APOLLO's Q2 FY27 numbers came in strong, with revenue of Rs. 388.15 Cr (+72.30% YoY) and PAT growth of +53.70% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 24, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 388.15 Cr (+72.30% YoY) |
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| PAT (Q2) | Rs. 46.15 Cr (+53.70% YoY) |
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| EBITDA margin | 28.64% (+236 bps YoY) |
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| EPS (Q2) | Rs. 1.32 (+37.50% YoY) |
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| Market cap | Rs. 13,925.69 Cr |
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| CMP | Rs. 374.75 |
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Quarter Snapshot
Apollo delivered record consolidated revenue of Rs.388.15 Cr (+72.3% YoY) with EBITDA margin reversing a five-quarter volatile trend to 28.64% (+236 bps YoY), keeping the 40-45% FY27 consolidated growth guidance on track. The bottom line was distorted by a 50.09% effective tax rate, while cash conversion (CFO/PAT 0.31x), a going-concern Emphasis of Matter on loss-making subsidiaries, and standalone growth below the guided band are the key watch items.
Key Investment Insights
Key Positives
- Consolidated revenue grew 72.3% YoY to Rs.388.15 Cr (+54.5% QoQ), the highest quarter on record
- Consolidated EBITDA margin of 28.64% expanded 236 bps YoY and 726 bps QoQ, the highest of the last five quarters
- Cost of materials consumed fell from 79.4% to 65.8% of revenue YoY
- Consolidated PBT grew 114.3% YoY to Rs.92.48 Cr; PAT to owners grew 55.7% YoY to Rs.48.43 Cr
- Consolidated FY27 revenue guidance of 40-45% growth is on track with H1 at Rs.639.44 Cr (+78.2% YoY)
- Finance costs grew only 16.1% YoY vs 72.3% revenue growth, falling to 3.77% of revenue from 5.59%
- Order book stood at Rs.1,704 Cr as of Aug 8, 2026 (standalone Rs.1,224 Cr + IDL Rs.480 Cr)
Risk Factors
- Effective tax rate jumped to 50.09% from 30.41% a year ago, with deferred tax of Rs.18.45 Cr; PAT would have been ~Rs.64.4 Cr at the prior-year rate
- Subsidiaries have negative net worth, incurred cash losses in the quarter, and carry a going-concern Emphasis of Matter with material uncertainty
- H1 operating cash flow of Rs.22.44 Cr was only 0.31x PAT; FCF was −Rs.162.18 Cr
- IDL Explosives posted an H1 net loss of Rs.2.57 Cr; NCI loss widened to −Rs.2.28 Cr in Q2
- Standalone revenue growth of +28.8% in H1 is below management's 40-45% guidance band
- Total borrowings rose 22.8% to Rs.653.66 Cr and receivables rose 33.1% since March 2026