Apollo Micro Systems Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Apollo Micro Systems Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Apollo Micro Systems reported standalone Q1 FY27 revenue of INR156 crores with EBITDA and PAT margins of 31% and 18% respectively, while consolidated revenue grew 88% year-on-year to INR251 crores. Management announced a definitive agreement to acquire a 41.33% promoter stake in Premier Explosives for approximately INR1,550 crores, alongside updates on the SDD handover to the Indian Navy, a Make-II sanction for the SAVIOR ASW system, and the IPREC program with the Indian Air Force. Management also discussed the order book, which stood at INR1,224 crores standalone and INR1,704 crores consolidated as of August 8.
Numbers mentioned
Standalone Revenue: INR156 crores (Q1 FY27)
p. 3
“delivering highest standalone revenue of INR156 crores, EBITDA other income of around INR48 crores, PAT of INR28 crores”
A. Krishna Sai Kumar, page 3 of the filed PDF · View the filing
EBITDA margin: 31% (Q1 FY27)
p. 3
“along with highest ever EBITDA and PAT margins of 31% and 18% respectively”
A. Krishna Sai Kumar, page 3 of the filed PDF · View the filing
Consolidated Revenue: INR251 crores (Q1 FY27)
p. 4
“At a consolidated level, our topline for Q1 FY27 stood at INR251 crores, registering a strong year-on-year growth of 88% compared to INR134 crores in Q1 FY26”
A. Krishna Sai Kumar, page 4 of the filed PDF · View the filing
Consolidated EBITDA: INR54 crores (Q1 FY27)
p. 4
“EBITDA, excluding other income, grew significantly by 31% to INR54 crores in Q1 FY27, as against INR41 crores in FY26 first quarter”
A. Krishna Sai Kumar, page 4 of the filed PDF · View the filing
Consolidated PAT: INR25 crores (Q1 FY27)
p. 4
“A similar growth trajectory was reflected in PAT, which increased by 43% to INR25 crores in Q1 FY27 compared to INR18 crores in Q1 FY26”
A. Krishna Sai Kumar, page 4 of the filed PDF · View the filing
Standalone PAT: INR28 crores (Q1 FY27)
p. 4
“PAT outpaced topline, increased by 43% to INR28 crores compared with INR19 crores in the same quarter last year”
A. Krishna Sai Kumar, page 4 of the filed PDF · View the filing
Standalone order book: INR1,224 crores (as of August 8)
p. 5
“As of August 8, our standalone order book stood at INR1,224 crores, while our consolidated order book stood at INR1,704 crores”
A. Krishna Sai Kumar, page 5 of the filed PDF · View the filing
Ideal Explosives order book: INR480 crores (as of August 8)
p. 5
“which includes an order book of INR480 crores at Ideal Explosives Limited, reflecting a healthy and robust orders across the group”
A. Krishna Sai Kumar, page 5 of the filed PDF · View the filing
R&D spend last financial year: INR27.63 crores (FY26)
p. 15
“Last financial year, we have spent close to around INR27.63 crores on R&D over a revenue of around INR760 odd crores, which is translating to something like around 4%”
A. Krishna Sai Kumar, page 15 of the filed PDF · View the filing
FY26 revenue: INR764 crores (FY26)
p. 22
“the last year revenue stood at INR764 crores and the investment in R&D at INR72.53 crores, which translates to close to 9.5% on R&D”
A. Krishna Sai Kumar, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 40% to 45% · this financial year onwards
stated firmly by A. Krishna Sai Kumar
p. 9
“Somewhere in between 40% to 45% is the continued growth that we will continue to demonstrate, in this financial year onwards.”
A. Krishna Sai Kumar, page 9 of the filed PDF · View the filing
Consolidated order book — INR3,500 crores to INR4,000-odd crores · by end of this financial year
stated conditionally by A. Krishna Sai Kumar
p. 12
“by end of this financial year, we are expecting a single order more than INR2,500 crores, INR3,000 crores, which will cumulatively bring, could bring our order book to INR3,500 crores to INR4,000-odd crores is on a consolidated basis”
A. Krishna Sai Kumar, page 12 of the filed PDF · View the filing
MIGM order timeline — purchase order · December or January
stated conditionally by Karunakar Reddy
p. 8
“Like order, we are expecting by December or January, we are expecting the purchase order.”
Karunakar Reddy, page 8 of the filed PDF · View the filing
MIGM order execution start — next financial year
stated firmly by Karunakar Reddy
p. 8
“MIGM, even QRSAM also, the execution starts from next financial year only, in fact, yes.”
Karunakar Reddy, page 8 of the filed PDF · View the filing
Ideal Explosives profitability — fully positive · next financial year
stated as an aspiration by A. Krishna Sai Kumar
p. 7
“it's something which is going to be positive, fully positive from the next financial year.”
A. Krishna Sai Kumar, page 7 of the filed PDF · View the filing
Promoter pledge reduction — zero · Q1 of FY28
stated firmly by Karunakar Baddam
p. 20
“Yes, Yes, definitely. That is what I'm planning, yes.”
Karunakar Baddam, page 20 of the filed PDF · View the filing
Export orders — sizable orders · next financial year
stated conditionally by A. Krishna Sai Kumar
p. 19
“but for next financial year for sure, there will be a sizable orders, which will be pulled in terms of the export opportunities, is what the current guidance I can confidently give”
A. Krishna Sai Kumar, page 19 of the filed PDF · View the filing
Moored mine orders — next financial year
stated conditionally by Karunakar Baddam
p. 21
“Moored mine orders, we are expecting next financial year only, not this year. We are yet to complete the technical trials.”
Karunakar Baddam, page 21 of the filed PDF · View the filing
Limpet mine orders — 4th quarter onwards
stated conditionally by Karunakar Baddam
p. 21
“Limpet mine, we have already completed, limpet mine we have completed, and limpet mine, we maybe start getting orders, maybe 4th quarter onwards, maybe we are expecting orders.”
Karunakar Baddam, page 21 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said BEL is close to placing the QRSAM order, after which BDL's missile order would follow, with a large expected order value.
Answered by Karunakar Reddy
Asked by Amit Dixit: What is the status of the QRSAM order and expected value?
p. 6
“BDL order value is something around I'm expecting INR11,000 to INR12,000 crores kind of thing.”
Karunakar Reddy, page 6 of the filed PDF · View the filing
Management described the process from DAC approval through inquiry to expected purchase order and total program budget.
Answered by Karunakar Reddy
Asked by Shreyans Gathani: What is the plan and timeline for the MIGM order?
p. 8
“the this total budget is INR3,500 crores kind of thing.”
Karunakar Reddy, page 8 of the filed PDF · View the filing
Management reiterated a revenue growth guidance range but declined to give a specific EBITDA margin guidance.
Answered by A. Krishna Sai Kumar
Asked by Deepak Sharma: Is there forward guidance on revenue and EBITDA margin for the next 2-3 years?
p. 9
“Sir, we are not giving EBITDA guidance anytime, sir. But the momentum will continue to be same.”
A. Krishna Sai Kumar, page 9 of the filed PDF · View the filing
Management stated export revenue is currently nil, and gave an initial R&D percentage figure which was later corrected in closing remarks.
Answered by A. Krishna Sai Kumar
Asked by Samir: What is the R&D spend as a percentage of revenue and what is the export revenue and margin?
p. 15
“currently, the export revenue is nil. So, there's no question of again a margin point of view is concerned.”
A. Krishna Sai Kumar, page 15 of the filed PDF · View the filing
Management explained that exports require ministry clearance for each product and country, and that direct opportunities are being pursued.
Answered by A. Krishna Sai Kumar
Asked by Pratik: What is the process for securing export orders and does it require government approval?
p. 19
“end of the day ministry has to give a clearance, whether we can export or not.”
A. Krishna Sai Kumar, page 19 of the filed PDF · View the filing
Management said it would take about another year to fully close the pledge.
Answered by Karunakar Baddam
Asked by Pratik: Is the promoter pledge on track to be brought to zero this financial year?
p. 20
“I think next 1 year I think we'll reduce. I think, it is going to take another 1 year to close all the pledge part.”
Karunakar Baddam, page 20 of the filed PDF · View the filing
Management said combat trials for moored mines were complete and handover to the Navy was imminent, while limpet mine development was also completed with orders expected later.
Answered by Karunakar Baddam
Asked by Karthik: What is the status of moored mines and limpet mines?
p. 20
“Yes, moored mine, combat trials already we have completed. Anytime this month, we are going to hand over to Indian Navy.”
Karunakar Baddam, page 20 of the filed PDF · View the filing
Risks flagged
Revenue recognition in defense contracts is uneven across quarters due to long procurement cycles and milestone-based execution
p. 4
“Given the long procurement cycles and milestone-based execution of defence contracts, revenue recognition can be uneven across quarters.”
A. Krishna Sai Kumar, page 4 of the filed PDF · View the filing
Ideal Explosives acquisition involved a loss-making company requiring restructuring
p. 7
“This is a acquisition of loss-making company, you're all aware of. And the, you know, the process of, you know, restructuring is going on.”
A. Krishna Sai Kumar, page 7 of the filed PDF · View the filing
Bulk explosives business at Ideal faces shrinking margins and is volumetric
p. 7
“we could do justice as far as this shrinking margin business is concerned in the bulk explosives.”
A. Krishna Sai Kumar, page 7 of the filed PDF · View the filing
Uncertainty over timing of the Premier Explosives open offer due to regulatory process
p. 10
“No, it's in the regulator's hand it's very tough to comment. As and when it comes, we'll have to tell, actually.”
A. Krishna Sai Kumar, page 10 of the filed PDF · View the filing
TAM for anti-drone opportunity is dynamic and orders depend on completion of trials
p. 16
“TAM is continuously dynamically changing, actually.”
A. Krishna Sai Kumar, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.