Apollo Micro Systems Ltd. · NSE:APOLLO
Apollo Micro Systems — Q2 & H1 FY27 Earnings Presentation
79 slides from Apollo Micro Systems's earnings presentation, Oct 24, 2026
Slide 1: Exchange filing cover letter for investor presentation
Date: 24th October 2026. BSE Limited, National Stock Exchange of India Ltd., Department of Corporate Services Listing Department 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: APOLL
Slide 2: A Landmark Quarter and Record Breaking Half-Year Performance
APOLLO MICRO SYSTEMS LTD We Commit, We Deliver A LANDMARK QUARTER AND RECORD BREAKING HALF- YEAR PERFORMANCE EARNINGS PRESENTATION – Q2 & H1 FY27 LAND WATER AIR SPACE 1
Slide 3: Index
INDEX EARNINGS PRESENTATION · Q2 & H1 FY27 01 Financial Performance Slides 3–14 07 Naval Programmes Slides 49–51 02 Ownership & Leadership Slides 15–17 08 Other Programmes Slides 52–53 03 Company Overview Slides 18–26 09 Arms & Ammunition Slides 54–56 Acquisition: Backward & 04 Forward Integration S
Slide 4: Financial Performance
Q2 & H1 FY27 FINANCIAL PERFORMANCE Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 3
Slide 5: H1FY27 Half Yearly Result – Consolidated
(All figures in millions) | * Excluding Other Income HALF YEARLY RESULT · CONSOLIDATED RECORD-BREAKING R E V E N U E F R O M O P E R AT I O N S HALF YEARLY RESULT ₹ 6,394.4 + 78.2 % YoY EBITDA* PAT W O R K I N G C A P I TA L D AY S ₹ 1,649.1 ₹ 713.7 353 DAYS + 64.7 % YoY + 49.6 % YoY vs 359 DAYS in
Slide 6: H1FY27 Half Yearly Result – Standalone
(All figures in millions) | * Excluding Other Income HALF YEARLY RESULT · STANDALONE ₹ 4,621.8 YEAR-ON-YEAR GROWTH REVENUE FROM + 28.8 % RECORD- O P E R AT I O N S YoY Revenue 28.8% BREAKING EBITDA* ₹ 1,559.3 + 55.6 % HALF YEARLY EBITDA* 55.6% YoY RESULT ₹ 755.6 PAT 44.0% + 44.0 % PAT YoY MARGIN PRO
Slide 7: Quarterly Result – Consolidated
All figures in millions | * Excluding Other Income QUARTERLY RESULT · CONSOLIDATED EXTENDING OUR STREAK OF STRONG QUARTERLY PERFORMANCE R E V E N U E F R O M O P E R AT I O N S EBITDA* PAT ₹3,881.5 Mn ₹1,111.8 Mn ₹461.5 Mn +72.3% YoY +87.8% YoY +53.7% YoY Y EA R -O N -Y EA R G ROW T H ( % ) MARGIN P
Slide 8: Record-Breaking Quarter 2 – Standalone
QUARTERLY RESULT · STANDALONE (All fi gures in millions) | * Excluding Other Income RECORD-BREAKING QUARTER 2 E X T E N D I N G O U R S T R E A K O F S T R O N G Q UA R T E R LY P E R F O R M A N C E REVENUE FROM EBITDA* PAT O P E R AT I O N S ₹ 3,062.9 ₹ 1,075.6 ₹ 477.3 + 36.0 % YoY + 81.6 % YoY +
Slide 9: Consolidated Income Statement
F I N A N C I A L R E S U LT S CONSOLIDATED INCOME STATEMENT Q2FY27 & H1FY27 · C O N S O L I D AT E D RECORD-BREAKING PERFORMANCE Particulars (Rs in Mn) Q2FY27 Q1FY27 QoQ Q2FY26 YoY H1FY27 H1FY26 YoY Revenue from Operations 3881.5 2512.9 54.5% 2252.6 72.3% 6394.4 3588.5 78.2% Other Income 35.4 22.5
Slide 10: Standalone Income Statement
F I N A N C I A L R E S U LT S STANDALONE INCOME STATEMENT RECORD-BREAKING PERFORMANCE Particulars (Rs in Mn) Q2FY27 Q1FY27 QoQ Q2FY26 YoY H1FY27 H1FY26 YoY Revenue from Operations 3062.9 1558.9 96.5% 2252.6 36.0% 4621.8 3588.5 28.8% Other Income 87.6 73.6 31.7 161.1 45.1 Total Revenue 3150.4 1632.5
Slide 11: Financial Highlights – Historical (Consolidated Figures)
FINANCIAL HIGHLIGHTS- HISTORICAL (CONSOLIDATED FIGURES) (All Figures in Millions) Revenue from Operations 3.67x EBITDA (ex Other Income) & PAT 4.48x 9,043 5,621 3,716 2,975 2,459 2,432 2,031 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 EBITDA (ex Other Income) PAT EBITDA & P
Slide 12: Financial Highlights – Historical
FINANCIAL HIGHLIGHTS- HISTORICAL (All Figures in Millions, otherwise stated) R&D (% of revenue in labels) Working Capital Days Interest Coverage Ratio 626 4.1 725 540 527 512 3.3 413 359 2.4 2.4 2.1 1.9 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 335 298 Inventory, Receivable & Payab
Slide 13: Consolidated Income Statement – Historical
CONSOLIDATED INCOME STATEMENT – HISTORICAL Particulars (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 FY26 Revenue from Operations 2459.0 2030.7 2431.9 2975.3 3716.3 5620.7 9043.2 Other Income 16.0 6.4 7.6 8.2 18.3 28.9 62.7 Total Revenue 2475.0 2037.1 2439.5 2983.5 3734.6 5649.5 9106.0 Total Expenses exc
Slide 14: Consolidated Balance Statement – Historical
Key Balance Sheet Items(Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 FY26 Equity Share Capital 207.6 207.6 207.6 207.6 282.4 306.5 357.3 Reserves 2751.6 2851.7 2992.7 3634.4 4909.8 5769.2 12724.9 Borrowings 132.0 162.2 1157.8 1436.5 2080.4 3353.5 5432.6 Other Liabilities 990.7 1313.2 353.4 524.9 632.4 79
Slide 15: Consolidated Cashflow Statement – Historical
CONSOLIDATED CASHFLOW STATEMENT – HISTORICAL Particulars (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 FY26 Cash Flow From Operating 469.1 73.8 431.8 -162.9 -784.9 102.4 -1297.6 Activities Cash Flow From Investing -186.9 -238.6 -243.0 -347.6 -587.9 -912.9 -3569.0 Activities Cash Flow From Financing -360.
Slide 16: Ownership & Leadership
OWNERSHIP & LEADERSHIP Q2 & H1 FY27 Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 15
Slide 17: Shareholding Structure and Institutional Investors
SHAREHOLDING STRUCTURE AND INSTITUTIONAL INVESTORS OWNERSHIP Institutional Investors 49.98% Institutional 01 Investors Vanguard Total International Stock Index Fund Promoter 02 State Street SPDR Portfolio Emerging Market ETF 03 Motilal Oswal Nifty India Defence Index Fund 7.45% 04 Millingtonia Capit
Slide 18: Skin in the Game / Leadership with Long Term Commitment
SKIN IN THE GAME/ LEADERSHIP- LED WITH LONG TERM COMMITMENT LEADERSHIP 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 Mic
Slide 19: Company Overview
COMPANY OVERVIEW Q2 & H1 FY27 Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 18
Slide 20: Vision 2036
VISION 2036 OUR VISION A GLOBAL OEM, MADE IN INDIA To grow as a Global Original Equipment Manufacturer over the next ten years with recognizable revenue streams across the Land, Air and Sea domains; increasing our presence in Indian markets and continuing to grow in global markets; delivering valued
Slide 21: Fully Integrated Defence Company
FULLY INTEGRATED DEFENCE COMPANY P U R E P L AY D E F E N C E The only company with Highest The only private public listed company in The only company in India with a proven track The only company in India working for weapon system platforms Participation in Indigenous Indian defense sector having l
Slide 22: Across the Entire Missile Value Chain
APOLLO MICRO SYSTEMS LIMITED E A R N I N G S P R E S E N TAT I O N — SEP QUARTER 2026 ACROSS THE ENTIRE MISSILE VALUE CHAIN 01 Design Engineering Services 02 Build-to-Specification (BTS) E N T I R E M I S S I L E VA L U E C H A I N 03 Weapon Manufacturing I Warheads 04 Weapon System Integration II M
Slide 23: Deeply Entrenched in Underwater Warfare
O U R U N I Q U E N E S S COMPLETE UNDER WATER MINE OFFERINGS DEEPLY ENTRENCHED IN in UNDERWATER WARFARE OUR PRESENCE ACROSS 01 02 03 Decoys Torpedoes Rockets 04 05 06 Mines Kamikaze Boat ASW Surveillance O N LY C O M PA N Y I N I N D I A MIGM Moored Limpet Earnings Presentation Sep Quarter 2026 | A
Slide 24: Resilience Is the New Firepower
W H Y I T M AT T E R S RESILIENCE IS THE NEW The most critical and most sensitive parts of a missile. FIREPOWER 01 P R O P U L S I ON To fight an intensive war, India needs a resilient domestic supply chain, greater capacity and deeper inventories. 02 A D V A N C E D E L E C T R O N I C S Supply cha
Slide 25: Ready to Serve the Country
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: Underwater Mines Short and Medium Range Rockets Other Critical
Slide 26: We Are Making a Sustainable Business
WE ARE MAKING A SUSTAINABLE BUSINESS 1 D i v e r s i fi e d m i x 2 Proprietary moat 3 Niche segments 4 Tier-1 partner A well-diversified business mix across Exclusively developed proprietary systems Strong presence in niche defense Tier-1 suppliers often become strategic domains (Water, Air and Lan
Slide 27: We Are in an Industry with Significant Entry Barriers
01 High switching costs 02 Regulatory approvals WE ARE IN AN High switching costs, reinforced by long-term partners early Extensive approvals, security clearances, and compliance in a programme by OEM. Since Switching supplier later is obligations significantly extend the time required to INDUSTRY W
Slide 28: Backward and Forward Integration
A C Q U I S I T I O N BACKWARD AND FORWARD INTEGRATION Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 27
Slide 29: Premier Explosives – Powering India's Strategic Missiles
DEFENCE EXPLOSIVES PREMIER E X P L O S I V E S LT D Premier Explosives Limited, headquartered in Hyderabad and listed on the NSE and BSE (est. 1980), manufactures high-energy materials, including solid propellants, explosives and pyrotechnic devices, for defence, space and POWERING INDIA’S mining ap
Slide 30: IDL Explosives Ltd – Near Term Strategy
IDL EXPLOSIVES LTD NEAR TERM STRATEGY Unlocking incremental growth Adding Defence explosives as 1 2 2 through renewed CIL eligibility. another revenue stream. Backward integration into key chemicals 3 and energetics for Defence explosives. Strategic Outcomes Expanding the commercial explosives busin
Slide 31: OEM Weapons Supplier
WE ARE MORE THAN MISSILES OEM WEAPONS SUPPLIER Earnings Presentation Sep Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 30
Slide 32: Multi Influence Ground Mines
MULTI INFLUENCE DAC APPROVAL HAS BEEN ACCORDED FOR MIGM ON 3rd JULY 2026 GROUND MINES ✓ We are the DcPP Partner of MIGM. FIRST INDIGENIZED MINE ✓ Programme is entering production phase. From fibers to electronics and explosives, ✓ every aspect is executed in-house, enabling complete supply chain ind
Slide 33: Moored Mines
MOORED MINES FIRST INDIGENIZED MINE “A mine is a terrible thing that waits. It waits and waits till it destroys/damages a naval vessel or is destroyed by the naval mine hunters.” W H AT I S A M O O R E D M I N E AoN HAS ALREADY BEEN ACCORDED The Moored Mine is deployed where water is too deep for bo
Slide 34: Limpet Mines
GOI HAS IMPOSED AN EMBARGO ON LIMPET MINES ✓ Only we have demonstrated successful Trials in the industry. ✓ Mines of different weights have successfully completed all the trials. Entire Mine will be produced in-house, making us independent of ✓ the supply chain. ✓ Limpet Mines are entering the Produ
Slide 35: Autonomous Naval Warfare
AUTONOMOUS NAVAL WARFARE From unmanned surface boats to semi-submersible autonomous vehicles Our Expanding Autonomous Naval Portfolio How Autonomous Vessels Change the Fight Milestone Achieved AUTONOMOUS BOAT MAKE-II PROTOTYPE SANCTION ORDER (PSO) Autonomous boats pop up from the surface to AWARDED
Slide 36: Anti Submarine Warfare Rockets
ANTI SUBMARINE WARFARE ROCKETS There is a critical need to advance the development of Anti-Submarine 1 Warfare (ASW) rockets to effectively counter emerging and increasingly sophisticated underwater threats. Because of the specialized nature of submarines, a distinct military strategy 2 called anti-
Slide 37: Aerial Bombs
AERIAL BOMBS These Aerial Bombs are fitted onto Unmanned Areal Vehicles (Loitering 1 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. 2 The Aerial Bombs can be used as Anti-personal / A
Slide 38: Medium Range Rockets
MEDIUM RANGE ROCKETS C O M PAC T F O R M FAC TO R 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 Ground to Ai
Slide 39: Grad Rockets
SHOOT & MOVE GRAD ROCKETS The BM-21 Grad Rockets (122 mm Global Standard) remain among the most widely demanded unguided rockets in the global defence market. It is considered the last line of defence for a warship against the enemy. 1 Successfully developed the 122mm rocket warhead inhouse. 2 Integ
Slide 40: Vehicle Mounted Counter Drone Systems (VMCDS)
VEHICLE MOUNTED COUNTER DRONE SYSTEMS (VMCDS) 1 Can be deployed and used while moving rather than fixed at one location 2 Detects, tracks and or defeats hostile or unauthorized drones. 3 The trials will be initiated in this Financial Year. The image shown is for illustrative purposes only, as the pr
Slide 41: Direct Energy Weapon (DEW)
DIRECT ENERGY WEAPON (DEW) As the name suggests, they use high-powered lasers to inflict damage on targets. Compared to traditional weapons, which mainly rely on physical impact and kinetic energy, DEW uses directed energy to heat up and destroy or damage the target. It has diverse military applicat
Slide 42: Presence in All the Indigenized Missile Programmes
PRESENCE IN ALL THE INDIGENIZED MISSILE PROGRAMMES The requirement of missile systems is envisaged to grow significantly in the upcoming years with the induction of a large number of ships, submarines and aircrafts. Q2 & H1 FY27 Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED
Slide 43: Built into Every Indigenized Missile
BUILT INTO EVERY INDIGENIZED MISSILE Apollo electronics and subsystems across nine missile categories Air to Surface Missile (ASM) Surface to Air Missile (SAM) Anti Radiation Missile RUDRAM VLSRAM (ASTRA Variant), AKASH / RUDRAM, STAR, NGRAM NGRAM, QRSAM, SANT, KUSHA Anti Tank Missile Anti Ship Miss
Slide 44: Built for Every Indigenized Programme – Naval
BUILT FOR EVERY INDIGENIZED PROGRAMME Naval programmes — from nuclear submarines to expendable decoys Nuclear Submarine Arihant Aridhaman Torpedo TAL Varunastra Submarine Launched Torpedo ALWT EHWT Underwater Mine MIGM Moored Mines Expendable Decoys MAREECH MOHINI Earnings Presentation Q2 & H1 FY27
Slide 45: Built for Every Indigenized Programme – Bombs, Artillery
BUILT FOR EVERY INDIGENIZED PROGRAMME Bombs, artillery and advanced programmes Bombs Artillery Others TARA PINAKA RUSTOM UAV GARUTHMA GUIDED PINAKA VSHORAD AIR DEFENCE SYSTEM GARUDA ATAGS HYPERSONIC TECHNOLOGY DEMONSTRATOR VEHICLE LRGB Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITE
Slide 46: Ballistic, Nuclear, Anti-Submarine & Air-to-Surface
INDIGENIZED MISSILE BALLISTIC, NUCLEAR, ANTI-SUBMARINE & AIR-TO-SURFACE Ballistic, nuclear, anti-submarine and air-to-surface programmes 1 PRALAY BALLISTIC MISSILE K4 2 BALLISTIC MISSILE 3 SMART ANTI SUBMARINE MISSILE AGNI 4 NUCLEAR MISSILE 5 RUDRAM AIR TO SURFACE MISSILE Earnings Presentation June
Slide 47: Cruise and Anti-Ship Programmes
INDIGENIZED MISSILE CRUISE AND ANTI –SHIP PROGRAMMES NIRBHAY SLCM 2 CRUISE MISSILE 1 CRUISE MISSILE NASM 4 LRAHSM 3 ANTI SHIP MISSILE ANTI SHIP MISSILE Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 46
Slide 48: Surface-to-Air Programmes
INDIGENIZED MISSILE SURFACE-TO-AIR PROGRAMMES 2 4 1 3 5 VLSRAM QRSAM SURFACE TO AIR MISSILE SURFACE TO AIR MISSILE AKASH NGRAM SANT SURFACE TO AIR MISSILE SURFACE TO AIR MISSILE SURFACE TO AIR MISSILE Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 47
Slide 49: Anti-Tank and Anti-Radiation
INDIGENIZED MISSILE ANTI-TANK AND ANTI-RADIATION ANTI TANK ANTI RADIATION Anti-tank and anti-radiation programmes HELINA AMOGHA 2 NAG MPATGM ANTI TANK MISSILE ANTI TANK MISSILE ANTI TANK MISSILE ANTI TANK MISSILE STAR NGRAM RUDRAM ANTI RADIATION MISSILE ANTI RADIATION MISSILE ANTI RADIATION MISSILE
Slide 50: Naval Programmes
NAVAL PROGRAMMES Q2 & H1 FY27 Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 49
Slide 51: Denial & Deterrence
NAVAL PROGRAMMES DENIAL & DETERRENCE Denial and deterrence. Expendable decoys protect fleet assets by attracting incoming torpedoes away from their targets. U N D E R WAT E R M I N E S NUCLEAR SUBMARINE EXPENDABLE DECOYS MIGM MIGM MOORED MINES ARIHANT ARIDHAMAN MAREECH MOHINI U N D E R WAT E R U N D
Slide 52: Torpedoes
NAVAL PROGRAMMES TAL TORPEDO TORPEDOES ALWT Torpedo electronics heritage. Sensor, homing and TORPEDO onboard electronics for India's indigenous torpedo family, built on decades of DRDO underwater programme partnership. VARUNASTRA TORPEDO Development of Torpedo which can be launched from small boats
Slide 53: Others
OTHERS Q2 & H1 FY27 Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 52
Slide 54: Other Programmes
OTHERS OTHER PROGRAMMES VSHORAD AIR DEFENCE SYSTEM HYPERSONIC TECHNOLOGY DEMONSTRATOR VEHICLE RUSTOM UAV UNMANNED AERIAL VEHICLE ADVANCED PROGRAMME Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 53
Slide 55: Arms and Ammo
ARMS AND AMMO Q2 & H1 FY27 Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 54
Slide 56: Bombs
ARMS AND AMMUNITIONS BOMBS 01 02 03 04 GARUTHMA-1000KG LRGB GARUDA-500KG TARA BOMB BOMB BOMB BOMB Aerial bomb family- From the 1000kg Garuthma and 500kg Garuda class to long range glide bombs and TARA, the aerial bomb portfolio spans conventional and precision guided delivery. Earnings Presentation
Slide 57: Artillery
ARMS AND AMMUNITIONS ARTILLERY PINAKA GUIDED PINAKA ATAGS ARTILLERY ARTILLERY ARTILLERY Rocket and gun artillery- Electronics and subsystems for the Pinaka multi-barrel rocket family including its guided variant and the Advanced Towed Artillery Gun System. Earnings Presentation Q2 & H1 FY27 | APOLLO
Slide 58: Change in the World Order
CHANGE IN THE WORLD ORDER I N D I A 2027 2027–2037 2037–2047 ERA OF TRANSITION ERA OF CONSOLIDATION ERA OF EXCELLENCE Q2 & H1 FY27 Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 57
Slide 59: Revenue Driver – Increasing Defence Budget
NATI ONS A R E G EA R I NG U P NATIONS ARE GEARING UP REVENUE DRIVER- INCREASING DEFENCE BUDGET World military expenditure rose by $2887 billion in 2025. 01 (2.9 % YoY Spike) 2.5 % of GDP in 2025. Europe total military spending reached $864 billion (2025) 02 (14% YoY Increase) The five biggest spend
Slide 60: Nations Are Gearing Up
REVENUE DRIVER- INCREASING DEFENCE BUDGET Global military expenditure distribution and share as a % of GDP NATIONS ARE GEARING UP Biggest Spender – The USA World’s 2nd Largest Military Spender- China • Accounting 33.33% of all military spending (2025) • China maintained 12% of global spending • The
Slide 61: USA Approach and Priorities
USA STR ATEGY USA APPROACH AND PRIORITIES The Department of War is addressing challenges in ordering thousands of additional missile interceptors and long-range strike missiles. 2014 QDR (Obama II) 2018 NDS (Trump I) 2022 NDS (Biden) 2026 NDS (Trump II) End wars in the Middle East, Approach Compete,
Slide 62: Speed for Sovereignty – EU Defence Procurement
EU DEFENCE PROCUREMENT SPEED FOR SOVEREIGNTY Defence procurement contracts in the EU (US$ million), 2018-2021 vs. 2022 – June 2025 2018 - 2021 2022 - June 2025 LAND 13.0 8.0 6.0 LAND 45.0 24.0 46.0 AEROSPACE 26.0 25.2 2.8 AEROSPACE 30.0 56.8 8.2 MARITIME 29.0 2.5 MARITIME 25.5 SPACE 2.0 SPACE 3.5 EU
Slide 63: Supply Chain Weaponization
G L O B A L S U P P LY C H A I N SUPPLY CHAIN WEAPONIZATION Globalization brought with it complex international supply chains and cheaper critical materials- components. 1 2 3 Chokepoint vulnerabilities Tightening export controls Diversification and its cost While concentrated global supply Since 20
Slide 64: Changing Geopolitics – World Nuclear Forces
WORLD NUCLEAR FORCES CHANGING GEOPOLITICS With the expiry of the bilateral 2010 Treaty on Measures for the Further Reduction and Limitation of Strategic Offensive Arms (New START) in February this year, uncertainty is increasing about the future direction of US and Russian strategic nuclear force le
Slide 65: Increasing Proliferation and Use of Missiles
WARS · ARSENALS · DEMAND INCREASING PROLIFERATION AND USE OF MISSILES Owning to ongoing conflicts, inventory replenishment, operational readiness, changing geopolitical scenarios, as nations seek to safeguard sovereignty through enhanced defence capabilities and self-reliance in critical weapon syst
Slide 66: Increasing Proliferation and Use of Missiles
WARS · ARSENALS · DEMAND INCREASING PROLIFERATION AND USE OF MISSILES The demand for and proliferation of both conventional and dual capable missile systems have increased. Missiles were used in armed conflicts during 2025 in a wide variety of strike roles. These included long range precision strike
Slide 67: India Defence Sector
INDIA DEFENCE SECTOR Q2 & H1 FY27 Earnings Presentation June Quarter 2026 | APOLLO MICRO SYSTEMS LIMITED Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 66
Slide 68: Key Trends
INDIA DEFENCE SECTOR KEY TRENDS Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 67
Slide 69: Key Trends – Capital Acquisition Outlay
INDIA DEFENCE SECTOR All Figures in INR Crores KEY TRENDS Capital Acquisition Outlay Capital Outlay as a % of Defence Budget 3.05x 2,50,000 60% 32% 2,19,306 50% 2,00,000 30% 1,80,001 29% 29% 1,54,256 1,59,501 40% 28% 1,50,000 1,42,939 28% 27% 1,34,306 1,37,986 26% 30% 26% 1,11,093 26% 26% 1,00,000 7
Slide 70: Key Trends – Capital Outlay Breakup
INDIA DEFENCE SECTOR All Figures in INR Crores KEY TRENDS Breakup of Total Capital Acquisition Outlay Composition of Capital Acquisition Outlay 100% 100% 90% 90% 80% 80% Others 70% 70% Land Special Projects 60% 60% Technology Joint Staff 50% 50% Heavy and Medium Vehicles 40% Naval Dockyard/projects
Slide 71: Key Trends – Modernization Capital Outlay
INDIA DEFENCE SECTOR KEY TRENDS Breakup of Total Capital Outlay in Modernization Defence Service Estimates on capital outlay 100% 89% 50% 90% 84% 80% 45% 71% 70% 65% 67% 63% 64% 40% 60% 60% 53% 53% 51% 50% 35% 47% 48% 50% 42% 39% 40% 36% 30% 35% 30% 31% 27% 30% 25% 20% 11% 20% 10% 15% 0% FY15 FY16 F
Slide 72: Key Trends – Defence Production and Exports
INDIA DEFENCE SECTOR Composition of Defence Production KEY TRENDS 80% 70% 60% 50% DPSUs Contri in Total Defence Production 40% Other PSUs/JV Contri in Total Defence Production 30% Pvt Companies Contri in Total Defence Production 20% 10% 0% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Composition of
Slide 73: Key Trends – Capital Outlay Among Services
INDIA DEFENCE SECTOR KEY TRENDS Composition of Capital Acquisition Outlay among Services* Army Army 19% 23% Army, 17% Air Force Air Force 39% Air Force, 39% 41% Navy, 43% Joint Staff Joint Staff Navy 1% Navy 0% 36% 41% FY25 FY26 FY24 *excludes other than Capital Acquisition , DRDO, DGQA etc Earnings
Slide 74: A ₹7.8 Lakh Crore Tailwind
MARKETS WITH MACRO TA I LW I N D S P ROV I D E The Budget gives a strong thrust to Aatmanirbhar Bharat (Self-reliant India) by CONSIDERABLE GROWTH promoting indigenous manufacturing and reducing import dependence. OPPORTUNITIES A ₹7 .8 LAKH 75% Domestic defence industries, including private sector P
Slide 75: Markets with Macro Tailwinds Provide Considerable Growth Opportunities
M A R K E T S W I T H M A C R O TA I LW I N D S India ranks approximately 4th to 7th globally in missile technology, excelling in ICBMs, cruise missiles, and ABM systems, with hypersonic advancements closing gaps Provide Considerable with leaders. Its indigenous focus and strategic deployments make
Slide 76: Markets with Macro Tailwinds – Explosives Market
M A R K E T S W I T H M A C R O TA I LW I N D S Provide Considerable Growth Opportunities $9.37 SOURCES 01 thebusinessresearchcompany.com BY 2029 02 pib.gov.in 03 aninews.in billion CAGR 8.8% 04 globalgrowthinsights.com 05 bloomberg.com 06 economictimes.indiatimes.com 07 pib.gov.in 08 idrw.org The e
Slide 77: Hyderabad, India's Defence Fortress
TELANGANA HYDERABAD, INDIA’S DEFENCE FORTRESS BECAUSE OF RESULTING IN NOW COMES 2047 TELANGANA GOAL Conducive Ecosystem supported by deep DEFENCE OVERTAKES PHARMA domain expertise, strong institutional backing and globally competitive manufacturing BECOMING GLOBAL BUILD TO capabilities › • At over R
Slide 78: Safe Harbor Disclaimer
DISCLAIMER SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), which have Given these uncertainties and other factors, viewers of this Presentation are been prepared by Apollo Micro Systems Ltd (the “Company”), have been prepared cautioned not to place undue reliance on t
Slide 79: Thank You
I N V ESTO R R E L AT I O N A N D M E D I A CO N TAC T THANK YOU Email: [email protected] Contact Number: +91 72888 92228 Earnings Presentation Q2 & H1 FY27 | APOLLO MICRO SYSTEMS LIMITED 78
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