Apollo Ingredients Limited

Consumer Defensive — Packaged Foods · BSE

₹87.39+₹1.71 (+2.00%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Apollo Ingredients Limited manufactures and deals in various kinds of oils, oil seeds, and oil-products. Its products include health ingredients, such as botanical extracts, phytochemicals, and enzymes, as well as food ingredients, including probiotics.

IndustryPackaged Foods

SectorConsumer Defensive

Annual revenue₹5 Cr

How does it make money?

Turns over ₹5 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation.

EBITDA margin21.5%

Net margin14.5%

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%

BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%

TATA CONSUMER PRODUCT LTDP/E 59.3x · ROE 7.5%

DABUR INDIA LTDP/E 34.7x · ROE 17.2%

What is its competitive advantage?Little sign of one

Returns on capital of 13.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE13.6%

ROE10.1%

Peer median ROE51.0%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 42.0x is demanding — it needs sustained high growth to justify
✗ P/E is 298% above its own historical median of 10.6x — expensive by its own standards

Quality vs. Valuation

Company Quality

60/ 100

Average

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

Valuation

34/ 100

Expensive

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

42.0x

2Y Median

10.6x

28 monthly readings · mean 28.2x · range 2.1x–128.5x

Sector Median

51.7x

median of 4 sector peers

⚠️Current valuation is approximately 298% above its 2y median of 10.6x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 19% below the peer median of 51.7x.

vs. its own history

Expensive

10.6x median over 28 months · +298%

vs. sector peers

Fair

51.7x median of 4 peers · -19%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

42.0x

P/B

—

EV/EBITDA

82.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from -6.5% to 10.1%.
Return on capital is rising
ROCE has improved from -8.9% to 13.6%.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Valuation above its historical average
At 42.0x the stock trades 298% above its own median of 10.6x.

Red Flags

2 items require attention · 2 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹3 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 1374% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 298% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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 20%✓ 21.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹3 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 11%✓ 13.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 10.6x✗ 42.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

4 good · 5 neutral · 2 weak

Market Cap

₹91 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

42.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹2.08

Profitable

Profitable on a per-share basis

ROE

10.1%

Moderate

Moderate capital efficiency

ROCE

13.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.48x

Low

Conservative leverage

Revenue Growth (YoY)

59.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

626.3%

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

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹87.39

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

18.53

Comfortable

Healthy short-term liquidity

52W Range Position

58%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

88.6 / 97.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

42.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹1 Cr	₹3 Cr	₹5 Cr	—
EBITDA	-₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	—
EBITDA Margin	—	7.9%	5.1%	21.5%	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	—
EPS	₹-1.04	₹0.86	₹2.44	₹0.68	—
ROE	-6.5%	5.2%	7.6%	10.1%	—
ROCE	-8.9%	6.4%	10.4%	13.6%	—
Total Debt	—	—	₹0 Cr	₹0 Cr	—
Free Cash Flow	₹0 Cr	₹1 Cr	-₹0 Cr	-₹3 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from 7.9% to 21.5% over 3 years (+13.6 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-1.04 to ₹0.68.

🟢 ROE has risen from -6.5% to 10.1% over 3 years (+16.7 pts).

🟢 ROCE has risen from -8.9% to 13.6% over 3 years (+22.5 pts).

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7 Cr

Total Liabilities

₹0 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

91.4%

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

1 mixed5 general

Apollo Ingredients Posts FY26 Net Profit of ₹70.85 Lacs, Publishes Results in Newspapers

scanx.trade, 17 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Apollo Ingredients Ltd. - RE Share Price Live Today

CNBC TV18, 14 Apr

APOLLOIN Standalone June 2026 Net Sales at Rs 5.27 crore, up 835.85% Y-o-Y

Moneycontrol.com, 18 Aug

Apollo Ingredients Limited Announces Resignation of Ayushi Agarwal as Company Secretary and Compliance Officer, with Effect from October 01, 2026

www.marketscreener.com, 22 Sept

Apollo Ingredients CS Ayushi Agarwal resigns effective Oct 1, 2026

scanx.trade, 01 Oct

Hospital stocks Max Healthcare, Apollo Hospitals, Fortis plunge up to 7% - What is driving the stocks down?

Livemint, 30 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟡Business QualityAdequate11.8/20

🟢Financial HealthStrong14.5/20

🟡GrowthModest10/20

🟡ProfitabilityModerate8.5/15

🔴ValuationDemanding3/15

🔴RiskHigh2.5/10

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.

This thesis breaks if

✓EBITDA margin holds above 20%21.5%
✗Free cash flow remains positive-₹3 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 11%13.6%
✗Valuation vs its own median of 10.6x42.0x today