APOLLO MICRO SYSTEMS LTD

Designs and manufactures defence electronics, sub-systems and increasingly full weapon systems for the Indian armed forces and allied customers. The product range spans UAVs, inertial navigation systems, radars, torpedoes, naval mines, anti-tank guided missiles, decoys, chaffs/flares, bombs, rockets, missiles, and loitering munitions, with a new DPIIT industrial licence covering 13 such categories. Customers include the Indian Navy, Indian Air Force, DRDO labs, defence PSUs and selected private industry; new orders of about ₹134 crore from these buyers were booked in July 2026, with follow-on orders expected after prototype demonstrations. A consolidated order book of ₹1,432 crore as of 31 March 2026 provides multi-year revenue visibility, and the company spent ₹72 crore (8% of revenue) on R&D with zero attrition in that team. Earnings are supplemented by subsidiary IDL Explosives (about ₹380 crore revenue, still loss-making while it is being restructured), and a pending ₹1,550 crore all-cash acquisition of 41.33% of Premier Explosives, which makes solid propellants, rocket motors, countermeasure systems and munitions. Materials and components are the dominant cost, consuming 77.7% of FY26 revenue, with depreciation at 2.5% and capex running at 25.2% of revenue as the company expands facilities and R&D.