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APOLLO MICRO SYSTEMS Q2 FY26 results: net profit up 90.9% to ₹30.03 crore, revenue up 40.2%
APOLLO MICRO SYSTEMS LTD reported consolidated revenue of ₹225.26 crore and net profit of ₹30.03 crore for Q2 FY26. Revenue rose 40.2% from Q2 FY25, while EBITDA increased 80.0% to ₹59.19 crore and basic EPS rose to ₹0.93.
Key points
- Consolidated Q2 FY26 revenue was ₹225.26 crore, up 40.2% from ₹160.71 crore in Q2 FY25 and 68.6% from ₹133.58 crore in Q1 FY26.
- EBITDA was ₹59.19 crore, with an EBITDA margin of 26.3%, compared with 20.5% in Q2 FY25 and 30.6% in Q1 FY26.
- Profit before tax rose to ₹43.15 crore from ₹22.46 crore a year ago, while net profit increased to ₹30.03 crore from ₹15.73 crore.
- Basic EPS was ₹0.93, compared with ₹0.52 in Q2 FY25 and ₹0.56 in Q1 FY26.
- H1 FY26 revenue was ₹358.85 crore and net profit was ₹47.71 crore, compared with ₹251.91 crore and ₹24.16 crore in H1 FY25.
How did APOLLO MICRO SYSTEMS perform in Q2 FY26?
APOLLO MICRO SYSTEMS reported consolidated revenue from operations of ₹225.26 crore in Q2 FY26, up ₹64.55 crore or 40.2% from ₹160.71 crore in Q2 FY25. Against Q1 FY26, revenue rose ₹91.68 crore or 68.6% from ₹133.58 crore. Total income was ₹226.57 crore, while other income was ₹1.30 crore.
Consolidated EBITDA rose to ₹59.19 crore, up ₹26.30 crore or 80.0% from ₹32.89 crore in Q2 FY25, and up ₹18.25 crore or 44.6% from ₹40.94 crore in Q1 FY26. EBITDA margin was 26.3%, compared with 20.5% a year earlier and 30.6% in the previous quarter.
Profit before tax was ₹43.15 crore, compared with ₹22.46 crore in Q2 FY25 and ₹25.29 crore in Q1 FY26. Net profit was ₹30.03 crore, against ₹15.73 crore and ₹17.68 crore, respectively; basic EPS was ₹0.93, compared with ₹0.52 and ₹0.56. On a standalone basis, revenue was ₹225.26 crore and net profit was ₹33.05 crore.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 225.26 | 133.58 | 160.71 | +40.2% | +68.6% |
| Other income | 1.30 | 0.87 | 0.59 | +120.3% | +49.4% |
| Total expenses | 183.42 | 109.17 | 138.84 | +32.1% | +68.0% |
| EBITDA | 59.19 | 40.94 | 32.89 | +80.0% | +44.6% |
| EBITDA margin | 26.3% | 30.6% | 20.5% | +5.8 pp | −4.3 pp |
| Profit before tax | 43.15 | 25.29 | 22.46 | +92.1% | +70.6% |
| Tax | 13.12 | 7.60 | 6.73 | +94.9% | +72.6% |
| Net profit | 30.03 | 17.68 | 15.73 | +90.9% | +69.9% |
| EPS (₹) | 0.93 | 0.56 | 0.52 | +78.8% | +66.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in APOLLO MICRO SYSTEMS's costs and profit?
Total expenses rose to ₹183.42 crore in Q2 FY26, up ₹44.58 crore or 32.1% from ₹138.84 crore in Q2 FY25. Cost of materials consumed was the largest increase, rising ₹53.01 crore or 42.1% to ₹178.88 crore. Finance costs increased ₹5.32 crore or 73.1% to ₹12.60 crore, while employee cost rose ₹1.22 crore to ₹6.34 crore.
Other income increased by ₹0.71 crore to ₹1.30 crore, and there was no exceptional item. Depreciation rose by ₹1 crore to ₹4.75 crore and other expenses increased by ₹1.78 crore to ₹4.10 crore. Tax expense rose ₹6.39 crore to ₹13.12 crore. Against Q1 FY26, total expenses rose ₹74.25 crore, while other expenses fell ₹0.83 crore to ₹4.10 crore.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 178.88 | 125.87 | +53.01 | +42.1% |
| Employee cost | 6.34 | 5.12 | +1.22 | +23.8% |
| Finance costs | 12.60 | 7.28 | +5.32 | +73.1% |
| Depreciation | 4.75 | 3.75 | +1 | +26.7% |
| Other expenses | 4.10 | 2.32 | +1.78 | +76.7% |
| Total expenses | 183.42 | 138.84 | +44.58 | +32.1% |
| Other income | 1.30 | 0.59 | +0.71 | +120.3% |
| Tax | 13.12 | 6.73 | +6.39 | +94.9% |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
In the first half of FY26, Apollo Micro Systems reported consolidated revenue of ₹358.85 crore, up ₹106.94 crore or 42.5% from ₹251.91 crore in H1 FY25. Total income rose to ₹361.02 crore from ₹253.09 crore, an increase of ₹107.93 crore or 42.6%.
H1 FY26 profit before tax was ₹68.44 crore, up ₹34.08 crore or 99.2% from ₹34.36 crore, while net profit rose ₹23.55 crore or 97.5% to ₹47.71 crore from ₹24.16 crore. Basic EPS increased from ₹0.8 to ₹1.47, a rise of ₹0.67 or 83.7%.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 358.85 | 251.91 | +42.5% |
| Profit before tax | 68.44 | 34.36 | +99.2% |
| Net profit | 47.71 | 24.16 | +97.5% |
| EPS (₹) | 1.47 | 0.80 | +83.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2025, consolidated total assets were ₹1,781.92 crore, compared with ₹1,299.49 crore at 31 March 2025, and total equity was ₹1,078.24 crore against ₹607.57 crore. Borrowings rose to ₹357.08 crore from ₹330.76 crore, while cash fell to ₹18.14 crore from ₹40.27 crore.
Inventories increased to ₹705.13 crore from ₹600.64 crore and trade receivables rose to ₹359.64 crore from ₹238.33 crore. Trade payables declined to ₹254.84 crore from ₹277.19 crore. In H1 FY26, operating cash flow was negative ₹189.60 crore, compared with positive ₹17.76 crore in H1 FY25.
Investing cash flow was negative ₹256.55 crore, compared with negative ₹49.42 crore in the year-earlier period, and capital expenditure was ₹191.59 crore against ₹52.91 crore. Financing cash flow was positive ₹424.02 crore, compared with positive ₹31.74 crore.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 1,782 | 1,299 |
| Total equity | 1,078 | 607.57 |
| Borrowings | 357.08 | 330.76 |
| Cash and equivalents | 18.14 | 40.27 |
| Inventories | 705.13 | 600.64 |
| Trade receivables | 359.64 | 238.33 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | −189.60 | 17.76 |
| Cash from investing | −256.55 | −49.42 |
| Cash from financing | 424.02 | 31.74 |
| Capital expenditure | 191.59 | 52.91 |
Source: Company's results filing (XBRL).
How has APOLLO MICRO SYSTEMS done over the last 8 quarters?
Revenue and net profit both rose year on year in each of the last eight quarters. In the latest sequence, revenue moved from ₹91.20 crore in Q1 FY25 to ₹160.71 crore in Q2 FY25, dipped to ₹148.39 crore in Q3 FY25, and then reached ₹225.26 crore in Q2 FY26. Net profit followed a rising path from ₹8.43 crore in Q1 FY25 to ₹30.03 crore in Q2 FY26.
EBITDA margin fluctuated with the quarterly mix, reaching 30.6% in Q1 FY26 before easing to 26.3% in Q2 FY26. The margin was 20.5% in Q2 FY25 and had earlier bottomed at 21.2% in Q4 FY24. Q2 FY26 revenue was the highest in the eight-quarter series, while the 26.3% margin matched Q3 FY24.
What else did the company announce?
On 4 November 2025, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, and took note of the corresponding limited review reports. The company also filed an investor presentation for Q2 FY26 and H1 FY26.
The same-day filings included a managing director’s letter to shareholders covering the Q2 FY26 performance update and the IDL Explosives acquisition. No dividend decision, new fund raise or appointment was stated in the filings provided for the result date.
What did APOLLO MICRO SYSTEMS's management say?
Management maintained guidance for revenue growth of 45-50% CAGR over FY26 and FY27 from the core business, excluding IDL. It said the order book was expected to reach 3x of the FY25 order book by March FY26, or Q1 FY27 if delayed, while the production share of orders was targeted to rise from 25-30% to 40-45% over two years.
Management said Unit 3 capacity would expand 8x once fully operational, with full-fledged operations targeted by Q1 FY27. It also said IDL Explosives, acquired for ₹107 crore, was targeted for EBITDA profitability by Q2 FY27 and that receivables were expected to decline significantly by Q4 FY26.
Management identified project mix and the timing of research and development versus production orders as reasons quarterly EBITDA margin can vary. It also flagged receivables of about ₹360 crore tied up in long-gestation projects and promoter pledge at about 35%, with management targeting complete closure within six months. On the earnings call, management described the company’s transition from a subsystem and systems manufacturer to a full-fledged weapons manufacturer.
How did APOLLO MICRO SYSTEMS shares react?
The filing appeared after market hours. Apollo Micro Systems’ shares fell 1.2% after 5 minutes, 1.8% after 15 minutes and 2.8% after 30 minutes. By the close of the first session that could trade on the news, the stock was down 4.0% from the previous close.
By the next day’s close, the stock was down 2.1% from the pre-results close, and by the fifth session it was up 0.9%. The Aerospace & Defense industry median was down 2.7% on the reaction day, down 1.8% by the next day and down 1.6% by the fifth day; Apollo Micro Systems’ excess moves were negative 1.2 percentage points, negative 0.2 percentage points and positive 2.5 percentage points, respectively.
Earlier results-day reactions were mixed. The stock moved down 9.5% on 23 May 2025, up 5.4% on 28 July 2025 and down 4.1% on 10 October 2025. Other earlier reaction-day moves were positive 0.4% on 4 February 2025, positive 3.4% on 25 October 2024, positive 1.3% on 9 August 2024 and positive 2.8% on 20 May 2024.
| After the filing | Stock | Aerospace & Defense median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.8% | |
| 30 minutes | −2.8% | |
| Reaction day | −4.0% | −2.7% |
| Next day | −2.1% | −1.8% |
| 5 days | +0.9% | −1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 October 2025 | −4.1% |
| 28 July 2025 | +5.4% |
| 23 May 2025 | −9.5% |
| 4 February 2025 | +0.4% |
| 25 October 2024 | +3.4% |
| 9 August 2024 | +1.3% |
| 20 May 2024 | +2.8% |
Source: MarketPing price-reaction measurement.
How did other Aerospace & Defense companies do?
Twenty Aerospace & Defense companies filed for the quarter. Their median revenue growth was 12.4%, compared with Apollo Micro Systems’ revenue growth of 40.2%. Fourteen peers grew more slowly than Apollo Micro Systems, while six grew faster.
Twelve of the 19 peers with comparable profit data reported higher profit. The peer comparison was recorded as of 5 November 2026.
| APOLLO MICRO SYSTEMS revenue growth (YoY) | +40.2% |
|---|---|
| Median of 20 other Aerospace & Defense companies | +12.4% |
| Companies with slower revenue growth than APOLLO MICRO SYSTEMS | 14 of 20 |
| Companies with faster revenue growth than APOLLO MICRO SYSTEMS | 6 of 20 |
| Companies whose net profit rose | 12 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was APOLLO MICRO SYSTEMS's revenue in Q2 FY26?
Revenue from operations was ₹225.26 crore, up 40.2% from ₹160.71 crore in Q2 FY25 (consolidated).
Did APOLLO MICRO SYSTEMS make a profit in Q2 FY26?
Yes. Net profit was ₹30.03 crore, against a net profit of ₹15.73 crore in Q2 FY25.
What was APOLLO MICRO SYSTEMS's EPS in Q2 FY26?
Basic earnings per share were ₹0.93, against ₹0.52 in Q2 FY25.
How did APOLLO MICRO SYSTEMS shares react to the Q2 FY26 results?
On the reaction day the stock moved −4.0% from the previous close; the median Aerospace & Defense stock moved −2.7%.
When did APOLLO MICRO SYSTEMS announce its Q2 FY26 results?
On 4 November 2025, in a filing to the NSE.
Sources
- General Updates (NSE, 10 October 2025) · PDF
- Board Meeting Intimation for Taking On Record The Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30.09.2025 (BSE, 28 October 2025) · PDF
- Outcome of Board Meeting (NSE, 4 November 2025) · PDF
- Integrated Filing- Financial (NSE, 4 November 2025) · PDF
- Press Release (NSE, 4 November 2025) · PDF
- The earnings call (8 November 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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