Apsis Aerocom H1 revenue rises 55%, profit reaches Rs 3.97 crore

Apsis Aerocom Limited reported operating revenue of Rs 21.17 crore for the half year ended September 30, 2026, up 55% from Rs 13.65 crore a year earlier, while profit after tax increased 21% to Rs 3.97 crore. The unaudited half-year results were approved by the board on November 7, 2026.

How did Apsis Aerocom's H1 revenue and profit change?

Apsis Aerocom increased total revenue to Rs 21.25 crore in the half year ended September 30, 2026, from Rs 13.69 crore in the corresponding 2025 period. Revenue from operations formed Rs 21.17 crore of the latest total, compared with Rs 13.65 crore a year earlier, while other income rose to Rs 8.20 lakh from Rs 4.20 lakh.

Apsis Aerocom reported profit before tax of Rs 5.31 crore, up from Rs 4.25 crore, and profit after tax of Rs 3.97 crore, compared with Rs 3.27 crore in the September 2025 half year. Total expenses rose Rs 6.50 crore year on year to Rs 15.95 crore, while total revenue rose Rs 7.56 crore. The filing reported no exceptional, extraordinary or discontinuing-operation items in either half year.

The results were subject to a limited review rather than an audit. The independent auditor’s report dated November 7, 2026 said nothing had come to its attention that caused it to believe the September 2026 statement did not disclose the information required under the listing regulations or contained a material misstatement; it also stated that no audit opinion was expressed.

Why was Apsis Aerocom's profit lower than the preceding half year?

Apsis Aerocom's profit after tax was Rs 3.97 crore for the September 2026 half year, below Rs 4.24 crore in the half year ended March 31, 2026, although revenue from operations rose to Rs 21.17 crore from Rs 16.99 crore. Profit before tax similarly moved to Rs 5.31 crore from Rs 6.05 crore across the two reported half-year periods.

The sequential comparison shows total expenses increased to Rs 15.95 crore from Rs 11.01 crore, an increase of Rs 4.94 crore, against a Rs 4.18 crore increase in total revenue. Employee benefit expense rose to Rs 4.18 crore from Rs 3.02 crore, depreciation and amortisation increased to Rs 99.66 lakh from Rs 52.86 lakh, and other expenses rose to Rs 2.62 crore from Rs 1.87 crore.

Inventory accounting also changed between the two half years. Apsis Aerocom recorded a Rs 1.16 crore expense for changes in inventories of work in progress and finished goods in the September 2026 period, compared with a Rs 34.12 lakh reduction in the March 2026 period. Finance costs rose to Rs 21.74 lakh from Rs 18.34 lakh, while tax expense declined to Rs 1.34 crore from Rs 1.81 crore.

Which costs increased most during the September 2026 half year?

Apsis Aerocom's largest reported expense in the September 2026 half year was cost of materials consumed at Rs 6.77 crore, followed by employee benefit expense of Rs 4.18 crore and other expenses of Rs 2.62 crore. Material cost was Rs 5.03 crore in the September 2025 half year, employee expense was Rs 2.84 crore and other expenses were Rs 1.45 crore.

Employee benefit expense increased Rs 1.34 crore year on year, the largest increase among the listed cost categories, while material cost rose Rs 1.75 crore. Other expenses increased Rs 1.17 crore, depreciation and amortisation increased Rs 52.69 lakh, and finance costs increased Rs 12.95 lakh. These movements accompanied the 69% year-on-year rise in total expenses to Rs 15.95 crore.

The cost profile also changed from the immediately preceding half year ended March 31, 2026. Material consumption increased to Rs 6.77 crore from Rs 5.75 crore, while the inventory movement changed by about Rs 1.50 crore from a Rs 34.12 lakh reduction to a Rs 1.16 crore expense. The filing provides these expense lines but does not assign reasons for their movement.

What changed in Apsis Aerocom's balance sheet and cash flow?

Apsis Aerocom's total assets were Rs 64.33 crore at September 30, 2026, compared with Rs 63.18 crore at March 31, 2026. Property, plant and equipment increased to Rs 24.61 crore from Rs 12.30 crore, long-term loans and advances rose to Rs 10.13 crore from Rs 3.44 crore, and trade receivables increased to Rs 6.29 crore from Rs 4.03 crore.

The asset statement showed cash and cash equivalents of Rs 15.07 crore at September 30, 2026, down from Rs 36.51 crore at March 31, 2026. Shareholders’ funds increased to Rs 52.92 crore from Rs 48.90 crore, while long-term borrowings fell to Rs 73.19 lakh from Rs 1.81 crore and short-term borrowings rose to Rs 2.73 crore from Rs 2.37 crore.

Apsis Aerocom generated Rs 2.78 crore from operating activities in the September 2026 half year, compared with Rs 3.66 crore in the year-earlier half year. Its cash-flow statement recorded Rs 23.33 crore used in investing activities, comprising Rs 13.30 crore spent on property, plant and equipment and Rs 10.02 crore advanced for capital expenditure. The cash-flow statement reported closing cash and cash equivalents of Rs 12.95 crore after a Rs 21.49 crore decrease during the period.

How has Apsis Aerocom used its IPO proceeds?

Apsis Aerocom reported no deviation or variation in use of funds raised through its March 2026 initial public offer. The issue opened on March 11, 2026 and closed on March 13, 2026, raising gross proceeds of Rs 35.77 crore and net proceeds of Rs 30.94 crore after issue-related expenses, according to the deviation statement.

The utilisation schedule based on gross proceeds showed Rs 25.57 crore used by September 30, 2026 and Rs 10.20 crore remaining. Machinery-related capital expenditure accounted for Rs 19.52 crore of utilisation against a planned Rs 27.02 crore, leaving Rs 7.50 crore. General corporate purposes had used Rs 1.48 crore from a Rs 3.91 crore allocation, while initial public offer expenses accounted for Rs 4.58 crore of the Rs 4.84 crore planned.

The Audit Committee reviewed the use of funds and stated that there was no deviation or variation, while the deviation statement recorded no auditor comments. The company also stated that it operates in a single segment, so segment reporting was not applicable, and disclosed no investor complaints pending, received, disposed of or unresolved at September 30, 2026.

Conclusion

Apsis Aerocom delivered higher revenue and profit in the half year ended September 30, 2026 than in the corresponding 2025 period, with operating revenue rising 55% to Rs 21.17 crore and profit after tax increasing 21% to Rs 3.97 crore. The sequential comparison was different: revenue increased from Rs 16.99 crore, but total expenses rose from Rs 11.01 crore to Rs 15.95 crore and profit after tax declined from Rs 4.24 crore.

The next disclosed matter to watch is the use of the remaining Rs 10.20 crore of gross initial public offer proceeds, including Rs 7.50 crore earmarked for machinery-related capital expenditure. The September 2026 cash-flow statement already recorded Rs 13.30 crore of property, plant and equipment purchases and Rs 10.02 crore of capital-expenditure advances, while the company reported no deviation from its stated issue objects.