Unlisted Shares

APL Metals Unlisted Shares

APL Metals Limited (Unlisted)

Verified Unlisted CompanyOff-market Transfer · NSDL / CDSL

About APL Metals Unlisted Shares

Associated Pigments Limited (now APL Metals Limited) is a leading Indian manufacturer specializing in lead and lead oxide products. Established in 1948, the company has built a strong reputation in the Indian metals industry through decades of operational excellence, consistent quality, and customer satisfaction. APL Metals has played a significant role in contributing to India’s self-sufficiency in lead-based products and continues to be a trusted supplier across multiple industrial sectors. The company manufactures and supplies a wide range of lead products, including Refined Lead, Lead Alloys, Red Lead, Lead Sub Oxide, and Litharge. All products are customizable to meet specific client requirements, ensuring precise specifications and consistent quality standards. APL Metals maintains product purity levels of up to 99.97%, with ongoing efforts to achieve 99.99% purity, setting new be...

Share Details

company Name	APL Metals Limited (Unlisted)
indicative Unlisted Share Price	₹12
market Capitalization	₹13 Crore (Approx.)
lot Size	5000
52 Week High	₹65.50
52 Week Low	₹11.40
face Value	₹10
book Value	₹53.81
pe Ratio	NA
pb Ratio	0.22
debt To Equity	2.81
return On Equity	-20.96%
total Outstanding Shares	1,07,26,387
isin	INE578E01019
depository	NSDL & CDSL
pan	AACCA4264P
cin	L24242WB1948PLC017455
rta	M/s Niche Technologies Private Limited

Income Statement (Profit & Loss) (₹ in Crore)

Particulars	FY22	FY23	FY24	FY25
Revenue	724	736	703	-
EBITDA	21	25	14	-
Operating Profit	21	25	14	-
Profit Before Tax	7	5	-13	-
Net Profit / Loss	5	3	-10	-
EPS	4.66	2.8	-9.33	-

Key Financial Ratios (Last 3–5 Years)

Ratio	FY22	FY23	FY24	FY25
ROE (%)	Positive	Positive	-20.96	-
ROCE (%)	-	-	Low	-
Net Profit Margin (%)	0.69	0.41	-1.42	-
EBITDA Margin (%)	2.9	3.4	1.99	-
Debt-to-Equity	-	-	2.81	-
EPS	4.66	2.8	-9.33	-

Financial Annual Report Summary

Audited financials show stable revenue around ₹700-736 Cr over FY22-FY24, but declining profitability due to higher finance costs and raw material volatility. FY24 saw a net loss amid margin compression. The company maintains a asset-heavy balance sheet with significant inventory and borrowings. Overall performance reflects challenges in the lead industry but benefits from established client relationships.

Why Invest in APL Metals Unlisted

Revenue remained relatively stable between ₹703-736 Cr, showing resilience in core lead business.
EBITDA and margins declined sharply in FY24 due to higher input costs and finance expenses.
Negative net profit and EPS in FY24 indicate short-term profitability stress, common in commodity-linked businesses.
High debt levels remain a concern, but established client base and manufacturing infrastructure provide long-term stability.

Balance Sheet - Assets (₹ in Crore)

Item	FY22	FY23	FY24	FY25
Fixed Assets	22.4	23	25	-
Inventory	152	166	244	-
Trade Receivables	5	11	7	-
Total Assets	213	217	314	-

Balance Sheet - Liabilities & Equity (₹ in Crore)

Item	FY22	FY23	FY24	FY25
Share Capital	10.72	10.72	10.72	-
Reserves & Surplus	14	16	37	-
Borrowings	139	161	134	-
Trade Payables	42	19	120	-
Total Liabilities & Equity	213	217	314	-

Liabilities Breakdown & Balance Sheet Insights

Balance Sheet Insights

Inventory grew significantly in FY24, driving asset expansion. Borrowings remain high but showed some reduction. Equity base is modest with reserves supporting operations.

Liabilities Breakdown

Short-term liabilities include trade payables (sharp rise in FY24 to ₹120 Cr). Long-term borrowings stood at elevated levels (~₹134 Cr in FY24). Other obligations relate to working capital and finance costs.

Additional Insights

The balance sheet reflects high leverage and working capital intensity typical of the lead manufacturing sector. Financial stability is moderate with inventory acting as a buffer, but elevated debt-to-equity and negative ROE in FY24 signal solvency risks that need monitoring. Asset growth is inventory-led rather than capex-driven.

Cash Flow Insights

Strong positive operating cash flow in FY24 mainly from working capital changes (higher payables).
Negative CFO in FY22 and FY23 highlights prior working capital stress.
Financing cash flow turned negative in FY24 due to debt reduction.

Shareholding Pattern

FY22

Promoter: 99.99%

Institutional: 0%

Public: 0.01%

FY23

Promoter: 73.26%

Institutional: 0%

Public: 26.74%

FY24

Promoter: 73.26%

Institutional: 0%

Public: 26.74%

Promoters & Management

Promoters hold significant stake with deep industry experience in metals and manufacturing. Key management includes professionals with decades in operations and finance.

Key Management

Sanjiv Nandan Sahaya - Chairman & Managing Director

20+ Years in metals industry

Rajendra Sahay - Director

20+ Years

Prakash Kumar Damani - Director

15+ Years

Registrar & Transfer Agent (RTA)

Registrar: M/s Niche Technologies Private Limited

Website: https://www.nichetechpl.com/

Management Analysis

The leadership team brings extensive experience in lead manufacturing, supply chain management, and client relationship handling. Their strategy focuses on maintaining quality, operational efficiency, and long-term client partnerships in a volatile commodity market. Corporate governance appears standard for an unlisted entity with promoter-driven decision making.

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