# Apollo Micro Systems share price today (Apollo Micro Systems Ltd, NSE: APOLLO)

> Apollo Micro Systems share price today: ₹435.10 at the NSE close on 4 November 2026, up 62.1% in a year. Apollo Micro Systems (NSE: APOLLO) is worth ₹16,159 crore, trades at a P/E of 116.7 and has closed between ₹189.49 and ₹450.05 over the past 52 weeks. > Apollo Micro Systems Ltd's earnings have grown faster than its share price. Earnings per share grew +71.7% in a year while the price moved +62.1%. APOLLO · Aerospace & Defence - Equipments · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹435.10 (+62.1% in a year)
- P/E: 116.7× (higher than 80% of the last 6.3 years)
- Revenue (Sep 2026): ₹388 Cr (+72.4% on a year ago)
- Profit (Sep 2026): ₹46.0 Cr (+53.3% on a year ago)
- Operating margin: 29.0% (+3.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 8.7%, against a 12.0% cost of capital: −3.3 points

The main question: profits are rising, but only −101% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the 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. 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. ## What changed at Apollo Micro Systems this quarter? 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. ## What are Apollo Micro Systems' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹388 crore | ₹225 crore | +72.4% |
| Profit | ₹46.0 crore | ₹30.0 crore | +53.3% |
| Earnings per share | ₹1.30 | ₹0.93 | +39.8% |
| Operating margin | 29.0% | 26.0% | +3.0 points |

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.)

## What is the Apollo Micro Systems share price history? 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹398.75 | +9.1% |
| 1 month ago · 1 Oct 2026 | ₹394.00 | +10.4% |
| 6 months ago · 8 May 2026 | ₹324.85 | +33.9% |
| 1 year ago · 7 Nov 2025 | ₹268.45 | +62.1% |
| 3 years ago · 3 Nov 2023 | ₹93.95 | +363.1% |
| 5 years ago · 4 Nov 2021 | ₹12.03 | +3,516.8% |
| Earliest weekly close in our records · 25 Jan 2018 | ₹37.89 | +1,048.3% |
| Highest weekly close since January 2018, also the 52-week high · 3 Jul 2026 | ₹450.05 | −3.3% |
| Lowest weekly close since January 2018 · 27 Mar 2020 | ₹4.43 | +9,721.7% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹189.49 | +129.6% |

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.)

## What is the latest news on Apollo Micro Systems? 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.)

## What dividend does Apollo Micro Systems pay? 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 23 Sep 2026 | ₹0.25 | Dividend | same day |
| 8 Sep 2025 | ₹0.25 | Dividend | 9 Sep 2025 |
| 20 Sep 2024 | ₹0.05 | Dividend | same day |
| 22 Sep 2023 | ₹0.03 | Dividend | same day |
| 8 Sep 2022 | ₹0.25 | Dividend | 9 Sep 2022 |
| 16 Sep 2021 | ₹0.25 | Dividend | 17 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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.)

## What did Apollo Micro Systems management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/31756-26-Oct-2026.pdf). (From the call for July to September 2026, 26 October 2026.)

## What is Apollo Micro Systems' order book? 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.)

## What could change the Apollo Micro Systems story? What are the risks? 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.)

## What to watch in Apollo Micro Systems' next results? 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. - What to check (from the call)
- FY27 revenue execution against the stated range, including whether standalone growth and subsidiary contributions remain aligned. - MIGM progression from the expected procurement process into an award and initial production. - IDL cost reductions, defence-energetics initiatives and silo operations translating into improved subsidiary performance. - Premier transaction completion and delivery of the promised post-acquisition group outlook. ## Which stock lists is Apollo Micro Systems on? Apollo Micro Systems is on 3 of our India lists: Momentum stocks, Small & mid cap stocks and Defence stocks. - [Momentum stocks Market cap cr: 16168.807021943576](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 431](https://www.sectoralpha.in/small-cap-stocks-india)
- [Defence stocks Group on the list: Defence equipment and electronics](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is Apollo Micro Systems profitable? 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. 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. ## How much revenue does Apollo Micro Systems make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Apollo Micro Systems keep? 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. 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. ## Is Apollo Micro Systems' profit turning into cash? 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. 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. ## Where does Apollo Micro Systems' cash go? 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. 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. ## What is Apollo Micro Systems' P/E ratio, and how does it compare with its own history? 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. 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. ## Is the Apollo Micro Systems business getting better or worse? 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. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Apollo Micro Systems story, and has it been checked? 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. What is proven. See the research file

What is not proven yet. What would change our mind. 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. ## Did Apollo Micro Systems management deliver what it promised? 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. ## How much does Apollo Micro Systems earn on its capital? 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. 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. ## Does Apollo Micro Systems have too much debt? 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. ## What is the Apollo Micro Systems shareholding pattern? Foreign institutions raised their stake in Apollo Micro Systems Ltd by 5.8 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 6.0% of the company. Promoters moved −5.1 points over the same period, to 50.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +5.8 points over 8 quarters, to 6.0%; Promoters: −5.1 points over 8 quarters, to 50.0%; Domestic institutions: +0.6 points over 8 quarters, to 1.5%. Why the owners changed: foreign institutions drove it (+5.8 points), with the other side taken by promoters (−5.1 points). They raised their stake step by step. ## How far is Apollo Micro Systems from balance-sheet trouble? For Apollo Micro Systems Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Apollo Micro Systems rank in its industry? 70.2 out of 100, rank 1 of 25 in Aerospace & Defence - Equipments, with 100% of the evidence available. Apollo Micro Systems Ltd scores 70.2 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 28.9 + 15.7 + 9.2 + 16.4 = 70.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Apollo Micro Systems compared with? Apollo Micro Systems ranks 1 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 70.2 out of 100. 1. Apollo Micro Systems Ltd this page APOLLO · turning · Most evidence points up · 100% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 77% · Profit 63.8% · Operating margin change 3 points · 100% evidence Capital efficiency 15.7/25 · ROCE 14.5% · Operating margin 29% · 100% evidence Valuation 9.2/20 · P/E 107× · PEG 1.7 · 100% evidence Relative strength 16.4/20 · Lead over its industry 10% · Lead over NIFTY 500 31% · 1 year 44.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 28.9 + 15.7 + 9.2 + 16.4 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) MTARTECH · breaking out · Most evidence points up · 90% evidence 70.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 53.5% · Profit 100% · Operating margin change 10.2 points · 100% evidence Capital efficiency 15.5/25 · ROCE 15.1% · Operating margin 23.2% · 100% evidence Valuation 7.4/20 · P/E 155× · PEG n/a · 50% evidence Relative strength 14.9/20 · Lead over its industry 18.6% · Lead over NIFTY 500 37.1% · 1 year 168.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 32.3 + 15.5 + 7.4 + 14.9 = 70.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) PARAS · breaking out · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 41.5% · Profit 58.8% · Operating margin change 1 points · 95% evidence Capital efficiency 17.5/25 · ROCE 17.2% · Operating margin 29% · 76% evidence Valuation 8.7/20 · P/E 98.6× · PEG n/a · 50% evidence Relative strength 13.3/20 · Lead over its industry 17.1% · Lead over NIFTY 500 37.9% · 1 year 76.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 17.5 + 8.7 + 13.3 = 63.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ROSSTECH · leader · Evidence leans up · 79% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 82.9% · Profit 68.8% · Operating margin change 1.8 points · 88% evidence Capital efficiency 8.1/25 · ROCE 11.5% · Operating margin 14.4% · 100% evidence Valuation 8.8/20 · P/E 194× · PEG n/a · 15% evidence Relative strength 19.5/20 · Lead over its industry 28.7% · Lead over NIFTY 500 52.7% · 1 year 107.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.5 + 8.1 + 8.8 + 19.5 = 63.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) SIGMAADV · leader · Evidence leans up · 78% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 100% · Profit 20.3% · Operating margin change 307 points · 83% evidence Capital efficiency 9.8/25 · ROCE 11.7% · Operating margin 16% · 76% evidence Valuation 6.9/20 · P/E 102× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 96.2% · Lead over NIFTY 500 116.7% · 1 year 318.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 9.8 + 6.9 + 15 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) AZAD · leader · Evidence leans up · 89% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29% · Profit 41.4% · Operating margin change 1 points · 88% evidence Capital efficiency 12.5/25 · ROCE 11.9% · Operating margin 37% · 100% evidence Valuation 9.0/20 · P/E 114× · PEG 1.94 · 65% evidence Relative strength 14.9/20 · Lead over its industry 4.2% · Lead over NIFTY 500 24.6% · 1 year 44.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 12.5 + 9 + 14.9 = 57.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) JAYKAY · breaking out · Too little evidence to rank firmly · 51% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.3/43.75 · Revenue 100% · Profit 100% · Operating margin change 1.8 points · 83% evidence Capital efficiency 9.2/31.25 · ROCE 4.8% · Operating margin 14.2% · 76% evidence Valuation 12.9/25 · P/E 72.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.3 + 9.2 + 12.9 = 56.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) SIKA · quiet · Evidence leans up · 81% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 0.5% · Profit 9.8% · Operating margin change 1.1 points · 88% evidence Capital efficiency 21.7/25 · ROCE 34.6% · Operating margin 19.5% · 100% evidence Valuation 12.9/20 · P/E 51.9× · PEG 1.01 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.8% · 1 year -27.7% · 25% evidence · 5 of 12 weeks ahead Exact sum: 13.1 + 21.7 + 12.9 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Data Patterns (India) Ltd](https://www.sectoralpha.in/stocks/data-patterns-indialtd) DATAPATTNS · quiet · Evidence leans up · 96% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 33.9% · Profit 24.2% · Operating margin change -5 points · 88% evidence Capital efficiency 21.3/25 · ROCE 21.9% · Operating margin 27% · 100% evidence Valuation 7.4/20 · P/E 78.7× · PEG 3.94 · 100% evidence Relative strength 5.5/20 · Lead over its industry -9.4% · Lead over NIFTY 500 8.8% · 1 year 38.5% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.8 + 21.3 + 7.4 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [High Energy Batteries (India) Ltd](https://www.sectoralpha.in/stocks/high-energy-batteries-indialtd) losing its lead · Evidence leans up · 72% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 1.5% · Profit -3.5% · Operating margin change 32.4 points · 95% evidence Capital efficiency 19.5/25 · ROCE 20.4% · Operating margin 28.1% · 95% evidence Valuation 11.8/20 · P/E 27.3× · PEG n/a · 50% evidence Relative strength 8.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year n/a · 25% evidence · 7 of 11 weeks ahead Exact sum: 12.9 + 19.5 + 11.8 + 8.9 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hindustan Aeronautics Ltd](https://www.sectoralpha.in/stocks/hindustan-aeronautics-ltd) HAL · breaking out · Evidence leans up · 96% evidence 52.3 out of 100 Growth Capital Valuation Relative
12. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) DYNAMATECH · breaking out · Evidence leans up · 79% evidence 50.9 out of 100 Growth Capital Valuation Relative
13. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) BEL · turning · Evidence leans up · 100% evidence 50.7 out of 100 Growth Capital Valuation Relative
14. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ASTRAMICRO · quiet · Evidence leans down · 96% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ZENTEC · turning · Evidence leans down · 60% evidence 47.6 out of 100 Growth Capital Valuation Relative
16. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) MIDHANI · losing its lead · Evidence leans down · 96% evidence 42.4 out of 100 Growth Capital Valuation Relative
17. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) AXISCADES · breaking out · Evidence leans down · 89% evidence 41.5 out of 100 Growth Capital Valuation Relative
18. [Ideaforge Technology Ltd](https://www.sectoralpha.in/stocks/ideaforge-technology-ltd) IDEAFORGE · quiet · Evidence leans down · 71% evidence 41.5 out of 100 Growth Capital Valuation Relative
19. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) BEML · breaking out · Evidence leans down · 88% evidence 40.8 out of 100 Growth Capital Valuation Relative
20. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) BDL · basing · Evidence leans down · 96% evidence 35.4 out of 100 Growth Capital Valuation Relative
21. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) AVANTEL · basing · Most evidence points down · 83% evidence 34.6 out of 100 Growth Capital Valuation Relative
22. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) AEQUS · losing its lead · Too little evidence to rank firmly · 51% evidence 28.8 out of 100 Growth Capital Valuation Relative
23. [NIBE Ltd](https://www.sectoralpha.in/stocks/nibe-ltd) NIBE · quiet · Too little evidence to rank firmly · 53% evidence 27.8 out of 100 Growth Capital Valuation Relative
24. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) DCXINDIA · quiet · Most evidence points down · 61% evidence 23.7 out of 100 Growth Capital Valuation Relative
25. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) VINYAS · turning · Too little evidence to rank firmly · 44% evidence 62.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Aerospace & Defence - Equipments](https://www.sectoralpha.in/sectors/aerospace-defence-equipments), all 25 compared on one page. ## Which companies are close to Apollo Micro Systems in size? Apollo Micro Systems is the 9th largest of 25 Aerospace & Defence - Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Sigma Advanced System, BEML and Azad Engineering. Just below it: Astra Microwave Products, Zen Technologies and Aequs. ### Aerospace & Defence - Equipments companies close in size

1. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) ₹16,915 crore
2. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) ₹16,563 crore
3. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) ₹15,792 crore
4. Apollo Micro Systems Ltd ₹14,818 crore
5. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ₹14,381 crore
6. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ₹14,342 crore
7. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) ₹14,289 crore

[All 25 Aerospace & Defence - Equipments companies, largest first](https://www.sectoralpha.in/sectors/aerospace-defence-equipments#all-companies)

### Companies close in size in other industries

1. [Vijaya Diagnostic Centre Ltd](https://www.sectoralpha.in/stocks/vijaya-diagnostic-centre-ltd) ₹14,890 crore · Diagnostics
2. [Devyani International Ltd](https://www.sectoralpha.in/stocks/devyani-international-ltd) ₹14,845 crore · Quick Service Restaurant - QSR
3. Apollo Micro Systems Ltd ₹14,818 crore
4. [Atul Ltd](https://www.sectoralpha.in/stocks/atul-ltd) ₹14,805 crore · Dyes & Pigments
5. [IFCI Ltd](https://www.sectoralpha.in/stocks/ifci-ltd) ₹14,730 crore · Finance - PSU Lending

## What else do people ask about Apollo Micro Systems? ### What is Apollo Micro Systems's share price today? Apollo Micro Systems Ltd's share price is ₹435.10, +62.1% over the past year. The whole company is worth ₹16,159 Cr on the market. In the last 52 weeks it traded between ₹189 to ₹450; today it is 94% of the way up from the low, 24.6% above its 200-day average (as of 4 November 2026). ### What were Apollo Micro Systems's latest quarterly results? Apollo Micro Systems Ltd reported revenue of ₹388 Cr and net profit of ₹46.0 Cr for the Sep 2026 quarter. Revenue rose 72.4% and profit rose 53.3% compared with a year earlier. Earnings per share were ₹1.30. The operating margin was 29.0%, 3.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Apollo Micro Systems's market cap? Apollo Micro Systems Ltd's market capitalisation is ₹16,159 Cr at a share price of ₹435.10. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Apollo Micro Systems performing? Apollo Micro Systems Ltd's share price has been rising for 26 weeks. In its latest quarter, revenue rose 72.4% and profit rose 53.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 6 weeks running (as of 4 November 2026). ### Will Apollo Micro Systems's share price go up? This page does not forecast Apollo Micro Systems Ltd's share price. What it shows instead: the share price is ₹435.10, and it has been rising for 26 weeks. Its P/E of 116.7× is higher than 80% of its own last 6 years (as of 4 November 2026). ### Who owns Apollo Micro Systems? Promoters own 50.0% of Apollo Micro Systems Ltd, foreign institutions 6.0%, domestic institutions 1.5% and the public 42.6% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 5.8 percentage points over 8 quarters (as of 4 November 2026). ### Does Apollo Micro Systems have too much debt? Apollo Micro Systems Ltd has a moderate amount of debt: its debt is 0.41× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹543 Cr against equity of ₹1,313 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Apollo Micro Systems in its business cycle? Apollo Micro Systems Ltd's FY26 operating margin was 24.0%, against a 7-year range of 19.0% to 24.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 29.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Apollo Micro Systems story? The main question: profits are rising, but only −101% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Apollo Micro Systems a stock worth studying right now? What the numbers show: Apollo Micro Systems Ltd's earnings have grown faster than its share price. Earnings per share grew +71.7% in a year while the price moved +62.1%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Apollo Micro Systems share price forecast for 2026? What management itself guided: FY27 revenue growth of 35-45%. What would change the story: 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%. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

This is research, not advice. We’re not SEBI-registered.