Plants (ADMs): Used for hot mix asphalt (HMA) production for various road construction projects.
Asphalt Batch Mix Plants (ABMs): Mix asphalt concrete in specific amounts, customizable for different projects.
Wet Mix Macadam Plants (WMMs): Mix aggregates, cement, and water for road building.
Bitumen Pressure Distributors: Spray bitumen evenly on roads for surface treatment to enhance road longevity.
Road Sweepers: Clean roads and highways by removing debris, dust, and other dirt.
Paver Finishers: Used for laying asphalt on roads, with widths ranging from 2.5 meters to 9 meters.
Bitumen Sprayers: Spray bitumen on the road surface, with capacities from 2,500 liters to 10,000 liters.
Kerb Laying Machines.
Mining Equipment:
Crushing and Screening Plants: For crushing and screening materials like ores, minerals, and aggregates in mining and quarrying.
Vibrating Screens: For sorting materials in mining and aggregate industries.
Jaw Crushers: Crush large rocks and ores into smaller pieces, essential for mining and construction.
Cone Crushers: Used after primary crushing for further material reduction.
Vertical Shaft Impactors (VSIs): Produce cubical-shaped particles, ideal for concrete and asphalt aggregates.
Impact Crushers.
Development Stage & Expected Timeline: The company is expanding into new product lines for road construction equipment, investing approximately ₹50 crores over three years, which will include asphalt mixing plants, paver finishers, bitumen sprayers, and kerb laying machines. An additional ₹15 crores over two years is allocated for material handling equipment, such as pick and carry cranes.
4. Technology & Innovation
Technology Stack
Gujarat Apollo Industries Ltd. operates an ISO 9001:2015 certified primary production facility in Dholasan village, Gujarat. This facility boasts state-of-the-art design and manufacturing capabilities with high-technology controls. It includes an in-house material machining and cutting center to control production timelines and ensure optimum quality, along with a captive foundry for controlling the chemistry and quality of critical wear components. The company maintains in-house R&D capabilities to consistently offer the latest technology products. Operational efficiency is supported by a SAP environment covering all manufacturing and spare parts activities, and a Customer Relationship Management system is being implemented for enhanced market intelligence and customer support. The product design adheres to a "3Es Philosophy": Environment, Energy, and Efficiency.
Proprietary Developments
Gujarat Apollo has demonstrated an ability to create local substitutes for previously imported components, enhancing its product offerings for crushers and other machinery. The company has a history of technical collaborations, including with Barber Greene Company, US, for road construction and maintenance machinery, and with Niigata Engineering Company Limited of Japan for plants ranging from 60 to 125 TPH. They also formed a joint venture with Famaro-Ermont Europe for asphalt plants.
5. Leadership & Management
Executive Team
Mr. Asit Anil Patel - Managing Director and Chairman. Appointed in October 2004, he has over 21 years of tenure and directly owns 19.11% of the company's shares.
Mr. Arjun A Patel - Whole Time Director and Executive Director. Appointed as an Additional Director and Whole-time Director effective August 14, 2024.
Mr. Anand A Patel - Director (Non-Executive & Non-Independent Director). Serving as a Director since April 1, 2001.
Mr. Nirav A Shah - Chief Financial Officer (CFO). Appointed on June 26, 2021.
Ms. Neha Chikani Shah - Company Secretary. Appointed on September 3, 2019.
Mrs. Jheel Ajay Shah - Independent Director. Appointed on September 29, 2021.
The average tenure of the management team is 14.9 years, and the board of directors' average tenure is 3.3 years.
Recent Leadership Changes
Mr. Arjun A Patel was appointed as an Additional Director and subsequently as a Whole-time Director, effective August 14, 2024, with shareholder confirmation on September 30, 2024. Mr. Hitendrakumar Madhavlal Patel was appointed as an Independent Director effective March 31, 2025, and his appointment was regularized by shareholders on June 28, 2025.
Conversely, Mr. Navinchandra V. Shah and Mr. Naman Madhav Patel, former Non-Executive Independent Directors, ceased their roles effective September 22, 2024, and March 31, 2025, respectively, due to retirement. Mrs. Nayna Asit Patel also resigned as a Director of the company effective August 14, 2024.
The re-appointment of Mrs. Jheel Ajay Shah as an Independent Director for a second term (September 28, 2025, to September 27, 2030) has been proposed for shareholder approval at the 38th Annual General Meeting on September 30, 2025. Additionally, the Board has proposed a commission for Non-Executive Director Mr. Anand A. Patel, not exceeding 2.00% of the company's net profits for three financial years starting from FY 2025-26, subject to shareholder approval.
6. Talent and Growth Indicators
Hiring Trends and Workforce
As of March 31, 2025, Gujarat Apollo Industries Ltd. had 95 employees, a 2.15% increase compared to the previous year. The number of permanent employees was 76 as of March 31, 2023. Gujarat Apollo Industries Ltd. has between 51 and 200 employees as of November 20, 2025.
Company growth trajectory indicators
The company's growth trajectory is indicated by its plans for expansion into new product lines and its long-term positive outlook driven by infrastructure development. Over the past year, the stock has gained 77.11%, significantly outperforming the broader market, and continues to show strong market momentum. Over the last decade, the stock has appreciated by 200.47%.
7. Social Media Presence and Engagement
Digital Footprint
Gujarat Apollo Industries Ltd. maintains a presence on YouTube, showcasing its products and operations, including videos of jaw crushers, cone crushers, and crushing and screening plants. The YouTube channel also features insights from its Executive Director regarding company performance, new product launches, expansion plans, and export strategies.
8. Recognition and Awards
Industry Recognition
Gujarat Apollo Industries Limited was awarded ISO 9001 Certification in quality management systems in 2000 by SGS Yarsley International Certification Services U.K. The company’s primary production facility is ISO 9001:2015 certified.
9. Competitive Analysis
Major Competitors
Action Construction Equipment Ltd. (ACE): Established in 1995, ACE is a leading Indian material handling and construction equipment manufacturing company headquartered in Faridabad. Their focus areas include cranes, material handling equipment, and road construction machinery. ACE holds a significant market share in mobile and tower cranes and was the first Indian manufacturer to receive CE marking in 2007. They have also received awards such as "Innovation of the Year" for their multi-activity Piling Crane Model FP210.
Elecon Engineering Company Ltd.: Founded in 1951, headquartered in Anand, Gujarat, Elecon Engineering specializes in industrial gear and material handling equipment. It is one of Asia's largest manufacturers of industrial gears, serving core sectors like power, steel, cement, sugar, mining, marine, and defense. Elecon was the first gearbox manufacturing company in India to be ISO 9001 certified.
* Ajax Engineering Ltd.: Incorporated in 1992, Ajax Engineering is a leading manufacturer of concreting equipment and services, headquartered in Bangalore. They are recognized as a global leader in self-loading concrete mixers (SLCMs), holding a significant market share in India (77% to 86% over the past three years). Their product range includes batching plants, transit mixers, boom pumps, and slip-form pavers.
10. Market Analysis
Market Overview
Gujarat Apollo Industries Ltd. operates within the industrial machinery sector. The company's key market is the manufacturing of crushing and screening equipment for road construction, building, mining, and general infrastructure development projects. India's infrastructure development provides a strong long-term positive outlook for the company's growth.
11. Strategic Partnerships
Gujarat Apollo Industries Ltd. had an Indo-Swiss joint venture called AMMANN India Pvt. Ltd., which is a leading manufacturer and exporter of asphalt road construction equipment, demonstrating a history of strategic collaborations. They also entered into a technical collaboration with Niigata Engineering Company Limited of Japan for manufacturing asphalt plants. In 2024, the company announced that its wholly owned subsidiary AEML Investments has entered into a Share Purchase Agreement to acquire 100% equity shares of Fieldtrack Earthmovers, a Mehsana-based manufacturer of agricultural equipment and mini tractors.
12. Operational Insights
Gujarat Apollo is recognized as India's premier manufacturer of world-class equipment for the Construction and Mining industries. The company's large manufacturing facilities enable it to produce a wide range of products, including up to 300 TPH crushing plants. It also maintains a market share of 75% in India for road construction equipment. A competitive advantage lies in its customer-centric approach, providing excellent parts and service support throughout the product life cycle.
13. Future Outlook
Strategic Roadmap
Gujarat Apollo Industries Ltd. plans significant expansion into new product lines, specifically targeting road construction equipment and material handling equipment. This includes an estimated investment of ₹50 crores over three years for road construction equipment such as asphalt mixing plants, paver finishers, bitumen sprayers, and kerb laying machines. An additional ₹15 crores over two years is allocated for material handling equipment like pick and carry cranes. The company aims to increase its market share by prioritizing customer service, expanding its distribution network, and investing in marketing and advertising to enhance its reach. The long-term government spending on infrastructure and leadership in road construction technology are expected to contribute to its growth.
