Apollo Micro Systems share price today

Apollo Micro Systems Ltd's share price was ₹435.10 at the close on 4 November 2026. It has been rising for 26 weeks. That is 24.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹189 and ₹450, and at that close it sat 94% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Apollo Micro Systems Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 6 weeks in a row.

Over the last 8.8 years the share price moved +1,048% while the NIFTY 500 moved +126%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 12 quarters in a row (every quarter we can compare) and highest quarterly profit in 16 quarters.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹388 crore, +72.4% on a year earlier.

   Why: Revenue rose because production orders rather than development projects drove the uplift.

   Next results: check FY27 revenue execution against the stated range, including whether standalone growth and subsidiary contributions stay aligned.

   From the earnings call on 26 Oct 2026.

2. Profit up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹46 crore, +53.3% on a year earlier.

   Why: Profit rose because production orders rather than development projects drove the uplift.

   Next results: check whether product mix keeps the profit level up, since management tied margin moves to product mix.

   From the earnings call on 26 Oct 2026.

3. Highest quarterly profit in 16 quarters

   Profit of ₹46 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: Profit reached its highest in 16 quarters because production orders rather than development projects drove the uplift.

   Next results: check whether IDL cost cuts and silo operations improve the subsidiary's profit.

   From the earnings call on 26 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Apollo Micro Systems reported revenue of ₹388 crore, up 72.4% from ₹225 crore a year earlier, and a profit of ₹46.0 crore, up 53.3% from ₹30.0 crore.

Apollo Micro Systems results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Apollo Micro Systems' management discussed these results on a call held on 26 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Apollo Micro Systems closed at ₹435.10 on 4 November 2026, up 62.1% from ₹268.45 a year earlier (7 November 2025) and up 3,516.8% over five years. Its highest weekly close since January 2018 was ₹450.05 on 3 July 2026.

Apollo Micro Systems share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

466 weekly closes from 25 January 2018 to 4 November 2026.

4 Nov 2026: Apollo Micro Systems closed at ₹435.10, up 9.1% on the week and up 10.4% on the month. 26 Oct 2026: Apollo Micro Systems held its results call for July to September 2026. Management guided: FY27 revenue growth of 35-45%.

Earlier

• Results for July to September 2026: Revenue up 72.4% and profit up 53.3% on a year earlier.
• 23 Sep 2026: ex-date for a dividend of ₹0.25 a share.
• Our read, 27 Jun 2026: 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 ₹904 crore and profit doubled to ₹107 crore as programs transitioned from development to production, and a ₹1,432 crore order book (1.6x trailing revenue) backs continuation.

Our read of the business

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 ₹904 crore and profit doubled to ₹107 crore as programs transitioned from development to production, and a ₹1,432 crore order book (1.6x trailing revenue) backs continuation.

January to March 2026: Highest-ever quarterly revenue and profit, 81% revenue and 164% profit growth as programs converted to production billing.

Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Apollo Micro Systems paid ₹0.25 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.06% at the ₹435.10 close on 4 November 2026. The last was a dividend of ₹0.25 a share, ex-date 23 September 2026.

Apollo Micro Systems dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Apollo Micro Systems Ltd paid out 8% of its profit as dividends in FY26, and it paid a dividend in each of its last 7 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 26 October 2026, Apollo Micro Systems' management guided: FY27 revenue growth of 35-45%.

“From FY29 onwards, the anchoring will be entirely through production orders. That is when there will be both advance payments and regular cash flow momentum as quarterly execution takes place, and you will start seeing a good amount of positive cash flow.”Management, on the call for July to September 2026

What management guided

• Order book projected above ₹2,000 crore by March excluding MIGM, and ₹4,500-5,000 crore by FY-end if MRSAM orders are placed.
• MIGM RFP expected in November; purchase order planned by February, no later than March, with a 20% advance before FY-end.
• Pinaka domestic order for 2,000 units expected by December; QRSAM initial procurement to be split between BDL and private suppliers.
• Varunastra contribution expected above ₹100 crore; urgent heavyweight-torpedo order for 30 units planned in November, followed by a further requirement of about 125 units.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 26 October 2026.

Order book ₹1,432 crore as of March 31 2026; management expects significant increase in FY27 backed by large-ticket projects clocking.

✓ fact

Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

QRSAM bulk production order or MIGM mine ₹1,250 crore order is not formally awarded by December 2026, without production conversion, revenue stays development-mix-heavy and operating margin stays sub-24%.

Each change stops working if

• : QRSAM bulk production order or MIGM mine ₹1,250 crore order is not formally awarded by December 2026, without production conversion, revenue stays development-mix-heavy and operating margin stays sub-24%.
• : Order inflows in Q1-July to September 2026 do not replenish the book above ₹1,500 crore, signalling the large-ticket pipeline was overstated.
• : IDPL remains operating profit-negative past October to December 2026 or the ammunition order commercial terms are adverse, maintaining an ₹380 crore revenue subsidiary with no margin contribution is a drag, not a driver.
• : Unit 3 commissioning slips beyond July to September 2027, a third delay on this facility would signal execution constraints beyond just regulatory approvals.

The main risks

• : Governance: promoter pledge at approximately 39% with no cleared roadmap, and institutional vote 99% against ₹500 crore corporate guarantee. ⚠ estimate
• : Working capital and debt: ₹543 crore borrowings, operating cash flow/profit -1.21 in FY26, with ₹259 crore of working capital consumed last year. ⚠ estimate

Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Apollo Micro Systems reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: FY27 revenue execution against the stated range, including whether standalone growth and subsidiary contributions remain aligned.

Apollo Micro Systems is on 3 of our India lists: Momentum stocks, Small & mid cap stocks and Defence stocks.

Apollo Micro Systems Ltd earned ₹46.0 Cr of net profit in the Sep 2026 quarter, +53.3% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹107 Cr. Over 6 years profit has grown 40.3% a year on average. That is 11.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹30.0 Cr.

For the full year, FY26 profit was ₹107 Cr (+91.1% on the year before).

Why profit moved: revenue changed +72.4% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +71.1% and revenue +77.7%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY27-Q1. revenue ₹251 Cr and profit ₹25 Cr as reported.

FY27-Q2. revenue ₹388 Cr and profit ₹46 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Apollo Micro Systems Ltd reported ₹388 Cr of revenue in the Sep 2026 quarter, +72.4% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 6 years it has grown 24.2% a year on average. The last full year, FY26, came in at ₹904 Cr.

Revenue is everything the company billed its customers in the period.

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. Large ammunition order was flagged as 'expected imminently' on the May 2026 call.

The last four reported quarters add to ₹1,184 Cr.

FY26 revenue was ₹904 Cr, +60.9% on the year before.

Recent pace: the last four quarters grew +77.7% on average, against 24.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +77.0%, against +57.4% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +63.7%, against +67.0% a year (rolling over).

FY27-Q1. revenue ₹251 Cr and profit ₹25 Cr as reported.

FY27-Q2. revenue ₹388 Cr and profit ₹46 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Apollo Micro Systems Ltd's operating margin was 29.0% in the Sep 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 19.0% and 24.0%. The latest quarter is above every full year in that period.

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

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.

Why the margin moved: operating margin changed +2.4 percentage points on the year while gross margin changed +5.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY27-Q1. revenue ₹251 Cr and profit ₹25 Cr as reported.

FY27-Q2. revenue ₹388 Cr and profit ₹46 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Over the last 3 years Apollo Micro Systems Ltd's operations used more cash than they brought in, so cash conversion was −101%, a gap worth watching. In FY26 its operations used ₹130 Cr of cash, against ₹107 Cr of profit. After ₹441 Cr of spending on assets, free cash was −₹571 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −101% of profit came in as cash: the cash cycle got 219 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 12.1× depreciation over three years. The next section checks what that spending is building.

Apollo Micro Systems Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 442 days in FY26, down from 661 days in FY21. It spent ₹583 Cr on assets over the last 3 years. Customers take 194 days to pay, and stock sits for 478 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

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.

At FY26 sales of ₹904 Cr, each day of that cycle ties up about ₹2.5 Cr, so roughly ₹1,095 Cr is tied up in the business at any time.

FY26: customers took 194 days to pay and stock sat for 478 days, about 15.7 months of sales sitting as stock, for a full cycle of 442 days, shorter than FY21's 661.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 478 days. Customers pay about 194 days after that. Suppliers are paid at 230 days. Together that makes the 442-day cycle.

Spending on assets: ₹583 Cr over the last 3 years, against ₹48.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹196 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Apollo Micro Systems Ltd's P/E is 116.7×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 64.3×, over 6.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹3.79.

Why the multiple is where it is: over the past year earnings per share moved +71.7% while the price moved +62.1%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +105.0% a year; about +50.7% a year came from earnings growth and about +54.3 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Apollo Micro Systems Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 17.3%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Apollo Micro Systems Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file.

NOT YET CHECKED

What is proven. See the research file

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.

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. This is productive leverage, not financial leverage for the sake of it.

Sources: our stock research file (27 June 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Apollo Micro Systems Ltd's management promised, against what actually happened: 4 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 Lowered · 26 October 2026. In Aug 2026, management stated a 40%-45% growth range for both consolidated and standalone revenue. In Oct 2026, it stated a 35%-45% range, lowering the minimum by five percentage points without explaining the change in outlook.

QRSAM Order Path and Timing Changed · 26 October 2026. Aug 2026 described QRSAM bidding and negotiations as complete, with the BEL order expected imminently and the missile portion then flowing to BDL. Oct 2026 instead says the first 1,000-unit lot will be split between BDL and private industry and that the process remains ongoing; management attributes this to a changed government strategy, but does not quantify the impact on Apollo's expected share or reconcile the earlier near-term expectation.

Global OEM Timeline Accelerated · 26 October 2026. May 2026 framed becoming a global OEM as a 10-year vision. Oct 2026 describes emerging as a global OEM within 5-6 years, effectively shortening the stated horizon by roughly half without explaining what changed in the strategy, spending plan, or execution assumptions.

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.

Every quote above is taken word for word from the company’s own earnings calls.

Apollo Micro Systems Ltd earned a ROCE of 15% in FY26. That is up from a low of 8% in FY21. Its return on capital used (ROIC) is 3.3 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 11.8% net margin and 0.38× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 11.8% net margin × 0.38× asset turnover × 1.80× leverage (assets divided by equity) ≈ 8.1% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 8.7% − 12.0% = −3.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 8.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 10.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Apollo Micro Systems Ltd has total debt of ₹663 Cr against shareholder equity of ₹1,510 Cr as of Sep 2026, so its debt is 0.44× its equity. Year by year, that ratio went from 0.36 in FY22 to 0.42 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.