Apsis Aerocom IPO

Apsis Aerocom machines metal components to close tolerances against other companies' designs. Customers supply the drawings and specifications; Apsis sources raw material through approved vendors, cuts the parts on 3-axis, 5-axis and multitasking CNC machines, then finishes, surface-treats and inspects them before despatch. Parts run up to 1,200 mm long and go into RF and microwave assemblies, aerospace structural parts and medical devices. It works from a plant in the Peenya Industrial Area, Bengaluru, and holds AS9100 and ISO 9001:2015 certification, which aerospace and defence buyers require of suppliers. Three end markets are served - defence, aerospace and healthcare. Customers are mainly Indian, across Karnataka, Telangana and Maharashtra, with supply also into the USA, Netherlands, Spain and Israel. The company employed 105 people as of 30 September 2025.

Revenue is machining fees on build-to-print work: the customer owns the design, so Apsis earns on machine hours, labour and the tolerances it can hold rather than on a product of its own. Revenue from operations rose from Rs 10.37 crore in FY23 to Rs 16.87 crore in FY24 and Rs 20.49 crore in FY25, with EBITDA of Rs 1.93 crore, Rs 4.10 crore and Rs 10.20 crore across the same three years. Demand sits with a short customer list - the largest customer was 35.6% of revenue and the top five about 87%. Capacity is the binding constraint: Rs 27.02 crore of the Rs 35.77 crore raised was earmarked for machinery.