Apollo Micro Systems (APOLLO) Q2 25/26 earnings summary

Executive summary

• Q2FY26 revenue was ₹22,526.45 lakh, up 40% YoY; EBITDA excluding other income rose 80% to ₹5,919 lakh and PAT rose 91% to ₹3,002.71 lakh.

• H1FY26 revenue was ₹35,884.75 lakh, up 42% YoY; EBITDA excluding other income rose 81% to ₹10,013 lakh and PAT increased 97% to ₹4,771.16 lakh.

• The order book stood at ₹7,850 mn at September 30, 2025; execution and systems moving into production were cited as growth drivers.

Financial highlights

• Q2FY26 EBITDA excluding other income was ₹591.9 mn, up 45% QoQ and 80% YoY; EBITDA margin was 26.3% versus 20% in Q2FY25.

• Q2FY26 PAT rose 70% QoQ and 91% YoY; PAT margin was 13.3%. Consolidated EPS was ₹0.93 basic and ₹0.88 diluted.

• H1FY26 EBITDA margin was 27.9% versus 21.9% in H1FY25; PAT margin was 13.3% versus 10%, and annualized ROCE was 13%.

• H1 consolidated PBT was ₹6,843.75 lakh versus ₹3,435.93 lakh; H1 EPS was ₹1.47 basic and ₹1.39 diluted, not annualised.

Outlook and guidance

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

• Unit III production is starting in stages; the first stage commenced and the final stage is scheduled to begin in June 2026.

• Working-capital cycle days are expected to decline by 100–120 days from FY27 as programs shift into production; FY26 R&D allocation is ₹100 crore.