Apollo Green Energy Unlisted Shares
IPO-bound Apollo Green Energy faces payment delays, credit ratings downgrade debt facilities
Money Control
2 min read
Apollo Green Energy IPO Hit by Bond Payment Delays and Debt Downgrades.
Expert Analysis:
Overdue Payments: Apollo Green Energy has overdue payments to bondholders, with interest expected within the coming week and principal plus overdue interest scheduled for repayment within 70–75 days.
Debenture Details and Credit Impact: The payments relate to a two-year non-convertible debenture (NCD) that expired on July 19, 2025, raised Rs 6 crore at an issue price of Rs 1 lakh, with credit rating agencies downgrading its debt amid these delays.
Financial Performance: In FY25, Apollo Green reported a 50 percent YoY increase in net profit, reaching Rs 44.36 crore, and recommended a 15 percent dividend for shareholders.
Growth and Expansion Plans: The company holds over 400 MW of solar capacity across multiple states, maintains an order book of Rs 3,000 crore, and targets expanding its EPC order book to 1 GW by 2026. The firm had considered approaching public markets to support expansion and secure new projects.
Market Context: NSDL data shows that at least 10 debenture series from IL&FS group entities and Future Consumer have defaulted on redemption since early 2025, highlighting broader stress in the debt market.
Investors should note short-term repayment delays despite FY25 profit growth, Rs 3,000 crore order book, and 1 GW EPC expansion target by 2026.
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