Apollo Micro: 20x Stock, 7x Profit Growth

Apollo Micro Systems has gone from ₹19 to ₹375 in around 3.5 years. The business has grown strongly over the same period. In FY23, revenue stood at ₹298 crore and net profit was ₹19 crore. By September 2026, trailing 12-month revenue had reached around ₹1,185 crore, with profit at approximately ₹137 crore. Q2 FY27 numbers were also strong: • Revenue grew 72% year-on-year. • EBITDA increased 88%. • Net profit rose 54%. • Order book reached a record ₹1,765 crore. The share price has risen around 20 times, compared with roughly 4x revenue growth and 7x profit growth. At about 95x trailing earnings, the valuation reflects high expectations for future order execution and earnings growth. One figure to track closely is cash flow. Apollo Micro reported negative operating cash flow of ₹130 crore in FY26, showing that business expansion is also consuming cash. Educational purposes only. Not a buy/sell recommendation.