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Apollo Micro Systems Limited

APOLLO.BO
56
Aerospace & Defense · Industrials
Price
₹394.10
+0.35 (+0.09%)
Market Cap
₹141.44B
Exchange
Bombay Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+73.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 206.7M (2022) → 358.5M (2026)

Apollo Micro Systems Limited, an Indian company founded in 1985 and headquartered in Hyderabad, specializes in the comprehensive design, development, assembly, and testing of advanced electronic and electro-mechanical solutions. Their extensive product portfolio serves diverse critical sectors. For defense and aerospace, they provide essential systems such as missile hardware simulators, integrated avionics modules, digital signal processing (DSP) solutions, seeker electronics, turret control units, launcher interface systems, and various radar and jamming technologies, including UAV detection and specialized jammers. Within critical infrastructure and transportation, the company delivers public address and passenger information systems, vehicle tracking and command-and-control solutions, smart street lighting, weigh-in-motion systems, and security technologies like CCTV surveillance, X-ray inspection, boom barriers, and RFID fleet management. They also offer specialized data and communication products, including high-speed data acquisition cards, frame synchronizers, Ethernet modules, and a range of data bus solutions. Beyond product development, Apollo Micro Systems provides comprehensive services, encompassing electronic manufacturing, hardware and software design, mechanical and electronic CAD, and system integration for complex weapon, platform, and other specialized applications.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+80.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+137.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$2.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Apollo Micro Systems Limited grew revenue 80% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
27.9%
Modest — 27.9% gross margin
Operating Margin
20.7%
Excellent — 20.7% operating margin
ROCE
3.3%
Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+60.7%
Fast-growing sales (60.7% YoY)
EPS YoY
+74.9%
Earnings growing fast (74.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
-168%
Weak — only -168% of profit becomes cash
FCF Margin
-42.2%
Burning cash (-42.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.41
Conservative — low debt load (0.41)
Interest Cover
4.14x
Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
120.5x
Expensive — P/E 120.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+40.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (120.5 → 80.4)

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Dividends

Dividend Yield
0.06%
Small dividend — 0.06% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
N/A
Data not available

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