Apollo Micro Systems Ltd. · NSE:APOLLO
Apollo Micro Systems — Q3 FY26 Earnings Presentation
129 slides from Apollo Micro Systems's earnings presentation, Feb 9, 2026
Slide 1: Investor Presentation for the Quarter ended 31st December, 2025
Date: 09th February, 2026 BSE Limited, National Stock Exchange of India Ltd., Department of Corporate Services Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai – 400 001 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: 540879 Symbol: APOLLO ISIN: INE713T010
Slide 2: Earnings Presentation Q3 FY26 & 9M FY26
APOLLO MICRO SYSTEMS LTD We Commit, We Deliver FROM CONCEPT TO MASS PRODUCTION HIGHEST EVER QUARTER AND 9 MONTHS REVENUE DELIVERED EARNINGS PRESENTATION- Q3 FY26 & 9M FY26 BSE: 540879 NSE: APOLLO 1
Slide 3: Who We Are, Where We Are Going
WHO WE ARE, WHERE WE ARE GOING 2
Slide 4: Then v/s Now: A Legacy of Innovation
THEN V/S NOW: A LEGACY OF INNOVATION 3
Slide 5: Then v/s Now: A Legacy of Innovation
THEN V/S NOW: A LEGACY OF INNOVATION 4
Slide 6: Then v/s Now: A Legacy of Innovation
THEN V/S NOW: A LEGACY OF INNOVATION 5
Slide 7: From Systems/Subsystems to Complete Weapons
THEN V/S NOW: A LEGACY OF INNOVATION FROM SYSTEMS/SUBSYSTEMS TO COMPLETE WEAPONS And the nos are countless for such systems and subsystems 6 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 8: Weapons Indigenized by Us
INDIGINIZED WEAPONS INDIGENIZED BY US 7 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 9: Multi Influence Ground Mines
MULTI INFLUENCE GROUND MINES • We are the approved production agency for Multi-Influence Ground Mine (MIGM) –Vighana, under DcPP by DRDO. • Only United States, Russia, China, and Italy, With this achievement, India joins the league of technologically advanced nations in undersea warfare capabilities
Slide 10: Limpet Mines
WHERE WE ARE- FROM SUBSYSTEMS/ SYSTEMS TO COMPLETE WEAPONS (1/8) FIRST INDIGENIZED • A Limpet mine is a type of Naval mine that is usually manually placed by a diver on the upside of a ship’s hull. LIMPET MINES • These mines are manually attached to the target by magnets. • These man-portable and mu
Slide 11: Moored Mines
MOORED MINES • The moored mine is deployed where water is too deep for bottom mines and normally uses a combination of acoustic, magnetic and pressure sensors or even more sophisticated optical shadows or electro potential sensors. FIRST • The Moored Mines have a weight attached to them which keep t
Slide 12: Anti Submarine Warfare Rockets
ANTI SUBMARINE WARFARE ROCKETS • Because of the specialized nature of submarines, a distinct military strategy called anti-submarine warfare, or ASW, was created to counter them. Its primary objective is to defend ships and allied assets by identifying, locating, and eliminating enemy submarines, us
Slide 13: Aerial Bombs
AERIAL BOMBS • These Aerial Bombs are fitted onto Unmanned Areal Vehicles (Loitering Munitions) that are designed to provide unprecedented levels of flexibility and precision in modern warfare and will be delivered to inflict damage to the targets. • The Aerial Bombs can be used as Anti-personal / A
Slide 14: Medium Range Rockets
MEDIUM RANGE ROCKETS • Its compact form factor ensures compatibility with vehicle-mounted launch systems while maintaining the required aerodynamic stability, structural integrity, and operational effectiveness for counter- drone missions. • Ground to Air Launch developed for attacking Drones/ Swarm
Slide 15: Medium Torpedo Range Rockets
MEDIUM TORPEDO RANGE ROCKETS • Torpedoes are the most preferred lethal underwater weapons for naval platforms such as submarines, surface vessels, aircraft and helicopters. • The torpedo is a weapon specifically designed to sink ships, regardless of ownership or contents. 13 14 Investor Presentation
Slide 16: Grad Rockets Shoot & Move
GRAD GRAD ROCKETS (8/) ROCKETS SHOOT & MOVE Successfully developed the 122mm rocket warhead inhouse. The BM-21 Grad rockets (122 mm Global Standard) remain Integrate indigenously developed warheads with domestically produced rocket motors. among the most widely demanded unguided rockets Remains in S
Slide 17: Weapons/Systems
WEAPONS/ SYSTEMS • The existing portfolio includes • These weapons systems have been complete weapon systems that indigenously developed and have either achieved qualification produced entirely in-house. or are in advanced stages of the qualification process. • In the Under Water Mines we are • Cons
Slide 18: Systems/Subsystems Indigenized by Us
INDIGINIZED SYSTEMS/ SUBSYSTEMS INDIGENIZED BY US 17 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 19: Armament Systems
ARMAMENT ARMAMENT SYSTEMS SYSTEMS The Exchange of the MoU at Swavalamban 2025, the Indian Navy's flagship event for innovation and indigenization, among IIT Chennai, Indian Navy and Apollo Micro Systems Ltd highlights the shift towards a collaborative R&D model. This partnership is expected to focus
Slide 20: Critical Systems/Subsystems
CRITICAL SYSTEMS/ SUBSYSTEMS Actuation System Homing Systems 1 8 2 7 Power Distribution Guidance, Navigation and Systems Control Systems On Board Computer 3 6 Safety Arming Systems Mechanism 4 5 Fuzes Warhead 19 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 21: Critical Systems/Subsystems
CRITICAL SYSTEMS/ SUBSYSTEMS Digital RF Seeker Actuation Systems 9 16 10 15 Data Link Systems Signal Processing Units Radome 11 14 Rocket Motors 12 13 MIRV Launcher Systems 20 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 22: Critical Systems/Subsystems
CRITICAL SYSTEMS/ SUBSYSTEMS Propulsion Systems Ruggedized Computer Module 17 24 18 23 Inertial Navigation Fire Control System Systems Critical Ground Handling 19 22 Telemetry Systems System 20 21 Weapon Dispensing Combination of Camera, Laser, GNSS Module Systems And many more 21 Earnings Presentat
Slide 23: Homing Systems
HOMING SYSTEMS Universal Homing System for Heavy Weight Torpedoes, This first-of-its-kind technology was developed in collaboration with DRDO. Heavy Weight Torpedoes are included in the We are fully We are the only Ministry of Defence We invested last prepared to meet qualified vendor Embargo List,
Slide 24: Unmanned Aerial Systems
UNMANNED AERIAL SYSTEMS We hold a license to manufacture Unmanned Large Payload capable Aerial Bombs dispensing UAS. Helicopters Unmanned Aerial Systems (UAS). We are collaborating with several domestic and Long Endurance High Altitude UAS ability to work international partners for the development o
Slide 25: Inertial Navigation Systems and Radar Equipments
INERTIAL NAVIGATION SYSTEMS AND RADAR EQUIPMENTS • MEMs based • We hold a license to manufacture Inertial Navigation Systems (INS) and is presently engaged in the development of INS is in the multiple navigation solutions. advance • In parallel, we are collaborating with selected domestic and intern
Slide 26: Directed Energy Weapons (DEW)
DIRECTED ENERGY WEAPONS (DEW) DEW SYSTEMS As the name suggests, they use high- Transfer of Technology for Multi-Channel 10 kW Laser Directed Energy powered lasers to inflict damage on targets. Compared to traditional weapons, which 01 Weapon System from DRDO-CHESS, Hyderabad, subject to execution of
Slide 27: Land Mines
LAND MINES PRACHAND PRACHAND is an Anti-Tank Munition with full width attack capability. First line of defence against enemy infantry It comes under new family of New Variants of Anti Tank We produced Hardware for this Mines are under and armoured columns or terrorist trying to Munitions in India. a
Slide 28: Vehicle Mounted Counter Drone Systems
VEHICLE MOUNTED COUNTER DRONE SYSTEMS (VMCSDS) • Under Make II Category. • From First quarter of next financial year the trials will be initiated. • It is currently in the development stage. 27 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 29: Munition Systems
MUNITION SYSTEMS Awarded Transfer of Technology (TOT) by the Defence Research and Development Organization (DRDO) in Explosive Fuzes Warhead Land Mine Safety ESAD based Fuze for Mini Omni Directional Multi- Prachand Munition Arming EFP Warhead for NASM- Depth Charge (MDC) SR Missile Hardware Mechani
Slide 30: Industrial Explosives
INDIGINIZED INDUSTRIAL EXPLOSIVES 29 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 31: Defence Explosives
DEFENCE EXPLOSIVES Under the IDR Act, 1951, authorizing the manufacture of Cyclotetramethylenetetranitramine 3 Development opens up the opportunity for us to (HMX) and Trinitrotoluene (TNT). meet its captive requirements of high-energy 1 defence explosives while also addressing the growing demand in
Slide 32: Highlights
HIGHLIGHTS 31 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 33: Share Holding Pattern Institution Names
SHARE HOLDING PATTERN INSTITUTION NAMES • LIC MF Flexi Cap Fund • Zeal Global Opportunities Fund • AL Maha Investment Fund- Onyx Strategy • Magnifica Global Opportunities VCC- MGO High Conviction Fund 42% • Minerva Ventures Fund • LIC MF Small Cap Fund 52% • SPDR Portfolio Emerging Market ETF • SPDR
Slide 34: Extending Our Streak of Strong Performance- Nine Months (Consolidated)
EXTENDING OUR STREAK OF STRONG PERFORMANCE- NINE MONTHS (All Figures in Millions) CONSOLIDATED YoY Revenue from Operations EBITDA* EBITDA Margin INR 6111 INR 1505 24.6% + 53% +61 % 134 bps PAT PAT Margin Order Book INR 706 11.6% INR 13050 Mn As on 31st Dec 2025 +67 % +100bps * Excluding Other Income
Slide 35: Extending Our Streak of Strong Performance- Nine Months (Standalone)
EXTENDING OUR STREAK OF STRONG PERFORMANCE- NINE MONTHS (All Figures in Millions) STANDALONE YoY Revenue from Operations EBITDA* EBITDA Margin INR 5596 INR 1535 27.4% + 40% +65 % 415 bps PAT PAT Margin INR 831 14.9% +94 % +413 bps * Excluding Other Income 34 Earnings Presentation February 2026 | APO
Slide 36: Extending Our Streak of Strong Performance- Quarterly Result (Standalone)
EXTENDING OUR STREAK OF STRONG PERFORMANCE- QUARTERLY RESULT (All Figures in Millions) STANDALONE YoY Revenue from Operations EBITDA* EBITDA Margin INR 2008 INR 533 26.5% + 35% +40 % 94 bps PAT PAT Margin INR 307 15.3% +66 % +284 bps * Excluding Other Income 35 Earnings Presentation February 2026 |
Slide 37: Extending Our Streak of Strong Performance- Quarterly Result (Consolidated)
EXTENDING OUR STREAK OF STRONG PERFORMANCE- QUARTERLY RESULT (All Figures in Millions) CONSOLIDATED YoY Revenue from Operations EBITDA* PAT INR 2522 INR 504 INR 229 + 70% +33 % +25% PAT Margin EBITDA Margin 20% 9.1% Significant improvement in Line Items * Excluding Other Income 36 Earnings Presentat
Slide 38: Distinct. Determined. Ahead.
DISTINCT. DETERMINED. AHEAD. 01 The only company with Highest Participation in Indigenous Missile Programs of DRDO. 02 The only company in India with a proven track record of supplying from an individual systems to complete platforms, including explosives. 02 03 The only company in India working for
Slide 39: Legacy of Trust, Vision for Atmanirbhar Bharat
LEGACY OF TRUST, VISION FOR ATMANIRBHAR BHARAT EBITDA (ex Other Income) 29% 35% CAGR 2021-2025 PAT Revenue 53% CAGR CAGR 2021-2025 2021-2025 21% EBITDA Margin (ex Other Income) 2021-2025 D/E Average 5 years 0.3 2021-2025 38 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 40: The Big Picture- Indiginization
THE BIG PICTURE- INDIGINIZATION We Indigenize- Systems/ Subsystems/ Weapons. India Builds Its Own Future. RFP Type to name some Presence in all Make 1 Program 150+ Missiles Programs Indigenous Make 2 Program Program IDMM Presence in all 700+ Participation Buy Indian NAVAL Warfare On board Buy and Ma
Slide 41: The Road We Have Walked
THE ROAD WE HAVE WALKED 84 26 84 % Successfully configured % % First Indigenous Pay-Load Indigenous Automatic Started Offering Incorporated AMS Checkout System is supplied Launched Telemetry Launcher Controller for Indigenous Proprietary Company to ISRO replacing Legacy Products for ISRO AGNI Range
Slide 42: Our Vision and Mission
OUR VISION AND MISSION VISION MISSION To emerge as a world-class company Convert your and a unique solution provider with Concepts into Reality. Total Solutions Under One Roof. 41 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 43: Inorganic Growth
INORGANIC GROWTH 42 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 44: Recent Strategic Acquisition- Unlocking Value (1/5)
RECENT STRATEGIC ACQUISITION- UNLOCKING VALUE (1/5) Apollo Defence Industries Pvt Ltd (ADIPL), a subsidiary of Apollo Micro Systems Ltd, has completed 100% GOCL Corporation Limited (GOCL), formerly Gulf Oil Corporation The acquired entity possesses a substantial land bank equity stake in IDL Explosi
Slide 45: Successful Conclusion of the Acquisition (2/5)
SUCCESSFUL CONCLUSION OF THE ACQUISITION (2/5) Successful completion of the 100% purchase of IDL Explosives Ltd 44 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 46: Turning Near Term Challenges into Opportunities (3/5)
TURNING NEAR TERM CHALLENGES INTO OPPORTUNITIES (3/5) While the near term presented headwinds including volatility in gross margins, a temporary ban by our highest revenue contributing customer, and underutilized capacity each of these challenges is being actively transformed into a driver of future
Slide 47: Testament of Our Efforts (4/5)
TESTAMENT OF OUR EFFORTS (4/5) Our focused and proactive actions have led to the successful removal of the ban by Coal India Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 46
Slide 48: Testament of Our Efforts (5/5)
TESTAMENT OF OUR EFFORTS (5/5) From Cash Cow Business to Growing Business- Removal of Coal India Ban Our first order was secured immediately following the acquisition, marking a decisive return to stable operations. Recent Order Won from Coal India worth of INR 421 crores (approx.). Back in Business
Slide 49: Our Circle of Competence
OUR CIRCLE OF COMPETENCE 48 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 50: Our Strategic Attributes (1/4)
OUR STRATEGIC ATTRIBUTES (1/4) We design and manufacture systems, subsystems and weapons using in‑house engineering from initial concept The only Indian company with a through production. No reverse engineering of demonstrated, proven track third‑party products is performed or relied upon. All recor
Slide 51: Our Strategic Attributes (2/4)
OUR STRATEGIC ATTRIBUTES (2/4) R&D as a % of revenue in FY25 stood at 6%. Growing Organically and Inorganically. Advancing from a Tier 2/3 to Tier 1 supplier. Diversification of sectors, clients, geographies and Solutions offerings. Participation in complex Tenders. Presence in niche sectors with pr
Slide 52: Our Strategic Attributes (3/4)
OUR STRATEGIC ATTRIBUTES (3/4) Backward and forward integration enabled through High Entry Barrier. greenfield and brownfield expansions, along with a recent acquisition. Significant Order Book Pipeline. Entering production unlocks economies of scale. First Company to contribute to Indian Weapon Sys
Slide 53: Our Strategic Attributes (4/4)
OUR STRATEGIC ATTRIBUTES (4/4) Only publicly listed Tier-1 Hold a strategic advantage in the naval domain, electronics designer with varied with a strong presence across all indigenously technological spectrum of Weapon developed Torpedo programs. electronics for missile systems. Exclusively develop
Slide 54: Significant Entry Barrier Explained
SIGNIFICANT ENTRY BARRIER EXPLAINED We have ownership of Intellectual Property for all weapons/ systems/ subsytems. Long Substantial upfront Capex and Strategic location in India’s defence Production cycle creates monopoly due to regular capital infusion in R&D . belt Hyderabad. New entrants face co
Slide 55: Drivers, Financial Resilience, Reinforcing Momentum (1/2)
DRIVERS, FINANCIAL RESILIENCE, REINFORCING MOMENTUM (1/2) Exports gaining Momentum. demonstrated growth in both Atmanirbhar Bharat- Making 01 02 03 04 topline and bottom line, with bottom line growth (53%) outpacing Defence sector sustainable. that of the topline (29%). Expansion in margins Operatin
Slide 56: Drivers, Financial Resilience, Reinforcing Momentum (2/2)
DRIVERS, FINANCIAL RESILIENCE, REINFORCING MOMENTUM (2/2) CFO in FY25 stood at INR 11.27 crores. Technical Expertise Long Term Borrowings stood at INR evidenced through Moored Mines, 05 06 07 08 70 crores in FY25. MIGM, Rockets, Limpet Mines and many more. Working Capital Cycle days reduced from 600
Slide 57: Business Overview
BUSINESS OVERVIEW 56 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 58: We Make Defence Weapons
WE MAKE DEFENCE WEAPONS • Apollo Micro Systems Limited (AMS), established in 1985 and headquartered in Hyderabad, is a leading technology provider of high- performance, mission-critical solutions for the defence sector. Building on 41 years of technological excellence we are poised to evolve into a
Slide 59: Application of Products and Services Offerings (1/2)
APPLICATION OF PRODUCTS AND SERVICES OFFERINGS (1/2) 58 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 60: Application of Products and Services Offerings (2/2)
APPLICATION OF PRODUCTS AND SERVICES OFFERINGS (2/2) 59 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 61: Business Model Canvas
BUSINESS MODEL CANVAS Key Activities Key Resource Cost Structure We focus on the design and A standardized definition R&D and Testing costs vary based development of defence is not applicable, as each on product mix & is substantial systems/subsytems/weapons/p product is customized to Semiconductors
Slide 62: Our Marquee Clientele (1/2)
OUR MARQUEE CLIENTELE (1/2) We largely caters to / collaborates with the Ministry of Defence, Government controlled Public Sector Undertakings and Private Companies. 61 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 63: Our Marquee Clientele (2/2)
OUR MARQUEE CLIENTELE (2/2) We largely caters to / collaborates with the Ministry of Defence, Government controlled Public Sector Undertakings and Private Companies. and many more 62 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 64: Certifications
CERTIFICATIONS We are an AS 9100D & CEMILAC (Centre for Military Airworthiness & Certification) certified Organization. CEMILAC CERTIFIED 63 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 65: Greenfield Expansion
GREENFIELD EXPANSION 01 Scaling Operations to 12x capacity. Total investment of INR 300 crores which also includes a land bank 02 of approx. 2,47,441 sq ft strategically located adjacent to Unit 3 at the Industrial Park, TSIIC Hardware Park, Phase 2, Hyderabad. The facility is planned to support the
Slide 66: Our Dedicated R&D- Driven by Innovation and Indigenization DNA
OUR DEDICATED R&D- DRIVEN BY INNOVATION AND INDIGENIZATION DNA In FY25, our rigorous efforts in Research and Development culminated in the successful development of Aerial Bombs, Underwater Acoustic Sensors, Critical Actuation Systems, Secured Data links and many other products. We are currently wor
Slide 67: Indigenization and Modernization of Defence Ecosystem- Missiles
INDIGENIZATION AND MODERNIZATION OF DEFENCE ECOSYSTEM- OUR PARTICIPATION MODE MISSILES INDIGENIZED Air to Surface RUDRAM Missile (ASM) Surface to Air VLSRAM (ASTRA VARIANT), AKASH/ Missile (SAM) NGRAM,QRSAM,SANT, KUSHA Anti Radiation RUDRAM, STAR, NGRAM Missile NAG, AMOGHA 2, HELINA, Anti Tank IMPAT
Slide 68: Naval Programs
INDIGENIZATION AND MODERNISATION OF DEFENCE ECOSYSTEM – OUR PARTICIPATION TYPE PROGRAMS INDIGENIZED NUCLEAR SUBMARINE Arihant Aridhaman NAVAL PROGRAMS TORPEDO TAL Varunastra ALWT SUBMARINE EHWT LAUNCHED TORPEDO UNDERWATER MIGM MINE Moored Mines EXPANDABLE MAREECH DECOYS MOHINI 67 Earnings Presentati
Slide 69: Artillery
INDIGENIZATION AND MODERNIZATION OF DEFENCE ECOSYSTEM - OUR PARTICIPATION PROGRAMS INDIGENIZED TARA BOMBS GARUTHMA GARUDA LRGB PINAKA ARTILLERY GUIDED PINAKA ATAGS 68 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 70: Others
INDIGIZATION AND MODERNIZATION OF DEFENCE ECOSYSTEM - OUR PARTICIPATION PROGRAMS INDIGINIZED RUSTOM UAV VSHORAD AIR DEFENCE SYSTEM OTHERS HYPERSONIC TECHNOLOGY DEMONSTRATOR VEHICLE 69 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 71: Missile Programs
MISSILE PROGRAMS 70 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 72: Nuclear Missile, Ballistic and Anti Submarine Missiles
AIR TO SURFACE MISSILE NUCLEAR MISSILE ANTI SUBMARINE MISSILE AGNI SMART BALLISTIC MISSILE K4 PRALAY Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 71
Slide 73: Cruise Missile and Anti Ship Missile
CRUISE MISSILE ANTI SHIP MISSILE NIRBHAY NASM SLCM LRAHSM Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 72
Slide 74: Surface to Air Missile
SURFACE TO AIR MISSILE AKASH VLSRAM NGRAM QRSAM SANT Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 73
Slide 75: Anti Radiation Missile
ANTI RADIAITION MISSILE STAR NGRAM Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 74
Slide 76: Anti Tank Missile
ANTI TANK MISSILE AMOGHA 2 HELINA NAG MPATGM Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 75
Slide 77: Naval Programs
NAVAL PROGRAMS 76 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 78: Nuclear Submarine and Under Water Mines
NUCLEAR SUBMARINE UNDER WATER MINES ARIHANT MIGM NAG MOORED MINE Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 77
Slide 79: Torpedoes
TORPEDOES TAL ALWT VARUNASTRA Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 78
Slide 80: Expendable Decoys, Submarine Launched Torpedoes
EXPENDABLE DECOYS SUBMARINE LAUNCHED TORPEDOES EHWT MAREECH MOHINI C303 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 79
Slide 81: Others
OTHERS 80 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 82: Hypersonic Technology Demonstrator Vehicle, Rustom UAV, VSHORAD
OTHERS HYPERSONIC TECHNOLOGY DEMONSTRATOR VEHICLE RUSTOM UAV VSHORAD AIR DEFENCE SYSTEM Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 81
Slide 83: Arms and Ammo
ARMS AND AMMO 82 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 84: Bombs
BOMBS LRGB TARA Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 83
Slide 85: Artillery
ARTILLERY PINAKA GUIDED PINAKA ATAGS Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 84
Slide 86: Business Environment
BUSINESS ENVIRONMENT INDIA 2027- ERA OF TRANSITION 2027-2037- ERA OF CONSOLIDATION 2037-2047- ERA OF EXCELLENCE 85 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 87: Nations Are Gearing Up (1/4)
NATIONS ARE GEARING UP (1/4) • Global military expenditure increased to $2718 billion in 2024, the 10th year of consecutive rises. The world’s 15 largest spenders in 2024 all increased their military expenditure. The global military burden—the share of global gross domestic product (GDP) devoted to
Slide 88: Nations Are Gearing Up (2/4)
NATIONS ARE GEARING UP (2/4) • Military expenditure in the Middle East reached an estimated $243 billion in 2024, an increase of 15% from 2023 and 19% more than in 2015 • China continues military build-ups China, the world’s second largest military spender, increased its military expenditure by 7.0%
Slide 89: Nations Are Gearing Up (3/4)
NATIONS ARE GEARING UP (3/4) • A build-up of missile arsenals in Europe There is a growing demand for missiles in Europe to replace those supplied to Ukraine as well as to expand stockpiles in line with the prevailing threat environment and to address perceived gaps in capabilities through the devel
Slide 90: Nations Are Gearing Up (4/4)
NATIONS ARE GEARING UP (4/4) 89 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 91: Markets with Macro Tailwinds (1/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (1/10) Story in Charts Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 90
Slide 92: Markets with Macro Tailwinds (2/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (2/10) All Figures in INR Crores Story in Charts Capital Acquisition Outlay 2,50,000 55% 3.05x Capital Outlay as a % of Defence Budget 2,19,306 50% 2,00,000 29% 1,80,001 40% 29% 1,59,501 1,54,256 28% 1,50,000 1,42,939 1,37,986 1,
Slide 93: Markets with Macro Tailwinds (3/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (3/10) All Figures in INR Crores Story in Charts Composition of Capital Acquisition Outlay Breakup of Total Capital Acquisition Outlay 100% Domestic Capital Procurement RE Foreign Capital Procurement RE 90% Others 89% 80% Land Sp
Slide 94: Markets with Macro Tailwinds (4/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (4/10) Story in Charts % Defence Service Estimates on Navy capital outlay Breakup of Total Capital Outlay in Modernization % Defence Service Estimates on airforce capital outlay % Defence Service Estimates on army capital outlay
Slide 95: Markets with Macro Tailwinds (5/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (5/10) Story in Charts Composition of Defence Production Composition of Export Production Pvt Cos SCOMET Issued by DGFT Contract Value and Another Export by DPSU DPSUs Contri in Total Defence Production Other PSUs/JV Contri in To
Slide 96: Markets with Macro Tailwinds (6/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (6/10) Story in Charts Composition of Capital Acquisition Outlay among Services* FY24 FY25 FY26 Army Army 19% 23% Army, 17% Air Force Air Force 41% 39% Air Force, 39% Navy, 43% Navy 36% Navy Joint Staff 41% 0% Joint Staff 1% *exc
Slide 97: Markets with Macro Tailwinds (7/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (7/10) India In pursuance of Prime Minister Shri Narendra Modi-led Government’s vision of ‘Viksit Bharat @ 2047’ with technologically-advanced and ‘Aatmanirbhar’ Armed Forces, Union Budget of India has made a provision of Rs 7.8
Slide 98: Markets with Macro Tailwinds (8/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (8/10) Triggers • In recent years, the global geopolitical landscape has witnessed multiple instances of armed conflict and rising tensions, including but not limited to the Russia–Ukraine war, Armenia–Azerbaijan conflict, China–
Slide 99: Markets with Macro Tailwinds (9/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (9/10) Strategic Response: • The Ministry of Defence has decided to observe 2025 as the ‘Year of Reforms’. According to the Ministry, this would aim to transform the armed forces into a technologically advanced and combat-ready f
Slide 100: Markets with Macro Tailwinds (10/10)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (10/10) Enhanced Foreign Direct Investment (FDI) Limits: FDI in the defence sector has been liberalized—up to 74% is permitted under the automatic route, and up to 100% under the government route. Establishment of Defence Corrido
Slide 101: Markets with Macro Tailwinds: Explosives (1/2)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (1/2) The explosive market size is expected to see strong growth in the next few years. It will grow to $9.37 billion in 2029 at a compound annual growth rate (CAGR) of 8.8%. The surge in government spending on the defense sector
Slide 102: Markets with Macro Tailwinds: Explosives (2/2)
MARKETS WITH MACRO TAILWINDS PROVIDE CONSIDERABLE GROWTH OPPORTUNITIES (2/2) • A surge in global demand for explosives and ammunition, fed by ongoing conflicts in Europe and West Asia, has resulted in record Indian defence exports, with the figure crossing ₹23,622 crore in 2024-25. • State-owned def
Slide 103: Catalyst
CATALYST 102 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 104: India's Time Is Now
INDIA’S TIME IS NOW Reliance on INDIGENIZATION for NATIONAL SECURITY. Export Opportunity. WORLD Dynamic is CHANGING. Platform with long life creates Alliances Are Pivotal in Shaping aftermarket opportunity. Defense Spending. Military Modernization programs. DEMAND Outpacing SUPPLY. 103 Earnings Pres
Slide 105: Driving Mutual Growth
DRIVING MUTUAL GROWTH 104 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 106: Partnerships: Driving Mutual Growth
PARTNERSHIPS: DRIVING MUTUAL GROWTH Signed MoU with Munitions India Ltd for identified select opportunities. Signed MoU with TCL for defense products. • Approved Collaborative R&D Partner for Bharat Electronics Limited. Signed MoU at Swavalamban 2025 with IIT Chennai and • Participation in 60+ progr
Slide 107: Financial Performance
FINANCIAL PERFORMANCE 106 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 108: Delivering on Every Promise- FY25
DELIVERING ON EVERY PROMISE- FY25 Topline Growth of 45%-50% Achieved Topline Growth of 51% Achieved EBITDA Margin* 24% EBITDA Margin* 22%-23% * Includes Other Income 107 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 109: Financial Highlights- 9MFY26 (Consolidated)
FINANCIAL HIGHLIGHTS- 9MFY26 (CONSOLIDATED FIGURES) (All Figures in Millions) Revenue from Operations EBITDA (Ex Other Income) 1.5x 6110.7 1.6x 1505.2 4003.0 932.2 9MFY25 9MFY26 PAT 9MFY25 9MFY26 705.9 1.6x 11.6% 10.6% 24.6% 424.0 23.3% Delivering Strong Performance with improved Financial Metrics 9
Slide 110: Financial Highlights- 9MFY26 (Standalone)
FINANCIAL HIGHLIGHTS- 9MFY26 (STANDALONE FIGURES) (All Figures in Millions) Revenue from Operations EBITDA (ex Other Income) 1.4x 1.6x 5596.3 1534.9 4003.0 931.8 9MFY25 9MFY26 9MFY25 9MFY26 PAT 27.4% 1.9x 831.3 23.3% 14.9% 429.2 Delivering Strong Performance 10.7% with improved Financial Metrics 9MF
Slide 111: Financial Highlights- Q3FY26 (Consolidated)
FINANCIAL HIGHLIGHTS- Q3FY26 (CONSOLIDATED FIGURES) (All Figures in Millions) Revenue from Operations EBITDA (ex Other Income) 1.7x 1.3x 2522.2 591.9 2252.6 503.9 379.6 1483.9 Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 PAT 1.3x 300.3 228.8 182.4 Highest Ever Quarter Revenue Registered Q3FY25 Q2FY26 Q
Slide 112: Financial Highlights- Historical (Consolidated)
FINANCIAL HIGHLIGHTS- HISTORICAL (CONSOLIDATED FIGURES) (All Figures in Millions) 2.28x 6000.0 5620.7 2.65x 1400.0 1292.1 5000.0 Revenue from Operations 1200.0 EBITDA (ex Other Income) PAT 4000.0 3716.3 1000.0 838.7 2975.3 800.0 3000.0 640.9 2459.0 2431.9 2030.7 600.0 563.6 486.7 455.2 2000.0 385.3
Slide 113: Financial Highlights- Historical
FINANCIAL HIGHLIGHTS- HISTORICAL (All Figures in Millions, otherwise stated) 2.5x Working Capital Cycle Days 661 R&D 335.2 579 600 297.9 543 266.1 507 445 147.5 134.1 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Interest Coverage Ratio Inventory Days Receivable Days Payable Days 3.3 189 24
Slide 114: Consolidated Income Statement- Q3FY26 & 9MFY26
CONSOLIDATED INCOME STATEMENT- Q3FY26 & 9MFY26 Particulars (Rs in Mn) Q3FY26 Q2FY26 Q3FY25 YoY 9MFY26 9MFY25 YoY Revenue from Operations 2522.2 2252.6 1483.9 70% 6110.7 4003.0 53% Other Income 9.1 13.0 9.8 30.8 21.6 Total Revenue 2531.3 2265.7 1493.7 69% 6141.5 4024.6 53% Total Expenses except Depre
Slide 115: Consolidated Income Statement - Historical
CONSOLIDATED INCOME STATEMENT - HISTORICAL Particulars (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 Revenue from Operations 2459.0 2030.7 2431.9 2975.3 3716.3 5620.7 Other Income 16.0 6.4 7.6 8.2 18.3 28.9 Total Revenue 2475.0 2037.1 2439.5 2983.5 3734.6 5649.5 Total Expenses except Depreciation, Amorti
Slide 116: Consolidated Balance Statement - Historical
CONSOLIDATED BALANCE STATEMENT - HISTORICAL Key Balance Sheet Items (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 Equity Share Capital 207.6 207.6 207.6 207.6 282.4 306.5 Reserves 2751.6 2851.7 2992.7 3634.4 4909.8 5769.2 Borrowings 132.0 162.2 1157.8 1436.5 2080.4 3353.5 Other Liabilities 990.7 1313.2 3
Slide 117: Consolidated Cashflow Statement - Historical
CONSOLIDATED CASHFLOW STATEMENT - HISTORICAL Particulars (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 Cash Flow From Operating Activities 469.1 73.8 431.8 -162.9 -784.9 112.7 Cash Flow From Investing Activities -186.9 -238.6 -243.0 -347.6 -587.9 -952.4 Cash Flow From Financing Activities -360.3 165.1 -1
Slide 118: Opportunities Aligned and Ready: Why We're Positioned to Win
OPPORTUNITIES ALIGNED AND READY: HERE’S WHY WE’RE POSITIONED TO WIN There is a critical need to advance the development of Anti-Submarine Warfare (ASW) rockets to effectively counter emerging and increasingly 1 sophisticated underwater threats. Presently, IN holds a large number of torpedoes The req
Slide 119: Ready to Serve the Country
READY TO SERVE THE COUNTRY We anticipate a sharp increase in our internal demand for explosives and propellants as several of our matured munition platforms will be entering large-scale production, including: 1. Underwater Mines 2. Anti-Submarine Warfare Rockets 3. Short- and Medium-Range Rockets 4.
Slide 120: Strategy for Years Ahead
STRATEGY FOR YEARS AHEAD Strengthening core R&D Rooting in Bharat and Expanding Geographical footprints We aim to strengthen our R&D foundation to drive • We are committed to expanding our presence in the Indian market innovation and develop cutting-edge technologies in by leveraging indigenous capa
Slide 121: Management Commentary
MANAGEMENT COMMENTARY Mr. Baddam Karunakar Reddy, Managing Director, Apollo Micro Systems Limited, said: “I’m pleased to share that Apollo Micro Systems has carried its exceptional momentum into FY26, delivering our highest Quarter and 9 Months revenue ever, a testament of our strategic focus, opera
Slide 122: Grateful for the Opportunity and Proud to Contribute
GREATFUL FOR THE OPPORTUNITY AND PROUD TO CONTRIBUTE DRDO & Indian Navy conduct combat firing (with reduced explosive) of indigenous Multi-Influence Ground Mine. Other nations that have developed seabed mines similar to DRDO’s MIGM include the United States, Russia, China, and Italy. With this achie
Slide 123: Creating Impact in Indian Drive of Atmanirbhar Bharat
CREATING IMPACT IN INDIAN DRIVE OF ATMANIRBHAR BHARAT Enters into a Strategic Greenfield Expansion with Government of Telangana (GoT) at “Rising Telangana Summit 2025” Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS LIMITED 122
Slide 124: Successful Response in the Aeroshow
SUCCESSFUL RESPONSE IN THE AEROSHOW Aero India is a premier event in the aerospace and defense industry, and our participation aligns with our strategic goals. It provides an excellent platform to showcase our products, engage with key stakeholders, and strengthen business partnerships . We have sig
Slide 125: Setting the Record Straight
SETTING THE RECORD STRAIGHT Dilution of Equity- All equity dilution to date has been strategic and prudent. The current preference round is intended to reinvest in the business, with a focus on leveraging growth opportunities in the defence sector. Quarterly Result Is Not The Correct Yardstick- In a
Slide 126: Skin in the Game/Leadership
SKIN IN THE GAME/ LEADERSHIP- LED WITH LONG TERM COMMITMENT Mr. Baddam Karunakar Reddy Mr. Addepalli Krishna Sai Kumar Mr. Chandrapati Venkata Siva Prasad (Managing Director) (Whole Time Director- Operations) (Whole Time Director- Technical) He founded Apollo Micro Systems in 1985 and has He is an E
Slide 127: Q3FY26 Earnings Call Invite
Q3FY26 EARNINGS CALL INVITE Apollo Micro Systems Limited announced its results for the quarter ended Dec 31 st 2025, on 9th Feb 2026. Following the announcement, the management team will host a conference call for investors and analysts on Feb 9 th 2026, at 6:00 PM IST. The call will commence with a
Slide 128: Safe Harbor
SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), which have been prepared by Apollo Micro Systems Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation, directly or indirectly, in any manne
Slide 129: Thank You
THANK YOU Email: investors.relations@apollo-micro.com +91 72888 92228 https://in.linkedin.com/company/apollo-microsystems-limited https://x.com/apollo_micro?t=ciDytB8PmvlekKn28EYOGQ&s=08 https://www.youtube.com/@apollomicrosystemslimited 128 Earnings Presentation February 2026 | APOLLO MICRO SYSTEMS