Apollo Micro Systems Q2 Results: Shares Extend Rally on October 27

The Apollo Micro Systems Q2 results are turning into a two-day story. The Hyderabad defence electronics maker reported its numbers on October 24, the stock jumped on Monday, and on Tuesday, October 27, it kept going. Shares rose 8.5% after opening at ₹415.10 on the BSE and touched an intraday high of ₹446.40, Livemint reported. On Monday the stock had been trading 8.7% higher at ₹407, according to CNBC-TV18.

Apollo Micro Systems Q2 results in numbers

These are consolidated figures for the September quarter (Q2 FY27) from the company’s press release filed with NSE, compared with Q2 FY26 unless stated.

• 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, up 87.8% from ₹59.2 crore.
• EBITDA margin: 28.6%, against 26.3% a year ago and 21.4% in Q1.
• 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.
• Order book: an all-time high of ₹1,765 crore as of September 30, 2026.

For the first half, revenue grew 78.2% to ₹639.4 crore, EBITDA rose 64.7% to ₹164.9 crore and PAT rose 49.6% to ₹71.4 crore.

One thing jumps out of the table. Profit before tax more than doubled, but profit after tax grew far slower. The reason is tax: ₹46.3 crore on ₹92.5 crore of PBT, which by our calculation is an effective rate of about 50%, compared with roughly 30% (₹13.1 crore on ₹43.1 crore) a year ago. The release doesn’t break down why. If that rate normalises, the PAT line could look better than the operating story suggests. If it doesn’t, it’s a drag worth tracking.

You’ll also see different profit numbers in different reports. Livemint put net profit at ₹48.4 crore, which matches the profit attributable to the company’s owners, while the ₹46.2 crore in the company’s table is total consolidated PAT. And the “97%” in the release headline is a standalone, quarter-on-quarter revenue jump (₹306 crore against ₹156 crore in Q1), not the year-on-year consolidated growth.

Guidance, missiles and a long cash cycle

Management reiterated growth guidance of 40% to 45%, with exports seen as extra upside, CNBC-TV18 reported. The company is pushing deeper into the missile value chain, including seekers and complete weapon systems, and building explosives and energetics capability through IDL and the Premier Explosives acquisition process. Livemint noted the company also laid out a Vision 2036 plan to become a global defence OEM.

The weak spot is working capital. Working capital days stood at 353 in H1 FY27 against 359 in FY26, per CNBC-TV18. That’s a small improvement, but it means cash stays tied up for nearly a year. Our guide on how to analyse quarterly results explains why this line deserves as much attention as profit, and our EBITDA margin explainer covers what a 28.6% margin really tells you.

On the charts, Motilal Oswal’s Ruchit Jain told Livemint that a sustained move above ₹440 could signal more upside, with support around ₹400. The stock is up nearly 60% so far in 2026, per Livemint, so a lot of good news is already in the price. We’d watch the tax rate, order inflows and working capital in the next quarter.

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 investing.