Annual reportSep 2026
Sep 2026 · Updates 3 Sep - Shareholders without registered emails receive FY2025-26 annual report access; AGM on 26 September 2026, e-voting 23-25 September.
Source: Nse
Apsis Aerocom Ltd. (APSISAERO)
Micro CapIndustrials stocks · Micro cap · NSE
Apsis Aerocom Limited is a precision manufacturing solutions provider for aerospace, defence, and healthcare sectors. Certified AS9100D and ISO 9001:2015, it offers end-to-end solutions from design to delivery. The company operates two manufacturing facilities totaling 28,462 sq. ft. and has land allotted for a third unit.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:00 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +1.7% / mo · MACD + · near 52W high
Stock trend: 62
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
APSISAEROD candles · FIT view+184.7%Latest close ₹592.95 on 2026-10-19
Daily history is available from 2026-03-18; the requested 1Y window is partially covered.
Bar
+0.0%
RSI
52
MACD hist
0.09
52W pos
90%
2026-10-19O ₹592.95H ₹592.95L ₹592.95C ₹592.95Vol 14,400 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
APSISAERONifty India ManufacturingNifty 500
- APSISAERO
- +50.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +56.2 pp
Chart stats
19 Oct 2026- From 52W high
- -8.1%
- 52W range position
- 90%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.49x
- Avg traded value
- ₹1.7 Cr
- 20D price channel
- ₹504.4 - ₹645
₹645
₹147.2 - ₹645
₹24.5
Latest completed session
20-session average
53.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-142.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
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 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹17 Cr | NDF | +24.5% |
| EBITDA | ₹6.7 Cr | NDF | +40.3% |
| Operating margin | 39.4% | NDF | +443 bps |
| PAT | ₹4.2 Cr | NDF | +35.9% |
| PAT margin | 25.0% | NDF | +210 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 84.40
- P/B
- 13.00
- EV/EBITDA
- 51.24
- Market Cap
- 636.00Cr
Profitability
- ROE
- 25.50%
- ROCE
- 32.00%
- ROA
- 11.89%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 43.51%
- EPS 5Y
- 93.91%
- Revenue 3Y
- 44.00%
- EPS 3Y
- 94.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 42.59×
- Altman Z
- 8.18
- Book Value
- 40.60
Cash Flow
- FCF Yield
- 0.15%
- FCF Positive Y
- 3/5
- OCF
- 7.04 Cr
- EPS TTM
- 6.23
Shareholding
- Promoter Hold
- 73.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 17.0+24.5% vs prev
Net Profit
₹ CrLatest: 4.2+35.9% 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
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 52. Wait for confirmation.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 8% off 52W high · 303% 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
98
RS percentile
Insufficient history
1M return
+5.0%
3M return
+50.6%
6M return
+184.7%
1Y return
-
RS 1D
0
RS 20D
0
Sector rank
#2
Industry rank
#1
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
price above
200-DMA
unavailable
Sector
leading
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
146 observations
19 Oct 2026Value 367.01-0.98%
RS vs Nifty 500367
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth23/25
Quality16/20
Balance Sheet11/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 23/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Fair-value margin of safety is negative at -142.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
84.4
PB
13.0
EV/EBITDA
51.2
ROE
25.5%
ROCE
32.0%
FCF Yield
0.1%
Debt/Equity
0.1
MoS
-142.2%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-142.2%
Previous: -142.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
58
58
58
58
58
58
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
₹75.44
-686.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹244.84
-142.2% MoS
PEG
0.90
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
SIKA
Micro
Sika Interplant Systems Limited
Aerospace & Defence
match 146
61
62.6
25.1%
-43%
UNDERVALUED
AEQUS
Micro
Aequs Limited
Aerospace & Defence
match 142
9
—
-10.0%
—
OVERVALUED
DYNAMATECH
Micro
Dynamatic Technologies Limited
Aerospace & Defence
match 115
24
162.0
6.7%
-418%
OVERVALUED
IDEAFORGE
Small
Ideaforge Technology Limited
Aerospace & Defence
match 112
13
888.0
-3.3%
-19506%
OVERVALUED
SHALPAINTS
Small
Shalimar Paints Limited
Defence / Aerospace
match 84
16
—
-21.4%
—
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 under stressReviewed 2026-10-06T07:46:43.201Z
Management commentary snapshot
FY26 revenue surged 49.6% YoY to ₹3,064.52 lakhs, driven by increased business volumes. However, EBITDA margin contracted to 37.32% from 49.81%, and PAT margin declined to 24.51% from 32.23%. Return ratios (ROE, ROCE) also saw a sharp decline.
Strong revenue growth in FY26 was achieved, but profitability margins contracted. The sharp decline in ROE/ROCE is likely influenced by the significant increase in equity post-IPO. While the company is expanding capacity and has a robust order book, the trend in operational profitability and efficient capital deployment warrants close monitoring.
Current business mix
Order Book by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Defence62.0%
Aerospace32.0%
Healthcare4.0%
Others2.0%
Growth engines
Aerospace & Defence Sector Growth
India’s aerospace and defence manufacturing ecosystem presents significant growth opportunities.
Advanced Machining Capabilities
Focus on advanced machining capabilities, including 5-axis machines, and end-to-end engineering validation.
Capacity Expansion
Setting up Manufacturing Unit II and planning Unit III to meet growing demand and expand capabilities.
Customer-centric Approach & Quality
Strong customer relationships, 99.99% manufacturing accuracy, and AS9100D/ISO 9001:2015 certifications support repeat orders.
Capacity and execution
Manufacturing Unit II
Located in Hitech Defence & Aerospace Park, Bengaluru, with a 20,000 sq. ft. built-up area and ~1,80,000 components per annum installed capacity. IPO proceeds will fund 34 new machines.
Manufacturing Unit III
40,000 sq. ft. KIADB land allotted in Devanahalli Industrial Area, Bengaluru, for a new manufacturing facility, subject to completion of allotment conditions.
Tailwinds
Indian Aerospace & Defence Ecosystem
Management states the Indian aerospace and defence manufacturing ecosystem presents significant growth opportunities.
Strong Order Pipeline
Management highlights a strong order pipeline, indicating future business visibility.
Expanding Market Opportunities
Management identifies expanding market opportunities across its served sectors.
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
The presentation provides audited financial results for the financial year ended March 31, 2026, comparing FY26 with FY25, making year-over-year analysis appropriate.
Sector KPIs management disclosed
Revenue from Operations
Increased to ₹3,064.52 lakhs in FY26 from ₹2,049.06 lakhs in FY25, a 49.6% YoY growth.
EBITDA Margin
Contracted to 37.32% in FY26 from 49.81% in FY25.
PAT Margin
Declined to 24.51% in FY26 from 32.23% in FY25.
Order Book Value
₹40.50 crores as of the presentation date.
Management forward view
Commitment to Innovation & Technology
Management is committed to innovation, technology adoption, and sustainable growth.
Long-term Value Creation
Management is confident of creating long-term value for shareholders and all stakeholders.
Customer Base Expansion
Focus on expanding the client base in aerospace, defence, and healthcare precision manufacturing.
Global Supplier Positioning
Aims to position itself as a trusted global supplier by consistently delivering precision-engineered components.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Profitability Margins | EBITDA Margin 37.32%, PAT Margin 24.51% (FY26) | Stabilization or improvement in EBITDA and PAT margins, given the significant decline in FY26. |
| Return Ratios | ROE 25.00%, ROCE 20.56% (FY26) | Reversal of the sharp decline in ROE and ROCE as new capacities ramp up and capital is efficiently deployed. |
| Capacity Utilization & Ramp-up | Unit I capacity 1,20,000 components/annum. Unit II ~1,80,000 components/annum planned. | Timely commissioning and ramp-up of Unit II and progress on Unit III land transfer and development. |
| Customer Concentration | Top customer 35.59% of FY26 revenue; Top 3 customers 77.31%. | Diversification of customer base to reduce reliance on a few key clients and mitigate revenue risk. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited 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 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
3 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
Can support position sizing if valuation and trend also agree.
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
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸Debt/equity is 0.09.
Trust risks
- ▸ROCE trend is -32.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Apsis Aerocom Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 3 Sep - Apsis Aerocom to hold 4th AGM on 26 September 2026; annual report for FY2025-26 submitted.
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.