Apollo Finvest (India) Limited

Financial Services — Asset Management · BSE

₹499.00−₹0.90 (−0.18%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:29 pm

Understanding the Business

Company site ↗

The 60-second version of Apollo Finvest (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Apollo Finvest (India) Limited operates as a non-banking financial company in India. The company offers financial services in the digital lending space; and manages investments. It also develops Apollo Cash, a digital personal loan app.

IndustryAsset Management

SectorFinancial Services

Employees31

Annual revenue₹20 Cr

How does it make money?

Turns over ₹20 Cr a year. Of every ₹100 of sales, about ₹34 reaches shareholders as profit, with ₹57 left at the operating level before interest, tax and depreciation. Each of its 31 employees supports ₹66.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹66.1 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -53% while net margin moved +48% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-53%

Margin effect+48%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 22.4% a year
✗ Profit has declined at 11.6% a year

Quality vs. Valuation

Company Quality

54/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

52/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

23.3x

3Y Median

26.1x

40 monthly readings · mean 27.0x · range 16.9x–42.8x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 11% below its 3y median of 26.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 37% above the peer median of 17.0x.

vs. its own history

Fair

26.1x median over 40 months · -11%

vs. sector peers

Expensive

17.0x median of 4 peers · +37%

vs. generic bands

Fair

15x–35x

EV/EBITDA

17.0x

PEG

0.51

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 35.6% to 57.3% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 19.4% to 9.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 27.9% to 13.3% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Profit is decliningFinancial
Net profit is down 31% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 35.6% to 57.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 37% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 19.4% to 9.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 55%✓ 57.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✓ 9.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 4x✓ 7.2x
How much operating profit can fall before interest stops being comfortably covered.
4Valuation vs its own median of 26.1x✓ 23.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

9 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹186 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

23.3x

Fair

Fairly valued against the generic band

P/B Ratio

2.50x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹21.44

Profitable

Profitable on a per-share basis

ROE

9.4%

Moderate

Moderate capital efficiency

ROCE

13.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.20x

Low

Conservative leverage

Revenue Growth (YoY)

85.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

45.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹27 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

60.9%

Good

Healthy core-business profitability

Net Margin

40.2%

Good

Strong bottom-line conversion

Current Ratio

5.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.03

Defensive

Steadier than the market

52W Range Position

66%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

489.2 / 434.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

52.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹44 Cr	₹21 Cr	₹30 Cr	₹20 Cr	-22.4%
EBITDA	₹16 Cr	₹16 Cr	₹16 Cr	₹12 Cr	-9.0%
EBITDA Margin	35.6%	76.2%	52.4%	57.3%	—
PAT (Net Profit)	₹10 Cr	₹8 Cr	₹7 Cr	₹7 Cr	-11.6%
EPS	₹27.01	₹21.47	₹19.33	₹18.63	-11.6%
ROE	19.4%	13.3%	10.7%	9.4%	—
ROCE	27.9%	16.9%	10.7%	13.3%	—
Total Debt	—	—	₹27 Cr	₹17 Cr	—
Free Cash Flow	₹24 Cr	-₹36 Cr	-₹27 Cr	₹27 Cr	+4.5%

🔴 Revenue has shrunk at 22.4% a year over 3 years.

🔴 EBITDA has shrunk at 9.0% a year over 3 years.

🟢 EBITDA Margin has risen from 35.6% to 57.3% over 3 years (+21.7 pts).

🔴 PAT (Net Profit) has shrunk at 11.6% a year over 3 years.

🔴 EPS has shrunk at 11.6% a year over 3 years.

🔴 ROE has fallen from 19.4% to 9.4% over 3 years (-10.0 pts).

🔴 ROCE has fallen from 27.9% to 13.3% over 3 years (-14.5 pts).

🟢 Free Cash Flow has grown at 4.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹105 Cr

Total Liabilities

₹30 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹28 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.0%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 positive5 general

Apollo Finvest (India) Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 13 Oct

Apollo Finvest (India) Ltd. Upper Circuit Streak: Day 2 Price and Data

Univest, 01 Oct

Apollo Finvest receives resignation from secretarial auditor

scanx.trade, 15 Aug

Apollo Finvest (India) standalone net profit rises 45.02% in the June 2026 quarter

Business Standard, 15 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Apollo Finvest (India) Share Price News and Price Analysis

Univest, 17 Aug

Apollo Finvest (India) Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health

MiddlingProfitability · Valuation · Risk

WeakGrowth

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

All 4 tripwires holding · see Key things to watch ↑