Apollo Micro Systems540879Quarterly results

MD's letter to shareholders: Q2 FY27 revenue ₹388.15 crore, up 72.3% YoY

MD's letter to shareholders: Q2 FY27 revenue ₹388.15 crore (+72.3% YoY), EBITDA ₹111.18 crore, PAT ₹46.15 crore.

By ScoutQuest · Sat 24 Oct 2026, 5:07 PM IST · 3 min read

₹639.44 crore

Q2 FY27₹388.15 croreH1 FY27₹639.44 crore

Revenue: ₹388.15 crore (Q2 FY27) and ₹639.44 crore (H1 FY27).

Q2 FY27 Revenue: ₹388.15 crore (+72.3% YoY)
Q2 FY27 EBITDA: ₹111.18 crore
H1 FY27 Revenue: ₹639.44 crore (+78.2%)

This is a letter from the Managing Director, Baddam Karunakar Reddy, addressed to all shareholders and dated 24th October 2026. It combines a review of recent financial performance with a description of where the company wants to go next in defence technology.

What the letter reports

Q2 FY27 revenue of ₹388.15 crore, a year-on-year growth of 72.3%
Q2 FY27 EBITDA of ₹111.18 crore
Q2 FY27 profit after tax (PAT) of ₹46.15 crore
H1 FY27 revenue of ₹639.44 crore, a year-on-year growth of 78.2%
H1 FY27 EBITDA of ₹164.91 crore
H1 FY27 PAT of ₹71.37 crore

These are the figures the MD quotes for the periods mentioned; the letter does not change them into any guidance for future quarters.

The opportunity the MD highlights

The letter refers to the recent approval by the Hon'ble Raksha Mantri for the transfer of technology of DRDO-developed missile systems to the Indian defence industry. The MD calls this an important moment in India's journey towards self-reliance and reads it as a sign of the Government's confidence in domestic industry. For the company, he links this to its work across mission-critical avionics, weapon electronics, fuzes, actuators, rugged computing, precision machining and system integration for DRDO, the Armed Forces and Defence PSUs.

The company's stated roadmap

The letter sets out a three-part plan built around missile technology

The foundation: the critical pillars named are propulsion, advanced electronics and seeker systems. Electronics expertise, guidance and navigation systems, onboard computers, and energetics capability through IDL Explosives and the ongoing acquisition process concerning Premier Explosives are described as the base.
Seekers and infrastructure: seeker development is described as underway, with supporting infrastructure being progressively developed, to move towards a more integrated presence across the missile technology value chain.
Complete weapon systems: the ambition stated is to bring these capabilities together. ShauryAstra Defence Systems Private Limited is described as a decisive step towards that vision, giving a dedicated platform to pursue complete weapon systems and long-range platforms.

How to read it

The letter describes the company's direction and repeats reported performance. The language around the missile plans is forward-looking: the MD writes of an "ambition", of development being "underway", and of infrastructure being "progressively developed". Those describe work in progress and intent, not completed milestones or confirmed orders. The energetics point is described as an ongoing acquisition process concerning Premier Explosives, which is a process still in motion rather than a completed transaction.

The tone of the letter is appreciative of shareholders, customers, partners and employees, and closes on the note that the road ahead "will demand patience, resilience and relentless effort".

What a retail investor should take away

The measurable content here is the Q2 and H1 FY27 revenue, EBITDA and PAT, along with the revenue growth rates of 72.3% and 78.2% year-on-year.
The missile technology, seeker and complete weapon systems portions describe strategy and ambition; they are best read as management's stated plan rather than an outcome already achieved.
The reference to the Raksha Mantri's approval relates to a policy step for the Indian defence industry as a whole, which the MD connects to the company's capabilities.

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