BSE: 512437
APOLLO FINVEST (INDIA) LTD.
Operates as a digital-first non-banking financial company (NBFC) that lends through three main channels: warehouse and co-lending partnerships with fintech partners, direct digital loans under the "Apollo Cash" app to underbanked borrowers, and traditional term loans to NBFC partners. Interest income on lending is the primary revenue source, with FY26 interest income of ₹1,311.96 lakhs against total revenue from operations of ₹2,070.48 lakhs, and an exceptional income item of ₹195.80 lakhs boosting profit before tax to ₹1,040.87 lakhs. The flagship "Apollo Cash" product, launched October 2025, offers small-ticket digital loans (up to Rs. 50,000) and reached ₹5+ crore cumulative disbursements, 18,000+ loans, and 1 lakh+ app downloads across 19,000+ PIN codes by April 2026, with monthly disbursements climbing to Rs. 3.15 crore — all achieved with zero paid marketing spend. The co-lending and warehouse model, built around the proprietary "Sonic" tech platform, has disbursed ₹30+ crore through 3 lending partners, with 27% of the term loan book already moved into the warehouse structure and Apollo Cash targeted to reach 15-20% of the loan book near-term and 50-60% in 12-24 months. The retail share of assets under management jumped from 24% to 51% between Q3 and Q4 FY26 as the wholesale term-loan book was deliberately run down. Employee cost of ₹4.34 crore (21% of revenue) is the largest operating line, with the team sized at 66 people; other operating expenses were 7.4% of revenue and depreciation 4.3%. Asset quality remains tight, with Q3 FY26 GNPA at 2.07%, 30-day PAR at 2.24%, and collection efficiency at 97.14%, all running better than industry benchmarks. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Co-lending and warehouse partnerships, Apollo Cash direct digital lending, Term loans to NBFC partners, Other income. Digital-first NBFC in strategic transition from wholesale term loans toward retail digital lending and co-lending partnerships.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 70 | 44 | 20 | 30 | 21 |
| EBITDA (ex other income) | 13 | 14 | 9 | 13 | 13 |
| margin % | 19.2 | 30.4 | 47.3 | 42.0 | 64.0 |
| Owners' profit | 13 | 10 | 8 | 7 | 7 |
| EPS, as reported (₹) | 34.10 | 27.01 | 21.47 | 19.34 | 18.63 |
| ROE % · ROCE % | 30.4 · — | 19.4 · — | 13.3 · — | 10.7 · — | 9.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (12) | 24 | (36) | (33) | 28 |
| Capex | 0 | (0) | (0) | (2) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7 | 7 | 8 | 8 | 5 | 5 | 5 | 6 |
| Profit before tax | 3 | 3 | 2 | 1 | 3 | 3 | 3 | 2 |
| Net profit | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 1 |
| EPS (₹) | 6.30 | 6.45 | 3.79 | 2.67 | 6.19 | 4.67 | 4.91 | 2.87 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.0 | 18.1 | 117 of 200 | 42% |
| P/B | 2.3 | 1.1 | 191 of 253 | 25% |
| ROE | 9.4 | 3.1 | 59 of 257 | 77% |
| EBITDA margin | 48.0 | 48.6 | 126 of 249 | 50% |
| Revenue growth | (27.9) | 12.6 | 175 of 231 | 24% |
| Profit growth | 2.7 | 7.8 | 130 of 251 | 48% |
| Market cap | 167 | 34 | 69 of 268 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Interest rate on Rs 15 cr NCDs revised from 9.75% to 10% | credit debt | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Cyber fraud update - partner reimburses 2.93 crore | regulatory legal | high | — | — |
| 18 Sept 2026 · Apollo Finvest re-appoints MD & CEO Mikhil Innani, names new secretarial auditor | management changes | medium | — | — |
| 18 Sept 2026 · All 5 resolutions passed at Apollo Finvest 40th AGM | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · Apollo Finvest 40th AGM held via video conferencing; key resolutions passed | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Clarification on share price movement to BSE | regulatory legal | medium | — | — |
| 11 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 3 Sept 2026 · Allotment of 390 Equity Shares under AFIL ESOP 2022 | capital market events | low | — | — |
| 25 Aug 2026 · AGM notice dispatch to shareholders without registered email IDs | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.