Apollo Micro Systems in focus as DAC clears ₹52,000 crore defence deals; MIGM, MPATGM approvals seen boosting order pipeline

For the Indian Navy, the DAC approved procurement of the Multi-Influence Ground Mine (MIGM) — a system for which Apollo Micro Systems is the DRDO-approved production agency under the Development-cum-Production Partner (DcPP) framework, having received technology transfer for MIGM-Vighana in August 2025.

For the Indian Army, several approved systems overlap with the company’s capabilities, including the Man Portable Anti-Tank Guided Missile (MPATGM), Very Short Range Air Defence System (V-SHORADS), the AKASH TARANG anti-UAV Electronic Warfare System, Jet-Based Kamikaze Drones and the Medium Range Surface-to-Air Missile (MRSAM). Many fall under Apollo’s DPIIT lifetime arms manufacturing licence granted in April 2026 covering missiles, ATGMs, torpedoes and loitering munitions.

Apollo Micro Systems shares gained 5.32% in early trade on Friday to ₹463 on the NSE, extending a rally that began in late June following reports that key client Bharat Electronics Ltd (BEL) is close to a ₹30,000 crore Quick Reaction Surface-to-Air Missile (QRSAM) order — a programme where Apollo supplies the Integrated Avionics Unit and Actuator.

The DAC clearance comes on the back of Apollo’s strongest financial year on record. FY26 revenue rose 60.9% to ₹904 crore, Q4 profit surged 168.7%, and the consolidated order book hit an all-time high of ₹1,432 crore — roughly 1.6× trailing revenue. Management has guided 45–50% revenue CAGR through FY27 with EBITDA margins expanding to 26–28%.

While AoN is an in-principle approval and formal contracts typically follow 12–18 months later, the clearance materially de-risks Apollo’s medium-term pipeline. Analysts estimate MIGM alone could translate into a ~₹2,000 crore lifetime opportunity, with QRSAM-related subsystem supply adding another ₹800–1,000 crore.

The board meets on July 6 to consider a preferential fundraising, likely providing growth capital as order flows accelerate.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.