Apollo Fashion FY25 Annual Report & Financial Analysis (2026)
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Apollo Fashion International reported ₹182.44 Cr revenue and ₹13.07 Cr PAT in FY25 following its business transfer from Apollo Green Energy. Here is a comprehensive breakdown of its annual report, balance sheet structure, and operational metrics.
Direct answer: In FY25, Apollo Fashion International reported operational revenues of ₹182.44 Cr and a net profit of ₹13.07 Cr following its business transfer from Apollo Green Energy. Evaluated by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, the company maintained an operating EBITDA of ₹21.95 Cr with total outstanding debt at ₹65.81 Cr.
Company Background & Business Transfer Structure
Apollo Fashion International Limited was incorporated as a public unlisted entity in September 2023. Although established as an independent company recently, its operational manufacturing history dates back to 1995 within the broader promoter group ecosystem. The business operates as a business-to-business (B2B) manufacturer of leather goods, supplying international fashion brands with footwear, jackets, outerwear, bags, belts, and leather accessories.
To consolidate manufacturing assets into a standalone corporate vehicle, Apollo Fashion entered into a Business Transfer Agreement (BTA) with parent entity Apollo Green Energy Limited. Effective 01 Jun 2024, the transaction involved taking over the fashion and leather manufacturing operations. The gross valuation of assets acquired under this business transfer contract was ₹139.6 crore, settled with a cash consideration component of ₹61.50 crore. The operational infrastructure includes a dedicated footwear manufacturing facility in Sector 58, Noida, and a leather garments and accessories manufacturing unit in Sector 65, Noida.
FY25 Financial Performance & Earnings Analysis
During the full financial year ended 31 Mar 2025, Apollo Fashion generated total operational revenue of ₹182.44 Cr, representing a recovery from ₹89.98 Cr recorded in FY24 (and compared to ₹208.43 Cr in FY23). Operating profitability registered steady gains, with earnings before interest, tax, depreciation, and amortisation (EBITDA) reaching ₹21.95 Cr, up from ₹17.86 Cr in the previous year.
Per the annual financials, total revenue rebounded from ₹89.98 Cr in FY24 to ₹182.44 Cr in FY25, while net profit grew from ₹12.15 Cr to ₹13.07 Cr across the same period.
The cost of materials consumed during FY25 stood at ₹136.66 Cr, yielding a gross margin of 25.25%. Profit before tax (PBT) reached ₹17.47 Cr, compared to ₹16.25 Cr in FY24. After a tax outflow of ₹4.40 Cr, net profit after tax (PAT) settled at ₹13.07 Cr. The net profit margin for the period stood at 7.16%, while earnings per share (EPS) was reported at ₹4.39 per equity share of face value ₹10.0.
Balance Sheet Strength & Working Capital Evaluation
As of 31 Mar 2025, Apollo Fashion recorded total property, plant, and equipment worth ₹23.50 Cr (net fixed assets of ₹23.56 Cr per audited records). Current assets comprised inventory of ₹48.58 Cr, customer trade receivables of ₹46.75 Cr, and other asset balances of ₹29.95 Cr, taking total current assets to ₹121.96 Cr.
Total outstanding borrowings stood at ₹65.81 Cr at the close of FY25. Short-term debt constituted approximately 96.7% of total borrowing obligations, backed by sanctioned commercial lender credit lines of ₹65.00 crore. The company reported a debt-to-equity leverage ratio of 1.33x and maintained a current ratio of 1.30x for working capital coverage. Finance costs for the year were ₹5.08 Cr, resulting in an interest coverage capability ratio of 3.75x relative to EBIT of ₹19.05 Cr.
Cash Flow Profile & Operational Inflows
Cash flow from operating activities (CFO) generated positive inflows of ₹13.27 Cr in FY25, down from ₹16.12 Cr in FY24, primarily reflecting working capital adjustments. Trade payables increased to ₹23.91 Cr from ₹8.19 Cr in FY24, releasing ₹15.72 Cr in working capital, while trade receivables expanding by ₹25.04 Cr offset operational cash accumulation.
Cash flow from investing activities (CFI) recorded a net outflow of ₹67.80 Cr in FY25, driven mainly by business acquisition payments and capital expenditure on manufacturing facilities (purchase of PPE at ₹5.08 Cr). Cash flow from financing activities (CFF) stood at ₹49.49 Cr, reflecting net debt additions of ₹50.86 Cr to fund transaction settlements and operational scale.
Shareholding Pattern & Market Valuation Context
The total equity capital base of Apollo Fashion International comprises 2,97,65,210 (2.98 crore) outstanding shares of face value ₹10.0 each, amounting to a share capital of ₹29.77 Cr and reserves and surplus of ₹19.81 Cr. Net worth as of March 2025 stood at ₹49.58 Cr, yielding a book value of ₹16.69 per share and a Return on Equity (ROE) of 26.36%.
The shareholding structure is led by parent company Apollo Green Energy Limited holding 37.52%, followed by RK Eternova Private Limited with 21.22%, Kanwar Family Administrative Services Private Limited with 8.67%, Mr. Raja Kanwar holding 5.16%, Mrs. Kamaayani Kanwar holding 4.03%, and public/other entities accounting for the remaining 23.40%.
Investors tracking pre-IPO companies via BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 can evaluate balance sheet composition and working capital metrics.
Per desk records, the unlisted indicative share price for Apollo Fashion International held flat at ₹44.0 per share between 17 Jul 2026 and 14 Oct 2026.
At an indicative desk share price of ₹44.0 per share as of 15 Oct 2026, Apollo Fashion commands an unlisted market capitalization of ₹130.97 Cr. This reflects a Price-to-Earnings (P/E) multiple of 10.02x based on FY25 earnings and a Price-to-Book (P/B) multiple of 2.64x. For comparisons with other corporate restructuring and financial disclosures in the unlisted market, readers can review our detailed notes on GFCL EV Products Unlisted Shares 2026: Financials & Capital Base and SBI General Insurance Unlisted Share Details & IPO Status 2026.
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| Item | Value | As of |
|---|---|---|
| Indicative price | ₹44 | 15 Oct 2026 |
| Lot size | 570 shares | 15 Oct 2026 |
| Minimum investment | ₹25,080 | 15 Oct 2026 |
| Market cap | ₹131 Cr | 15 Oct 2026 |
| Face value | ₹10 | 15 Oct 2026 |
| Book value | ₹16.69 | 15 Oct 2026 |
| P/E | 10.02 | 15 Oct 2026 |
| ISIN | INE0RYY01014 | 15 Oct 2026 |
| Sector | Consumer Discretionary | 15 Oct 2026 |
| Listing status | UNLISTED | 15 Oct 2026 |
Frequently Asked Questions
What does Apollo Fashion International Limited do?
Apollo Fashion International Limited is an end-to-end B2B manufacturer of leather products, including footwear, outerwear jackets, bags, belts, and fashion accessories. It supplies product collections directly to international global fashion brands from manufacturing facilities located in Noida.
What were Apollo Fashion's key financial numbers in FY25?
In FY25, Apollo Fashion reported operational revenue of ₹182.44 Cr, EBITDA of ₹21.95 Cr, Profit Before Tax (PBT) of ₹17.47 Cr, and Profit After Tax (PAT) of ₹13.07 Cr. Exports and international operations contributed ₹67.17 Cr to overall revenues.
How was the business transfer from Apollo Green Energy executed?
Effective 01 Jun 2024, Apollo Fashion executed a Business Transfer Agreement to take over fashion manufacturing operations from Apollo Green Energy Limited. The gross transaction value of assets acquired was ₹139.6 crore, involving a direct cash consideration payment of ₹61.50 crore.
Who holds equity shares in Apollo Fashion International?
As of FY25 disclosures, Apollo Green Energy Limited holds 37.52%, RK Eternova Private Limited holds 21.22%, Kanwar Family Administrative Services Private Limited holds 8.67%, Mr. Raja Kanwar holds 5.16%, Mrs. Kamaayani Kanwar holds 4.03%, and other shareholders hold 23.40% of total share capital.
Should investors buy or subscribe to Apollo Fashion unlisted shares?
As an information desk, BuyUnlistedShares does not offer investment recommendations, ratings, or advice to buy, sell, or hold securities. Investors should evaluate financial statements, borrowing structures, liquidity risks, and personal risk profiles before making capital allocation decisions.
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