NSE: APOLLO · BSE: 540879
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence electronics, sub-systems and weapon systems, IDL Explosives (subsidiary), Premier Explosives (pending acquisition). Defence electronics and weapons manufacturer, project/order-book driven and R&D intensive, with capex of 25.2% of revenue
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 243 | 298 | 372 | 562 | 904 |
| EBITDA (ex other income) | 46 | 61 | 84 | 129 | 218 |
| margin % | 18.8 | 20.5 | 22.6 | 23.0 | 24.1 |
| Owners' profit | 15 | 19 | 0 | 56 | 113 |
| EPS, as reported (₹) | 7.04 | 9.18 | 0.00 | 1.86 | 3.18 |
| ROE % · ROCE % | 4.6 · 11.0 | 4.9 · 12.5 | 6.0 · 13.2 | 9.3 · 16.2 | 8.2 · 13.5 |
| Debt / equity (x) | 0.37 | 0.37 | 0.38 | 0.54 | 0.41 |
| Cash from operations | 40 | (15) | (69) | 11 | (130) |
| Capex | (23) | (33) | (54) | (96) | (228) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161 | 148 | 162 | 134 | 225 | 252 | 293 | 251 |
| Profit before tax | 22 | 26 | 22 | 25 | 43 | 32 | 55 | 38 |
| Net profit | 16 | 18 | 14 | 18 | 30 | 23 | 37 | 25 |
| EPS (₹) | 0.52 | 0.60 | 0.46 | 0.56 | 0.93 | 0.69 | 1.09 | 0.75 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD ◆ | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 119.3 | 69.8 | 20 of 23 | 14% |
| P/B | 11.7 | 9.6 | 18 of 23 | 23% |
| ROCE | 10.4 | 13.6 | 18 of 26 | 32% |
| ROE | 8.2 | 10.9 | 17 of 23 | 27% |
| Debt / Equity | 0.4 | 0.0 | 22 of 23 | 5% |
| EBITDA margin | 22.3 | 22.3 | 12 of 23 | 50% |
| Revenue growth | 88.1 | 24.9 | 3 of 23 | 91% |
| Profit growth | 42.6 | 14.9 | 9 of 21 | 60% |
| Market cap | 15340 | 6504 | 6 of 26 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Apollo Micro Systems publishes earnings call transcript | investor communications | medium | — | — |
| 27 Oct 2026 · Apollo Micro Systems publishes September quarter and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Apollo Micro Systems schedules NDTV Profit interview | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Director scheduled for CNBC Awaaz interview on 27 October 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Apollo Micro Systems shares recording of investor conference call | investor communications | low | — | — |
| 24 Oct 2026 · Strong FY27 growth and missile technology opportunity | business updates | low | — | — |
| 24 Oct 2026 · Record Q2 FY27 results; order book at ₹1,765 crore | investor communications | low | — | — |
| 24 Oct 2026 · Record Q2 FY27 results lift revenue, profit and order book | compliance | low | — | — |
| 24 Oct 2026 · Apollo Micro posts record Q2 FY27 profit; order book at Rs 176.5 crore | investor communications | medium | — | — |
| 24 Oct 2026 · Revenue and profit after tax rise sharply; some subsidiaries face financial strain | results | high | — | — |
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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.