Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹252 Cr
verified against source
Revenue YoY
70%
reported change
EBITDA
₹50 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 record Q3 with revenue surging 70% YoY to ₹252 crore, driven by robust order book execution and transition of multiple products into production. EBITDA rose 33% to ₹50 crore, while PAT grew 25% to ₹23 crore. The 9-month revenue hit ₹611 crore, up 53% YoY, with EBITDA up 61% and PAT up 67%. Management reiterated a 45-50% CAGR revenue growth target over 3 years, backed by a ₹1,300 crore order book (including ₹500 crore from IDL). Key catalysts include the upcoming DAC approval for a ₹2,500 crore underwater mine order and QRSAM production orders. Risks include delays in DAC approvals and margin dilution from IDL consolidation, though standalone PAT margins are targeted at 15%.
Colored figures show movement against the previous available record.
Guidance to track
- Organic growth target excluding acquisitions, underpinned by strong order book and production ramp-up.
- Internal target for standalone PAT margin; consolidated may see slight dilution from IDL.
- IDL expected to turn EBITDA positive in Q4 FY26 and PAT positive from next fiscal.
- Three companies in pipeline; due diligence ongoing for one or two acquisitions.
Risks flagged
- The ₹2,500 crore order is pending DAC approval; any delay could impact revenue visibility.
- IDL reported a loss of ₹4 crore in 45 days; management expects EBITDA breakeven only by Q4, with PAT positive from next year.
- Resolution for corporate guarantees to subsidiaries was defeated by institutional shareholders, potentially impacting subsidiary support.
- Material costs remain around 70% of revenue; improvement expected only when large-scale production orders kick in.
Key quotes
- We have evolved from being a subsystem and system manufacturer to establishing ourselves as a full-fledged weapon system manufacturer.
- The resolution got defeated because certain people did not understand... there is no benefit that is being awarded to any of the promoters.
- We are fully geared up the moment the switch is on, we can do production.
Research modules