Apsis Aerocom Lists at ₹153, Up 39.09%

Apsis Aerocom Ltd, incorporated in 2022 engaged in precision engineering specializing in manufacturing components for aerospace, defence, and healthcare industries operating manufacturing facility in Peenya Industrial Area, Bangalore equipped with CNC machines supporting CAD/CAM-based design with domestic presence in Karnataka, Telangana, Maharashtra and international footprint in USA, Netherlands, Spain, and Israel employing 105 personnel as of September 30, 2025, made a stellar debut on NSE SME on Wednesday, March 18, 2026. The Apsis Aerocom share price opened at ₹153.00 representing premium of 39.09% from issue price of ₹110.00, touched high of ₹160.65 hitting upper circuit (up 46.05%).

Apsis Aerocom Listing Details

Apsis Aerocom launched its IPO at ₹110 per share with minimum investment of 2,400 shares costing ₹2,64,000. The IPO received stellar response with subscription of 129.33 times - retail investors at 100.24 times, NII at 236.61 times (bNII at 294.17 times, sNII at 121.48 times), QIB at 99.96 times, total applications of 59,345.

First-Day Trading Performance

Listing Price: Apsis Aerocom stock price opened at ₹153.00 representing premium of 39.09% from issue price, quickly hit upper circuit at ₹160.65 (up 46.05%), with VWAP at ₹154.65. The strong listing delivered exceptional gains for IPO investors with 100% buy-side visible in order book post upper circuit indicating sustained demand significantly outstripping supply.

Growth Drivers and Challenges

Growth Drivers:

Defence and Aerospace Focus: Precision engineering capabilities for aerospace, defence, and healthcare industries with end-to-end manufacturing from client-provided drawings to final product delivery supported by CNC machines handling parts up to 1,200 mm.

Strong Financial Growth: Revenue growing from ₹10.41 crore in FY23 to ₹20.57 crore in FY25, PAT surging from ₹1.03 crore to ₹6.64 crore, exceptional ROE of 25.75%, ROCE of 25.62%, PAT margin of 22.88%, EBITDA margin of 34.99%.

International Presence: Established footprint in USA, Netherlands, Spain, and Israel enabling global customer base alongside domestic presence in Karnataka, Telangana, and Maharashtra.

Challenges:

Sustainability Concerns: Analyst notes sudden surge in bottom lines from FY25 onwards raises eyebrows over sustainability with issue appearing fully priced at post-IPO P/E of 19.97x.

Small Scale Operations: Revenue of only ₹20.57 crore in FY25 with 105 employees indicating limited scale, small equity base post-IPO hints at longer duration for mainboard migration.

Promoter Dilution: Significant promoter dilution from 100% to 73.02% post-IPO with company incorporated only in 2022 limiting track record assessment.

Utilisation of IPO Proceeds

Machinery Capex: ₹27.02 crore for funding capital expenditure towards purchase of machinery representing largest allocation enhancing precision manufacturing capabilities.

General Corporate Purposes: ₹3.91 crore for general corporate purposes.

Financial Performance

Revenue: ₹13.70 crore for H1 FY26, ₹20.57 crore for FY25, growth from ₹16.88 crore in FY24 and ₹10.41 crore in FY23.

Net Profit: ₹3.12 crore for H1 FY26, ₹6.64 crore in FY25, significant growth from ₹2.55 crore in FY24 and ₹1.03 crore in FY23, with post-IPO EPS of ₹5.51 and P/E of 19.97x. 

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