Apollo Micro Systems Shares: Defence Stock Up 60% in 2026, Soars 8% in Q2 Rally, Record Order Book, Valuation and Key Levels to Watch Next

The Apollo Micro Systems share price has gained about 16.8% in two sessions, from Rs 374.75 on 23 Oct to a close of Rs 437.70 in the daily data, and the headline says the stock is up about 60% in 2026. When Apollo Micro Systems shares rise this fast after results, investors want to know whether the order book and margins justify the multiple. This article covers the results, the order book, the valuation and the levels to watch.

I could not verify the 60% year-to-date figure from the daily series I retrieved, so I attribute it to the headline. I also flag where the headline and the data provider differ on profit and revenue. It is educational and not advice.

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Why Apollo Micro Systems Shares Are Rallying Again

Apollo Micro Systems shares: session	Open	High	Low	Close	Volume
Fri 23 Oct 2026	Rs 388.70	Rs 392.75	Rs 363.00	Rs 374.75	87.4 lakh
Mon 26 Oct 2026 (results day)	Rs 390.00	Rs 432.00	Rs 389.00	Rs 410.90	5.26 crore
Tue 27 Oct 2026 (daily candle)	Rs 415.80	Rs 447.00	Rs 413.80	Rs 437.70	2.84 crore

The Monday session was the results reaction for the Apollo Micro Systems share price, with volume of about 5.26 crore shares against 87.4 lakh on Friday. Apollo Micro Systems shares gapped up on Tuesday at Rs 415.80 and held above the previous close all day, which shows buyers were still active after the first jump. The daily candle shows a close of Rs 437.70, up about 6.5% on the previous close (my calculation), while the headline quotes a gain of 8.5%, which matches the intraday high rather than the close.

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Q2 Results Behind Apollo Micro Systems Shares

Apollo Micro Systems shares: Rs crore	Sep 2025	Jun 2026	Sep 2026	Change vs Sep 2025 (my calculation)
Revenue	226.56	253.54	391.69	72.9%
EBITDA	60.49	55.98	114.71	89.6%
Operating margin	26.85%	22.28%	29.55%	Up 2.7 percentage points
Net profit	30.03	25.22	46.15	53.7%
EPS (diluted, Rs)	0.88	0.75	1.32	50.0%

The screenshot headline says net profit rose 55.6% to Rs 48.4 crore and revenue rose 72.2% to Rs 388 crore, while the data provider series shows Rs 46.15 crore and Rs 391.69 crore. The difference probably comes from the basis, such as total profit against profit attributable to owners, but I could not confirm it. The direction is the same in both: revenue up by more than 70% and profit up by more than 50%.

Revenue rose about 54.5% from the June 2026 quarter (my calculation), so the jump is not only a base effect. The operating margin of 29.55% is the highest of the five quarters in the table, and it is about 7 percentage points above the June quarter. Net profit grew slower than EBITDA because depreciation, interest and tax all rose with the larger business.

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Record Order Book and Guidance

Apollo Micro Systems shares: order book point	Detail
Order book now	Rs 1,765 crore, described as a record (headline)
Order book on 8 Aug 2026	Rs 1,704 crore consolidated (SAHI report dated 10 Aug 2026)
Cover over quarterly revenue	About 4.5 times the Rs 391.69 crore quarter (my calculation)
FY27 revenue growth guidance	40% to 45%, excluding exports until FY28, reiterated in the 10 Aug report
Year-end order book target	Up to Rs 4,000 crore, with a range of Rs 3,500 crore to Rs 4,000 crore in the headline
Premier Explosives stake	A promoter stake acquisition valued at Rs 1,550 crore, with closure expected by Q3 FY27 (same report)

The order book moved only about Rs 61 crore between 8 Aug and now (my calculation), which means the company has been executing close to the pace of new orders. To reach Rs 3,500 crore to Rs 4,000 crore by year-end, Apollo Micro Systems shares will need large fresh orders in the second half. The guidance and the Premier Explosives deal for Apollo Micro Systems shares come from a third-party report that notes it may be AI-assisted, so confirm both in the company's filings.

Valuation of Apollo Micro Systems Shares

Apollo Micro Systems shares: measure	Reading (data provider)	Comment
Price to earnings	116.50	Industry level is 45.08
Price to book	10.06	Book value Rs 40.88 per share
Return on equity	8.60%	Low against the multiple
Earnings per share (TTM)	Rs 3.53	Rising with each quarter
Debt to equity	0.41	Moderate
Market cap	Rs 15,282 crore	Mid-size defence electronics company
Dividend yield	0.06%	Negligible

At about 2.6 times the industry multiple, the Apollo Micro Systems share price carries high expectations, and Apollo Micro Systems shares price in several years of fast growth. Return on equity of 8.6% is modest, so the high multiple depends on profit continuing to grow much faster than capital. The Q2 results help Apollo Micro Systems shares as a defence stock, but the trailing earnings figure still includes weaker quarters.

Technical Levels to Watch for Apollo Micro Systems Shares

Apollo Micro Systems shares: level	Reading	Meaning
Day high	Rs 447.00	First resistance that buyers must clear
52-week high	Rs 466.50	About 4.2% above the day's high
SuperTrend (10, 3)	Buy; upper band Rs 436.15, lower band Rs 354.37	Price of Rs 437 is just above the upper band
14-day RSI	57.26	Neutral, not overbought
20-day EMA	Rs 407.70	Close to the 26 Oct close of Rs 410.90
Recent low	Rs 363.00 on 23 Oct	A fall back toward it would cancel the results gap for Apollo Micro Systems shares

A neutral RSI of 57.26 means Apollo Micro Systems shares are not stretched after the rise, which is a point in their favour. For the rally to continue, a close above Rs 447 would be a stronger signal than an intraday touch, and a close below the 20-day EMA of Rs 407.70 would suggest the move is fading. The 52-week high of Rs 466.50 is the next reference above for Apollo Micro Systems shares. These levels are not targets or recommendations.

Risks and What to Watch Next

1. Valuation. At 116.5 times trailing earnings, Apollo Micro Systems shares have little room for disappointment.
2. Order inflow. The year-end order book target needs big wins in the second half.
3. Margin. The 29.55% operating margin is the best of five quarters, and a mix shift can reduce it.
4. Profit basis. The headline and data provider profit differ, so check the filed statements.
5. Defence sector sentiment. Each defence stock in the group can move together on policy or budget news.

Conclusion: Apollo Micro Systems Shares Have Results on Their Side, Valuation Against

Apollo Micro Systems shares extended the Q2 results rally because revenue, margin and order book all improved together. The multiple is already far above the industry level, and the stock sits close to its 52-week high, so execution has to stay strong. Apollo Micro Systems shares may stay volatile around Rs 447 and Rs 407.70. Verify the filings and decide according to your own risk profile.

Frequently Asked Questions

Why are Apollo Micro Systems shares rising on 27 Oct 2026?

Ans. The stock extended its rally after strong September-quarter results, with revenue up about 72% and a record order book of Rs 1,765 crore. It hit Rs 447 intraday, about 8.8% above the previous close of Rs 410.90, and traded at Rs 438.10 at 11:35 AM. Prices change quickly, so check the live quote.

What were the Q2 FY27 results of Apollo Micro Systems?

Ans. The data provider shows revenue of Rs 391.69 crore, EBITDA of Rs 114.71 crore, an operating margin of 29.55% and net profit of Rs 46.15 crore. The headline says revenue of Rs 388 crore and profit of Rs 48.4 crore. The difference is probably the basis of reporting, so check the filing.

Is the 60% gain in 2026 verified?

Ans. I could not verify the 60% year-to-date figure from the daily data I retrieved, so I attribute it to the headline. What I can confirm is a gain of about 16.8% between the 23 Oct close of Rs 374.75 and the 27 Oct close of Rs 437.70, and a 52-week range of Rs 179.50 to Rs 466.50.

What is the order book of Apollo Micro Systems?

Ans. The headline gives a record order book of Rs 1,765 crore, which is about 4.5 times the latest quarterly revenue (my calculation). A report dated 10 Aug 2026 gave Rs 1,704 crore and a target of up to Rs 4,000 crore by year-end. Check the investor presentation for the latest figure.

Are Apollo Micro Systems shares overvalued?

Ans. On trailing earnings the stock trades at 116.5 times against an industry level of 45.08, and return on equity is 8.6%. That means the price already assumes strong growth. High multiples can fall quickly if growth or margins disappoint, so risk management matters.

What are the key technical levels for Apollo Micro Systems shares?

Ans. Daily readings show an RSI of 57.26, a 20-day EMA of Rs 407.70 and a SuperTrend buy signal with bands at Rs 354.37 and Rs 436.15. The day's high is Rs 447 and the 52-week high is Rs 466.50. These are trend readings and not targets.

What is the FY27 guidance for Apollo Micro Systems?

Ans. A report dated 10 Aug 2026 said the company reiterated revenue growth of 40% to 45% for FY27 and an order book target of up to Rs 4,000 crore by year-end, with exports excluded until FY28. That report notes it may be AI-assisted, so confirm the guidance in company filings.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.