Apollo Micro Systems Limited — Q2 FY26

EMS Limited reported a weak Q2 FY26 due to heavy monsoon rains across its six operating states, which halted underground digging and pipeline works. Revenue declined approximately 26-27% versus the prior quarter, though management attributes this to seasonal factors and expects a strong H2 recovery. The company maintains its full-year guidance of 20% revenue growth over FY25, targeting around ₹1,150 crore in revenue, with H2 contributing roughly 66% of the total. EBITDA margins contracted only slightly by about 2 percentage points to ~21%, and management expects full-year PAT margins to remain in the 18-19% range, consistent with historical averages. The unexecuted order book stands at ₹2,380 crore, providing good visibility. Risks include continued monsoon disruptions and competitive pressure in government EPC tenders.