Apollo Micro Systems Ltd
APOLLOApollo Micro Systems Ltd's earnings have outrun its stock. EPS grew +71.7% in a year against a +31.0% price move.
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 (19 weeks in) while the P/E sits at the 94th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +38.9% year on year, and −101% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
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 ₹422, in a confirmed uptrend and 19 weeks into that stage. That is +28.3% against its own 200-day average. It sits at 89% of a 52-week range of ₹189 to ₹450. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹422 it trades +28.3% versus its 200-day average and sits at 89% of its 52-week range (₹189–₹450).
Against the market, two honest reads. Cumulative: over the last 8.6 years the stock moved +1,014% while the NIFTY 500 moved +136% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — 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.
Story check
Apollo Micro Systems Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 27 June 2026.
What is proven. See the research file
What is not proven yet. If TTM PAT growth in any of the next two reported quarters falls below 40% YoY while the PE stays above 80x — signalling the market has not de-rated despite earnings deceleration — or if the QRSAM and MIGM orders are not formally awarded by December 2026, the thesis of EPS growing into the multiple collapses and the risk-reward turns sharply negative.
🚨 What would change our mind. If TTM PAT growth in any of the next two reported quarters falls below 40% YoY while the PE stays above 80x — signalling the market has not de-rated despite earnings deceleration — or if the QRSAM and MIGM orders are not formally awarded by December 2026, the thesis of EPS growing into the multiple collapses and the risk-reward turns sharply negative.
Layer 1 read, 27 June 2026 — KEEP. Real defence compounder, but the stock has already re-rated to 122x — you're paying for years of execution upfront. The earnings are genuinely inflecting — net profit roughly 14->108 Cr and revenue 58->293 Cr over the last 12 quarters with clean one-offs. The problem is price, not the business: PE sits at 121.7x in the 91.7th percentile and even on normalized earnings it is the 98th percentile, while the reverse-DCF demands 45.5% growth the model calls impossible. With OCF/PAT at -1.01 and a string of order/timeline slips, the risk-reward is now in the price.
What would change Layer 1’s mind. Per the thesis falsification: if TTM PAT growth falls below 40% YoY in either of the next two quarters while PE stays above 80x, OR the QRSAM and MIGM orders are not formally awarded by December 2026 — the 'EPS grows into the multiple' thesis collapses and this flips to DROP.
Layer 2 read, 27 June 2026 — BENCH. Real defence compounder, but priced-for-perfection on unbooked orders with cash not converting — sector's trough, not Apollo's. Apollo's growth is genuine and organic — revenue +80.9% YoY, EPS up 13x over 12 quarters on a clean ledger — but the stock trades at 121.7x earnings (92nd percentile, still EXPANDING) on QRSAM/MIGM orders that have been deferred four times and remain unawarded. A named mental model — priced-for-perfection multiple on unbuilt capacity — funnels exactly this to BENCH, the sector_timeline flags a value trap, and profit is not turning to cash (OCF Rs10cr to -130cr). The defence supercycle is real, but it is the sector's, not this extended, governance-flagged name's.
What would change Layer 2’s mind. Formal award of the QRSAM bulk-production order or the MIGM ~Rs1,250cr order [thesis.would_change_my_mind / driver stops_working_if] WITH OCF turning positive (cash conversion confirming the order book is real, not just accrual) — that would convert 'priced for perfection on unbuilt capacity' into 'EPS growing into the multiple' and move BENCH->ADVANCE. Conversely PAT growth under 40% YoY while PE stays >80x flips it toward DROP.
What the company does. Apollo supplies critical subsystems to 150+ indigenous missile, torpedo, mine and guidance programs — every major Indian defence platform has Apollo inside it. FY26 revenue grew 61% to Rs 904 Cr and PAT doubled to Rs 107 Cr as programs transitioned from development to production, and a Rs 1,432 Cr order book (1.6x trailing revenue) backs continuation. The risk is the price: at 122x PE and a normalised PE of 142x, the market has already priced in multi-year execution — one missed quarter or an IDPL integration disappointment re-rates sharply.
🚨 What the surface reading misses. The surface reading is: Negative OCF/PAT signals weak earnings quality — cash is not backing the profit. The research reads it further: The aerospace/defence billing model front-loads working capital. Apollo must carry inventory and receivables through multi-year qualification cycles before milestone billing converts to cash. The why_guards.wc_model='aerospace_qualification' note confirms this is structural, not accrual inflation. CCC improved from 544 to 443 days (101-day improvement) — the trend is compressing, not worsening.
🚨 What the surface reading misses. The surface reading is: Borrowings tripled over 4 years — leverage rising rapidly. The research reads it further: The borrowings reflect three distinct uses: (1) Unit 3 capex (Rs 250 Cr programme, Rs 110 Cr SBI term loan confirmed on Feb 2026 call), (2) IDPL acquisition Rs 107 Cr, (3) working capital lines for growing receivables/inventory. CWIP grew from Rs 35 Cr (FY24) to Rs 196 Cr (FY26) — invested capex confirmed by fixed asset expansion Rs 144 Cr to Rs 477 Cr. This is productive leverage, not financial leverage for the sake of it.
Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Apollo Micro Systems Ltd reported ₹251 Cr of revenue in the Jun 26 quarter, +87.3% 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 ₹1,021 Cr.
Why this happened. As of March 31, 2026, consolidated order book was Rs 1,432 Cr. Of this, core Apollo business contributed Rs 800+ Cr and IDPL Rs 500 Cr. Management committed that large-ticket projects are 'due to clock' in FY27 and order book will increase significantly. The order book at 1.6x trailing revenue is not a massive buffer (peers like BEL and HAL run 5-8x) but is sufficient for 12-18 months of execution if conversion ratios hold. Large ammunition order was flagged as 'expected imminently' on the May 2026 call.
FY26 revenue came in at ₹904 Cr (+60.9% on the year), capping 6 years at 24.2% compound. The latest quarter (Jun 26) printed ₹251 Cr, +87.3% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +69.6% 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 +68.8% over the last 4 quarters against +59.0%/yr over the last 8 — accelerating; TTM profit +74.2% vs +74.0%/yr — stabilising.
FY26-Q4. revenue ₹293 Cr and profit ₹37 Cr as reported.
FY27-Q1. revenue ₹251 Cr and profit ₹25 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
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 21.0% in the Jun 26 quarter, −10.0 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.
Why this happened. Apollo's revenue model has two phases: development (lower margin, milestone-gated, long receivable cycle) and production (higher margin, faster payment, better inventory profile). Management guided production orders moving from 25-35% to 40-45% of revenue going forward. The Mar 2026 quarter at Rs 293 Cr showed OPM of 23% on a cleaner mix — confirming the pattern. As QRSAM, MIGM mines, torpedoes, and Akash production ramp, each additional production rupee carries better operating leverage than the development-heavy prior years.
The latest quarter's operating margin is 21.0%, −10.0 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 −9.3 pp year on year while gross margin went −6.1 pp — the loss 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-Q4. revenue ₹293 Cr and profit ₹37 Cr as reported.
FY27-Q1. revenue ₹251 Cr and profit ₹25 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
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 ₹25.0 Cr of net profit in the Jun 26 quarter, +38.9% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹107 Cr. The 6-year compound rate is 40.3%. That is 10.0% of the quarter's revenue. The same quarter a year earlier earned ₹18.0 Cr.
Jun 26 profit was ₹25.0 Cr, +38.9% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹107 Cr (+91.1%), and the 6-year compound rate is 40.3%.
Why profit moved: revenue contributed +87.3% and the margin −10.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +79.6% vs revenue +69.6%. 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.
FY26-Q4. revenue ₹293 Cr and profit ₹37 Cr as reported.
FY27-Q1. revenue ₹251 Cr and profit ₹25 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
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.
🚨 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.
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.
Why this happened. Unit 3 is a Rs 250 Cr capex programme across 5.6 additional acres in Hyderabad. Phase 1 civil construction is complete. Machinery is arriving phase-wise. The expansion eliminates the DRDO facility queue for EMC testing (previously 2-3 months) and brings in-house validation that compresses the working capital cycle. Full operational capacity by end of FY27 according to the latest guidance — though prior milestones for this facility slipped by 6 months.
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.
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.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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 −3.7 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: 8.3% − 12.0% = a −3.7 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.
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.
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.
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.
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 129.0× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 59.3×, measured across 6.2 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 129.0× is at the pricey end of its own range (94th percentile), against a long-run median of 59.3× measured over 6.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +71.7% against a +31.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +106.0%/yr price move, ~+48.1%/yr came from earnings growth and ~+57.9 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.
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.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +60.9% | +44.8% | +34.8% | — |
| Profit | +91.1% | +77.9% | +60.6% | — |
| EPS | +71.7% | +52.0% | +45.2% | — |
| Share price | +31.0% | +94.7% | +106.0% | — |
4-Factor Sector Score
51.8/100 — rank 12 of 25 in Aerospace & Defence - Equipments · 100% evidence confidence
Apollo Micro Systems Ltd scores 51.8 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 19.6 + 13.4 + 7.2 + 11.6 = 51.8. 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.
Said versus delivered
What Apollo Micro Systems Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Revenue Growth Guidance Reduced Without Explanation · 8 August 2026. In Feb 2026, management guided to 45%-50% revenue CAGR over the next three years, while the Aug 2026 call provided a lower 40%-45% growth range from the current financial year onward. Management described the latest range as unchanged guidance but did not explain the numerical reduction or the change in guidance scope.
Export Commercialization Status Is Inconsistent · 8 August 2026. The May 2026 call stated that Apollo had received its first export order. In Aug 2026, management said export revenue was nil and described accepting export orders as a future event once the unit is operational, without reconciling whether the earlier order was cancelled, delayed, or not yet recognized.
🚨 QRSAM Order Milestone Deferred · 8 August 2026. In Feb 2026, management expected BEL's MoU that month and all subsystem-level QRSAM orders to be finalized before March. By Aug 2026, management was still only expecting QRSAM orders by the end of the current financial year, with no explanation for the missed earlier milestone.
Promoter Pledge Exit Delayed · 8 August 2026. In May 2026, management stood by its commitment to come out of the promoter pledge during that financial year. In Aug 2026, management said closing all pledged shares would take another year, representing an unexplained delay in a key balance-sheet and governance milestone.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sigma Advanced System LtdSIGMAADV | 77.9/100Favorable setup82% evidence | LEADER | 28.4/35 Revenue 100% · PAT 20.3% · OPM change 307 pp 95% evidence | 17.2/25 ROCE 60.8% · OPM 16% 76% evidence | 12.5/20 P/E 95.1× · PEG — 50% evidence | 19.8/20 RS sector 113.1% · RS bench 161.3% · 1Y 481.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 17.2 + 12.5 + 19.8 = 77.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Paras Defence and Space Technologies LtdPARAS | 70.7/100Favorable setup82% evidence | LEADER | 25.8/35 Revenue 36.6% · PAT 54.8% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 17.2% · OPM 25% 76% evidence | 9.0/20 P/E 125× · PEG — 50% evidence | 18.8/20 RS sector 29.1% · RS bench 66.5% · 1Y 117.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.8 + 17.1 + 9 + 18.8 = 70.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3MTAR Technologies LtdMTARTECH | 67.2/100Favorable setup90% evidence | TURNING | 30.4/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence | 15.3/25 ROCE 15.1% · OPM 24% 100% evidence | 8.0/20 P/E 165× · PEG — 50% evidence | 13.5/20 RS sector 29.8% · RS bench 63% · 1Y 419.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 15.3 + 8 + 13.5 = 67.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Azad Engineering LtdAZAD | 64.0/100Mixed-positive evidence93% evidence | LEADER | 24.2/35 Revenue 29% · PAT 41.4% · OPM change 1 pp 100% evidence | 12.8/25 ROCE 11.9% · OPM 37% 100% evidence | 8.2/20 P/E 132× · PEG 2.29 65% evidence | 18.8/20 RS sector 15.1% · RS bench 50.7% · 1Y 80.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.2 + 12.8 + 8.2 + 18.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Rossell Techsys LtdROSSTECH | 62.9/100Mixed-positive evidence83% evidence | BREAKING OUT | 28.8/35 Revenue 82.9% · PAT 68.8% · OPM change 1.8 pp 100% evidence | 8.0/25 ROCE 11.5% · OPM 14.4% 100% evidence | 8.9/20 P/E 173× · PEG — 15% evidence | 17.2/20 RS sector 13.1% · RS bench 48.2% · 1Y 69.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 28.8 + 8 + 8.9 + 17.2 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Sika Interplant Systems LtdSIKA | 62.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 19.1/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence | 21.9/25 ROCE 34.6% · OPM 19.5% 100% evidence | 13.0/20 P/E 66.4× · PEG 1.01 100% evidence | 8.4/20 RS sector -10.2% · RS bench 7.8% · 1Y -4.3%8 of 9 weeks ahead 70% evidence |
| Exact sum: 19.1 + 21.9 + 13 + 8.4 = 62.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Vinyas Innovative Technologies LtdVINYAS | 60.0/100Thin evidence · provisional57% evidence | BREAKING OUT | 21.7/35 Revenue 65% · PAT 100% · OPM change 3 pp 48% evidence | 19.0/25 ROCE 21.4% · OPM 13% 95% evidence | 10.8/20 P/E 63.1× · PEG — 15% evidence | 8.5/20 RS sector -17.6% · RS bench 31.3% · 1Y 24.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 21.7 + 19 + 10.8 + 8.5 = 60 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 8Data Patterns (India) LtdDATAPATTNS | 58.3/100Mixed-positive evidence100% evidence | LEADER | 22.8/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence | 19.8/25 ROCE 21.9% · OPM 27% 100% evidence | 3.0/20 P/E 100× · PEG 3.94 100% evidence | 12.7/20 RS sector 7.7% · RS bench 40.5% · 1Y 95%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.8 + 19.8 + 3 + 12.7 = 58.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Jaykay Enterprises LtdJAYKAY | 54.3/100Mixed-positive evidence74% evidence | ASLEEP | 29.0/35 Revenue 100% · PAT 100% · OPM change 1.8 pp 95% evidence | 8.1/25 ROCE 8.2% · OPM 14.2% 95% evidence | 11.1/20 P/E 61.2× · PEG — 15% evidence | 6.1/20 RS sector -20.9% · RS bench 1.6% · 1Y 13.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 29 + 8.1 + 11.1 + 6.1 = 54.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 13.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Astra Microwave Products LtdASTRAMICRO | 53.5/100Mixed-positive evidence100% evidence | LEADER | 16.0/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence | 17.7/25 ROCE 20.3% · OPM 19% 100% evidence | 4.8/20 P/E 84.4× · PEG 3.3 100% evidence | 15.0/20 RS sector 7.8% · RS bench 39.8% · 1Y 66.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 17.7 + 4.8 + 15 = 53.5 · Decision use: Price leads the evidence: RS versus the benchmark is 39.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Hindustan Aeronautics LtdHAL | 52.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 13.9/35 Revenue 7.4% · PAT 12.2% · OPM change 1 pp 100% evidence | 20.4/25 ROCE 32% · OPM 28% 100% evidence | 8.2/20 P/E 35.2× · PEG 3.54 100% evidence | 9.8/20 RS sector -17.1% · RS bench 11.6% · 1Y 11.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 20.4 + 8.2 + 9.8 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Apollo Micro Systems Ltdthis pageAPOLLO | 51.8/100Mixed-positive evidence100% evidence | FADING | 19.6/35 Revenue 68.8% · PAT 74.2% · OPM change -10 pp 100% evidence | 13.4/25 ROCE 14.5% · OPM 21% 100% evidence | 7.2/20 P/E 129× · PEG 1.6 100% evidence | 11.6/20 RS sector 6.4% · RS bench 38.8% · 1Y 38.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 13.4 + 7.2 + 11.6 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Dynamatic Technologies LtdDYNAMATECH | 48.5/100Mixed-negative evidence83% evidence | TURNING | 18.3/35 Revenue 17.3% · PAT 0% · OPM change 3 pp 100% evidence | 9.3/25 ROCE 10.2% · OPM 13% 100% evidence | 9.2/20 P/E 140× · PEG — 15% evidence | 11.7/20 RS sector -6.1% · RS bench 25% · 1Y 82.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 9.3 + 9.2 + 11.7 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Mishra Dhatu Nigam LtdMIDHANI | 45.5/100Mixed-negative evidence100% evidence | TURNING | 16.6/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence | 11.5/25 ROCE 11.3% · OPM 15% 100% evidence | 7.5/20 P/E 62.1× · PEG 5.62 100% evidence | 9.9/20 RS sector -9.5% · RS bench 20.5% · 1Y 18.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 11.5 + 7.5 + 9.9 = 45.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Bharat Electronics LtdBEL | 45.0/100Mixed-negative evidence100% evidence | TURNING | 14.7/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence | 19.3/25 ROCE 36.4% · OPM 25% 100% evidence | 7.5/20 P/E 48.1× · PEG 3.54 100% evidence | 3.5/20 RS sector -27.8% · RS bench -2.2% · 1Y 9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 19.3 + 7.5 + 3.5 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ideaforge Technology LtdIDEAFORGE | 44.5/100Mixed-negative evidence74% evidence | ASLEEP | 26.7/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence | 1.3/25 ROCE -2.8% · OPM 3.4% 100% evidence | 8.5/20 P/E 928× · PEG — 15% evidence | 8.0/20 RS sector -3.5% · RS bench 24.1% · 1Y 44.1%7 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 1.3 + 8.5 + 8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17High Energy Batteries (India) Ltd504176 | 43.3/100Mixed-negative evidence67% evidence | TURNING | 6.7/35 Revenue 1.5% · PAT -3.5% · OPM change -32.1 pp 95% evidence | 14.2/25 ROCE 20.4% · OPM -26.5% 76% evidence | 12.3/20 P/E 38.9× · PEG — 50% evidence | 10.1/20 RS sector — · RS bench 4.7% · 1Y —4 of 4 weeks ahead 25% evidence |
| Exact sum: 6.7 + 14.2 + 12.3 + 10.1 = 43.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Zen Technologies LtdZENTEC | 41.4/100Mixed-negative evidence69% evidence | FADING | 5.1/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence | 16.7/25 ROCE 16.2% · OPM 27% 76% evidence | 10.2/20 P/E 85.6× · PEG — 15% evidence | 9.4/20 RS sector -6.6% · RS bench 13.1% · 1Y 16.5%5 of 10 weeks ahead 70% evidence |
| Exact sum: 5.1 + 16.7 + 10.2 + 9.4 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19BEML LtdBEML | 40.5/100Mixed-negative evidence91% evidence | BREAKING OUT | 15.9/35 Revenue 12.8% · PAT -40.1% · OPM change 8.2 pp 74% evidence | 3.5/25 ROCE 7.7% · OPM 0.2% 100% evidence | 10.7/20 P/E 94.4× · PEG 1.18 100% evidence | 10.4/20 RS sector -17% · RS bench 12% · 1Y -0.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 3.5 + 10.7 + 10.4 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Bharat Dynamics LtdBDL | 35.2/100Mixed-negative evidence93% evidence | TURNING | 12.1/35 Revenue -18.7% · PAT -7.1% · OPM change 33 pp 100% evidence | 13.3/25 ROCE 13.8% · OPM 15% 100% evidence | 5.9/20 P/E 83.8× · PEG 4.44 65% evidence | 3.9/20 RS sector -35.7% · RS bench -12.4% · 1Y -17.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 13.3 + 5.9 + 3.9 = 35.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21AXISCADES Technologies LtdAXISCADES | 33.1/100Adverse evidence93% evidence | ASLEEP | 11.9/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence | 3.9/25 ROCE 3.6% · OPM 4.7% 100% evidence | 10.9/20 P/E 238× · PEG 1.39 65% evidence | 6.4/20 RS sector -12% · RS bench 17% · 1Y 27.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 3.9 + 10.9 + 6.4 = 33.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Avantel LtdAVANTEL | 32.1/100Adverse evidence83% evidence | ASLEEP | 9.9/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence | 10.2/25 ROCE 9.6% · OPM 24.8% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 3.4/20 RS sector -26.5% · RS bench -1.1% · 1Y -11.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 9.9 + 10.2 + 8.6 + 3.4 = 32.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23NIBE LtdNIBE | 24.1/100Adverse evidence66% evidence | FADING | 3.0/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence | 5.4/25 ROCE 4.8% · OPM -15% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.7/20 RS sector -29.8% · RS bench 4.7% · 1Y 7.1%7 of 11 weeks ahead 70% evidence |
| Exact sum: 3 + 5.4 + 10 + 5.7 = 24.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24DCX Systems LtdDCXINDIA | 24.0/100Adverse evidence71% evidence | BASING | 5.9/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence | 4.2/25 ROCE 0.9% · OPM -10.4% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.9/20 RS sector -27.1% · RS bench -12.3% · 1Y -37.9%1 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 4.2 + 10 + 3.9 = 24 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Aequs LtdAEQUS | 39.1/100Thin evidence · provisional35% evidence | BREAKING OUT | 14.9/35 Revenue — · PAT — · OPM change -7.3 pp 45% evidence | 4.2/25 ROCE 1.7% · OPM 3.7% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 14.9 + 4.2 + 10 + 10 = 39.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Apollo Micro Systems Ltd's share price today?
Apollo Micro Systems Ltd trades at ₹422, +31.0% over the past year. The company is valued at ₹15,691 Cr. The stock sits at 89% of its 52-week range of ₹189–₹450, +28.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were Apollo Micro Systems Ltd's latest quarterly results?
Apollo Micro Systems Ltd reported revenue of ₹251 Cr and net profit of ₹25.0 Cr for the Jun 26 quarter. Revenue rose 87.3% and profit rose 38.9% year on year. Earnings per share were ₹0.72. The operating margin was 21.0%, 10.0 pp lower than a year earlier. — as of 11 September 2026.
What is Apollo Micro Systems Ltd's revenue?
Apollo Micro Systems Ltd reported revenue of ₹251 Cr in the Jun 26 quarter, +87.3% 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 11 September 2026.
What is Apollo Micro Systems Ltd's profit?
Apollo Micro Systems Ltd earned ₹25.0 Cr of net profit in the Jun 26 quarter, +38.9% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹107 Cr. The operating margin ran 21.0% in the latest quarter. — as of 11 September 2026.
What is Apollo Micro Systems Ltd's market cap?
Apollo Micro Systems Ltd's market capitalisation is ₹15,691 Cr at a share price of ₹422. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Apollo Micro Systems Ltd's P/E ratio?
Apollo Micro Systems Ltd trades at a P/E of 129.0×, at the 94th percentile of its own 6-year range, against a long-run median of 59.3×. This is a comparison with the stock's own history, not a value call — as of 11 September 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 11 September 2026.
Is Apollo Micro Systems Ltd overvalued?
On its own history, Apollo Micro Systems Ltd looks expensive: its P/E of 129.0× sits at the 94th percentile of its 6-year range (long-run median 59.3×). 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 11 September 2026.
Is Apollo Micro Systems Ltd growing?
Yes — Apollo Micro Systems Ltd is growing: latest-quarter revenue +87.3% year on year, profit +38.9%, and the margin −10.0 pp at 21.0%. The 6-year compound rates are 24.2% (revenue) and 40.3% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Apollo Micro Systems Ltd performing?
Apollo Micro Systems Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 87.3% and profit rose 38.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 11 September 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 +68.8% latest, profit growth +74.2% latest, eps growth +61.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Apollo Micro Systems Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +28.3% versus its 200-day average and at 89% 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 11 September 2026.
Is Apollo Micro Systems Ltd beating the market?
On recent form, yes — Apollo Micro Systems Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.6 years the stock moved +1,014% against the NIFTY 500's +136% — ahead of the index over the full window. — as of 11 September 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 ₹422, the price is in a confirmed uptrend 19 weeks in. Its P/E of 129.0× sits at the 94th percentile of its own 6-year range. — as of 11 September 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 11 September 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 11 September 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 11 September 2026.
What is Apollo Micro Systems Ltd's cash flow?
Apollo Micro Systems Ltd consumed ₹130 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−571 Cr). Operating cash was negative while the company reported a profit of ₹107 Cr. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Apollo Micro Systems Ltd's profit real cash?
No — operating cash was negative over the last 3 fiscal years: Apollo Micro Systems Ltd consumed cash while reporting profit. In FY26, operating cash was ₹−130 Cr against reported profit of ₹107 Cr. Cash-flow resolution is annual — as of 11 September 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 21.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 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 11 September 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 earnings have outrun its stock. EPS grew +71.7% in a year against a +31.0% price move. 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 11 September 2026.
Not SEBI Registered !! Not Investment advice !!