Large order delays
MIGM and QRSAM orders may slip beyond March; management expects by Q1 FY27 at latest.
APOLLO / Q2-FY26 / risks
Keep the risk register visible.
Apollo Micro Systems · Material risks, their source context, and severity in the latest available quarter.
Research layer active
ConCallIQ research layer
Signal, with the source still visible.
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Risk intelligence
Material risks this quarter
medium
IDL integration and capex
IDL is currently loss-making; significant overhaul and capex needed, timeline uncertain.
Foreign OEM competition
Government may allow 100% foreign subsidiaries as Indian vendors, potentially increasing competition.
Working capital pressure
Receivables at ₹360 crore (close to Q1+Q2 revenue); management expects reduction by year-end.