Apollo Micro bags ₹189.57 cr in defence orders
Orders from DRDO, Indian Navy and others, plus ₹55.22 cr for subsidiary IDL Explosives. Roughly 65% of last quarter's sales.
— 4 earlier stories on Apollo Micro Systems Ltd. →What's new
- Apollo Micro Systems secures ₹134.35 cr orders from DRDO, Indian Navy, defence PSUs, state govt, private firms.
- Subsidiary IDL Explosives wins ₹55.22 cr order executable over two years.
- Combined order value is about 65% of last quarter's revenue of ₹293 cr.
Why this matters
The order book addition significantly boosts near-term revenue visibility for a company with trailing revenue growth of 81%. The diversified customer base reduces concentration risk. However, with a P/E of 126x, the stock already prices in strong growth, so execution is key.
What we're watching
- Speed of execution and revenue recognition over the next two years.
- Whether this triggers further order wins from defence customers.
- Impact on already stretched valuations given high P/E.
The full read
Apollo Micro Systems has landed ₹189.57 crore in new orders from a diverse set of defence clients: DRDO, the Indian Navy, defence PSUs, a state government, and private firms. The parent contributes ₹134.35 crore, while its step-down subsidiary IDL Explosives adds ₹55.22 crore of work executable over two years. That is roughly 65% of the ₹293 crore Apollo reported as sales in the March 2026 quarter. For a company with trailing revenue growth of 81% but also a P/E of 126x, every large order matters. The past two months have been busy: Apollo announced a ₹1,550 crore acquisition of Premier Explosives in July and a ₹3,322 crore preferential issue. This order win diversifies the customer base and strengthens near-term revenue visibility. Execution is now the test. Can the company convert this backlog into cash flows that support its premium valuation? It must.
Questions answered
- What is the total value of the new orders?
- The combined order value is ₹189.57 crore, comprising ₹134.35 crore for Apollo Micro Systems and ₹55.22 crore for its subsidiary IDL Explosives.
- Who are the customers for these orders?
- Customers include DRDO, Indian Navy, defence public sector units, a state government, and private industries.
- How does this order compare to Apollo's recent revenue?
- The order is about 65% of the latest quarter's sales of ₹293 crore, indicating a material boost to the order book.
- How long will the subsidiary's order take?
- The ₹55.22 crore order for IDL Explosives is executable over two years.
- Is this order material for the stock valuation?
- Given the high trailing P/E of 126x, the stock needs strong revenue growth. This order helps visibility but must be executed to justify the valuation.
- Why did the company not disclose project specifics?
- The company stated the orders were received in the ordinary course of business and did not provide further details.
Apollo Micro Systems Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on APOLLO →- 15 Jul 2026 · 1:38 PM IST Apollo Micro bags ₹189.57 cr in defence orders
- 6d ago Apollo Micro buys 41% of Premier Explosives for ₹1,550 cr, enters solid propellants
- 8d ago Apollo Micro approves ₹3,322 cr preferential issue
- 17d ago Apollo Micro to consider preferential issue; details awaited
- 55d ago Apollo Micro sees large defence orders this year after record quarter