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Apollo Micro Systems Limited (APOLLO) Fair Value & Analysis

Industrials · IN · Market cap ₹143B

AM Apollo Micro Systems Limited APOLLO · NSE
Price₹379.85
Fair Value₹54.24
Upside-85.7%
Quality30/100
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Expensive Growth
Solidly profitable · 12.5% net margin
Low debt · negative free cash flow
0.06% dividend yield
Mixed vs. peers (6/13)
Moderate moat 54/100
Evidence: High Range ₹39.80 – ₹67.80 Share as image

Fair value as of: Aug 2, 2026

From 16 valuation models · updated 11 days ago

Share price −5.7% over the past month.

Below-average quality, and screening another 86% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹67.80). The favourable scenario is already priced in.
  • Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

₹450.05 ₹8.68 Fair Value ₹54.24 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹8.68 – ₹450.05 · fair‑value band ₹39.80 – ₹67.80 · the ₹379.85 price screens above the ₹54.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Apollo Micro Systems Limited (APOLLO) currently trades at ₹379.85, while our model-based Fair Value estimate is ₹54.24, implying the stock looks roughly 85.7% overvalued today. The Quality Score stands at 30/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Apollo Micro Systems Limited generated revenue of ₹9.0B at a net margin of 12.5%. Revenue grew 81.3% year over year. It earns a return on equity of 11.2%. Net debt stands at ₹3.9B. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹39.80 (bear case) to ₹67.80 (bull case); at ₹379.85, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 134% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at -86%, APOLLO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹3.61 to ₹144.10). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹29.78 ₹32.27 ₹42.84 76
ROIC Compounder ₹43.31 ₹60.13 ₹75.83 72
Gordon GGM ₹2.06 ₹4.28 ₹6.80 70
All 16 models by family
Earnings-Based
Graham-Dodd ₹20.66 ₹144.10 ₹202.23 54
Lynch FV ₹54.82 ₹78.31 ₹101.80 50
PEG = 1.0 ₹54.82 ₹78.31 ₹101.80 46
EPV ₹39.02 ₹45.36 ₹50.91 59
Dividend Discount
Gordon GGM ₹2.06 ₹4.28 ₹6.80 70
DDM Multi-Stage ₹2.06 ₹3.61 ₹4.50 61
Multiples
P/E Multiple ₹47.86 ₹63.81 ₹79.77 63
P/S Multiple ₹36.50 ₹48.67 ₹60.84 58
P/B Multiple ₹38.74 ₹51.66 ₹64.57 55
EV/EBIT ₹68.18 ₹90.58 ₹112.98 53
EV/EBITDA ₹58.22 ₹77.30 ₹96.38 54
EV/Revenue ₹31.65 ₹44.79 ₹57.93 43
Asset-Based
NCAV (Graham) ₹17.67 ₹23.68 ₹35.34 50
Economic Profit
Residual Income ₹29.78 ₹32.27 ₹42.84 76
ROIC Compounder ₹43.31 ₹60.13 ₹75.83 72
Growth Earnings
Growth-Adj P/E ₹69.83 ₹99.76 ₹129.69 68

Widest divergence: Growth Earnings (₹99.76) versus Dividend Discount (₹3.61). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹9.0B
Revenue growth (YoY) +81.3%
Net margin 12.5%
Return on equity 11.2%
Free cash flow −₹4.0B FY2026
P/E ratio 122.0
More key figures
Operating margin 20.7%
EPS (TTM) ₹3.15
Dividend yield 0.1%
EPS growth (YoY) +135%
Net debt ₹3.9B FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 30/100

Of which business quality 31 · Market factors (momentum, volatility) 70

Profitability 35
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 92
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 13
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Apollo Micro Systems Limited designs, develops, and assembles electronic and electromechanical solutions in India. The company offers DSP, missile hardware simulators, integrated avionics modules, generic PCM encoders and decoders, DSSS de-modulators, seeker electronics, RPF and signal processing systems, turret control and power units, missile interface …

Full company description

Apollo Micro Systems Limited designs, develops, and assembles electronic and electromechanical solutions in India. The company offers DSP, missile hardware simulators, integrated avionics modules, generic PCM encoders and decoders, DSSS de-modulators, seeker electronics, RPF and signal processing systems, turret control and power units, missile interface units, launcher controllers, launcher interface units, tiger sharc DSP-signal processors, quad actuator controllers, fault tolerant and system relay boxes, and DSP controllers; ESM-eagle kit, embedded arss, PSU, and auxiliary controllers; and integrated payload checkout systems, satellite data simulators, high speed frame synchronizers, time code readers/generators, bit synchronizers, monopulse tracking receivers, PCIE-HSDR, PCM-two channel decommutators, PCIe based two channel data acquisition cards, and PCI-X based two channel serial data acquisition cards. It also provides avionics and transportation solutions; public address display systems, warning systems, vehicle tracking solutions and command control solutions, minemaster, weight-in-motion systems, tyre care, passenger information systems, and station announcement systems; ethernet, base band modules, converters, USB/Ethernet protocol converters, dual data bus couplers, data bus solutions, and various formulas; and solar smart street lighting, CCTV surveillance, vehicle tracking, boom barrier, RFID fleet management, UAV detecting and jamming, GSM interception, Wi-Fi and lawful interception, and portable x-ray inspection systems, as well as passenger information displays, wall radar, reactive convoy and stationary jammers, and portable and stationary bomb jammers. In addition, the company offers electronic manufacturing, hardware design, IT and software, and electronic and mechanical CAD services. Apollo Micro Systems Limited was incorporated in 1985 and is based in Hyderabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Apollo Micro Systems Limited reported revenue of ₹9.0B in FY2026 versus ₹2.4B in FY2022, a compound +38.9%/yr. Reported net income was ₹1.1B in FY2026, compounding +66.7%/yr from FY2022.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹9.0B
Latest YoY
+60.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+44.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+34.8%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.8%
Revenue +38.9%/yr
FY22 ₹2.4B
FY23 ₹3.0B
FY24 ₹3.7B
FY25 ₹5.6B
FY26 ₹9.0B
Net income +66.7%/yr
FY22 ₹146M
FY23 ₹188M
FY24 ₹311M
FY25 ₹564M
FY26 ₹1.1B
Character of growth · EPS growth decomposed (2015-2026) +12.7 % p.a.
Revenue per share +8.1 pp

of which total revenue +16.1 pp · buybacks/dilution −8.0 pp

EBIT margin +3.4 pp
Tax rate −0.1 pp
Residual (interest, one-offs) +1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

APOLLO screens 86% overvalued. Compare with General Electric Company →

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Cite: Fair Value Calculator (2026). "Apollo Micro Systems Limited Fair Value". https://www.fairvalue-calculator.com/stock/APOLLO

Peer Group

Aerospace & Defense · 229 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 30 · Bottom 25%
Fair Value upside −86% · Bottom 25%
Return on equity (TTM) 11% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Above median
Operating margin (TTM) 21% · Top 25%
Revenue growth 81% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 122.0× · Pricier than 75% of peers
P/B 10.87× · Pricier than 75% of peers
P/S (TTM) 15.79× · Pricier than 75% of peers
EV/EBITDA 65.3× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 48
PAST 45 · sector 37
HEALTH 95 · sector 94
DIVIDEND 1 · sector 15

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
General Electric Company GE $381.22 $116.71 -69%
RTX Corporation RTX $195.93 $88.37 -55%
Airbus SE 1AIR €213.25 €86.20 -60%
The Boeing Company BA $217.11 $48.20 -78%
China CSSC Holdings 600150 ¥34.31 ¥21.90 -36%
HD Hyundai Heavy Industries Co 329180 466,000 KRW 272,966 KRW -41%
Hanwha Aerospace Co 012450 967,000 KRW 573,468 KRW -41%
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS 337.50 TRY 130.70 TRY -61%
Saab AB SAABB kr 520.40 kr 212.84 -59%
Kongsberg Gruppen ASA KOG kr 277.50 kr 106.93 -61%

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Frequently asked questions

Is Apollo Micro Systems Limited (APOLLO) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹54.24 versus a price of ₹379.85, about −86% (overvalued).
What is the fair value of APOLLO?
Our model-based fair value for Apollo Micro Systems Limited is ₹54.24 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹379.85.
What is the quality score of APOLLO?
Apollo Micro Systems Limited has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Apollo Micro Systems Limited (APOLLO)?
Apollo Micro Systems Limited reported trailing-twelve-month revenue of about ₹9.0B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of APOLLO?
The net profit margin of Apollo Micro Systems Limited is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does Apollo Micro Systems Limited pay a dividend?
Apollo Micro Systems Limited currently shows a dividend yield of about 0.06% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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