Automation manufacturing units, investment in infrastructure, and Make in India incentives are expected to fuel the industrial automation market's 9–15% CAGR growth through 2030. India's construction equipment and industrial automation sectors are expanding. In this context, trenchless technology and foundation equipment are becoming vital for pipeline, urban infrastructure, metro, and high-density corridor projects that require faster and low disruptive subterranean construction. With its BSE SME IPO (23–26 Dec 2025) of about ₹47.96 crore, Apollo Techno Industries Ltd., a Mehsana-based manufacturer that specialises in trenchless HDD rigs and diaphragm wall/foundation drilling equipment, is capitalising on this opportunity to raise working capital and reinforce its position in India's rapidly expanding infrastructure equipment market.
Apollo Techno IPO Details:
Apollo Techno Industries Issue Management:
Beeline Capital Advisors Pvt. Ltd. acts as the book-running lead manager for Apollo Techno Industries SME IPO, managing underwriting and compliance.
Apollo Techno Industries RTA (Registrar) Details:
MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.) acts as the registrar, managing allotment status, refunds, and demat transfers – contact them at Email: apollotechno.smeipo@in.mpms.mufg.com or +91 810 811 4949.
Apollo Techno Industries IPO Allotment Status:
To check your IPO allotment status:
Visit the MUFG Intime India Pvt. Ltd. IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Action Links:
To apply for Apollo Techno IPO, open your demat account here
Apollo Techno Industries Subscription Status: Check live subscription here
Apollo Techno Industries GMP Update: Check latest grey market premium here
Apollo Techno Industries Limited specialises in producing foundation drilling equipment and trenchless technology for the construction and infrastructure industries. In order to install subterranean utilities such as gas pipelines, water and sewer lines, and optical fibre cables, as well as to build deep foundations and retaining walls for metro systems, bridges, basements, airports, and riverfront projects, the company designs and manufactures horizontal directional drilling (HDD) rigs, diaphragm wall drilling rigs, and rotary piling rigs. Apollo Techno is able to provide end-to-end lifecycle solutions from initial drilling to long-term maintenance because these machines are engineered in-house with a dedicated design team and supported by refurbishment services, on-site technical support, operator training, and spare parts supply.
Apollo Techno's PAT revenue rose by 327% to ₹13.79 crore in FY2025, indicating strong operating leverage as its HDD and diaphragm wall rigs gain traction in India's infrastructure build-out. The company's total income increased by roughly 44% year over year to ₹99.66 crore. Apollo Techno is a high-return niche capital goods player with strong profitability metrics, including FY25 ROE of 74.75%, ROCE of 30.98%, EBITDA margin of 18.31%, and PAT margin of 13.84%. The upcoming sections on IPO size, anchor investors, valuation, strengths, risks, and overall review will assist investors in determining whether the SME IPO is worth applying for.
In the midst of robust FY25 growth in the trenchless and foundation equipment segment, Apollo Techno Industries SME IPO consists of a fresh offering of ₹47.96 crore (36.89 lakh shares) to fund working capital, equipment manufacturing scale-up, and general corporate purposes.
Apollo Techno Industries IPO proceeds will be deployed towards the following objectives:
Apollo Techno Industries SME IPO reserves shares across investor categories similar to other book‑built SME issues, with retail at 33.29%, NII (HNI) at 14.26%, QIB at 47.44% (including anchors), and market makers at 5.01%.
Apollo Techno Industries has reserved a dedicated anchor portion, the details of which are given below:
Anchor allocation: 10,50,000 shares, representing 28.46% of the total 36,89,000 equity shares in the issue.
Anchor bidding date: 22 December 2025, one working day before the IPO opens for public subscription (23–26 December 2025).
Lock‑in: As per SEBI rules, 50% of the anchor shares are locked in for 30 days from the date of allotment (till 28 January 2026) and the remaining 50% for 90 days (till 29 March 2026).
Apollo Techno Industries demonstrates robust profitability, delivering a Return on Equity (ROE) of 54.45%, an EBITDA margin of 18.21%, and a PAT margin of 13.84% for FY25.
At the upper price band of ₹130, the company is valued at roughly 9.43x P/E (pre-issue) and 5.13x P/B, underpinned by impressive growth momentum with a 44% increase in revenue and a 327% surge in PAT year-on-year.
The important risks and strengths of Apollo Techno Industries IPO are mentioned below:
Strengths:
An Indian Manufacturing Company that is Specialised in HDD Rigs and Diaphragm Wall Drilling Equipment and is Taking Advantage of Both Import Substitution and the Government's Infrastructure Push
Complete in-house Capabilities: The Company has Strong in-house design, engineering, refurbishing (ISO 9001:2015 certified) enabling it to Custom fit for Indian Soil Conditions and to Support them throughout their lives with Company-sourced out replacement parts and service.
Outstanding Financial Turnaround: The Company's strong growth (44% Revenue Increase in FY25 and 327% Growth in PAT) and high profitability metrics (ROE=~54%, EBITDA Margin = ~18%) have supported its turnaround.
Promoter's Well-established Expertise: Promoters have decades of combined experience in the construction Equipment business (from the Apollo group of companies) have developed relationships and expertise that are highly valued.
Risks:
Product Concentration: Company is Highly Dependent on 2 main categories of products, HDD Trenchless and Foundation Equipment, and Any Decrease in Infrastructure Project Work (Metro Systems, Pipelines, 5G) Will Impact Orders Significantly.
Customer Concentration: Majority of Revenue comes from a small group of Top Clients (~80% from Top 10 During Previous Periods), this creates Significant Counterparty Risk.
Raw Material/Supplier Risk: The Company Currently Sources Key Components from a Small Group of Suppliers, resulting in Price Volatility (Steel Pricing) and Price Increases for Specialty Items will impact profit Margins.
Working Capital Intensive Nature of Business: Because of the Length of manufacturing Cycles & Requirement for Inventory, Company has historically experienced Negative Cash Flows.
The Apollo Techno Industries' growth trend is an attractive one. Just consider the company’s performance in FY25, wherein it witnessed a 44% jump in revenues to nearly ₹100 Crores and a massive fourfold jump in profits to ₹13.79 Crores. This is an obvious reflection of the significant demand that trenchless technology has seen in the country’s infrastructure development projects. The company’s efficient scale-up of operations has also been evident from its return on equity and return on capital employed of over 54% and 31%, respectively.
As far as IPO investors are concerned, the positives in the value proposition are: at the higher end of the price band of Rs.130, one will get a growing, profit-making company with a pre-IPO P/E of around 9.4 times its earnings in FY25. This, in fact, will prove quite cheap, keeping in mind its peers in the construction machinery segment, Action Construction Equipment, which trades at a higher P/E of 27-33 times. It also has a P/B value of approx. 5.1 times, which is quite justified in view of its explosive earnings and improving balance sheet.
With a niche "Make in India" differentiation in HDD & diaphragm wall rigs, Apollo Techno is poised to benefit from the trend of import substitution. Further, investors would be advised to remain cognizant of the following risk considerations: "Intensive working capital requirements," "Concentration risk," & "Cyclic nature of flows in infrastructure projects”.This analysis is for informational purposes only and does not constitute financial advice.
Action Links:
To apply for Apollo Techno IPO, open your demat account here
Apollo Techno Industries Subscription Status: Check live subscription here
Apollo Techno Industries IPO GMP Update: Check current grey market premium here
1. What is the GMP of Apollo Techno Industries IPO today?
As of December 19, 2025, the Grey Market Premium (GMP) for Apollo Techno Industries has not yet signaled a major trend as the IPO opens on December 23, 2025. GMP typically starts trading actively 2–3 days before the issue opens. Investors should watch for GMP updates closer to the opening date to gauge the listing gain potential.
Check current grey market premium here
2. What are the Apollo Techno Industries IPO dates and price band?
IPO Open Date: Tuesday, December 23, 2025
IPO Close Date: Friday, December 26, 2025
Price Band: ₹123 – ₹130 per share
Listing Date: Tentatively Wednesday, December 31, 2025
3.What is the minimum investment and lot size?
Lot Size: 2,000 Shares (Check broker app to confirm if 1 or 2 lots is the minimum).
Minimum Investment: ₹2,60,000 (at the upper price band of ₹130).
Note: This is a significant commitment compared to regular IPOs, so ensure your bank limit allows for this ASBA block.
4. How can I check the Apollo Techno Industries IPO allotment status?
You can check the allotment status on December 29, 2025 (Monday), via the Link Intime India (MUFG) registrar website. You will need your PAN number or Application Number to view the status.
5. Where will Apollo Techno Industries list?
The shares will be listed on the BSE SME platform. Investors must trade in lot sizes (minimum 2,000 shares) even after listing, which limits liquidity compared to mainboard stocks.
6. Who are the promoters of Apollo Techno Industries?
Bhupinder Singh and Harpreet Singh are key members of the Company, with significant experience in the construction equipment sector. Together, they have been instrumental in leading the Company's transition from a trade-focused entity to a manufacturing company, which contributed to a 4x increase in EPS (earnings per share) during FY25. Following the IPO, investors frequently monitor promoter ownership as an indication of their confidence level in the ongoing viability of the business.
7. What business is Apollo Techno Industries in?
The company may be called "Techno", but it does not operate in the field of Information Technology. Instead, they focus on providing infrastructure solutions and building machinery for infrastructure and construction purposes. They specifically manufacture and market Horizontal Directional Drilling (HDD) systems (trench-less technology), which is used for the installation of underground utilities (optical-fiber, gas lines, and power cables) without the need for road excavation. The company promotes the "Make in India" initiative by lessening our dependency on imported HDD systems.
