1. At a Glance
Apollo Micro Systems (AMS) Q1 FY26 net profit jumped 126% YoY to ₹19 Cr on revenue of ₹134 Cr. The stock trades at a nosebleed P/E of 81.5 – apparently, the market thinks every PCB they solder is made of gold.
2. Introduction
Imagine a startup geek who builds drones in a garage, but now supplies systems to DRDO. That’s AMS. Over 700 onboard technologies, 150 indigenous programs, and a stock price that thinks it’s HAL’s cousin.
3. Business Model – WTF Do They Even Do?
- Segments: Electronic manufacturing, embedded software, electro-mechanical systems.
- Clients: Defence, aerospace, homeland security.
- USP: Indigenous solutions under “Make in India” but with working capital cycles that make banks sweat.
4. Financials Overview
- Q1 FY26 Revenue: ₹134 Cr (+46% YoY)
- PAT: ₹19 Cr (+126% YoY)
- OPM: 31% (defence margins flexing)
Verdict: Strong growth, but receivables at 155
