Apollo Micro Systems Limited — Q2 FY26
Apollo Micro Systems delivered a stellar Q2 FY26 with revenue of ₹225 crore, up 69% QoQ, and PAT of ₹30 crore, up 70% QoQ, driven by robust order book execution and transition o...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions auditedConsistentNumbers vs filing
Partial answer
High priority
How will Apollo manage exports and strategic tie-ups for European defense spend?
Asked by Nilabja, Ashmore Research
Management described ongoing efforts but gave no concrete numbers or timelines for export revenue.
no specific timelineno quantified export target
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Question
how you are thinking of managing or catching up the whole defense spend happening specifically say in Europe and what about the strategic tie up?
Management (likely MD or senior executive)
We have recently started entering strategic ties with different companies... we have entered a partnership with an American company for developing a rocket motor... we have submitted proposals to MOD for export clearance.
Partial answer
High priority
What is the short-term and long-term strategy for IDL after acquisition?
Asked by D Sha, Capital
Management gave strategic direction but avoided specific revenue or profit targets for IDL.
no financial projectionsdeferred detailed presentation
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Question
can you please elaborate on what will be the our strategy for IDL for a short term for one year and for the long term of three year?
Management
Acquisition is backward and forward integration... we will move towards manufacturing critical high energy explosives... we have started preparing proposals and negotiating with manufacturers.
Evasive
High priority
What is the expected growth for FY27 after unit 3 becomes operational?
Asked by D Sha, Capital
Management cited capacity increase but did not quantify expected revenue growth.
no specific growth percentagevague reference to capacity
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Question
what is your expectations for growth for financial year 27?
Management
Once unit three is ready it is almost eight times enhancing the production capacity... we are expecting good orders from MOD and also going to sign MOU with some companies.
Evasive
Medium priority
Is the current EBITDA margin of 26.3% the lowest or can it go lower?
Asked by D Sha, Capital
Management did not confirm whether 26.3% is the trough or if margins could decline further.
no commitment on margin floorvague reassurance
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Question
So can we consider this EBITDA margin as the lowest or still we can go lower?
Management
Depending upon the product mix certain margin levels small variation will be there but the momentum is definitely not going to be disappointing.
Partial answer
Medium priority
What is the opportunity size and timeline for the mechatronic fuse ToT?
Asked by Rupes, Long Equity Partners
Management described the opportunity as 'very big' but gave no quantified size or firm order timeline.
no specific revenue estimatevague timeline
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Question
can you just give some color around the opportunity size when will the ToT be completed when can we see some trial orders commercial orders?
Management
The opportunity size is very big... we will be absorbing the technology by developing a few prototypes in next one or two quarters... in next one year we'll start taking opportunities.
Partial answer
Medium priority
What is Apollo's participation in Brahmos ER and NG programs?
Asked by Rupes, Long Equity Partners
Management confirmed participation but did not quantify the opportunity or expected order size.
no order valueno timeline for additional orders
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Question
Brahmos is coming up with extended range and NG... do we have some presence in that?
Management
Our participation is there. One of the sub subsystem already we received order... we are also expecting couple of projects from Brahmos also.
Answered
Medium priority
Are you on track to reduce promoter pledge to zero by FY26?
Asked by Pratik Bia, Individual Investor
Management gave a clear timeline to eliminate pledges within 5-6 months.
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Question
just wanted to know if we are on track of the earlier guidance of getting it to zero by FY26?
Management
Definitely next five six months time I'm going to close all the pledge part that's what I'm planning.
Answered
Medium priority
Will receivables remain at current high levels or reduce?
Asked by Pratik Bia, Individual Investor
Management provided a clear expectation of reduction by year-end.
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Question
the receivable is almost 360 crores... can you throw some light on it as in is it going to be the same going forward?
Management
This financial year end you will see a significant reduction in receivables... Q3 some visibility, Q4 significant reduction.
Partial answer
High priority
What is the export opportunity and expected domestic/export revenue split?
Asked by Pratik Bia, Individual Investor
Management quantified a ~100 cr export opportunity but declined to provide a revenue mix target.
no revenue split guidancedeferred to future quarters
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Question
what kind of opportunity do we see in the export side... what would be the revenue split between domestic and exports?
Management
We are having little over about 100 crores opportunity as an export order... as far as the mix is concerned we are not able to give any guidance for it.
Answered
High priority
What is the current order book and execution timeline?
Asked by Anand, GK Globus
Management provided a specific order book number and confirmed guidance is maintained.
Read the exchange
Question
Can you please elaborate on your order book?
Management
Little less than 800 crores is the order book as on September end... we have received few more orders in last one and a half month.
Answered
High priority
What is the proportion of development vs production in revenue and order book?
Asked by Amit Kumar, HDFC Securities
Management gave a clear percentage range for production vs development and a future target.
Read the exchange
Question
I wanted to understand about the proportion of developmental projects in overall PI compared to the production.
Management
25 to 35% in between band is the production size compared to the development... going forward it may increase up to 45%.
Evasive
Medium priority
How do margins change when a product moves from development to production?
Asked by Amit Kumar, HDFC Securities
Management refused to quantify the margin difference, citing sensitivity.
declined to give specific margin rangecalled it sensitive information
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Question
what would be the margin profile movement once a product moves from development to production?
Management
It depends on the type of system... production margins are higher comparatively... sensitive information.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin for Q2 is 26.3% | 26.3% | 26.3% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.