Apollo Micro Systems (APOLLO) Q4 24/25 earnings summary

Executive summary

• FY25 revenue from operations was ₹56,206.92 lakh, up 51% YoY; consolidated PAT was ₹5,635.77 lakh, up 81% YoY.

• Acquisition of 100% of IDL Explosives for ₹107 crore is intended to expand the defence supply chain and support an integrated Tier-1 defence OEM model.

• Statutory auditors issued unmodified opinions on standalone and consolidated FY25 results.

Financial highlights

• Q4FY25 revenue from operations was ₹16,176.67 lakh, up 19% YoY; FY25 revenue was ₹56,206.92 lakh, up 51% YoY.

• Q4FY25 EBITDA, excluding other income, was ₹359.9 Mn, up 25% YoY and down 5% QoQ; FY25 EBITDA was ₹1,292.1 Mn, up 54% YoY.

• Q4FY25 PAT was ₹139.6 Mn, up 8% YoY and down 23% QoQ; standalone FY25 PAT was ₹5,724.16 lakh and consolidated PAT was ₹5,635.77 lakh.

• FY25 standalone PBT was ₹8,380.43 lakh versus ₹4,489.88 lakh in FY24; consolidated PBT was ₹8,254.64 lakh versus ₹4,409.40 lakh.

• FY25 total revenue was ₹5,649.5 Mn, up 51% YoY; EBITDA excluding other income was ₹1,292.1 Mn versus ₹838.7 Mn in FY24.

Outlook and guidance

• Core revenue, excluding IDL Explosives, is expected to grow at a 45%-50% CAGR over the next two years.

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

• Mature munition platforms are expected to enter large-scale production, increasing internal demand for explosives and propellants.

• Working-capital cycle days are expected to reduce by ~100-120 days from FY27 as programs transition to production.