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APOLLO MICRO SYSTEMS Q2 FY27 results: net profit up 53.7% to ₹46.15 crore, revenue up 72.3%
APOLLO MICRO SYSTEMS LTD reported consolidated revenue of ₹388.15 crore in Q2 FY27, up 72.3% from ₹225.26 crore in Q2 FY26. EBITDA rose 87.8% to ₹111.18 crore, while profit after tax increased 53.7% to ₹46.15 crore and basic EPS was ₹1.32.
Key points
- Consolidated Q2 FY27 revenue was ₹388.15 crore, up 72.3% year on year and 54.5% sequentially.
- EBITDA was ₹111.18 crore, with an EBITDA margin of 28.6%, compared with 26.3% in Q2 FY26 and 21.4% in Q1 FY27.
- Profit after tax was ₹46.15 crore, up 53.7% from ₹30.03 crore a year earlier and 83.0% from ₹25.22 crore in Q1 FY27.
- Basic EPS was ₹1.32, compared with ₹0.93 in Q2 FY26 and ₹0.75 in Q1 FY27.
- H1 FY27 revenue was ₹639.44 crore, up 78.2% from H1 FY26, while PAT was ₹71.37 crore, up 49.6%.
How did APOLLO MICRO SYSTEMS perform in Q2 FY27?
On the consolidated basis, Q2 FY27 revenue was ₹388.15 crore, compared with ₹225.26 crore in Q2 FY26 and ₹251.29 crore in Q1 FY27. Revenue was up 72.3% year on year and 54.5% sequentially. Total income was ₹391.69 crore, up 72.9% from ₹226.57 crore a year earlier and 54.5% from ₹253.54 crore in the previous quarter.
EBITDA rose to ₹111.18 crore from ₹59.19 crore in Q2 FY26 and ₹53.73 crore in Q1 FY27. The EBITDA margin was 28.6%, compared with 26.3% a year earlier and 21.4% in the previous quarter. PBT was ₹92.48 crore, against ₹43.15 crore in Q2 FY26 and ₹37.67 crore in Q1 FY27.
PAT was ₹46.15 crore, compared with ₹30.03 crore in Q2 FY26 and ₹25.22 crore in Q1 FY27. The PAT margin was 11.9%, compared with 13.3% a year earlier and 10.0% in the previous quarter. Basic EPS was ₹1.32, against ₹0.93 in Q2 FY26 and ₹0.75 in Q1 FY27. On the standalone basis, revenue was ₹306.29 crore and PAT was ₹47.73 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 388.15 | 251.29 | 225.26 | +72.3% | +54.5% |
| Other income | 3.54 | 2.25 | 1.30 | +172.3% | +57.3% |
| Total expenses | 299.21 | 215.88 | 183.42 | +63.1% | +38.6% |
| EBITDA | 111.18 | 53.73 | 59.19 | +87.8% | +106.9% |
| EBITDA margin | 28.6% | 21.4% | 26.3% | +2.3 pp | +7.2 pp |
| Profit before tax | 92.48 | 37.67 | 43.15 | +114.3% | +145.5% |
| Tax | 46.32 | 12.45 | 13.12 | +253.0% | +272.0% |
| Net profit | 46.15 | 25.22 | 30.03 | +53.7% | +83.0% |
| EPS (₹) | 1.32 | 0.75 | 0.93 | +41.9% | +76.0% |
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 were ₹299.21 crore in Q2 FY27, up ₹115.79 crore from ₹183.42 crore in Q2 FY26. Cost of materials rose by ₹76.61 crore to ₹255.49 crore, employee cost increased by ₹8.34 crore to ₹14.68 crore, finance costs increased by ₹2.03 crore to ₹14.63 crore, and depreciation rose by ₹2.85 crore to ₹7.60 crore.
Other expenses increased by ₹12.31 crore to ₹16.41 crore, while other income rose by ₹2.24 crore to ₹3.54 crore. There was no exceptional item. Tax expense increased by ₹33.20 crore to ₹46.32 crore, compared with ₹13.12 crore in Q2 FY26. Despite the higher costs and tax, PBT rose by ₹49.33 crore and PAT by ₹16.12 crore year on year.
Against Q1 FY27, total expenses were higher by ₹83.33 crore. Cost of materials increased by ₹59.44 crore, employee cost by ₹0.86 crore, finance costs by ₹3.91 crore, depreciation by ₹0.01 crore and other expenses by ₹2.32 crore. Other income increased by ₹1.29 crore and tax by ₹33.87 crore; PAT increased by ₹20.93 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 255.49 | 178.88 | +76.61 | +42.8% |
| Employee cost | 14.68 | 6.34 | +8.34 | +131.5% |
| Finance costs | 14.63 | 12.60 | +2.03 | +16.1% |
| Depreciation | 7.60 | 4.75 | +2.85 | +60.0% |
| Other expenses | 16.41 | 4.10 | +12.31 | +300.2% |
| Total expenses | 299.21 | 183.42 | +115.79 | +63.1% |
| Other income | 3.54 | 1.30 | +2.24 | +172.3% |
| Tax | 46.32 | 13.12 | +33.20 | +253.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹639.44 crore, compared with ₹358.85 crore in H1 FY26, an increase of ₹280.59 crore. Total income was ₹645.23 crore, up ₹284.21 crore from ₹361.02 crore. PBT rose by ₹61.70 crore to ₹130.14 crore.
H1 FY27 PAT was ₹71.37 crore, compared with ₹47.71 crore in H1 FY26, an increase of ₹23.66 crore. Basic EPS was ₹2.06, compared with ₹1.47 in the previous first half. The company reported revenue growth of 78.2%, total income growth of 78.7%, PBT growth of 90.2%, PAT growth of 49.6% and EPS growth of 40.1%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 639.44 | 358.85 | +78.2% |
| Profit before tax | 130.14 | 68.44 | +90.2% |
| Net profit | 71.37 | 47.71 | +49.6% |
| EPS (₹) | 2.06 | 1.47 | +40.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,940.37 crore, compared with ₹2,368.51 crore at 31 March 2026. Total equity was ₹1,510.36 crore against ₹1,308.22 crore, while borrowings were ₹653.66 crore compared with ₹532.41 crore. Cash fell to ₹20.69 crore from ₹89.50 crore.
Inventories increased to ₹909.11 crore from ₹795.29 crore, trade receivables to ₹640.09 crore from ₹481.32 crore and trade payables to ₹509.43 crore from ₹382.01 crore. In H1 FY27, operating cash flow was ₹22.44 crore, compared with an outflow of ₹189.60 crore in H1 FY26. Investing cash flow was an outflow of ₹316.69 crore, compared with ₹256.55 crore, while financing cash flow was ₹225.44 crore against ₹424.02 crore.
Capital expenditure was ₹184.62 crore in H1 FY27, compared with ₹191.59 crore in H1 FY26. The company’s investor presentation reported working-capital days of 353 for H1 FY27, compared with 359 in FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,940 | 2,369 |
| Total equity | 1,510 | 1,308 |
| Borrowings | 653.66 | 532.41 |
| Cash and equivalents | 20.69 | 89.50 |
| Inventories | 909.11 | 795.29 |
| Trade receivables | 640.09 | 481.32 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 22.44 | −189.60 |
| Cash from investing | −316.69 | −256.55 |
| Cash from financing | 225.44 | 424.02 |
| Capital expenditure | 184.62 | 191.59 |
Source: Company's results filing (XBRL).
How has APOLLO MICRO SYSTEMS done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹388.15 crore in Q2 FY27, after ₹293.26 crore in Q4 FY26 and ₹251.29 crore in Q1 FY27. PAT also peaked at ₹46.15 crore in Q2 FY27, compared with ₹36.79 crore in Q4 FY26 and ₹25.22 crore in Q1 FY27.
The EBITDA margin reached 28.6% in Q2 FY27, the highest in the reported series. It had fallen to 20.0% in Q3 FY26, then stood at 23.1% in Q4 FY26 and 21.4% in Q1 FY27 before rising. Revenue and profit each increased year on year in each of the last eight quarters.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, following review and recommendation by the Audit Committee. It also took note of the limited review reports for both the standalone and consolidated results. The results filing was made to BSE on 24 October 2026.
What did the auditors point out?
The auditors drew attention to Note 6 of the unaudited consolidated financial statements, which stated that subsidiary companies had negative net worth, incurred cash losses for the quarter and had material uncertainty about their ability to continue as a going concern. The auditors said the subsidiaries’ respective auditors observed that this may cast significant doubt on their ability to continue as a going concern.
The auditors said the unaudited consolidated financial results were prepared on a going concern basis for the reasons stated in the notes to the respective subsidiary reports, and that no adjustment was considered necessary. Their conclusion on the statement was not modified in respect of this matter. In Other Matters, they said they reviewed the parent, two subsidiaries and one step-down subsidiary, but did not review the interim financial statements of IDL Explosive Limited included in the consolidated results.
What did APOLLO MICRO SYSTEMS's management say?
The available earnings-call material consists of the filing of the transcript notice for the conference call held on 26 October 2026. The excerpts provided do not include management’s guidance, priorities, risk commentary or analyst questions, so no specific statements can be attributed from this section.
How did APOLLO MICRO SYSTEMS shares react?
The filing appeared after market hours. From the price when the filing appeared, the stock was up 2.1% after five minutes, 3.5% after 15 minutes and 2.9% after 30 minutes. On the reaction day, it closed 9.4% above the previous close of ₹376.00, against a 0.5% median move for other Aerospace & Defense stocks.
Earlier results-day moves were mixed: 8.5% on 18 May 2026, 3.4% on 25 October 2024 and 5.4% on 28 July 2025, but declines of 4.0% on 8 August 2026, 3.3% on 9 February 2026, 4.0% on 4 November 2025 and 9.5% on 23 May 2025.
| After the filing | Stock | Aerospace & Defense median |
|---|---|---|
| 5 minutes | +2.1% | |
| 15 minutes | +3.5% | |
| 30 minutes | +2.9% | |
| Reaction day | +9.4% | +0.5% |
| Next day | +13.2% | +2.8% |
| 5 days | +5.4% | +1.7% |
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 |
|---|---|
| 8 August 2026 | −4.0% |
| 18 May 2026 | +8.5% |
| 9 February 2026 | −3.3% |
| 4 November 2025 | −4.0% |
| 28 July 2025 | +5.4% |
| 23 May 2025 | −9.5% |
| 4 February 2025 | +0.4% |
| 25 October 2024 | +3.4% |
Source: MarketPing price-reaction measurement.
How did other Aerospace & Defense companies do?
Nine other Aerospace & Defense companies had filed for the quarter by 4 November 2026. Their median revenue growth was 34.3%, compared with Apollo Micro Systems’ revenue growth of 72.3%. Six peers grew more slowly than Apollo Micro Systems, while three grew faster.
Seven peers were assessed for profit growth, and seven reported higher profit. The peer comparison therefore covers nine companies for revenue and seven for profit.
| APOLLO MICRO SYSTEMS revenue growth (YoY) | +72.3% |
|---|---|
| Median of 9 other Aerospace & Defense companies | +34.3% |
| Companies with slower revenue growth than APOLLO MICRO SYSTEMS | 6 of 9 |
| Companies with faster revenue growth than APOLLO MICRO SYSTEMS | 3 of 9 |
| Companies whose net profit rose | 7 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was APOLLO MICRO SYSTEMS's revenue in Q2 FY27?
Revenue from operations was ₹388.15 crore, up 72.3% from ₹225.26 crore in Q2 FY26 (consolidated).
Did APOLLO MICRO SYSTEMS make a profit in Q2 FY27?
Yes. Net profit was ₹46.15 crore, against a net profit of ₹30.03 crore in Q2 FY26.
What was APOLLO MICRO SYSTEMS's EPS in Q2 FY27?
Basic earnings per share were ₹1.32, against ₹0.93 in Q2 FY26.
How did APOLLO MICRO SYSTEMS shares react to the Q2 FY27 results?
On the reaction day the stock moved +9.4% from the previous close; the median Aerospace & Defense stock moved +0.5%.
When did APOLLO MICRO SYSTEMS announce its Q2 FY27 results?
On 24 October 2026, in a filing to the BSE.
Sources
- Un Audited Financial Results For The Quarter And Half Year Ended 30Th September 2026 (BSE, 24 October 2026) · PDF
- The earnings call (28 October 2026)
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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