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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹225 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹59 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 of multiple products into production. EBITDA margin came in at 26.3%, reflecting operational discipline. Management reiterated a 45-50% CAGR revenue growth guidance for FY26-27, backed by a healthy order book (~₹800 crore) and upcoming large programs (MIGM, QRSAM, ESWT). Unit 3 capex of ₹250 crore is on track, with full production expected by Q1 FY27, expanding capacity 8x. Risks include potential delays in large order finalization and integration challenges at recently acquired Ideal Explosives.
Colored figures show movement against the previous available record.
Guidance to track
- Core business growth excluding acquisition, driven by order book and production ramp-up.
- Phase 1 civil structure complete; partial production started; full-fledged production by end of FY26 or Q1 FY27.
- Current 25-35% production share expected to increase as large projects materialize.
- Ideal Explosives expected to become profitable by Q2 next financial year.
Risks flagged
- MIGM and QRSAM orders may slip beyond March; management expects by Q1 FY27 at latest.
- IDL is currently loss-making; significant overhaul and capex needed, timeline uncertain.
- Government may allow 100% foreign subsidiaries as Indian vendors, potentially increasing competition.
- Receivables at ₹360 crore (close to Q1+Q2 revenue); management expects reduction by year-end.
Key quotes
- We have evolved from being a subsystem and systems manufacturer to establishing ourselves as a full-fledged weapons manufacturer.
- We expect revenue to grow at CAGR of 45 to 50% over FY26 and FY27 driven solely by the core business excluding any contributions from the recent acquisition.
- Once unit 3 is ready, it is almost eight times enhancing the production capacity.
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