Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Apollo Micro Systems Ltd

APOLLO
Aerospace & Defence - Equipments

Apollo Micro Systems Ltd's price has outrun its earnings. +124.6% in a year against EPS +71.7% — the market is paying now for delivery later.

The sharpest disagreement: profits are rising, but only −101% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (11 weeks in) while the P/E sits at the 95th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +164.3% year on year, and −101% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹398
+124.6% 1Y
P/E
130.0×
95th pctile
of its own 6-year range
Revenue (Mar 26)
₹293 Cr
+80.9% YoY
Profit (Mar 26)
₹37.0 Cr
+164.3% YoY
Operating margin
23.0%
+1.0 pp YoY
ROCE
14%
FY26
ROIC
8.9%
vs WACC 12.0% → −3.1 pp
Cash conversion
−101%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Apollo Micro Systems Ltd trades at ₹398, in a confirmed uptrend and 11 weeks into that stage. That is +33.7% against its own 200-day average. It sits at 80% of a 52-week range of ₹189 to ₹450. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹398 it trades +33.7% versus its 200-day average and sits at 80% of its 52-week range (₹189–₹450).

Jul 26: ₹398 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+33.7% versus the 200-day line, week 11 of stage 2
Price50-day avg200-day avg
S2S4S2S2₹483₹362₹241₹120₹0.0₹398₹298Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2S2₹483₹362₹241₹120₹0.0₹398₹298Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2018 Each cell is one week from 2018 to now (449 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Jan 18Jul 26

Against the market, two honest reads. Cumulative: over the last 8.5 years the stock moved +950% while the NIFTY 500 moved +141% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 95th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Apollo Micro Systems Ltd trades at 130.0× P/E, at the pricey end of its own range (95th percentile). Its long-run median P/E is 59.0×, measured across 6.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 130.0× is at the pricey end of its own range (95th percentile), against a long-run median of 59.0× measured over 6.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 130.0× vs a 59.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 6.1-year window; loss-period spikes above 142× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (95th percentile)
P/EMedianEPS (TTM) (quarterly)
152.7×₹3.4115.3×₹2.678.0×₹1.740.6×₹0.93.2×₹0.0×124.80×₹3Jun 20Jan 22Aug 23Feb 25Jul 26
152.7×₹3.4115.3×₹2.678.0×₹1.740.6×₹0.93.2×₹0.0×124.80×₹3Jun 20Aug 23Jul 26
PEG 0.80 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 12 quarters; values above 6 pinned at the top.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
6.4×4.9×3.4×1.9×0.4××0.80×Q1 FY24Q3 FY24Q2 FY25Q1 FY26Q4 FY26
6.4×4.9×3.4×1.9×0.4××0.80×Q1 FY24Q2 FY25Q4 FY26
P/E
130.0×
95th percentile of 6y
PEG
2.51
derived from 3-year earnings growth

🚨 Why the multiple sits where it does: over the past year annual EPS moved +71.7% against a +124.6% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +100.9%/yr price move, ~+45.2%/yr came from earnings growth and ~+55.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Apollo Micro Systems Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 18.3% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
65%119%50%91%35%62%20%34%5.4%5.2%%%60.9%92.9%75.7%Jun 23Sep 24Mar 26
65%119%50%91%35%62%20%34%5.4%5.2%%%60.9%92.9%75.7%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
22%19%16%14%11%%18.3%Jun 23Sep 24Mar 26
22%19%16%14%11%%18.3%Jun 23Sep 24Mar 26
Revenue growth
Rising
latest +60.9% · span +9.5% to +60.9%
Profit growth
Rising
latest +92.9% · span +18.8% to +111.5%
EPS growth
Rising
latest +75.7% · span +13.1% to +75.7%
ROCE
Steady high
latest 18.3% · span 11.9%–20.8%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Growth, year by year: revenue +60.9% in FY26, profit +91.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
67%101%44%66%22%31%−1.0%−3.5%−24%−38%%%60.9%91.1%FY20FY23FY26
67%101%44%66%22%31%−1.0%−3.5%−24%−38%%%60.9%91.1%FY20FY23FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+60.9%) with the last 8 annualized (+56.1%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
65%119%50%91%35%62%20%34%5.4%5.2%%%60.9%92.9%Jun 23Sep 24Mar 26
65%119%50%91%35%62%20%34%5.4%5.2%%%60.9%92.9%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+60.9%+44.8%+34.8%
Profit+91.1%+77.9%+60.6%
EPS+71.7%+52.0%+45.2%
Share price+124.6%+92.5%+100.9%
Revenue YoY (Mar 26)
+80.9%
latest quarter vs a year ago
Profit YoY (Mar 26)
+164.3%
latest quarter vs a year ago
Revenue 10y
24.2%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

58.6/100 — rank 7 of 24 in Aerospace & Defence - Equipments · 96% evidence confidence

Apollo Micro Systems Ltd scores 58.6 out of 100 against the 24 companies it is compared with in Aerospace & Defence - Equipments, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.8 + 13.3 + 6.9 + 16.6 = 58.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Apollo Micro Systems Ltd reported ₹293 Cr of revenue in the Mar 26 quarter, +80.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 6 years it has compounded at 24.2% a year. The last full year, FY26, came in at ₹904 Cr. The last four reported quarters add to ₹904 Cr.

Apollo Micro Systems Ltd reported ₹293 Cr of revenue in the Mar 26 quarter, +80.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 6 years it has compounded at 24.2% a year. The last full year, FY26, came in at ₹904 Cr. The last four reported quarters add to ₹904 Cr.

FY26 revenue came in at ₹904 Cr (+60.9% on the year), capping 6 years at 24.2% compound. The latest quarter (Mar 26) printed ₹293 Cr, +80.9% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹904 Cr (+60.9% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
24.2% a year over 6 years
RevenueYoY growth
97667%73244%48822%244−1.0%0−24%₹ Cr%₹90460.9%FY20FY23FY26
97667%73244%48822%244−1.0%0−24%₹ Cr%₹90460.9%FY20FY23FY26
Mar 26: ₹293 Cr (+80.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
31692%23768%15844%7921%0−2.9%₹ Cr%₹29380.9%Jun 23Sep 24Mar 26
31692%23768%15844%7921%0−2.9%₹ Cr%₹29380.9%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +59.6% growth against the decade's 24.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +60.9% over the last 4 quarters against +56.1%/yr over the last 8 — accelerating; TTM profit +92.9% vs +83.7%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 23.0% this quarter (+1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Apollo Micro Systems Ltd's operating margin is 23.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 19.0% to 24.0%. The current quarter sits inside that band.

Apollo Micro Systems Ltd's operating margin is 23.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 19.0% to 24.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 23.0%, +1.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 19.0%–24.0%, and FY26's 24.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +5.0 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 24.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
the widest a 19.0–24.0% band over 7 years
operating marginYoY change (pp)
24%3.3%23%2.2%22%1.0%20%−0.2%19%−1.3%%%24%1%FY20FY23FY26
24%3.3%23%2.2%22%1.0%20%−0.2%19%−1.3%%%24%1%FY20FY23FY26
Mar 26: 23.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
32%7.0%29%3.5%26%0.0%22%−3.5%19%−7.0%%%23%1%Jun 23Sep 24Mar 26
32%7.0%29%3.5%26%0.0%22%−3.5%19%−7.0%%%23%1%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +164.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Apollo Micro Systems Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +164.3% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹107 Cr. The 6-year compound rate is 40.3%. That is 12.6% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.

Apollo Micro Systems Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +164.3% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹107 Cr. The 6-year compound rate is 40.3%. That is 12.6% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.

Mar 26 profit was ₹37.0 Cr, +164.3% year on year — the 11th consecutive quarter of growth. On the full year, FY26 printed ₹107 Cr (+91.1%), and the 6-year compound rate is 40.3%.

FY26 profit ₹107 Cr (+91.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
40.3% a year over 6 years
Net profitYoY growth
116101%8766%5831%29−3.5%0−38%₹ Cr%₹10791.1%FY20FY23FY26
116101%8766%5831%29−3.5%0−38%₹ Cr%₹10791.1%FY20FY23FY26
Mar 26: ₹37.0 Cr (+164.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
11th straight quarter of growth
Net profit (quarterly)YoY growth
40324%30237%20150%1063%0−24%₹ Cr%₹37164.3%Jun 23Sep 24Mar 26
40324%30237%20150%1063%0−24%₹ Cr%₹37164.3%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +80.9% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +101.2% vs revenue +59.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −101% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −101% of Apollo Micro Systems Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−130 Cr of operating cash against ₹107 Cr of profit. After ₹441 Cr of capital spending, ₹−571 Cr was left as free cash.

FY26: operating cash of ₹−130 Cr against reported profit of ₹107 Cr, leaving free cash of ₹−571 Cr after ₹441 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −101% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−130 Cr vs profit ₹107 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution. FY26 reflects an acquisition year — point shown clipped.
−101% of 3-year profit arrived as cash
Operating cashNet profitFree cash
12657−12−80−149₹ Cr₹−130₹107₹−80FY20FY23FY26
12657−12−80−149₹ Cr₹−130₹107₹−80FY20FY23FY26
FY26: CFO = −121% of profit (three-year rate −101%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
344%186%28%−131%−289%%−121%FY20FY23FY26
344%186%28%−131%−289%%−121%FY20FY23FY26

🚨 Why conversion sits at −101%: the cash cycle tightened 218 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 12.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹583 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Apollo Micro Systems Ltd's cash conversion cycle runs 443 days in FY26, down from 661 days in FY21. Capital spending ran ₹583 Cr over the last 3 years. At FY26 sales of ₹904 Cr each day of that cycle holds about ₹2.5 Cr, so roughly ₹1,097 Cr sits inside the business at any moment.

FY26: debtors at 194 days, inventory at 478 days — roughly 15.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 443 days, tighter than FY21's 661.

The full loop: cash goes out to suppliers and production on day 0; stock waits 478 days to sell; customers pay about 194 days after that; and suppliers themselves are paid at 230 days — netting out to the 443-day cycle.

In money terms: at FY26 sales of ₹904 Cr, each day of the cycle holds about ₹2.5 Cr — so the 443-day loop keeps roughly ₹1,097 Cr sitting inside the business at any moment.

FY26: a 443-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
−218 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
70554638823071days443d478d194d230dFY20FY21FY23FY24FY26
70554638823071days443d478d194d230dFY20FY23FY26

On the investment side: capital spending of ₹583 Cr over the last 3 fiscal years against ₹48.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹196 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹441 Cr, work-in-progress ₹196 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
4763572381190₹ Cr₹441₹196FY21FY22FY23FY24FY26
4763572381190₹ Cr₹441₹196FY21FY23FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is −3.1 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Apollo Micro Systems Ltd earns a ROCE of 14% in FY26. That is up from a trough of 8% in FY21. Return on invested capital clears the cost of that capital by −3.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 11.8% net margin on 0.38× asset turns.

FY26 ROCE is 14%, recovered from a FY21 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 11.8% net margin × 0.38× asset turns × 1.80× balance-sheet leverage ≈ 8.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.9% − 12.0% = a −3.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 14% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 6-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 8%
ROCEROIC (annual)WACC
15%12%10%7.8%5.6%%14%10.5%FY21FY23FY26
15%12%10%7.8%5.6%%14%10.5%FY21FY23FY26
Q4 FY26: ROCE 13.1% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
16%14%12%10%7.9%%13.1%10.9%Q1 FY24Q2 FY25Q4 FY26
16%14%12%10%7.9%%13.1%10.9%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.41.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Apollo Micro Systems Ltd carries total debt of ₹543 Cr against shareholder equity of ₹1,308 Cr as of Mar 26, a debt-to-equity of 0.42. On the annual view that ratio went from 0.36 in FY22 to 0.42 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹543 Cr against shareholder equity of ₹1,308 Cr — a debt-to-equity of 0.42. On the annual view, debt-to-equity went from 0.36 (FY22) to 0.42 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹543 Cr at 0.42× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
5860.57×4400.51×2930.46×1470.40×00.34×₹ Cr×₹5430.42×FY22FY24FY26
5860.57×4400.51×2930.46×1470.40×00.34×₹ Cr×₹5430.42×FY22FY24FY26
Mar 26: debt ₹543 Cr, debt-to-equity 0.42 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
5860.57×4400.50×2930.44×1470.38×00.31×₹ Cr×₹5430.42×Jun 23Sep 24Mar 26
5860.57×4400.50×2930.44×1470.38×00.31×₹ Cr×₹5430.42×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Promoters cut 5.1 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 5.1 points of Apollo Micro Systems Ltd over 8 quarters, the biggest move on the register. That takes promoters to 50.0% of the company. Domestic institutions moved +1.7 points over the same window, to 1.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −5.1 points over 8 quarters to 50.0%; Domestic institutions: +1.7 points over 8 quarters to 1.7%; Foreign institutions: +0.2 points over 8 quarters to 7.6%.

🚨 Why the register moved: promoters drove it (−5.1 points), absorbed on the other side by domestic institutions (+1.7 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −1.2 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
60%44%28%12%−4.4%%52.0%3.6%1.8%42.6%Mar 24Mar 25Mar 26
60%44%28%12%−4.4%%52.0%3.6%1.8%42.6%Mar 24Mar 25Mar 26
Promoters cut 5.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
64%47%30%12%−4.7%%50.0%7.6%1.7%40.7%Jun 23Dec 24Jun 26
64%47%30%12%−4.7%%50.0%7.6%1.7%40.7%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Apollo Micro Systems Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Aerospace & Defence - Equipments Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Apollo Micro Systems Ltd this page130.0×₹14,652 CrMixed
Hindustan Aeronautics Ltd33.6×₹3.1L CrConsistent
Bharat Electronics Ltd48.8×₹3L CrMixed
Bharat Dynamics Ltd108.0×₹45,564 CrDeteriorating
Data Patterns (India) Ltd104.0×₹25,666 CrTurning around
MTAR Technologies Ltd184.0×₹17,856 CrImproving
Astra Microwave Products Ltd89.2×₹17,217 CrMixed
Zen Technologies Ltd87.9×₹15,970 CrDeteriorating
Azad Engineering Ltd119.0×₹15,751 CrMixed
Aequs Ltd₹15,374 Cr
BEML Ltd101.0×₹14,269 CrMixed
Sigma Advanced System Ltd35.7×₹9,911 CrNo read
Paras Defence and Space Technologies Ltd112.0×₹9,632 CrMixed
Mishra Dhatu Nigam Ltd56.0×₹7,357 CrMixed
Dynamatic Technologies Ltd142.0×₹7,102 CrTurning around
AXISCADES Technologies Ltd86.6×₹6,839 CrMixed
AXISCADES Technologies Ltd82.5×₹6,520 CrTopping out
Avantel Ltd253.0×₹4,344 CrDeteriorating
Ideaforge Technology Ltd₹4,326 CrNo read
Rossell Techsys Ltd164.0×₹3,707 CrNo read
Sika Interplant Systems Ltd68.8×₹2,416 CrMixed
NIBE Ltd414.0×₹2,332 CrTurning around
Jaykay Enterprises Ltd32.1×₹2,152 CrNo read
DCX Systems Ltd₹2,013 CrDeteriorating
Sika Interplant Systems Ltd49.4×₹1,813 CrMixed
Vinyas Innovative Technologies Ltd51.9×₹1,602 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Apollo Micro Systems Ltd's share price today?

Apollo Micro Systems Ltd trades at ₹398, +124.6% over the past year. The company is valued at ₹14,652 Cr. The stock sits at 80% of its 52-week range of ₹189–₹450, +33.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 11 weeks in. — as of 24 July 2026.

What were Apollo Micro Systems Ltd's latest quarterly results?

Apollo Micro Systems Ltd reported revenue of ₹293 Cr and net profit of ₹37.0 Cr for the Mar 26 quarter. Revenue rose 80.9% and profit rose 164.3% year on year. Earnings per share were ₹1.05. The operating margin was 23.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.

What is Apollo Micro Systems Ltd's revenue?

Apollo Micro Systems Ltd reported revenue of ₹293 Cr in the Mar 26 quarter, +80.9% year on year. For the full FY26 fiscal year, revenue was ₹904 Cr (+60.9%). Over the last 6 years revenue compounded at 24.2% a year. — as of 24 July 2026.

What is Apollo Micro Systems Ltd's profit?

Apollo Micro Systems Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +164.3% year on year — the 11th straight quarter of growth. Full-year FY26 profit was ₹107 Cr. The operating margin ran 23.0% in the latest quarter. — as of 24 July 2026.

What is Apollo Micro Systems Ltd's market cap?

Apollo Micro Systems Ltd's market capitalisation is ₹14,652 Cr at a share price of ₹398. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Apollo Micro Systems Ltd's P/E ratio?

Apollo Micro Systems Ltd trades at a P/E of 130.0×, at the 95th percentile of its own 6-year range, against a long-run median of 59.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Apollo Micro Systems Ltd pay a dividend?

Yes — Apollo Micro Systems Ltd's dividend payout was 8% of profit in FY26, and it recorded a payout in each of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Apollo Micro Systems Ltd overvalued?

On its own history, Apollo Micro Systems Ltd looks expensive against its own history: its P/E of 130.0× sits at the 95th percentile of its 6-year range (long-run median 59.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Apollo Micro Systems Ltd growing?

Yes — Apollo Micro Systems Ltd is growing: latest-quarter revenue +80.9% year on year, profit +164.3%, and the margin +1.0 pp at 23.0%. The 6-year compound rates are 24.2% (revenue) and 40.3% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Apollo Micro Systems Ltd performing?

Apollo Micro Systems Ltd is in a confirmed uptrend, 11 weeks in. Its latest quarter's revenue rose 80.9% and profit rose 164.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Apollo Micro Systems Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 18.3% and holding. The read comes from the last 12 quarters of growth (revenue growth +60.9% latest, profit growth +92.9% latest, eps growth +75.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Apollo Micro Systems Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 11 of stage 2), trading +33.7% versus its 200-day average and at 80% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Apollo Micro Systems Ltd beating the market?

Not lately — on a trailing-13-week view Apollo Micro Systems Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.5 years the stock moved +950% against the NIFTY 500's +141% — ahead of the index over the full window. — as of 24 July 2026.

Will Apollo Micro Systems Ltd's share price go up?

This page publishes no price forecast for Apollo Micro Systems Ltd. What it measures instead: the share price is ₹398, the price is in a confirmed uptrend 11 weeks in. Its P/E of 130.0× sits at the 95th percentile of its own 6-year range. — as of 24 July 2026.

Who owns Apollo Micro Systems Ltd?

Promoters hold 50.0% of Apollo Micro Systems Ltd, foreign institutions 7.6%, domestic institutions 1.7% and the public 40.7% (latest quarter). The biggest move on the register over the last two years: Promoters cut 5.1 points over 8 quarters. — as of 24 July 2026.

Does Apollo Micro Systems Ltd have too much debt?

It is moderate — Apollo Micro Systems Ltd's debt-to-equity is 0.41, and operating profit covers the interest bill 5×. FY26 borrowings were ₹543 Cr against equity of ₹1,313 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Apollo Micro Systems Ltd's capex?

Apollo Micro Systems Ltd spent ₹583 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹441 Cr, with ₹196 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Apollo Micro Systems Ltd's cash flow?

Apollo Micro Systems Ltd generated ₹−130 Cr of operating cash flow in FY26 and ₹−571 Cr of free cash flow after ₹441 Cr of capital spending. Reported profit that year was ₹107 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Apollo Micro Systems Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −101% of Apollo Micro Systems Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−130 Cr against reported profit of ₹107 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Apollo Micro Systems Ltd in its business cycle?

Apollo Micro Systems Ltd's FY26 operating margin was 24.0%, against a 7-year band of 19.0%–24.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 23.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Apollo Micro Systems Ltd story?

The sharpest disagreement: profits are rising, but only −101% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Apollo Micro Systems Ltd a stock worth studying right now?

This is not investment advice. The machine read: Apollo Micro Systems Ltd's price has outrun its earnings. +124.6% in a year against EPS +71.7% — the market is paying now for delivery later. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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