Apollo Micro Systems Limited (APOLLO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-217.5%

-₹466.25

vs ₹396.75 price

Levered DCF

-₹324.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.3

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	57.28×	64.37×	80.69×	30.77×	16.94×	18.67×	0.67×	8.99×
P/B	4.93×	5.98×	4.84×	1.5×	0.77×	0.62×	0.32×	0.93×
P/S	7.15×	6.46×	6.76×	1.93×	1.01×	0.93×	0.38×	0.99×
EV / EBITDA	30.84×	29.71×	38.71×	11.64×	7.79×	7.83×	3.85×	7.56×
Gross margin	26.2%	22.8%	23.8%	22.4%	18.3%	25.7%	26.8%	24.4%
Operating margin	21.7%	20.3%	19.6%	18.3%	15.3%	14.7%	15.8%	16.1%
Net margin	12.5%	10.0%	8.4%	6.3%	6.0%	5.0%	5.7%	11.1%
Current ratio	1.9×	1.78×	1.98×	1.98×	1.87×	2.06×	2.44×	2.4×
Debt / equity	0.41×	0.55×	0.4×	0.37×	0.36×	0.38×	0.28×	0.38×
Interest coverage	4.14×	3.33×	2.4×	2.43×	2.19×	1.88×	2.82×	3.24×
Dividend yield	0.1%	0.0%	0.0%	0.1%	0.2%	0.5%	0.0%	1.0%
Payout ratio	7.4%	2.7%	1.9%	2.8%	3.6%	10.1%	0.0%	8.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.6%	9.3%	6.0%	4.9%	4.6%	3.4%	4.7%	10.3%
Return on invested capital	7.1%	7.9%	6.7%	6.4%	5.9%	4.8%	5.5%	9.5%
Return on assets	4.8%	4.3%	3.3%	2.7%	2.4%	1.9%	3.0%	6.5%
Free cash flow yield	-6.2%	-2.3%	-5.3%	-8.5%	8.4%	-8.6%	21.7%	20.8%
Earnings yield	1.7%	1.6%	1.2%	3.3%	6.0%	5.4%	15.0%	11.2%
Enterprise value	₹69.2B	₹39.3B	₹27.2B	₹7.2B	₹3.6B	₹3.1B	₹1.8B	₹3.6B
Net debt / EBITDA	2.02×	2.23×	2.96×	2.32×	2.49×	2.99×	1.81×	2.1×
Cash conversion cycle (days)	422	512	656	600	514	698	508	484