Aplab FY26 Results: Revenue Rs 58.44 crore, PAT Rs 2.52 crore

Key financials (FY 2025-26 vs FY 2024-25)

According to the Management Address for the 61st AGM, based on the audited financial statements for FY 2025-26 (page 1–2):

• Revenue from operations: Rs 58.44 crore in FY26 vs Rs 63.67 crore in FY25
  → Change: -8.2% year-on-year

• Profit after tax (PAT): Rs 2.52 crore in FY26 vs Rs 0.26 crore in FY25
  → Change: +869.2% year-on-year

• Operating profit margin: 10.07% in FY26 vs -5.29% in FY25
  → Change: improvement of +15.36 percentage points (1,536 bps)

• Net profit margin: 4.31% in FY26 vs 0.41% in FY25
  → Change: improvement of +3.90 percentage points (390 bps)

The address notes that these figures are drawn from the audited financial statements for FY 2025-26 (page 1).

Balance sheet and efficiency metrics

The company also highlighted improvements in leverage and working-capital efficiency (page 2):

• Debtor days: 53 in FY26 vs 124 in FY25
• Debt-equity ratio: 0.93 in FY26 vs 2.38 in FY25
• Interest coverage ratio: 2.37 times in FY26 vs -1.05 times in FY25

The Board has not recommended a dividend for the year, with resources being retained to strengthen the business (page 2).

Business overview

Aplab is described as an Indian electronics engineering and manufacturing company, incorporated in 1964 and listed on BSE (page 2). It designs and manufactures:

• Power-conversion systems
• Test and measurement instruments
• Banking and retail automation solutions
• Related service offerings

Its corporate office and manufacturing facility are at Digha, Navi Mumbai (page 2). Key customer sectors include industrial manufacturing, education and research, defence, avionics and space, telecom and broadcasting, and banking and financial services.

Segmental commentary

Management now reviews the business through four internal operating groups (page 2):

1. Power Control and Conversion Electronics (PCCE)

   • Includes UPS and emergency power systems, frequency converters, automatic changeover switches, power-conditioning equipment, isolation transformers, and power-management software, as well as specialised defence and aviation products (page 2).
   • In FY26, almost three quarters of revenue came from PCCE (page 2).
   • Revenue from defence, aviation, aerospace and other strategic-sector customers moderated by approximately 2–3% during the year, mainly due to timing and deployment schedules of defence projects (page 2).

2. Test and Measurement Instrumentation (TMI)

   • TMI revenue increased by approximately 30%, albeit from a low base (page 3).
   • Users include industrial equipment manufacturers, R&D and DPSU labs, and educational institutions.
   • Portfolio includes LONAR programmable AC sources and XSP/VSP programmable DC sources. The XSP high-efficiency programmable power-supply range was launched in the final quarter of FY26 and is at an early market-development stage (page 3).

3. Banking and Business Automation (BA)

   • BA revenue increased by 50% of the previous FY (page 3).
   • Management notes BA revenue is extremely volatile, with a single PSU tender capable of materially changing revenue (page 3).
   • Portfolio includes self-service passbook printers, passbook lifecycle automation software, CTS-Ready cheque deposit kiosks and retail advertising & payment kiosks (page 3).

4. Customer Service and Support

   • Service revenue was Rs 6.58 crore in FY26 (page 3).
   • Year-on-year decline in service revenue was mainly due to a reduction in the serviceable installed base of older banking kiosks that had reached end of life (page 3).
   • Management reiterates a long-term aspiration to derive up to 50% of revenue from services, but stresses this is not financial guidance or a time-bound target (page 3).

Strategy, operations and outlook

• Manufacturing has been consolidated at the Navi Mumbai facility, with process improvements aimed at safer, leaner and higher-quality production (page 4).
• R&D spend is currently modest but is intended to be scaled progressively as revenues grow, with a focus on high-efficiency power-electronics design, including silicon-carbide and gallium-nitride technologies (page 4).
• Management emphasises disciplined execution, working-capital efficiency, product quality and sustainable growth, and explicitly states it will not provide specific revenue, margin, order-book or conversion guidance beyond what is already disclosed (page 4).

Overall, FY26 shows a turnaround in profitability and balance-sheet strength despite lower revenue, with management positioning the company for longer-term opportunities in critical power, defence and aviation, industrial testing, banking automation and lifecycle services (pages 2–4).