Apollo Micro Systems Ltd (APOLLO)

Capital Goods · Aerospace & Defence · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹379.25 ↑ 42.25% (1Y)

🎯 Key Takeaways

Apollo Micro Systems is transitioning from a high-growth phase into a mature, cash-generating business with emerging scale in aerospace and defence engineering services. The company has demonstrated consistent profitability and improving margins over recent quarters, supported by strong order execution and strategic acquisitions like Premier Explosives.
Revenue declined 14.3% QoQ to ₹251 in Q1FY27.
⚠️ 1) Revenue volatility due to project-based earnings in engineering services could impact predictability. 2) Integration risks associated with the Prem

Market Cap

₹14,093

P/E Ratio

109.6

P/B Ratio

23.22

ROE

18.9%

ROCE

22.7%

Debt/Equity

0.54

Div Yield

0.07%

Promoter

50.0%

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📖 The Story

Apollo Micro Systems is transitioning from a high-growth phase into a mature, cash-generating business with emerging scale in aerospace and defence engineering services. The company has demonstrated consistent profitability and improving margins over recent quarters, supported by strong order execution and strategic acquisitions like Premier Explosives. While revenue growth has shown volatility, profitability trends indicate operational efficiency gains. The firm maintains a healthy balance sheet with low leverage and improving credit metrics, positioning it for sustained investment in high-margin segments.

📰 What's Happening

In Q1FY27, the company completed a regulatory milestone with SEBI providing final comments on its draft open offer letter for acquiring 26% of Premier Explosives Limited, advancing its strategic expansion in the defence sector. Additionally, CARE Ratings upgraded its long-term credit rating to A- (RWD) on a ₹1,530 crore facility, reflecting enhanced debt capacity and financial stability. These developments underscore active capital allocation toward growth initiatives while maintaining investment-grade creditworthiness.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	225	252	293	251
Operating Profit	54	44	61	46
OPM %	24.2%	17.6%	20.7%	18.4%
Net Profit	30	23	37	25
EPS	₹0.93	₹0.69	₹1.09	₹0.75

Operating performance shows a mixed but stabilizing trend: revenue declined slightly from ₹293 crore in Mar 2026 to ₹251 crore in Jun 2026, yet operating margin remained resilient at 18.4% despite seasonality. Net profit and EPS held steady, indicating effective cost management. The sequential dip in revenue appears to be offset by margin discipline, consistent with management's focus on operational efficiency rather than volume growth. This suggests a strategic shift toward higher-value contracts, particularly in aerospace and defence engineering services.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin targets in the latest filings. However, the credit rating upgrade and progress in the Premier Explosives acquisition signal confidence in financial flexibility and execution capability. The company continues to emphasize strengthening its engineering footprint in high-growth defence and aerospace segments, with an implicit focus on sustainable profitability and capital discipline.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	31	31	34	36
Reserves	544	576	1,046	1,277
Borrowings	215	331	361	543
Total Liabilities	1,057	1,299	1,782	2,369
Fixed Assets	161	182	199	326
Investments	0	0	0	0
Total Assets	1,057	1,299	1,782	2,369

The balance sheet reflects a deliberate and conservative capital structure: total assets grew from ₹1,299 crore in Mar 2025 to ₹2,369 crore in Mar 2026, driven by equity and reserve accumulation. Borrowings remain low at ₹543 crore, with a favorable debt-to-equity ratio of 0.54, indicating minimal financial risk. Equity and reserves have consistently expanded, supporting organic growth and strategic M&A without over-leveraging, reinforcing a stable and self-funded growth trajectory.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+10
Investing	-91
Financing	+121
Net Cash Flow	+40

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	52.0%	52.0%	50.0%
FII	5.0%	3.6%	7.6%
DII	1.3%	1.8%	1.7%
Public	33.4%	34.6%	32.9%
# Shareholders	3,60,131	3,73,806	3,98,043

Promoter holding has remained stable around 50%, with a slight uptick in Q1FY27 (49.98%), suggesting confidence in long-term prospects. Institutional interest has fluctuated but remains modest, with FII ownership declining from 4.97% in Q3FY26 to 3.63% in Q4FY26, while DII holdings are stable. The growing number of public shareholders (3,98,043) indicates broader retail interest. No signs of significant promoter pledging or institutional exit, reflecting steady investor confidence.

⚖️ Peer Comparison — Aerospace & Defence

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HAL	3.22 L Cr	34.5	30.3%	22.7%	0.00
BEL	3.00 L Cr	48.9	34.1%	25.5%	0.00
SOLARINDS	1.81 L Cr	90.9	38.0%	32.7%	0.23
MAZDOCK	1.00 L Cr	35.0	35.3%	27.6%	0.05
BDL	45,820	88.0	17.8%	13.0%	0.00
COCHINSHIP	38,752	57.0	18.7%	12.2%	0.01
GRSE	29,002	36.2	52.1%	38.5%	0.00
ITI	25,848	98.0	16.4%	20.7%	0.95
DATAPATTNS	25,278	94.3	220.2%	212.6%	0.34
MTARTECH	21,154	158.5	24.1%	18.3%	0.24

🔗 Peer Stock Analyses

HAL BEL SOLARINDS MAZDOCK BDL

⚠️ Risk Factors

1) Revenue volatility due to project-based earnings in engineering services could impact predictability. 2) Integration risks associated with the Premier Explosives acquisition may affect execution and margins. 3) High valuation multiples (P/E of 111.6) imply sensitivity to any earnings slowdown. 4) Dependence on government defence contracts exposes the company to policy and budgetary risks.

📋 Recent Filings

🧠 Analyst's Read

Apollo Micro Systems is executing a disciplined growth strategy with improving operational metrics and a strengthening balance sheet. Investors should monitor execution of the Premier Explosives integration and order inflow trends in high-margin defence and aerospace segments to assess sustainability of profitability.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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