Gujarat Apollo Industries has approved the sale of its 17.96% stake in Credo Advanced Chemicals for ₹37.63 crore to Mr. Naman Madhav Patel. The transaction is subject to shareholder approval at the upcoming annual general meeting.

Transaction details

The divestment involves Gujarat Apollo Industries offloading its minority shareholding in Credo Advanced Chemicals. The following table summarises the key parameters of the transaction:

The board approved the sale in principle on September 3, 2026. The transaction is outside any scheme of arrangement and does not fall under related-party transactions. The company will ensure compliance with Regulation 37A of the SEBI LODR Regulations at the ensuing general meeting.

AGM and corporate actions

The board also approved the notice for the 39th Annual General Meeting of the company. Key dates and appointments include:

• AGM Date: Monday, September 28, 2026 at 11:00 am in physical mode at the registered office.
• Record Date: Monday, September 21, 2026 for dividend payment and AGM eligibility.
• Scrutinizer: Mr. Ashish Shah, Practicing Company Secretary, appointed to oversee remote e-voting and ballot paper voting.

Credo Advanced Chemicals contributed 7.92% to Gujarat Apollo Industries' overall turnover and net worth during the last financial year.

Gujarat Apollo Industries has entered the material handling equipment market by commencing the manufacturing and sales of Pick and Carry Cranes. The company manufactured, sold, and dispatched its first unit in July 2026, signaling a strategic diversification beyond its existing portfolio. Management stated that this move is designed to drive revenue growth through a seamless market entry into this specialized domain.

The expansion involves a phased capacity build-up. Gujarat Apollo Industries plans to increase its manufacturing output to 200 cranes per year within the next two years. To support this operational scaling, the company estimates a working capital requirement of approximately ₹9 crore over the same two-year period. This investment will fund the initial supply chain and production needs for the new product line.

Strategic Expansion Details

The foray into crane manufacturing represents a distinct shift for the Ahmedabad-based entity, targeting the industrial material handling segment. The company highlighted revenue growth as the primary expected benefit from this new business line. By establishing a presence in Pick and Carry Cranes, Gujarat Apollo Industries aims to capture demand in sectors requiring specialized lifting and transport solutions.

Regulatory Compliance

The announcement was made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, dated July 11, 2023, and last updated on January 30, 2026. The company submitted the disclosure to both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on August 01, 2026. Anand A Patel, Director of Gujarat Apollo Industries, authorized the communication.

What the Numbers Show

The commitment of approximately ₹9 crore in working capital for a target output of 200 units implies a significant upfront liquidity allocation per unit before steady-state operations are achieved. This capital intensity suggests that the initial phase will focus heavily on inventory buildup and supplier financing rather than immediate profit generation from the new line. The two-year timeline for reaching full capacity indicates a gradual ramp-up, allowing management to test market absorption rates while managing cash flow requirements.