Apollo Micro Systems Q2 Results, October 24, 2026: Revenue Up 72% to Record ₹388 Crore

Apollo Micro Systems Q2 results landed on Saturday, October 24, 2026, and the Hyderabad defence electronics maker had a big quarter to talk about. Consolidated revenue from operations rose 72.3% year-on-year to ₹388.1 crore for July-September, according to the company’s press release filed with NSE. The company called it its best quarter ever on revenue, EBITDA and profit.

Profit grew too, though not as fast as sales. A heavy tax bill explains most of that gap.

Apollo Micro Systems Q2 results: the consolidated numbers

All figures below are consolidated, compared with Q2 FY26 unless stated otherwise:

• Revenue from operations: ₹388.1 crore, up 72.3% from ₹225.3 crore, and up 54.5% from ₹251.3 crore in the June quarter.
• EBITDA (excluding other income): ₹111.2 crore against ₹59.2 crore, up 87.8%. The EBITDA margin widened to 28.6% from 26.3% a year ago and 21.4% in Q1 FY27.
• Profit before tax: ₹92.5 crore, up 114.3% from ₹43.1 crore.
• Profit after tax: ₹46.2 crore, up 53.7% from ₹30.0 crore, and up 83% from ₹25.2 crore in Q1. PAT margin was 11.9%, lower than 13.3% a year ago.
• Diluted EPS: ₹1.3 for the quarter, against ₹0.9 a year earlier.

For the first half of FY27, revenue rose 78.2% to ₹639.4 crore, EBITDA climbed 64.7% to ₹164.9 crore and profit after tax rose 49.6% to ₹71.4 crore.

Why profit lagged the pre-tax jump

This is the line we’d look at twice. Pre-tax profit more than doubled, yet net profit rose only about half as fast. The reason is tax: the company booked ₹46.3 crore of tax in Q2 FY27, against ₹13.1 crore a year earlier. On ₹92.5 crore of pre-tax profit, that works out to roughly half going to tax, based on the figures in the release. The release doesn’t break down why, so it’s worth checking the full results and the earnings call before treating this as the new normal.

Finance costs also rose, to ₹14.6 crore from ₹12.6 crore, and depreciation went up to ₹7.6 crore from ₹4.7 crore, which fits a company adding capacity.

The standalone business and the order book

The parent company, which carries the core defence electronics business, had a sharp step-up from the June quarter. Standalone revenue was ₹306 crore against ₹156 crore in Q1 FY27, up 97% quarter-on-quarter. Standalone EBITDA more than doubled to ₹108 crore from ₹48 crore, and standalone PAT rose 72% to ₹48 crore from ₹29 crore. The standalone EBITDA margin was 35%, up from 31% in Q1.

The consolidated order book stood at ₹1,765 crore as on September 30, 2026, which the company says is an all-time high. That is about 4.5 times this quarter’s consolidated revenue. Defence revenue tends to be lumpy, because it moves with delivery milestones, so one strong quarter doesn’t make a run rate. Our explainer on revenue recognition under Ind AS 115 covers why contract-heavy businesses swing like this.

Apollo describes itself as a Tier-1 supplier to DRDO, HAL, BEL and the Ministry of Defence, and says it is now licensed to manufacture missile-class weapon systems under the Arms Act, 1959. Managing Director Baddam Karunakar Reddy said in the release that the company plans to speed up execution and sharpen its focus on the defence sector’s needs.

What it means

Revenue, operating profit and the order book all hit records, and margins improved, so the operating story is strong. The softer part is below the operating line: a much higher tax charge kept net profit growth near 54% even though pre-tax profit more than doubled. If you want a checklist for reading filings like this, see our guide on how to analyse quarterly results of a company.

Sources: Apollo Micro Systems Q2 FY27 press release and board meeting outcome with financial results, both filed with NSE on October 24, 2026.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.