Apollo Micro Systems Limited — Q3 FY26
Apollo Micro Systems delivered a record Q3 with revenue surging 70% YoY to ₹252 crore, driven by robust order book execution and transition of multiple products into production.
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.
46%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
How will Apollo balance defense contracts, R&D investment, and profitability?
Asked by Sukrit Deep Part, Isite Fentrate Private Limited
Management listed many programs but did not explain how they balance focus or protect profitability.
did not address balancing trade-offslisted programs without prioritization
Read the exchange
Question
how do you see Apollo microsystems balancing between expanding defense and aerospace contracts, investing in new technology and protecting profitability?
Mr. Badam (likely Chairman/MD)
See like the last quarter result... QRM one program is going B production and another program is Akashi... our contribution is there... we are expecting a very big order like MIGM mode also going to be a big game change order...
Evasive
Medium priority
What financial metrics guide cost control, working capital, and R&D allocation?
Asked by Sukrit Deep Part, Isite Fentrate Private Limited
Management described spending and growth but did not identify specific financial metrics guiding decisions.
did not specify metricslisted plans instead of answering
Read the exchange
Question
What financial signals or metrics will be most important in guiding you to take decisions on cost control, working capital and capital allocation for R&D and capacity expansion?
CFO (Mr. Chiru)
we have been spending around 9 to 10% of our outlay top line as a R&D expenditure... we have massive expansion plans... we have been growing at a CAGR of 30 to 35% for the last 2-3 years...
Partial answer
Medium priority
What is the major contributor to the rise in other expenses?
Asked by Dshant, DB Bwell
Management listed expense categories but did not quantify the major contributor.
no breakdown by amountgeneric categories
Read the exchange
Question
what's the major contributor to other expense?
CFO
expenses related to annual function, international shows, travel for business development and trials...
Partial answer
High priority
What net margins can we expect given 45-50% revenue growth?
Asked by Dshant, DB Bwell
Management gave standalone target but declined to quantify consolidated margin, citing acquisition integration.
no consolidated margin numberdeferred guidance
Read the exchange
Question
what kind of net margins can we see now?
CFO
we are targeting for a 15% level on standalone basis... consolidated there could be a small dip...
Answered
High priority
What is the update on underwater mines order and deterrents?
Asked by Dshant, DB Bwell
Management clearly stated status and next steps.
Read the exchange
Question
what's been update on this and what's like been a deterrent for us right now?
CFO
All necessary approvals at all levels are over. It is just awaiting for a DAC approval... we are fully geared up...
Partial answer
Medium priority
When will COGS (material consumed) improve from ~70%?
Asked by Dshant, DB Bwell
Management linked improvement to production orders but did not commit to a timeline.
no timelinedependent on external approvals
Read the exchange
Question
at what point can we see a significant improvement here?
CFO and Mr. Badam
significant improvement at the COGS level will happen once large scale production orders kick up...
Answered
High priority
What is the loss at IDL explosives and when will it turn positive?
Asked by Abi Sha, Sidi Technology
Management provided the loss figure and timeline for turnaround.
Read the exchange
Question
what is the figure and when can we expect this figure to turn around positive?
CFO
four crores loss that got added actually in the quarter... from next financial year Q1 onwards it the EBITDA level and at the PAT level it was going to be a positive PAT...
Answered
High priority
What is the order book for IDL explosives this quarter?
Asked by Abi Sha, Sidi Technology
Management gave a specific number.
Read the exchange
Question
what is the order book for ideal exclusives this quarter?
CFO
the complete order book of ideal is standing at around 500 odd crores actually.
Declined
High priority
What are the consolidated EBITDA margin targets for FY27 and FY28?
Asked by Akshai, AK investment
Management explicitly refused to provide consolidated margin guidance.
deferred to Q4no number given
Read the exchange
Question
what would be the consolidated margins going forward? What are our targets?
CFO
margin levels guidance... I am not in a position to give you... we will give you once the Q4 quarter ends...
Evasive
Medium priority
When will promoter pledge be cleared?
Asked by Akshai, AK investment
Management gave a non-committal timeline.
no specific timelinevague
Read the exchange
Question
when by when are we clearing the promoter pledge?
CFO
in few quarters you know we should be coming out... step by step one after another we should be coming out.
Answered
High priority
Is it true that shareholders rejected a related party transaction proposal?
Asked by Manoj Jane, Jane HUF
Management confirmed the event and explained the rationale.
Read the exchange
Question
is this true? I don't know why the company did not refute it...
CFO
It is not a neither an allegation nor falser... we have went in for a approval to shareholders stating that we would like to give a corporate guarantee to our subsidiary companies...
Declined
Medium priority
What are the details of the planned acquisition?
Asked by Shriansi, HJ securities
Management refused to provide any details citing NDA.
NDAno details
Read the exchange
Question
which space the acquisition is in and what size of acquisition are we doing?
CFO
Acquisition is a strategic in nature... we are bound by NDA. I cannot disclose...
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| IDL contributed 50.8 cr revenue in 45 days | ₹50.8 cr | ₹252 cr | Understated vs filing |
| IDL expected Q3 revenue around 90 cr | ₹90 cr | ₹252 cr | Understated vs filing |
| IDL loss of 4 cr in the quarter | ₹4 cr | ₹23 cr | Understated vs filing |
| Standalone PAT margin target 15% | 15% | 25% | Understated vs filing |
| Revenue growth guidance 45-50% | 45% | 70% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.