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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — | 13.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Apollo Micro Systems files AGM newspaper notice copies with exchanges | compliance | minimal | — | — |
| 9 Sept 2026 · NSE seeks clarification from Apollo Micro Systems on Q1 FY27 results | compliance | low | — | — |
| 8 Sept 2026 · Apollo Micro Systems files FY26 Annual Report, Revenue up 61% to Rs 904 Cr | results | high | — | — |
| 8 Sept 2026 · Record Date Fixed for Final Dividend FY 2025-26 | corporate actions | high | — | — |
| 8 Sept 2026 · Board approves 29th AGM notice, sets 23 Sept as record date for dividend | board shareholder meetings | low | — | — |
| 27 Aug 2026 · CARE rates Apollo Micro bank facilities; placed under watch | credit debt | medium | — | — |
| 22 Aug 2026 · Apollo Micro Systems forms defence entity ShauryAstra with Dr Saraswat | strategic transactions | medium | — | — |
| 21 Aug 2026 · Apollo Micro Systems: SEBI update on Premier Explosives open offer | strategic transactions | high | — | — |
| 20 Aug 2026 · AMS Investor Presentation for August 20 analyst meet | investor communications | medium | — | — |
| 19 Aug 2026 · Investor presentation filed for analyst meet | investor communications | medium | — | — |
| 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 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD ◆ | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 121.7 | 83.7 | 19 of 23 | 18% |
| P/B | 12.0 | 10.6 | 15 of 23 | 36% |
| 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 | 15650 | 7486 | 7 of 26 | 76% |
| 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 |
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.
