Aplab Ltd (APLAB) · mywealthgrid

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About

Aplab Ltd manufactures electrical equipment in the industrials sector, operating as a small-cap with market cap ₹168.17 Cr. Recent quarters show substantial volatility: standalone revenue ranges from ₹9.93 Cr (Jun 2024) to ₹23.93 Cr (Mar 2025), and net profit has swung from -₹8.41 Cr loss (Dec 2024) to ₹7.04 Cr profit (Mar 2025).

Face value: ₹10

Market cap

₹180 Cr

P/E

680.2×

P/B

9.0×

Dividend yield

ROE

16.6%

ROCE

22.4%

Debt / equity

0.94

OPM

5.2%

EPS (TTM)

₹0.1

Book value

₹8.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating unprofitability: Current OPM -12.53%, with Dec 2024 reaching -50.24%—verify root causes of margin compression and whether Mar 2025's partial recovery to -5.81% is durable.
Revenue instability: Quarterly revenue ranges ₹9.93–₹23.93 Cr with no clear trend—verify demand visibility, project pipeline concentration, and order book quality.
Low capital efficiency: ROE 2.54% significantly lags typical industrial equipment peers—verify if this reflects temporary margin stress or structural competitive weakness.
Valuation risk: PE 634.6 prices in substantial earnings recovery—verify forward profitability guidance and sustainability of Mar 2025 profit levels.

Generated analysis · source review pending

Growth drivers

Mar 2025 revenue of ₹23.93 Cr (highest in 8-quarter history) and net profit of ₹7.04 Cr follow Dec 2024's losses—verify if this reflects project recognition, improved operations, or one-time items.
Operating margin improved 44 percentage points from Dec 2024 (-50.24%) to Mar 2025 (-5.81%)—verify whether improvement stems from cost discipline, pricing, or business mix shift.
52.55% 1-year stock return from ₹43–₹117 range suggests investor confidence in operational turnaround—verify what new contracts, products, or market catalysts support this thesis.
Electrical equipment sector serves capex and infrastructure cycles—verify Aplab's end-market positioning, addressable size, and ability to grow with sector recovery.

Generated analysis · source review pending

1,912 historical price candles were omitted because the exchange source has not been verified.

₹71.8+4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 132.7% over the last 3 years

Cons

−Low return on equity of 9% (3-yr avg)
−Thin operating margin of 5.2%
−Modest revenue growth of 2% a year over the last 5 years
−Expensive at 680.2× trailing earnings
−Trading at 9× book value
−Promoter holding fell 23.8 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 34
Growth: 79

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	71	72	62	53	52	53	51	51	50	64	58
COGS	—	—	-30	-26	-19	23	19	17	16	-34	25
Gross profit	—	—	—	—	—	30	33	35	33	—	33
	78	75	96	81	67	25	26	30	29	106	30
	-7	-2	-4	-2	4	5	6	5	5	-8	3
OPM %	-9.5%	-3.4%	-6.4%	-4.7%	7.8%	9.3%	12.5%	10.5%	9.1%	-12.5%	5.2%
Depreciation	—	—	1	1	1	0	0	0	0	0	0
Interest	11	11	11	8	6	6	5	3	3	3	2
	1	1	0	0	0	1	-1	-2	0	5	3
Profit before tax	-18	-13	-16	7	0	-0	0	0	1	-7	3
Tax	—	—	—	—	—	0	0	0	0	—	1
Tax %	—	—	—	—	—	0%	0%	0%	0%	—	26.2%
	-18	-12	-16	5	0	-0	0	0	1	0	3
PAT margin %	-24.8%	-17.3%	-25.6%	10.1%	0.4%	-0.7%	0.3%	0.4%	1.6%	0.4%	4.3%
EPS (₹)	-30.8	-24.9	-27.7	11.2	0.5	-0.8	0.2	0.2	0.7	-5.2	1.7
EPS adjusted (₹)	—	—	—	—	0.4	-0.8	0.2	0.2	0.7	0.2	1.6
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	5	5	10	10	11	13	16
Reserves	—	-31	-31	-30	-1	-2	4
	—	72	48	50	26	30	19
	—	44	40	45	35	30	19
Total equity & liabilities	—	90	66	76	71	70	58
	3	3	6	7	7	6	9
CWIP	—	4	1	0	0	1	0
Investments	—	0	0	0	0	0	0
	—	82	59	68	64	63	49
Total assets	—	90	66	76	71	70	58

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	19	-4	-3	2	14
	-0	-0	0	0	-1	-2
	0	-19	3	4	1	-8
Net cash flow	-1	-1	-0	0	2	3
Free cash flow	-1	19	—	—	2	11
CFO / Operating profit %	-20.7%	291.3%	-69.1%	-74.6%	—	450.5%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	56.6%	63.9%	67.8%	67.2%	—	56.6%
EBITDA margin %	-4.7%	7.8%	9.3%	12.5%	10.5%	9.1%	-12.5%	5.2%
EBIT margin %	-7.1%	5.8%	8.6%	11.8%	9.6%	8.3%	-13.3%	4.4%
PAT margin %	10.1%	0.4%	-0.7%	0.3%	0.4%	1.6%	0.4%	4.3%
Working capital
Receivable days	—	—	105	125	188	167	125	54
Inventory days	—	—	243	301	285	663	92	280
Payable days	—	—	167	129	194	191	47	31
NWC days	—	—	181	296	279	640	169	302
Leverage
Current ratio	—	—	0.59	0.49	0.52	1.04	1.02	1.27
Debt to EBITDA	—	—	14.55	7.41	9.3	5.73	—	6.25
Debt to equity	—	—	-2.75	-2.29	-2.54	2.56	2.89	0.94
Interest coverage	-0.4	0.5	0.9	1.3	1.8	1.4	-1.1	2.4
Asset turnover	—	—	0.59	0.77	0.68	0.69	0.91	1.01
Return ratios
Return on assets %	—	—	-0.4%	0.3%	0.3%	1.1%	0.4%	4.3%
Return on capital employed %	—	—	-35.2%	-59.1%	-55.5%	26.2%	-15.7%	22.4%
Return on equity %	—	—	1.5%	-0.8%	-1%	7.9%	2.5%	12.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.28%	63.28%	63.28%	63.28%	63.28%	67.6%	67.6%	67.6%	43.83%	43.83%	43.83%	43.83%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.7%	36.7%	36.7%	36.7%	36.7%	32.38%	32.38%	32.38%	56.16%	56.16%	56.16%	56.16%
No. of shareholders	—	—	—	—	—	—	—	—	5,619	5,404	5,367	5,217

Promoter holding down 19.45 percentage points since Sep 2023.

5 deals · 14 Sept 2022 – 6 Jun 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Jun 2025	SHAH DIPAK KANAYALAL	Bulk	BSE	Sell	1,06,084	₹42.20	₹0.45 Cr
6 Jun 2025	NIRMITKUMAR ASHOKKUMAR PATEL	Bulk	BSE	Buy	65,724	₹42.07	₹0.28 Cr
16 Feb 2023	SHAH DIPAK KANAYALAL	Bulk	BSE	Buy	80,098	₹30.81	₹0.25 Cr
10 Feb 2023	SHAH MITA DIPAK	Bulk	BSE	Sell	1,17,130	₹21.49	₹0.25 Cr
14 Sept 2022	ZEE ENTERTAINMENT ENTERPRISES LIMITED	Bulk	BSE	Sell	1,99,964	₹17.01	₹0.34 Cr

1–5 of 5

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SANJAY NIRANJAN MEHTAExecutive Director-MD
Mr. HARESH GUNVANTRAI DESAINon-Executive - Independent Director
Mr. SURESH SOMCHAND SHAHNon-Executive - Independent Director
Mr. NISHITH PRABHAKAR DEODHARExecutive Director
Ms. TANVI PAHARIA JAINNon-Executive - Non Independent Director
Mr. Ravish N. ModiChief Financial Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Aplab Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

2

Dividend dividend16 Jun 2009 · ex-date₹1
Dividend dividend30 May 2008 · ex-date₹2.5

1

Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

9 announcementsExport CSV

9 Jul 2026, 10:35 amCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	56.6%	63.9%	67.8%	67.2%	—	56.6%
EBITDA margin %	-4.7%	7.8%	9.3%	12.5%	10.5%	9.1%	-12.5%	5.2%
EBIT margin %	-7.1%	5.8%	8.6%	11.8%	9.6%	8.3%	-13.3%	4.4%
PAT margin %	10.1%	0.4%	-0.7%	0.3%	0.4%	1.6%	0.4%	4.3%
Working capital
Receivable days	—	—	105	125	188	167	125	54
Inventory days	—	—	243	301	285	663	92	280
Payable days	—	—	167	129	194	191	47	31
NWC days	—	—	181	296	279	640	169	302
Leverage
Current ratio	—	—	0.59	0.49	0.52	1.04	1.02	1.27
Debt to EBITDA	—	—	14.55	7.41	9.3	5.73	—	6.25
Debt to equity	—	—	-2.75	-2.29	-2.54	2.56	2.89	0.94
Interest coverage	-0.4	0.5	0.9	1.3	1.8	1.4	-1.1	2.4
Asset turnover	—	—	0.59	0.77	0.68	0.69	0.91	1.01
Return ratios
Return on assets %	—	—	-0.4%	0.3%	0.3%	1.1%	0.4%	4.3%
Return on capital employed %	—	—	-35.2%	-59.1%	-55.5%	26.2%	-15.7%	22.4%
Return on equity %	—	—	1.5%	-0.8%	-1%	7.9%	2.5%	12.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

Aplab Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

2

1

Announcements

Not in the F&O segment

No fund holdings on record

2

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Aplab Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Dividends2

Board meetings1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

1

2

1