Gujarat Apollo Industries Ltd (GUJAPOLLO)
🎯 Key Takeaways
- Gujarat Apollo Industries Ltd appears to be in a structural transition phase, marked by persistent operating losses, declining margins, and flat equity base despite modest revenue stability. The company has not demonstrated profitability over the past four quarters, with negative operating margins consistently recorded and net income fluctuating unpredictably.
- Revenue declined 22.3% QoQ to ₹10 in Q1FY27.
- ⚠️ Persistent operating losses and negative cash flows from operations indicate fundamental profitability challenges that have not been addressed through
- Market Cap
- ₹429
- P/E Ratio
- 88.7
- P/B Ratio
- 0.85
- ROE
- 1.1%
- ROCE
- 1.8%
- Debt/Equity
- 0.08
- Div Yield
- 0.60%
- Promoter
- 47.3%
📖 The Story
Gujarat Apollo Industries Ltd appears to be in a structural transition phase, marked by persistent operating losses, declining margins, and flat equity base despite modest revenue stability. The company has not demonstrated profitability over the past four quarters, with negative operating margins consistently recorded and net income fluctuating unpredictably. Management has not articulated a clear path to margin recovery or revenue growth, and the business model appears to be under pressure from competitive and cost headwinds. The absence of positive cash flows from operations and limited reinvestment signals suggest the company is in a fragile financial position, with little evidence of operational stabilization.
📰 What's Happening
The most recent development is the submission of its Structured Digital Database (SDD) Compliance Certificate for Q1 FY2026, confirming adherence to SEBI PIT Regulations 2015 requirements for insider trading disclosures, with no material noncompliance identified. This follows a prior SDD filing on April 30, 2026, indicating ongoing regulatory diligence but no operational or strategic shift. Additionally, the company underwent a capital dilution event through the preferential allotment of 11.7 lakh equity shares at ₹10 per share, which became tradeable from March 24, 2026, subject to SEBI lock-in norms. These actions reflect routine compliance and capital restructuring rather than strategic expansion or value-creating moves.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 11 | 13 | 16 | 13 | 10 |
| Operating Profit | -4 | -4 | -5 | -4 | -5 |
| OPM % | -33.8% | -29.5% | -33.0% | -27.3% | -48.7% |
| Net Profit | 1 | 2 | 0 | 2 | 1 |
| EPS | ₹0.98 | ₹1.98 | ₹0.51 | ₹1.40 | ₹0.62 |
The company's financial trajectory shows a concerning trend of declining profitability and deteriorating margins, with operating losses widening in recent quarters despite stable revenue levels. Revenue has remained relatively flat over the past year, hovering between ₹10–16 crore, but operating expenses have not been controlled, resulting in persistent negative operating margins — peaking at -48.7% in June 2026. Net income has swung unpredictably, from a low of ₹0 in December 2025 to ₹2 crore in March 2026 and September 2025, with no sustainable earnings trend. Earnings per share (EPS) has declined from a high of ₹1.98 in September 2025 to ₹0.62 in June 2026, reflecting dilution and weak bottom-line performance. These trends suggest that the company has not yet realized the benefits of any operational initiatives, and cost management remains a critical challenge.
🔮 Management Outlook & What's Next
There is no available forward guidance or explicit outlook from management in the provided filing content. The company has not issued any earnings projections, capital allocation plans, or strategic roadmaps in the recent regulatory disclosures reviewed. Management commentary is limited to compliance updates and routine corporate actions, with no discussion of growth drivers, margin improvement strategies, or capital deployment priorities. As a result, the future trajectory of the business remains unclear, and investor confidence may be undermined by the lack of transparent, forward-looking communication.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 12 | 12 | 13 | 12 |
| Reserves | 470 | 474 | 494 | 480 |
| Borrowings | 50 | 36 | 41 | 45 |
| Total Liabilities | 555 | 536 | 564 | 561 |
| Fixed Assets | 128 | 105 | 117 | 118 |
| Investments | 60 | 57 | 58 | 66 |
| Total Assets | 555 | 536 | 564 | 561 |
The balance sheet indicates a stable but minimal capital structure, with equity remaining flat at approximately ₹12–13 crore over the past two fiscal years and reserves showing a slight upward trend. Borrowings have modestly declined from ₹50 crore to ₹41 crore, suggesting a slight deleveraging trend, though the company remains lightly geared at D/E of 0.10. Total assets have increased marginally, reflecting asset base stability without significant growth. There is no evidence of aggressive reinvestment or major acquisitions, and the capital structure appears conservative but insufficient to support expansion. The company is not returning capital to shareholders, and the modest equity base suggests limited room for error in the face of ongoing losses.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -16 | -39 |
| Investing | -13 | +31 |
| Financing | +29 | +8 |
| Net Cash Flow | -0 | +1 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 47.3% | 47.3% | 47.3% |
| FII | 0.1% | 0.2% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% |
| Public | 35.6% | 36.1% | 36.2% |
| # Shareholders | 9,533 | 9,315 | 9,253 |
Shareholding patterns show stable promoter ownership at 47.3% over the last three quarters, with no significant changes in FII or DII participation — both remain near zero, indicating institutional disengagement. The number of public shareholders has slightly increased, from 9,315 to 9,533, suggesting retail investor churn rather than accumulation. There are no signs of activist accumulation or strategic investor interest, and the lack of FII/DII inflows reflects broader market skepticism. The absence of insider buying and the reliance on retail liquidity raise concerns about the company’s investment appeal and long-term sustainability.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.34 L Cr | 56.4 | 36.6% | — | 0.00 |
| WELCORP | 74,774 | 32.4 | 27.3% | — | 0.24 |
| INDOMIM | 61,763 | — | — | — | 0.39 |
| APLAPOLLO | 60,807 | 49.5 | 35.9% | — | 0.15 |
| TIINDIA | 46,846 | 77.2 | 23.6% | — | 0.05 |
| KIRLOSENG | 34,954 | 64.0 | 13.7% | — | 1.47 |
| JYOTICNC | 24,198 | 75.3 | 18.5% | — | 0.42 |
| CARBORUNIV | 22,867 | 108.4 | 8.0% | — | 0.08 |
| GRINDWELL | 21,218 | 48.6 | 23.3% | — | 0.00 |
| RATNAMANI | 19,865 | 45.9 | 15.7% | — | 0.07 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent operating losses and negative cash flows from operations indicate fundamental profitability challenges that have not been addressed through cost rationalization or revenue growth initiatives. 2. The company’s historical inability to generate sustainable earnings, despite stable revenues over multiple quarters, suggests structural inefficiencies or margin compression that may be difficult to reverse. 3. The absence of institutional ownership and low retail investor interest signal a lack of market confidence, potentially limiting the company’s ability to raise capital on favorable terms. 4. The capital dilution via preferential allotment may dilute existing shareholders without delivering commensurate value, especially if the proceeds are not deployed into high-return initiatives.
📋 Recent Filings
- 🟡 voting results2026-09-29At the 39th Annual General Meeting on September 28, 2026, shareholders approved the audited standalone and consolidated financial statements for FY202…
- 🟡 Board Meeting2026-09-28Gujarat Apollo Industries held its 39th AGM on September 28, 2026, approving standalone and consolidated financial statements for FY2026, declaring a …
- 🔴 Corporate Action2026-09-05Gujarat Apollo Industries fixed Monday, 21 September 2026 as the record date for its 39th Annual General Meeting and dividend entitlement. Shareholder…
- 🔴 annual report2026-09-05Gujarat Apollo Industries reported FY25-26 results with profit after tax of Rs 515.64 crore, up from Rs 482.18 crore, while revenue reached Rs 5,644.2…
- 🟡 Board Meeting2026-09-05Gujarat Apollo Industries announced its 39th Annual General Meeting on September 28, 2026, with a record date of September 21, 2026 for dividend appro…
- 🟡 Board Meeting2026-09-03The board approved the notice for the 28 September 2026 AGM, fixed 21 September 2026 as the record date for dividend and AGM, appointed a company secr…
- 🟡 Board Meeting2026-09-03Gujarat Apollo Industries announced its AGM on September 28, 2026, with a record date of September 21, 2026 for dividend and meeting purposes. The boa…
- Announcement2026-08-01Gujarat Apollo Industries announced its entry into the pick and carry crane manufacturing business, marking the first crane dispatch in July 2026 and …
- share transfer2026-07-16Gujarat Apollo Industries Limited received a compliance certificate from its share transfer agent, M/s MUFG Intime India Private Limited, confirming a…
- 🔴 Insider Trading2026-07-16Gujarat Apollo Industries Limited submitted its Structured Digital Database (SDD) Compliance Certificate for the quarter ended June 30, 2026, confirmi…
🧠 Analyst's Read
Gujarat Apollo Industries remains in a fragile financial state with no clear signs of operational or financial recovery, and management has yet to articulate a credible path forward. Investors should monitor for any strategic shifts, capital allocation clarity, or improvement in margin trends, but current indicators suggest the company is navigating a challenging phase with limited upside potential in the near term.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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