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Apollo Micro Systems Results: Latest Quarterly Results & Analysis

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Apollo Micro Systems Ltd. 05 Nov 2025 12:33 PM
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Q2FY26 Quarterly Result Announced for Apollo Micro Systems Ltd.

Aerospace & Defence company Apollo Micro Systems announced Q2FY26 results

  • Revenue from Operations: Rs 2,252.6 million compared to Rs 1,607.1 million during Q2FY25, change 40%.
  • EBITDA: Rs 591.9 million compared to Rs 328.9 million during Q2FY25, change 80%.
  • EBITDA Margin: 26.3% for Q2FY26.
  • PBT: Rs 431.5 million compared to Rs 224.6 million during Q2FY25, change 92%.
  • PAT: Rs 300.3 million compared to Rs 157.3 million during Q2FY25, change 91%.

Baddam Karunakar Reddy, Managing Director, Apollo Micro Systems, said: “I’m pleased to share that Apollo Micro Systems has carried its exceptional momentum into FY26, delivering our strong Q2 performance — a testament of our strategic focus, operational excellence, and the unwavering dedication of our team.

In Q2FY26, we achieved a remarkable 40% YoY revenue growth, reaching Rs 2252.6 million, up from Rs 1607.1 million in the same quarter last year. This growth has been driven primarily by the robust execution of our order book and the seamless transition of several high-value systems into production.

Our EBITDA (excluding Other Income) grew by 80% to Rs 591.9 million, compared to Rs 328.9 million in Q2FY25. More notably, our EBITDA margin expanded by 600 basis points, standing at 26% in Q2FY26, compared to 20% in Q2FY25 — a clear indication of strong operating leverage and improved efficiency. This momentum also translated into the bottom line. Our Profit After Tax (PAT) grew by 91% YoY to Rs 300.3 million, up from Rs 157.3 million in Q2FY25. PAT margin expanded by 350 basis points YoY, reaching 13.3% in Q2FY26, as against 9.8% in Q2FY25. Our sustained investments in indigenous technologies, coupled with our alignment to national defence priorities such as Atmanirbhar Bharat, continue to strengthen our position as a trusted partner in India’s evolving defence ecosystem.

In a business defined by tailored, complex, and mission-critical solutions, sequential (quarter-onquarter) comparisons often fail to reflect the true picture. Product mix and delivery cycles vary significantly based on client-specific requirements. Accordingly, annual performance remains the most meaningful benchmark for evaluating our financial and operational progress.

Our sustained investments in indigenous technologies, coupled with our alignment to national defence priorities such as Atmanirbhar Bharat, continue to strengthen our position as a trusted partner in India’s evolving defence ecosystem.

We are also pleased to announce a significant strategic milestone — the acquisition of IDL Explosives Ltd. This marks a new chapter for Apollo Micro Systems as we move closer to becoming a fully integrated Tier-1 defence OEM. The acquisition not only enhances our manufacturing capabilities but also broadens our solutions portfolio across critical areas of India’s defence supply chain. It is a proud moment and a feather in our cap that positions us for greater impact and scale.

Looking ahead, we expect revenue to grow at a CAGR of 45% to 50% over the next two years — driven solely by the core business, excluding any contribution from the recent acquisition. This growth is underpinned by a healthy order book and multiple products entering the production phase.

Recent geopolitical developments — particularly the India–Pakistan conflict — have further accelerated demand for indigenous defence solutions. Several of our systems were successfully tested and demonstrated during this period, generating significant interest and engagement across the defence value chain.

As we move forward, our focus remains steadfast: to innovate with purpose, deliver with precision, and deepen our strategic partnerships. At Apollo Micro Systems, we are not only setting new performance benchmarks — we are actively shaping the future of a self-reliant, secure, and technologically advanced defence infrastructure for our nation.

Thank you for your continued trust and support”

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Aerospace & Defence company Apollo Micro Systems announced Q1FY26 results

  • Revenue surged to Rs 134 crore, up 46% YoY, compared to Rs 91 crore in Q1FY25
  • PAT rose sharply to Rs 18 crore, marking an 110% YoY growth over Rs 8 crore in Q1FY25

Baddam Karunakar Reddy, Managing Director, Apollo Micro Systems, said: “I’m pleased to share that Apollo Micro Systems has commenced FY26 with exceptional momentum, delivering our strongest-ever Q1 performance — a clear reflection of our strategic focus, operational excellence, and the unwavering dedication of our team.

In Q1FY26, we achieved a remarkable 46% year-on-year revenue growth, reaching Rs 1,335.8 million, up from Rs 912.0 million in the same quarter last year. This growth has been driven primarily by the robust execution of our order book and the seamless transition of several high-value systems into production.

Our EBITDA (excluding Other Income) grew by 83% to Rs 409.4 million, compared to Rs 223.7 million in Q1FY25. More notably, our EBITDA margin expanded by 600 basis points, standing at 31% in Q1FY26, compared to 25% in Q1FY25 — a clear indication of strong operating leverage and improved cost efficiency. This momentum also translated into the bottom line. Our Profit After Tax (PAT) more than doubled, growing 110% year-on-year to Rs 176.8 million, up from Rs 84.3 million in Q1FY25. PAT margin also expanded by 400 basis points year-on-year and quarter-on-quarter, reaching 13% in Q1FY26, as against 9% in Q1FY25.

In a business defined by tailored, complex, and mission-critical solutions, sequential (quarter-onquarter) comparisons often fail to reflect the true picture. Product mix and delivery cycles vary significantly based on client-specific requirements. Accordingly, annual performance remains the most meaningful benchmark for evaluating our financial and operational progress.

Our sustained investments in indigenous technologies, coupled with our alignment to national defence priorities such as Atmanirbhar Bharat, continue to strengthen our position as a trusted partner in India’s evolving defence ecosystem.

We are also pleased to announce a significant strategic milestone — the acquisition of IDL Explosives Ltd. This marks a new chapter for Apollo Micro Systems as we move closer to becoming a fully integrated Tier-1 defence OEM. The acquisition not only enhances our manufacturing capabilities but also broadens our solutions portfolio across critical areas of India’s defence supply chain. It is a proud moment and a feather in our cap that positions us for greater impact and scale.

Looking ahead, we expect revenue to grow at a CAGR of 45% to 50% over the next two years — driven solely by the core business, excluding any contribution from the recent acquisition. This growth is underpinned by a healthy order book and multiple products entering the production phase. Operating margins are projected to improve in the first half of FY26 due to favorable operating leverage and product mix. However, ongoing and planned capital investments are expected to moderate margin expansion in the latter half of FY26 and into FY27.

Recent geopolitical developments — particularly the India–Pakistan conflict — have further accelerated demand for indigenous defence solutions. Several of our systems were successfully tested and demonstrated during this period, generating significant interest and engagement across the defence value chain

As we move forward, our focus remains steadfast: to innovate with purpose, deliver with precision, and deepen our strategic partnerships. At Apollo Micro Systems, we are not only setting new performance benchmarks — we are actively shaping the future of a self-reliant, secure, and technologically advanced defence infrastructure for our nation.

Thank you for your continued trust and support"

Result PDF

Aerospace & Defence company Apollo Micro Systems announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 1,617.7 million ( 19% YoY)
  • Total Revenue: Rs 1,625.0 million ( 19% YoY)
  • EBITDA (excl. Other Income): Rs 359.9 million ( 25% YoY)
  • EBITDA Margin: 22% (up from 21%, i.e., 1 percentage point)
  • PBT (Profit Before Tax): Rs 220.0 million ( 21% YoY)
  • PAT (Profit After Tax): Rs 139.6 million ( 8% YoY)
  • Diluted EPS: Rs 0.5 (up from Rs 0.48)

FY25 Financial Highlights:

  • Revenue from Operations: Rs 5,620.7 million ( 51% YoY)
  • Total Revenue: Rs 5,649.5 million ( 51% YoY)
  • EBITDA (excl. Other Income): Rs 1,292.1 million ( 54% YoY)
  • EBITDA Margin: 23% (flat YoY)
  • PBT: Rs 825.5 million ( 87% YoY)
  • PAT: Rs 563.6 million ( 81% YoY)
  • Diluted EPS: Rs 1.9 (up from Rs 1.2)

Baddam Karunakar Reddy, Managing Director, Apollo Micro Systems, said: “FY25 has been a landmark year for Apollo Micro Systems Ltd — marking our strongest performance to date. We achieved a significant milestone with revenue reaching Rs 562.07 crore, representing a robust 51.24% year-on-year growth. EBITDA stood at Rs 132 crore, reflecting a 54% increase YoY, with a healthy EBITDA margin of 23.50%. Net profit surged by 81.18%, in line with our annual guidance. What we commit, we deliver.

These results are a testament not just to numbers, but to the strength of our robust order book, the successful execution of strategic defence programs, and the seamless transition of several high-value products into the production phase.

In a business defined by tailored, complex, and mission-critical solutions, sequential (quarter-on-quarter) comparisons often fail to reflect the true picture. Product mix and delivery cycles vary significantly based on client-specific requirements. Accordingly, annual performance remains the most meaningful benchmark for evaluating our financial and operational progress.

Our sustained investments in indigenous technologies, coupled with our alignment to national defence priorities such as Atmanirbhar Bharat, continue to strengthen our position as a trusted partner in India’s evolving defence ecosystem.

We are also pleased to announce a significant strategic milestone — the acquisition of IDL Explosives Ltd. This marks a new chapter for Apollo Micro Systems as we move closer to becoming a fully integrated Tier-1 defence OEM. The acquisition not only enhances our manufacturing capabilities but also broadens our solutions portfolio across critical areas of India’s defence supply chain. It is a proud moment and a feather in our cap that positions us for greater impact and scale.

Looking ahead, we expect revenue to grow at a CAGR of 45% to 50% over the next two years — driven solely by the core business, excluding any contribution from the recent acquisition. This growth is underpinned by a healthy order book and multiple products entering the production phase. Operating margins are projected to improve in the first half of FY26 due to favorable operating leverage and product mix. However, ongoing and planned capital investments are expected to moderate margin expansion in the latter half of FY26 and into FY27.

Recent geopolitical developments — particularly the India–Pakistan conflict — have further accelerated demand for indigenous defence solutions. Several of our systems were successfully tested and demonstrated during this period, generating significant interest and engagement across the defence value chain.

As we move forward, our commitment remains unwavering: to drive innovation, deliver operational excellence, and deepen strategic partnerships. Apollo Micro Systems is not only delivering record-breaking results — we are helping shape a self-reliant, future-ready defence infrastructure for India.”

Result PDF

Aerospace & Defence company Apollo Micro Systems announced Q3FY25 results

  • Revenue: Rs 1483.9 million compared to Rs 913.4 million during Q3FY24, change 62.5%.
  • EBITDA: Rs 379.6 million compared to Rs 240.1 million during Q3FY24, change 58.1%.
  • EBITDA Margin: 25.6% for Q3FY25.
  • PBT: Rs 261.9 million compared to Rs 143.7 million during Q3FY24.
  • PAT: Rs 182.4 million compared to Rs 99.6 million during Q3FY24, change 83.1%.
  • PAT margin: 12.3% for Q3FY25.
  • EPS: Rs 0.60 for Q3FY25.

Management Commentary: We are pleased to report the consolidated financial and operational results for the third quarter of FY25 & nine month FY25. In Q3FY25, our revenue saw a significant increase of 62.5%, reaching Rs 1,483.9 million, compared to Rs 913.4 million in Q3FY24. This growth was driven by the successful execution of our order book, reflecting strong demand and operational excellence. For 9MFY25,revenues increased by 69.5%, from Rs 2,362.0 million in 9MFY24 to Rs 4,003.0 million in 9MFY25, demonstrating sustained momentum in our core business operations.

Our EBITDA also showed remarkable growth, rising by 58.1% to Rs 379.6 million in Q3FY25. While the EBITDA margin remained stable with a minor decrease of 70 bps as compared to Q3FY24 and stood at 25.6% in Q3FY25. For 9MFY25, EBITDA increased by 69.1% to Rs 932.2 million as compared to Rs 551.2 million in Q3FY24 while EBITDA margin remained stable at 23.3%, demonstrating our commitment to operational efficiency and profitability.

Additionally, our PAT for Q3FY25 amounted to Rs 182.4 million, a substantial increase of 83.1% from Rs 99.6 million in Q3FY24, with PAT margin improved by 140 bps to reach 12.3% in Q3FY25 For 9MFY25, PAT increased by 133.2%,amounting to Rs 424.0 million, as compared to Rs181.8 million in 9MFY24 with PAT margin improved by 290 bps to reach 10.6% in 9MFY25.

Our growing order book in Q3FY25 reflects the expanding pipeline of projects across multiple sectors, with strong demand for our advanced solutions. This robust order book ensures a steady revenue stream and provides a solid foundation for future growth, positioning AMS to capitalize on emerging opportunities in both the domestic and international markets.

We are also excited to announce our participation in Aero India 2025, scheduled from February 10th to 14th, 2025 in Bangalore. Aero India is a premier event in the aerospace and defense industry, and our participation aligns with our strategic goals. It provides an excellent platform to showcase our products, engage with key stakeholders, and strengthen business partnerships. We are confident that this event will further enhance our visibility and open new avenues for growth in the aerospace and defense sectors.

In addition, We have issued Equity Shares and Equity Warrants on preferential basis aggregating upto Rs 816 Crores. This will raise significant capital to support our ongoing efforts. The funds will be utilized for working capital requirements, research and development expenses to drive innovation in future technologies, investment in subsidiaries, and general corporate expenses.

The defense sector in India is experiencing unprecedented growth, driven by transformative initiatives such as Make in India and Atmanirbhar Bharat. These programs promote self-reliance, innovation, and indigenous manufacturing, while encouraging private sector participation and collaboration with start-ups. As specialists in advanced electronics, engineering solutions, and custom-built systems, we are well-positioned to support India’s defense modernization and contribute to the nation’s goal of becoming a global leader in defense production and exports.

In conclusion, we have delivered strong results in Q3FY25, with significant revenue growth and improved profitability. With a solid order book, strategic focus on India’s growing defense sector, and a commitment to innovation and operational excellence, we are well-positioned to capitalize on emerging opportunities and continue our growth trajectory. Our focus on leveraging key defense initiatives will ensure that we are on track to create sustained value for our stakeholders.

Result PDF

Defence company Apollo Micro Systems announced Q4FY24 & FY24 results:

  • AMS has showcased a robust financial performance with significant growth, where revenue from operations saw an increase to Rs 3,716.34 million in FY24 from Rs 2,975.26 million in FY23.
  • The company's EBITDA and PAT have also indicated healthy growth, with EBITDA reaching Rs 838.66 million and PAT standing at Rs 311.07 million for FY24.
  • The company has presented consolidated financial metrics such as EBITDA margin of 22.57% for FY24 and a PAT margin of 8.37%, indicating strong profitability.
  • Balance sheet ratios highlight a ROCE of 10.10% and a Debt/Equity ratio of 0.38 for FY24, underlining efficient capital utilization and a solid financial structure.

Commenting on AMS’s performance, management team stated: “We are pleased to present an overview of Apollo Micro Systems Limited's (AMS) performance for Q4 and FY24. This year has seen Apollo Micro Systems make significant strides in several key areas, demonstrating our commitment to innovation, operational excellence, and sustainable growth.

AMS achieved significant financial growth in FY24, driven primarily by robust order execution. The revenue for Q4FY24 was Rs 1,354.37 million, up from Rs 1,068.46 million in Q4FY23, with the full-year revenue standing at Rs 3,716.34 million compared to Rs 2,975.26 million in FY23 showcasing a healthy growth of 24.91%. The company's EBITDA for Q4FY24 increased to Rs 287.43 million from Rs 228.83 million in Q4FY23, and for the entire fiscal year, it reached Rs 838.66 million, up from Rs 640.91 million in FY23, marking a growth of 25.61% for the quarter and 30.85% for the year, attributed to the increased scale of operations and cost efficient execution. Profit after tax (PAT) for Q4FY24 was Rs 129.31 million, compared to Rs 72.15 million in Q4FY23, and for FY24, it stood at Rs 311.07 million, compared to Rs 187.38 million in FY23. PAT margins were 9.55% in Q4FY24 and 8.37% for the full fiscal year.

Our order book has strengthened on account of several programs moving from development - production to more production based contracts which provides us added visibility for future revenue growth. Apart from the current order book we continue to focus on developing game changing solutions which find excessive defence applications and can be a prime for exports too. The testimony can be seen in our repeated order wins. The company is participating in Make-II Defence Projects and is likely to collaborate with other companies in building larger platforms.

On the capability augmentation front we have announced the groundbreaking ceremony for our Integrated Plant for Ingenious Defense Systems (IPiDS) in Hyderabad, this makes our foray into defense and space sector growth even more stronger with in-house capabilities. This would cater to developing products in the missile, unmanned aerial and ground systems development. IPiDS signifies our dedication to national security and technological advancement. AMS remains steadfast to innovation, excellence, and is poised to elevate India's defense prowess globally. Currently, AMS operates a 55,000 sqft manufacturing facility, with two additional facilities of 40,000 sqft and 3,50,000 sqft under development. These expansions will significantly enhance our manufacturing capabilities, supporting increased production and meeting growing demand. This strategic growth positions AMS to capitalize on emerging opportunities in the defense and electronic manufacturing sectors, driving our long-term success. Also AMS boasts over 700 on-board technologies and is actively involved in more than 150 indigenous programs and 60 DcPP programs as a sub-system partner. These engagements underscore our commitment to technological innovation and strategic partnerships, solidifying our leadership in the defense sector.

India's defense exports have experienced a remarkable 16-fold increase from FY17-24E, amounting to USD 3 billion, with a projected ascent to USD 7 billion by FY30E, in alignment with the Government's ambitious target of USD 6 billion by FY29E. Prominent export destinations encompass Italy, Egypt, UAE, Bhutan, Ethiopia, and Saudi Arabia, notably with the Middle East (ME) constituting 33% of global arm imports valued at USD 11 billion, presenting substantial prospects, particularly with Qatar and Saudi Arabia representing 52% of ME imports. Furthermore, the earmarked US$ 130 billion investment in fleet modernization over 5-7 years ensures enduring contracts and technological progress. Moreover, India's diminished imports provide domestic companies with an opportunity to cultivate indigenous technologies, fostering both exports and domestic production. In view of capitalizing these emerging opportunities, AMS is continuously investing in its manufacturing capabilities, man power capabilities and technological capabilities.

Looking ahead, we are optimistic about the future growth prospects of Apollo Micro Systems Limited. The robust demand for electronic solutions in defense, coupled with our strategic initiatives, positions us favorably for continued success. We will continue to explore avenues for innovation, collaborate with strategic partners, and pursue excellence in all aspects of our operations. We are confident in our capability to increasingly contribute to India’s drive for self – reliance in defence technologies and we will continue to scale greater heights in executing projection ahead. Our dedicated team, focus on innovation, and commitment to customer satisfaction will continue to be the pillars of our success.

We would like to extend our gratitude to our employees, customers, and shareholders for their unwavering support. Apollo Microsystems Limited remains committed to creating value, and we look forward to a successful future together” 

Result PDF

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