Below is a structured extraction and summary of the relevant and actionable financial information from the Apollo Micro Systems Limited results filing dated 4th November 2025, suitable for an investment analysis team:
1. Auditor’s Note
- Standalone and Consolidated Financial Results for the quarter and six months ended 30 September 2025 have been subjected to Limited Review by S.T. Mohite & Co., Chartered Accountants.
- No qualifications, concerns, or issues were raised by the auditors in their Limited Review Reports.
- The auditors confirm that the results comply with Indian Accounting Standards (Ind AS) and SEBI regulations.
- Conclusion: Clean Limited Review reports with no modifications or qualifications.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (1 July 2025 - 30 September 2025)
- Immediately preceding quarter: Q1 FY26 (1 April 2025 - 30 June 2025)
- Same quarter previous year: Q2 FY25 (1 July 2024 - 30 September 2024)
- Full financial year: FY25 (1 April 2024 - 31 March 2025) and comparison with FY24 (1 April 2023 - 31 March 2024) where available.
Standalone Financials (₹ Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 22,526.45 | 13,358.31 | 16,070.74 | 35,884.75 | 25,190.89 | 56,206.92 |
| Other Income | 316.53 | 134.74 | 86.34 | 451.27 | 169.51 | 404.83 |
| Total Income | 22,842.98 | 13,493.05 | 16,157.08 | 36,336.03 | 25,360.40 | 56,611.75 |
| Total Expenses | 18,091.00 (approx.) | 10,710.80 | 13,890.75 | 28,801.78 | 21,878.98 | 48,231.32 |
| Profit before tax | 4,751.99 | 2,782.26 | 2,266.33 | 7,534.24 | 3,481.42 | 8,380.43 |
| Tax Expense | 1,447.42 | 839.70 | 679.15 | 2,287.12 | 1,033.35 | 2,656.27 |
| Profit after tax (PAT) | 3,304.56 | 1,942.56 | 1,587.17 | 5,247.12 | 2,448.07 | 5,724.16 |
| EPS (Basic, ₹ per share) | 1.02 | 0.62 | 0.53 | 1.62 | 0.81 | 1.89 |
| EPS (Diluted, ₹ per share) | 0.97 | 0.60 | 0.53 | 1.53 | 0.81 | 1.89 |
Margins:
- Profit before tax margin (Q2 FY26) = 4,751.99 / 22,842.98 ≈ 20.8%
- PAT margin (Q2 FY26) = 3,304.56 / 22,842.98 ≈ 14.5%
Consolidated Financials (₹ Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 22,526.45 | 13,358.31 | 16,070.74 | 35,884.75 | 25,190.89 | 56,206.92 |
| Other Income | 130.27 | 87.20 | 59.28 | 217.47 | 117.61 | 288.54 |
| Total Income | 22,656.72 | 13,445.50 | 16,130.02 | 36,102.23 | 25,308.50 | 56,495.46 |
| Total Expenses | 18,341.82 | 10,916.65 | 13,883.75 | 29,258.47 | 21,872.57 | 48,240.82 |
| Profit before tax | 4,314.90 | 2,528.85 | 2,246.27 | 6,843.75 | 3,435.93 | 8,254.64 |
| Tax Expense | 1,312.19 | 760.40 | 673.31 | 2,072.59 | 1,020.11 | 2,618.88 |
| Profit after tax (PAT) | 3,002.71 | 1,768.46 | 1,572.96 | 4,771.16 | 2,415.82 | 5,635.76 |
| EPS (Basic, ₹ per share) | 0.93 (approx.) | 0.55 (approx.) | 0.51 (approx.) | 1.48 (approx.) | 0.79 (approx.) | Not explicitly stated |
Margins:
- Profit before tax margin (Q2 FY26) = 4,314.90 / 22,656.72 ≈ 19.0%
- PAT margin (Q2 FY26) = 3,002.71 / 22,656.72 ≈ 13.3%
3. Detailed Notes / Management Commentary
- The company operates in a single business segment: electromechanical components and systems and allied components and services. Hence, no segmental reporting is presented.
- During Q2 FY26, the company converted 2,107,194 share warrants into equity shares at face value ₹1 each with a premium of ₹113 per share.
- As of 30 September 2025, 35,959,864 share warrants remain pending for conversion.
- The subsidiary Apollo Defence Industries Pvt Ltd has paid ₹107 Crores towards acquiring shares and control of IDL Explosives Limited (proposed step-down subsidiary). However, since the actual transfer and control are pending, the financials of this step-down subsidiary are excluded from consolidation for the period ended 30 September 2025.
- No changes in accounting policies or material adjustments reported.
- No mention of NPAs, slippages, or AUM as this is a manufacturing/technology company.
- Financial results are prepared as per Ind AS 34 and comply with SEBI regulations.
4. Segment Information
- The company and group operate in only one segment: electromechanical components and systems and allied components and services.
- No further segmental or geographic breakdown provided.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Standalone: Significant capex during H1 FY26 of ₹9,999.73 lakhs (approx. ₹100 Crores) on property, plant and equipment including capital work-in-progress.
- Consolidated: Even higher capex of ₹19,159.17 lakhs (approx. ₹192 Crores) during H1 FY26.
- Capital work-in-progress increased substantially from ₹5,873.48 lakhs (FY25) to ₹10,920.18 lakhs (Sep 2025) standalone, and from ₹7,228.24 lakhs to ₹10,708.79 lakhs consolidated.
- Loans:
- Standalone loans increased significantly from ₹1,827.08 lakhs (FY25) to ₹11,654.26 lakhs (non-current) and ₹609.06 lakhs (current).
- Consolidated loans include ₹4,000 lakhs non-current loans (likely to subsidiaries or others).
- Corporate Activity:
- Conversion of share warrants into equity shares raising equity capital.
- Subsidiary Apollo Defence Industries Pvt Ltd has made a ₹107 Crores payment for acquisition of IDL Explosives Ltd (pending completion).
- Financing:
- Large inflows from share capital and share warrants during H1 FY26: ₹30,478.90 lakhs and ₹12,650.76 lakhs respectively (standalone).
- Borrowings increased in non-current liabilities (standalone borrowings increased from ₹3,821.13 lakhs to ₹9,770.59 lakhs).
- No reported writedowns, impairments, or restructuring efforts.
6. Standalone vs Consolidated
| Aspect | Standalone | Consolidated |
|---|---|---|
| Revenue (Q2 FY26) | ₹22,526.45 lakhs | ₹22,526.45 lakhs |
| PAT (Q2 FY26) | ₹3,304.56 lakhs | ₹3,002.71 lakhs |
| EPS (Basic, Q2 FY26) | ₹1.02 | Approx. ₹0.93 |
| Capital Expenditure (H1 FY26) | ₹9,999.73 lakhs | ₹19,159.17 lakhs |
| Borrowings (Non-current) | ₹9,770.59 lakhs | ₹12,615.47 lakhs |
| Share Capital (Equity) | ₹3,356.40 lakhs | ₹3,356.40 lakhs |
| Warrants Pending | 35,959,864 shares | Same |
| Subsidiaries Included | No subsidiaries | Includes Ananya SIP RF Technologies Pvt Ltd, Apollo Defence Industries Pvt Ltd, and step-down subsidiary Apollo Strategic Technologies Pvt Ltd (excluding IDL Explosives Ltd) |
Summary for Investment Analysis Team
| Metric / Item | Q2 FY26 | Q1 FY26 | Q2 FY25 | H1 FY26 | H1 FY25 | FY25 | FY24 (where available) |
|---|---|---|---|---|---|---|---|
| Standalone Revenue (₹ Lakhs) | 22,526 | 13,358 | 16,071 | 35,885 | 25,191 | 56,207 | - |
| Standalone PAT (₹ Lakhs) | 3,305 | 1,943 | 1,587 | 5,247 | 2,448 | 5,724 | - |
| Standalone EPS Basic (₹) | 1.02 | 0.62 | 0.53 | 1.62 | 0.81 | 1.89 | - |
| Consolidated Revenue (₹ Lakhs) | 22,526 | 13,358 | 16,071 | 35,885 | 25,191 | 56,207 | - |
| Consolidated PAT (₹ Lakhs) | 3,003 | 1,768 | 1,573 | 4,771 | 2,416 | 5,636 | - |
| Capital Expenditure (Standalone, ₹ Lakhs, H1 FY26) | 9,999 | - | - | 9,999 | - | 8,690 | - |
| Capital Expenditure (Consolidated, ₹ Lakhs, H1 FY26) | 19,159 | - | - | 19,159 | - | 9,221 | - |
| Borrowings (Standalone Non-current, ₹ Lakhs) | 9,771 | 3,821 | - | - | - | - | - |
| Share Warrants Converted (Nos.) | 2,107,194 shares converted in Q2 FY26 | - | - | - | - | - | - |
| Share Warrants Pending | 35,959,864 shares | - | - | - | - | - | - |
| Acquisition Activity | ₹107 Crores paid by subsidiary for IDL Explosives Ltd (pending completion) | - | - | - | - | - | - |
Key Observations
- Strong sequential and YoY growth in revenue and profits in Q2 FY26 compared to Q1 FY26 and Q2 FY25.
- Significant capital expenditure underway, indicating expansion or capacity addition.
- Large equity infusion through share warrants conversion and fresh equity issuance.
- Borrowings have increased, but manageable given equity raise and asset base.
- Acquisition in progress via subsidiary, which may expand business scope once completed.
- No auditor qualifications or concerns.
- Single business segment focus simplifies analysis.
- Cash flows from operations negative in H1 FY26 due to working capital build-up, but financing activities have provided strong cash inflows.
This completes the extraction and summary of the financial results filing for Apollo Micro Systems Limited as of 4th November 2025.