Apollo Micro Systems Defence Stock Rebounds From Its Day's Low, Up About 45% in 2026: Rs 1,765 Crore Order Book, Premium Valuation and Levels to Watch

The Apollo Micro Systems defence stock has gained about 45% in 2026 and bounced from an early dip on Monday, 2 November, rising as much as 3.7% from the day's low. The rally is built on record earnings and a growing order book, but the valuation is demanding. This Apollo Micro Systems defence stock article takes the post-results view: where the stock is now, what the order book and management guidance imply, how stretched the valuation is, and which price levels are on the chart.

Prices are as of 3:25 PM IST on 2 November 2026. For the detailed Q2 results coverage and the 26 October price jump, see our earlier article on the stock; this one focuses on the rebound, valuation and outlook.

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Apollo Micro Systems Defence Stock: Key Data

Metric	Value
Price (NSE, 3:25 PM IST)	Rs 397.20, down Rs 1.55 (-0.39%)
Open, day's high and low	Rs 402.00, Rs 403.90 and Rs 389.65
Rebound from the day's low	About 1.9% now; 3.7% at the day's high
Previous close (30 October)	Rs 398.75
Gain in 2026	About 44% to 45%
52-week high	About Rs 466.50
Market cap	About Rs 14,821 crore
P/E ratio (industry P/E)	112.99 (46.02)
P/B ratio / Return on equity	9.76 / 9.13%
Debt to equity	0.44

Source: NSE and BSE data and market reports. The stock fell to Rs 389.65 early in the session before recovering toward the Rs 400 mark.

Q2 FY27 Results and Order Book Behind the Rally

Q2 FY27 (consolidated)	Reading	Change
Revenue from operations	Rs 388.15 crore	Up 72.3%
EBITDA excluding other income	Rs 111.18 crore (margin 28.6%)	Up 88%
Net profit	Rs 46.15 crore	Up 54%
H1 FY27 revenue	Rs 639.44 crore	Up 78.2%
H1 FY27 net profit	Rs 71.37 crore	Up 49.6%
Order book (30 September 2026)	Rs 1,765 crore	All-time high

Source: Apollo Micro Systems Q2 FY27 results and investor presentation of 26 October 2026. On a standalone basis the EBITDA margin was 35.1% against 26.3% a year earlier. Management expects the Apollo Micro Systems order book to rise to more than Rs 2,000 crore by March 2027, and to Rs 4,500 to Rs 5,000 crore if it wins the MIGM order, which is not yet confirmed.

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Is the Valuation Too Stretched?

For the Apollo Micro Systems defence stock, at a P/E of about 113 against an industry P/E of 46 and a price to book of 9.76, the stock already prices in strong growth, while return on equity is only 9.13%. On cash flow from operations, the company reported H1 FY27 profit of Rs 71.37 crore but generated only Rs 22.44 crore of cash flow from operations, so cash conversion lags profit, which is common when order growth needs working capital. If growth slows or the MIGM order is delayed, the premium multiple leaves little room for error.

Defence Stocks: Why the Sector Is in Focus

Defence stocks have drawn investors on government spending, indigenisation and export hopes. Apollo makes defence electronics, so it benefits from the same orders but also from the same risks: lumpy order timing, long payment cycles and policy dependence. Management's Vision 2036 plans and export opportunities are long-term supports, not near-term certainties.

Support and Resistance Levels

A technical analyst at Bonanza, quoted by Business Standard on 26 October, placed support and resistance at about Rs 365 to Rs 375 on the downside and Rs 440 to Rs 445 on the upside, when the stock was near Rs 395. Today's own range shows Rs 389.65 as the intraday low and Rs 403.90 as the high, and the 52-week high of about Rs 466.50 is the larger resistance. Treat these as observed levels and not forecasts.

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Conclusion

The Apollo Micro Systems defence stock is up about 45% in 2026 on 72% revenue growth and a record Rs 1,765 crore order book, and it bounced from its low today. At 113 times earnings with modest returns on equity and weak cash conversion, it demands continued execution. Watch the MIGM order, cash flow and the Rs 365 to Rs 375 support zone.

Frequently Asked Questions on the Apollo Micro Systems Defence Stock

What is the Apollo Micro Systems share price today?

Ans. Apollo Micro Systems traded at Rs 397.20 on the NSE at 3:25 PM IST on 2 November 2026, down Rs 1.55 or 0.39% from Rs 398.75. It opened at Rs 402, made a low of Rs 389.65 and a high of Rs 403.90. The market cap is about Rs 14,821 crore.

How much has Apollo Micro Systems gained in 2026?

Ans. Market reports put the gain at about 44% to 45% in 2026. The stock jumped on 26 October after Q2 results and touched about Rs 447 the next day, with a 52-week high of about Rs 466.50. Gains are calculated from the first trading day of the year, so they change daily.

What is Apollo Micro Systems' order book?

Ans. The consolidated order book was a record Rs 1,765 crore on 30 September 2026. Management expects it to rise to more than Rs 2,000 crore by March 2027, and to Rs 4,500 to Rs 5,000 crore if it wins the MIGM order. That order is not confirmed, so treat it as a possibility.

What were Apollo Micro Systems' Q2 FY27 results?

Ans. Consolidated revenue was Rs 388.15 crore, up 72.3%, EBITDA excluding other income was Rs 111.18 crore, up 88%, with a 28.6% margin, and net profit was Rs 46.15 crore, up 54%. H1 FY27 revenue rose 78.2% to Rs 639.44 crore and net profit rose 49.6% to Rs 71.37 crore.

Is Apollo Micro Systems overvalued?

Ans. At a P/E of about 113, a price to book of 9.76 and a return on equity of 9.13%, the stock trades at a large premium to the industry P/E of 46. Supporters point to 72% revenue growth and the order book, while sceptics note weak cash flow. The valuation leaves little room for execution slips.

What are the key levels for Apollo Micro Systems?

Ans. A Bonanza analyst quoted on 26 October placed support around Rs 365 to Rs 375 and resistance at Rs 440 to Rs 445, when the stock was near Rs 395. Today's low is Rs 389.65, the high is Rs 403.90 and the 52-week high is about Rs 466.50. These are observed levels, not forecasts.

What are the risks for Apollo Micro Systems?

Ans. Premium valuation, lumpy defence order timing, weak cash conversion with only Rs 22.44 crore of operating cash flow against Rs 71.37 crore of H1 profit, dependence on government policy and a possible delay in the MIGM order. The stock can also fall sharply on any miss, as defence stocks are volatile.

Should I buy Apollo Micro Systems after a 45% rise?

Ans. A 45% gain at a P/E near 113 means expectations are high, and entering after a big rally carries risk. Investors often stagger purchases and track order wins and cash flow. Review your risk limits first. This is not investment advice, so consult a SEBI-registered advisor.