Multibagger Defence Stock Apollo Micro Systems Enters Precision-Guided Weapons Segment Through IAF’s IPREK Programme

According to the company’s regulatory disclosure, the IPREK programme falls under the Make-II (Industry Funded) category of the Defence Acquisition Procedure (DAP) 2020. Under this framework, Indian companies undertake the development of defence systems at their own cost, with successful prototypes potentially moving towards procurement.

What is the IPREK programme?

The Indigenous Precision Range Extension Kit is aimed at converting existing 500-kg unguided bombs into precision-guided, extended-range weapons.

The system is designed to improve both the range and accuracy of conventional bombs, potentially allowing them to be deployed from significantly greater stand-off distances.

The programme incorporates indigenous navigation and precision-guidance technologies, including NavIC-based navigation, along with advanced terminal guidance capabilities. The objective is to enhance the Indian Air Force’s precision-strike capabilities while reducing reliance on imported weapon systems.

Apollo Micro Systems’ selection as the Prime Development Agency therefore represents a significant technological milestone for the company.

Apollo Micro Systems stock performance

Apollo Micro Systems has emerged as one of the notable multibagger names in India’s defence sector over the past few years.

According to market data, the stock has delivered substantial returns over the longer term. As of July 28, 2026, the stock was trading around ₹378, while its 52-week high stood at ₹466.70 and its 52-week low was ₹162.25. The company’s market capitalisation was around ₹14,000 crore.

The stock’s long-term rally has been supported by increasing defence-sector opportunities, order wins and the company’s expanding capabilities across defence electronics, aerospace and related systems.

IPREK adds to a growing defence opportunity pipeline

The latest development comes shortly after Apollo Micro Systems secured another significant opportunity from the Indian defence establishment.

On July 28, the company also received a prototype sanction order from the Indian Air Force for development of an indigenous 500-kg Smart Bomb under the Make-II category. The programme focuses on developing indigenous guidance and navigation capabilities. 

Apollo Micro Systems has also recently expanded its presence in naval defence. In July, the company was awarded a Make-II Prototype Sanction Order by the Indian Navy for development of the Semi-Submersible Autonomous Vessel (SAVIOR-ASW), aimed at intelligence, surveillance and reconnaissance applications in underwater warfare. 

The company and its subsidiary also secured fresh orders worth ₹189.57 crore in July from various defence and other customers, further adding to the company’s order pipeline. 

Stronger financial profile

Apollo Micro Systems has been scaling up its financial performance alongside its growing defence order pipeline.

The company’s revenue increased from ₹565 crore in FY25 to approximately ₹904 crore in FY26, representing year-on-year growth of around 60%, according to market data. 

The company has also been strengthening its balance sheet to fund its expansion plans. Earlier this month, Apollo Micro Systems concluded a preferential issue that raised approximately ₹3,322 crore, with the funds expected to support growth, acquisitions and other strategic initiatives. 

The company has separately announced plans to acquire a 41.33% stake in Premier Explosives for approximately ₹1,550 crore, a move that could further strengthen its defence and aerospace manufacturing capabilities.

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