Apsis Aerocom Limited’s Rs 31.8 crore book covers H2 FY27 needs

At 30 September 2026, Apsis Aerocom Limited reported a Rs 31.8 crore order book, equal to 1.19 times the approximately Rs 26.8 crore H2 FY27 revenue required for its reiterated approximately Rs 48 crore FY27 target. Apsis Aerocom had achieved Rs 21.17 crore, or 44% of that target, in H1 FY27.

How does Apsis Aerocom’s order book cover H2 FY27 revenue?

Apsis Aerocom’s reported Rs 31.8 crore order book at 30 September 2026 is larger than the approximately Rs 26.8 crore revenue it says is required in H2 FY27. The presentation expresses this as 1.19 times cover of the H2 requirement, comparing orders on hand at the September date with revenue needed in the second half of FY27.

Apsis Aerocom achieved Rs 21.17 crore of its approximately Rs 48 crore FY27 revenue target in H1 FY27, representing 44% of the target. Its stated H2 requirement is approximately Rs 26.8 crore, or 56% of the annual objective, which is approximately Rs 5.63 crore higher than H1 revenue. Management reiterated the FY27 target in its presentation dated 14 November 2026.

The order book is led by defence, which accounts for Rs 16.83 crore, or 53%, of the Rs 31.8 crore total. Aerospace contributes Rs 9.94 crore, or 31%, while healthcare represents Rs 4.36 crore, or 14%. Other business accounts for Rs 0.66 crore, or 2%, meaning defence and aerospace together comprise 84% of the disclosed order book.

What capacity supports Apsis Aerocom’s H2 FY27 delivery plan?

Apsis Aerocom links its H2 FY27 ramp-up to Unit II, where 20 new machines are adding capacity for the second half. Separately, it reported 15 machines at Unit II as of 30 September 2026 and 33 machines in total. The stated FY27 target therefore coincides with the addition and ramp-up of manufacturing capacity at Unit II.

Apsis Aerocom invested Rs 23.33 crore in H1 FY27, including capital advances, and reported gross additions of Rs 13.30 crore. Its net block increased from Rs 12.30 crore to Rs 24.61 crore. The company said initial public offering, or IPO, proceeds were deployed in advanced computer numerical control, or CNC, machines and inspection equipment for Unit II, in line with the objects of the issue.

Cash and working-capital figures provide context for this capacity programme. Opening cash was Rs 34.44 crore, operating cash flow in H1 FY27 was positive Rs 2.78 crore, investing cash flow was negative Rs 23.33 crore and financing cash flow was negative Rs 0.94 crore, leaving closing cash of Rs 12.95 crore. Apsis Aerocom reported 45 receivable days, 56 inventory days and 38 payable days, resulting in 63 net working-capital days under its disclosed formula.

What is Apsis Aerocom’s revenue roadmap through FY32?

Apsis Aerocom’s management roadmap sets an approximately Rs 48 crore FY27 revenue target after actual FY26 revenue of Rs 30.65 crore. It identifies approximately Rs 80 crore for FY28 as a plan, when Units I and II are expected to operate at full capacity. The presentation labels FY27 as a target and FY28 as a plan, distinguishing both from the FY26 actual result.

For FY32, Apsis Aerocom presents approximately Rs 300 crore as an aspiration supported by Unit III, assemblies and new plants. Management also identifies 50% to 55% targeted annual growth across the FY27-to-FY32 roadmap. The presentation describes these plans, targets and aspirations as forward-looking statements subject to risks and uncertainties.

The capacity sequence specifies Unit II machine additions through FY28 and a proposed 40,000-square-foot Unit III greenfield facility near Aerospace Park, with construction planned to start in FY29. Apsis Aerocom currently reports 28,500 square feet of operational area and describes its footprint as two operating units plus one planned unit. This places the FY32 aspiration after the proposed FY29 start of Unit III construction.

Which initiatives could turn Apsis Aerocom’s pipeline into revenue?

Apsis Aerocom says more than 100 developed parts are expected to become production orders in FY27 and FY28, alongside efforts to add original equipment manufacturers, or OEMs, and enter export markets. It also reports approximately 50 new components at the request-for-quotation, or RFQ, stage. The company discloses the pipeline in numbers of parts and quotations, rather than as a rupee value comparable with its Rs 31.8 crore order book.

Apsis Aerocom’s value-chain plan is to move from machined parts towards assemblies and sub-systems through in-house prototyping, production, finishing and assembly. Its technology plan includes automation, a SAP-connected shop floor and artificial-intelligence-assisted computer-aided manufacturing, or CAM. Management also outlines a research and development team of 15 to 20 people and research and development spending of 7% to 10% of revenue.

Customer diversification is part of the operating plan for its 17-plus customer base. Apsis Aerocom added one customer in H1 FY27 and reports 100% customer retention, with the United States and Israel identified as export markets. Its five strategic priorities include expansion across aerospace, defence and healthcare, Unit II ramp-up in H2 FY27, vertical integration, quality processes and technology automation.

Conclusion

Apsis Aerocom’s disclosed Rs 31.8 crore order book provides numerical cover for the approximately Rs 26.8 crore H2 FY27 revenue required to meet its approximately Rs 48 crore annual target. Defence and aerospace account for 53% and 31% of the order book respectively, while Rs 23.33 crore of H1 FY27 investment shows the scale of the Unit II capacity programme accompanying the target.

The next disclosed milestones are Unit II utilisation in H2 FY27, machine additions through FY28 and the expected conversion of more than 100 developed parts into production orders in FY27 and FY28. Longer term, management’s approximately Rs 300 crore FY32 aspiration depends on the proposed 40,000-square-foot Unit III, whose construction is planned to begin in FY29, as well as assemblies, new plants and customer expansion.