Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 29 Sep
Source: Bse
Apollo Micro Systems Limited (APOLLO)
Micro CapIndustrials stocks · Micro cap · NSE
Apollo Micro Systems Limited designs, develops, and manufactures mission-critical electronic and electro-mechanical systems for defense, space, and industrial applications. The company focuses on indigenization and 'Atmanirbhar Bharat,' recently acquiring a 41.33% promoter stake in Premier Explosives Limited to strengthen its defense manufacturing ecosystem presence.
₹423.8
-5.20 · -1.21%
Market cap ₹15,122 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:50 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +3.6% / mo · MACD + · near 52W high
Stock trend: 84
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
APOLLOD candles · FIT view+49.3%Latest close ₹423.80 on 2026-10-19
Bar
-2.1%
RSI
58
MACD hist
2.57
52W pos
85%
2026-10-19O ₹433.00H ₹434.55L ₹420.10C ₹423.80Vol 84.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APOLLONifty India ManufacturingNifty 500
- APOLLO
- +7.9%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +13.5 pp
Chart stats
19 Oct 2026- From 52W high
- -9.2%
- 52W range position
- 85%
- ATR (14)
- 3.8%
- Volume vs 20D
- 1.15x
- Avg traded value
- ₹297 Cr
- 20D price channel
- ₹372.4 - ₹438.9
₹466.5
₹179.5 - ₹466.5
₹16.2
Latest completed session
20-session average
41.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +87.3% · PAT +38.9% YoY
Technical
Bullish70
Price trend and sector-relative-strength timing.
Valuation
Legacy model-215.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +87% YoY · PAT +39% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹251 Cr | +87.3% | -14.3% |
| EBITDA | ₹54 Cr | +31.7% | -20.6% |
| Operating margin | 21.0% | -1000 bps | -200 bps |
| PAT | ₹25 Cr | +38.9% | -32.4% |
| PAT margin | 10.0% | -347 bps | -267 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 125.00
- P/B
- 11.06
- EV/EBITDA
- 61.19
- Market Cap
- 15122.00Cr
Profitability
- ROE
- 11.80%
- ROCE
- 14.50%
- ROA
- 4.86%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 35.00%
- EPS 5Y
- 62.00%
- Revenue 3Y
- 45.00%
- EPS 3Y
- 76.00%
Balance Sheet
- Debt/Equity
- 0.41
- Interest Coverage
- 5.02×
- Altman Z
- 7.71
- Book Value
- 36.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -130.00 Cr
- EPS TTM
- 3.42
Shareholding
- Promoter Hold
- 49.98%
- Promoter Pledge
- 35.60%
- Momentum 52W
- 79%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 251-14.3% vs prev
Net Profit
₹ CrLatest: 25.0-32.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 58.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~3.5% over last month) — short-term momentum positive.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 9% off 52W high · 136% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
+14.3%
3M return
+7.9%
6M return
+47.5%
1Y return
+53.4%
RS 1D
+1
RS 20D
+10
Sector rank
#2
Industry rank
#27
Stage evidence
- Price is 17.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
26 May 2026
S2 age
103 trading sessions
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 134.52-0.19%
RS vs Nifty 500135
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth22/25
Quality4/20
Balance Sheet4/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 22/25 to the score.
- Balance sheet contributes 4/15 to the score.
- Quality contributes 4/20 to the score.
Main drags
- Promoter pledge is 35.6%.
- Fair-value margin of safety is negative at -215.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
125.0
PB
11.1
EV/EBITDA
61.2
ROE
11.8%
ROCE
14.5%
FCF Yield
—
Debt/Equity
0.4
MoS
-215.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-215.3%
Previous: -215.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹53.21
-696.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹134.41
-215.3% MoS
PEG
1.85
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ASTRAMICRO
Micro
Astra Microwave Products Limited
Defence Electronics
match 167
43
84.1
16.0%
-107%
WATCHLIST
EBGNG
Small
GNG Electronics Limited
Defence Electronics
match 156
44
55.6
26.8%
-43%
WATCHLIST
CENTUM
Small
Centum Electronics Limited
Defence Electronics
match 156
32
77.4
-12.5%
-204%
WATCHLIST
DATAPATTNS
Small
Data Patterns (India) Limited
Defence Electronics
match 156
46
83.9
15.2%
-115%
FAIR VALUE
DCXINDIA
Small
DCX Systems Limited
Defence Electronics
match 152
25
—
-0.5%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T14:11:33.637Z
Management commentary snapshot
Apollo Micro Systems reports best-ever Q1 FY27 with standalone revenue up 17% YoY to INR156 crores and PAT up 43% YoY to INR28 crores. Consolidated revenue surged 88% YoY to INR251 crores, with PAT increasing 43% YoY to INR25 crores, driven by strong execution and strategic acquisitions.
The company delivered robust Q1 FY27 results, demonstrating strong execution and a focus on indigenization. The strategic acquisition of Premier Explosives significantly expands its presence across the defense manufacturing ecosystem, while a healthy consolidated order book of INR1,704 crores provides good revenue visibility for future growth.
Growth engines
Premier Explosives Acquisition
Acquired 41.33% promoter stake in Premier Explosives for ~INR1,550 crores, strengthening presence across the missile and guided weapon value chain, enabling complete weapon manufacturing.
Indigenous Product Development
Successfully handed over indigenously designed and developed Safety and Detonation Device (SDD) with 100% indigenous content to the Indian Navy.
Autonomous Systems
Received a Make-II prototype sanction order from Indian Navy for SAVIOR Anti-Submarine Warfare system, a semi-submersible autonomous vessel for intelligence operations and reconnaissance.
Precision Defence Technologies
Indian Air Force designated as prime development agency for IPREC program under Make-II, converting dumb bombs into precision range extension and guided bombs.
Capacity and execution
Unit III Facility
First phase of the huge Unit III facility has already started production; final complete production activity expected before March '27.
Ideal Explosives Infrastructure
Process of augmenting infrastructure in Ideal Explosives is ongoing, with new plants expected to start, which will change the revenue mix.
Tailwinds
Government Focus on Indigenization
Continued focus on indigenization and 'Atmanirbhar Bharat' creates a strong foundation for developing critical defense capabilities within India.
Robust Order Pipeline
Expecting large orders from QRSAM (INR11,000-12,000 crores for BDL, ~INR1 crore component per missile), MIGM (70% of INR3,500 crores deal), Akash-NG, and Pinaka (INR85 lakhs per unit).
Advance Payments for Projects
DAC approval for MIGM includes 20% advance payment, which is a good encouragement for the company.
Headwinds
Ideal Explosives Profitability
Ideal Explosives was PAT positive in Q1 FY27 but with very less profitability; restructuring is expected to take 3 to 4 quarters to become fully positive.
Shrinking Margins in Bulk Explosives
Management noted that bulk explosives is a 'shrinking margin business' and a 'volumetric game' where volumes were little less this time.
Risk radar
Acquisition Integration & Synergy Realization
Integrating Premier Explosives and Ideal, and realizing synergies to become an integrated defense platform company, requires careful execution.
Regulatory Approval Delays
The open offer for Premier Explosives is in the regulator's hand, making it tough to comment on completion timelines.
Project Execution & Order Conversion Timelines
Make-II projects (ASW, IPREK) have an 18-month completion expectation for prototypes, with orders expected an year after trials, implying long lead times.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Management states that year-on-year performance is a more meaningful measure in the defense industry due to long procurement cycles and uneven, milestone-based revenue recognition across quarters.
Sector KPIs management disclosed
Consolidated Revenue
Topline for Q1 FY27 stood at INR251 crores, registering a strong year-on-year growth of 88% compared to INR134 crores in Q1 FY26.
Standalone Revenue
At the standalone level, we delivered 17% Y-o-Y growth in revenue, reaching INR156 crores in Q1 FY27, compared to INR134 crores in Q1 FY26.
Consolidated EBITDA (ex-other income)
EBITDA, excluding other income, grew significantly by 31% to INR54 crores in Q1 FY27, as against INR41 crores in FY26 first quarter.
Consolidated PAT
PAT increased by 43% to INR25 crores in Q1 FY27 compared to INR18 crores in Q1 FY26.
Management forward view
Revenue Growth Guidance
Management continues to stand by a guidance of 40% to 45% consolidated and standalone revenue growth from FY27 onwards.
Future Acquisitions
Planning to acquire 2-3 more companies; announcements expected once MOUs are signed, possibly in the next couple of months.
Export Opportunities
Likely to get some meaningfully good breakthrough export orders this financial year, with sizable orders expected next financial year, once Unit III is fully commissioned.
Promoter Pledge Reduction
Promoter pledge is expected to be reduced to zero by Q1 FY28.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Order Book | INR1,704 crores (as of Aug 8, 2026) | Reaching INR3,500-4,000 crores by FY27 end, including QRSAM, MIGM, Akash-NG, and Pinaka orders. |
| Unit III Commissioning | First phase production started | Full operational readiness before March '27 to support mass production and export orders. |
| Ideal Explosives Profitability | Q1 FY27 PAT very low | Achieving full profitability and improved margins within the next 3-4 quarters as restructuring progresses. |
| Promoter Pledge | Reduced in Q1 FY27 | Further reduction towards zero by Q1 FY28 as planned by management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
55 docs text-extracted · 13 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Industrials: 40th pctile, median 68 · Micro: 25th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
46
watch · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter pledge is elevated at 30.5%.
- ▸Operating cash flow is negative at ₹-130 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Apollo Micro Systems Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 28 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Announcement
AMS General Announcement 23 Sep - Apollo Micro Systems revised EGM disclosures for 2.28 crore shares and 5.69 crore warrants.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 18 Sep
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 17 Sep - AMS Investor presentation for investor meet on 17.09.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - News paper advertisement regarding AGM notice enclosed
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 27 Aug - CARE assigned A- (RWD) on Rs1,530 crore long-term and A2+ (RWD) on Rs350 crore short-term facilities.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 20 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.