Apollo Micro Systems (APOLLO) Q1 25/26 earnings summary

Executive summary

• Q1FY26 consolidated revenue from operations rose 46% YoY to ₹13,358.31 lakh; PAT increased 110% to ₹1,768.46 lakh.

• EBITDA excluding other income rose 83% to ₹409.4 million; EBITDA margin expanded 600 bps YoY to 31%.

• Unaudited standalone and consolidated results for the quarter ended 30 June 2025 received unmodified limited-review conclusions.

Financial highlights

• Standalone revenue from operations was ₹13,358.31 lakh vs ₹9,120.15 lakh YoY; PAT was ₹1,942.56 lakh vs ₹860.89 lakh.

• Consolidated profit before tax was ₹2,528.85 lakh vs ₹1,189.66 lakh YoY; net profit attributable to owners was ₹1,851.15 lakh vs ₹843.04 lakh.

• QoQ, revenue declined 17% to ₹1,335.8 million, while EBITDA excluding other income rose 14% and PAT increased 27%.

• PAT margin was 13%, up 400 bps YoY and QoQ; FY25 revenue was ₹5,620.7 million and PAT ₹563.6 million.

Outlook and guidance

• Core revenue is expected to grow at a 45%–50% CAGR over the next two years, excluding any contribution from the IDL acquisition.

• Operating margins are projected to improve in H1FY26 on leverage and product mix; planned capex may moderate expansion in H2FY26 and FY27.

• Working-capital cycle days are expected to decline by 100–120 days from FY27 as programs transition into production.