By Dalal Street Investment Journal (DSIJ)
Apollo Micro Systems earned about ₹904 crore consolidated FY26 revenue and ₹107 crore PAT. Q2 FY27 sales touched ₹388 crore. This article examines financials, defence orders, capacity, and shareholding.
Apollo Micro Systems closed at ₹417.10 on the NSE on 15 October 2026, down 1.09% for the session. The share price has risen from its 52-week low of ₹179.50, and execution is a relevant factor.
| Apollo Micro Systems | Value |
|---|---|
| Share price (NSE close, 15 Oct 2026) | ₹417.10 |
| Market capitalisation | ₹15,500 crore |
| 52-week high (NSE) | ₹466.50 |
| 52-week low (NSE) | ₹179.50 |
| P/E ratio | 122x |
| P/B ratio | 11.3x |
| FY26 consolidated revenue | ₹904 crore |
| FY26 consolidated PAT | ₹107 crore |
| Dividend yield | 0.06% |
(Sources: NSE close quoted by Business Standard and Investing.com; Screener)
At this price, the stock trades at a P/E of 122x. Its market value is linked to expectations of growth in defence electronics, system integration and manufacturing.
Hyderabad-based Apollo Micro Systems designs, develops, tests and manufactures electronic and electromechanical equipment. Its products serve missiles, radar, naval warfare, avionics, satellites, communication and associated defence systems. The company describes its participation in over 150 indigenous defence programmes and a portfolio of more than 700 technologies. It has described a move from subsystem supply to integrated weapons and platform work.
| Core Activity | Examples and Applications |
|---|---|
| Missile and guided weapon electronics | Control, actuation, telemetry and power systems |
| Naval and underwater systems | Sonar equipment, mine and torpedo components |
| Avionics and aerospace | Flight control and data handling electronics |
| Communication and test equipment | Communication units and automated test systems |
| Revenue mix disclosure | No verified FY26 percentage split by these verticals |
(Sources: Apollo Micro Systems investor relations, FY26 annual report and Screener)
Revenue is linked to development, qualification and production milestones under defence programmes. Government procurement and prime contractor schedules can therefore influence quarterly billing. India’s domestic defence output reached ₹1.78 lakh crore in FY26, while exports reached ₹38,424 crore, according to the Ministry of Defence; sector expansion is linked to supplier revenue when contracts are won and executed.
| Metric | ₹ Crore |
|---|---|
| Consolidated order book | 1,704 |
| Standalone order book | 1,224 |
(Source: Apollo Micro Systems investor presentation and August management update)
Consolidated revenue increased from approximately ₹372 crore in FY24 to ₹904 crore in FY26. Revenue growth was 61% in FY26, partly reflecting a wider consolidated business base. Operating profit also increased; debt, receivables and capital spending are relevant alongside headline growth.
| Financials | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ crore) | 372 | 562 | 904 |
| Revenue growth | 25% | 51% | 61% |
| Operating profit (₹ crore) | 84 | 129 | 219 |
| Operating margin | 23% | 23% | 24% |
| PAT (₹ crore) | 31 | 56 | 107 |
(Source: Screener consolidated profit and loss, FY24 to FY26; FY26 annual report)
Apollo Micro Systems reported strong Q2 and H1 FY27 financial results. In Q2 FY27, revenue reached ₹388.15 crore, EBITDA grew to ₹111.18 crore, and Profit After Tax (PAT) rose 53.7% YoY to ₹46.15 crore. For H1 FY27, revenue stood at ₹639.44 crore, EBITDA at ₹164.91 crore, and PAT at ₹71.37 crore (+49.6% YoY). Managing Director Baddam Karunakar Reddy highlighted the company's expanding role in indigenous defense technologies, missile systems, and electronics following key government initiatives.
FY26 consolidated operating cash flow was negative at around ₹130 crore despite positive reported profit. This makes cash collection and working-capital conversion important tests of earnings quality.
The share price multiple is linked to expectations for future scale as well as current profits. The following figures use FY26 consolidated accounts and a 15 October 2026 reference price; FY26 borrowings were about ₹543 crore against equity capital and reserves of approximately ₹1,313 crore, implying debt-to-equity near 0.41x.
| Key Ratio (FY26/TTM) | Apollo Micro Systems |
|---|---|
| P/E ratio | 122x |
| P/B ratio | 11.3x |
| ROE | 12% |
| ROCE | 15% |
| Dividend yield | 0.06% |
(Sources: Screener consolidated financials and balance sheet)
There is no uniform aerospace and defence sector average: public sector manufacturers and smaller electronics specialists operate at different scales. For context, Bharat Electronics traded at roughly 45x earnings with ROCE around 36%, while Astra Microwave showed approximately 83x earnings and 20% ROCE in the observed data. The order mix, working capital, capitalisation, and growth expectations vary among the companies.
At the 15 October close of ₹417, the stock was above its 10-day, 30-day and 100-day moving averages. A resistance level has been noted at ₹443.
Near-term support levels have been noted at ₹383 and ₹360. The stock is currently trading near its all-time high of ₹466. On a weekly level, the stock is trading above the 10 week, 30 week and 100 week moving averages.
The latest September 2026 quarter shows the promoter stake at 49.98%, unchanged from June but below 51.98% in March. FII ownership fell from 7.59% in June to 5.95% in September, while DII ownership also eased. These variations may reflect market flows, corporate capital actions and classification changes.
| Holder Category | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|
| Promoters | 51.98% | 51.98% | 49.98% | 49.98% |
| FIIs | 4.97% | 3.63% | 7.59% | 5.95% |
| DIIs | 1.30% | 1.82% | 1.71% | 1.50% |
| Public & others | 41.76% | 42.58% | 40.72% | 42.58% |
(Sources: Screener September 2026 quarterly shareholding; ET Money and exchange filings)
A further consideration is promoter share pledging: disclosures collated by market data platforms showed 35.57% of promoters held shares pledged in September 2026. This figure is a percentage of the promoters’ holding, not of all company shares. Rising pledge exposure can amplify stress in a falling share market.
Apollo Micro Systems has a smaller operating base than Bharat Electronics and a different product mix from Astra Microwave or Data Patterns.
| Company | Business Focus | P/E | ROCE |
|---|---|---|---|
| Apollo Micro Systems | Defence electronics/systems | 122x | 15% |
| Bharat Electronics | Large-scale defence electronics | 45x | 36% |
| Astra Microwave | RF/microwave subsystems | 83x | 20% |
(Sources: Screener consolidated peer data, observed 15 October 2026)
Apollo’s P/E of 122x compares with 45x for Bharat Electronics and 83x for Astra Microwave. Their ROCE figures reflect different scales and balance sheets; Astra Microwave is an RF technology comparison and not an identical business.
Defence programmes face qualification, inspection, acceptance and funding milestones. Delays in large programmes may shift revenue across quarters, while reliance on government and defence prime customers can make the order-to-cash cycle uneven.
The FY26 negative operating cash flow, receivables and increased borrowings reflect funding and liquidity needs. The Premier Explosives acquisition involves about ₹1,550 crore in cash, and the open offer could take the total outlay to about ₹2,525.66 crore. Acquisition spending or new equity issuance could alter leverage or dilute earnings per share. Promoter pledging adds a separate market risk.
Product mix, integration costs, bidding competition or slow collections could affect profit quality. At a P/E of 122x, a shortfall against expectations could lead to a lower share price.
Apollo Micro Systems operates in domestic defence electronics and has described a move into higher-value integrated systems. FY26 revenue growth was 61%, the consolidated order book was ₹1,704 crore in August 2026, the P/E is 122x, FY26 operating cash flow was negative, and borrowings were about ₹543 crore.
Order conversion, margin stability, receivable days, operating cash generation, acquisition funding and promoter pledge trends are factors linked to future results.
Apollo reported a consolidated order book of ₹1,704 crore as of 8 August 2026, compared with ₹1,224 crore on a standalone basis. The two figures reflect different reporting perimeters and are not added together. Relative to FY26 consolidated sales of roughly ₹904 crore, the consolidated order book represented around 1.9 times annual revenue.
Orders do not arrive as cash immediately: project design, manufacturing, testing, delivery and customer acceptance all affect recognition. Fresh orders, cancellations, the share of firm production contracts versus development programmes and receivables are data points alongside each quarterly order book number.
In August 2026, the company reported FY27 revenue growth guidance of 40% to 45% and a year-end order book target of ₹3,500 to ₹4,000 crore. On 28 July 2026, the Indian Air Force empanelled Apollo Micro Systems as a Prime Development Agency for the Indigenous Precision Range Extension Kit (IPREK) programme under the Make-II (industry funded) category, with a stated value of about ₹79,000 crore and an execution timeline of ten years. This is a Type B selection and not a confirmed order: the company develops prototypes at its own cost, and revenue recognition begins only after formal work orders are issued.
The FY26 annual report describes manufacturing at Mallapur and Adibatla in Hyderabad alongside a proposed integrated facility at Hardware Park II of approximately 350,000 square feet. The planned expansion covers defence hardware including fuzes, mines and inertial navigation related components. New capacity is linked to scale; commissioning schedules, working capital investment and utilisation determine when earnings are affected.
On 9 July 2026, Apollo signed an agreement to acquire a 41.33% promoter stake in Premier Explosives for about ₹1,550 crore in cash. The acquisition triggers a mandatory open offer for up to 26% (about 1.40 crore shares) at ₹698 per share, or about ₹975.66 crore, which would take the total potential outlay to about ₹2,525.66 crore. SEBI communicated regarding the open offer on 21 August 2026, and the transaction is expected to close by December 2026, subject to approvals. The company has described the rationale as energetic materials and a wider defence portfolio. Financing, regulatory steps and integration are risk factors. The announced agreement is not an improvement in margins that has already occurred.
Apollo is classified as a small cap, with a market capitalisation of ₹15,500 crore. The NSE share moved from a 52-week low around ₹179.50 to a high near ₹466.50. The range shows how news, position unwinding and changes in the valuation applied to expected earnings can drive price changes.
Market liquidity can deteriorate during broad risk-off trading even when recent volumes are high. Results dates and price gaps are relevant for smaller defence names. The September disclosure of promoter pledges adds a company-specific source of potential volatility.
Source: Dalal Street Investment Journal (DSIJ), Opstra, BSE
The most recent completed trading session NSE close verified for this article is ₹417.10 on 15 October 2026. A live NSE quote shows the current price.
The reported consolidated order book was ₹1,704 crore on 8 August 2026; the standalone total was ₹1,224 crore.
No. FY26 consolidated borrowings were approximately ₹543 crore, versus around ₹1,313 crore of equity and reserves. Debt and cash flow are related measures.
Valuation compression, prolonged procurement cycles, cash conversion, margin variability, financing requirements, acquisitions and promoter share pledging are risk factors.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
