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Apsis Aerocom IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Apsis Aerocom Limited operates in the precision engineering and machining industry, manufacturing high-precision mechanical components used mainly in aerospace, defence, and healthcare sectors. The company provides end-to-end engineering and machining services, including sourcing raw materials, precision machining, finishing, surface treatment, and mechanical assembly. Its products are manufactured as per client-supplied designs and specifications, ensuring high accuracy and compliance with international standards required in mission-critical industries.
Apsis Aerocom an Book Built Issue, amounting to ₹
35.77 Crore,consisting entirely an fresh issue of
0.33 crore shares of ₹
35.77 crores. The subscription period for the Apsis Aerocom IPO opens on 11 March 2026,, and closes on March 13, 2026. The allotment is expected to be finalized on or about 16 March 2026, Monday, and the shares will be listed on the NSE with a tentative listing date set on or about Wednesday, March 18, 2026.
The Share Price Band of Apsis Aerocom IPO is set at ₹104 to ₹110 per share per equity share. The Market Capitalisation of the Apsis Aerocom at IPO price of ₹110 per equity share will be ₹132.57 Cr. The lot size of the IPO is 1,200 shares. Retail investors are required to invest a minimum of ₹
264,000, 2 lots (
2,400 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
3,600 shares), amounting to ₹
396,000
ONEVIEW CORPORATE ADVISORS PRIVATE LIMITED, the book running lead manager of the Apsis Aerocom Ltd. while INTEGRATED REGISTRY MANAGEMENT SERVICES PRIVATE LIMITED is the registrar for the issue.The Market Maker of the company is Basan Equity Broking Ltd.
Apsis Aerocom Limited IPO GMP Today
The Grey Market Premium of Apsis Aerocom IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Apsis Aerocom Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on March 13, 2026, the Apsis Aerocom IPO live subscription status shows that the IPO subscribed 129.33 times on its Final Day of subscription period. Check the Apsis Aerocom IPO Live Subscription Status Today at BSE.
Apsis Aerocom Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Apsis Aerocom IPO allotment date is 16 March 2026, Monday, Apsis Aerocom IPO Allotment will be out on 16 March 2026, Monday, and will be live on Registrar Website from the allotment date.
INTEGRATED REGISTRY MANAGEMENT SERVICES PRIVATE LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Apsis Aerocom IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Apsis Aerocom Limited IPO
Apsis Aerocom to utilise the Net Proceeds towards the following objects:
1. ₹1,932.61 Lakhs is required for Funding Capital Expenditure towards purchase of Machinery
2. General Corporate Expenses
Refer to Apsis Aerocom Limited RHP for more details about the Company.
Apsis Aerocom Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| March 06, 2026 | ₹ 110 | ₹ 110 | ₹0(0.0%) | 06 March 2026; 12:09 PM |
Apsis Aerocom IPO Details
| Market Capitalization | ₹132.57 Cr |
| IPO Date | March 11, 2026 to March 13, 2026 |
| Listing Date | March 18, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹104 to ₹110 per share |
| Issue Price | ₹110 per share |
| Employee Discount | NA |
| Lot Size | 1200 Equity Shares |
| Total Issue Size | 32,52,000 Equity Shares (aggregating to ₹35.77 Cr) |
| Fresh Issue | 32,52,000 Equity Shares (aggregating to ₹35.77 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | NSE SME |
| Share holding pre issue | 87,99,921 |
| Share holding post issue | 1,20,51,921 |
| Rating | Avoid |
Apsis Aerocom IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Apsis Aerocom IPO Timeline (Tentative Schedule)
| IPO Open Date | Wed, Mar 11, 2026 |
| IPO Close Date | Fri, Mar 13, 2026 |
| Basis of Allotment | Mon, Mar 16, 2026 |
| Initiation of Refunds | Tue, Mar 17, 2026 |
| Credit of Shares to Demat | Tue, Mar 17, 2026 |
| Listing Date | Wed, Mar 18, 2026 |
| Cut-off time for UPI mandate confirmation | Mon, Mar 16, 2026 |
Apsis Aerocom IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 1,543,200 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 462,960 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 1,080,240 | Not more than 35% of the Net Offer |
| Market Maker Portion | 165,600 | - |
Apsis Aerocom IPO Promoter Holding
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 73.02% |
Apsis Aerocom IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹264,000 |
| Retail (Max) | 2 | 2,400 | ₹264,000 |
| S-HNI (Min) | 3 | 3,600 | ₹396,000 |
| S-HNI (Max) | 7 | 8,400 | ₹924,000 |
| B-HNI (Min) | 8 | 9,600 | ₹1,056,000 |
Apsis Aerocom IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1,543,200 | 6,23,74,800 | 40.42x | 14 March 2026; 09:57 AM |
| Non Institutional Investors(NIIS) | 628,560 | 10,98,81,600 | 174.81x | 14 March 2026; 10:00 AM |
| Retail Individual Investors (RIIs) | 1,080,240 | 10,84,96,800 | 100.44x | 14 March 2026; 10:00 AM |
| Total | 21,70,800 | 28,07,53,200 | 129.33x | 14 March 2026; 10:01 AM |
About Apsis Aerocom Limited
Apsis Aerocom Limited operates in the precision engineering and machining industry, manufacturing high-precision mechanical components used mainly in aerospace, defence, and healthcare sectors. The company provides end-to-end engineering and machining services, including sourcing raw materials, precision machining, finishing, surface treatment, and mechanical assembly. Its products are manufactured as per client-supplied designs and specifications, ensuring high accuracy and compliance with international standards required in mission-critical industries.
Key Clients and Manufacturing Facilities
The company serves customers mainly in Karnataka, Telangana, and Maharashtra, and has international exposure in USA, Netherlands, Spain, and Israel.
Apsis operates Manufacturing Unit-I in Peenya Industrial Area, Bengaluru, equipped with advanced CNC machines including 3-axis, 4-axis, and 5-axis machining systems, capable of producing precision parts up to 1200 mm length.
The facility uses CAD/CAM-based engineering processes to ensure accuracy and consistent product quality.
Product Portfolio and Order Execution
The company manufactures precision machined components used in aerospace systems, defence equipment, and healthcare instruments. These parts are typically integrated into complex systems such as aircraft radar assemblies, cockpit display systems, and laboratory equipment.
Since the components are produced according to client specifications, they form an integral part of the customer’s product lifecycle and must meet stringent tolerances and reliability standards. Orders are generally executed based on customer demand and project requirements, ensuring precision manufacturing and timely delivery.
Expansion Plans, Capex and Future Growth
To increase its manufacturing capacity, the company is establishing Manufacturing Unit-II at the Hitech Defence and Aerospace Park in Bengaluru.
The new facility will have an estimated annual production capacity of about 3,00,000 components for aerospace, defence, and healthcare industries.
A portion of the IPO proceeds will be used to purchase machinery worth around ₹2,702.01 lakhs for this new plant.
Employees and Bankers
September 30, 2025, the company had 105, full time employees. The Banker to the Company is ICICI Bank Limited, State Bank of India.
Management and Vision
The company is promoted by Basavaraju Kanakatte Shivakumar, Mihir Kumar Pradhan, and Vinod Kumar Mariyappan.
The management team aims to strengthen the company’s position in precision manufacturing for aerospace, defence, and healthcare sectors, which require extremely high-accuracy components. Their strategy focuses on:
- Expanding manufacturing capacity through new facilities and advanced machinery
- Improving capabilities in high-complexity machining using 5-axis CNC technology
- Strengthening global customer relationships in high-value industries
To finance expansion and capital expenditure, the company plans to utilize IPO proceeds along with internal accruals, mainly for machinery acquisition and scaling up production capabilities.
The long-term vision of the management is to become a trusted supplier of high-precision components in global aerospace and medical supply chains by leveraging technological capability and strict quality standards.
Industry Overview
Apsis Aerocom operates in the precision mechanical component manufacturing industry, which supplies critical parts to sectors such as aerospace, automotive, medical devices, electronics, and industrial automation.
Global Industry Size and Growth
The global precision mechanical components market is estimated to reach USD 198.03 billion in 2025 and is projected to grow to USD 306.09 billion by 2030, reflecting a CAGR of about 9.10%.
This growth is driven by:
- Rising aerospace production
- Demand for medical devices
- Increased automation and robotics
- High-precision manufacturing requirements
Indian Industry Size and Growth
The Indian precision engineering component market is estimated to reach USD 536 million in 2025 and is expected to grow to USD 759 million by 2030, representing a CAGR of around 7.2%.
Growth drivers in India include:
- Make in India initiative
- Increasing defence manufacturing
- Growth in aerospace production
- Expansion of medical device manufacturing
Key Industry Players
Major companies operating in this industry include:
- MTAR Technologies Limited
- Raghu Vamsi Machine Tools
- INDO-MIM Limited
- Unimech Aerospace and Manufacturing Ltd
- Suttatti Enterprises Pvt Ltd
These companies compete on technology capability, precision engineering expertise, and certifications.
Key Risk Factors
1. Dependence on Limited Customers
The company derives a significant portion of revenue from a small number of customers, which increases business risk. For example, the top 5 customers contributed over 94% of revenue in FY2025, indicating high customer concentration.
2. Dependence on Limited Suppliers
Operations depend on a limited number of suppliers for raw materials. Any disruption in raw material supply, delays, or quality issues could negatively impact production and profitability.
3. Industry Cyclicality
The company operates in industries such as aerospace and defence which are capital-intensive and dependent on government spending and economic cycles.
4. High Technology Requirements
Precision component manufacturing requires advanced machining technology and skilled manpower. Any delay in technology upgrades may reduce competitiveness.
5. Competition from Large Players
The company faces competition from both domestic and global precision engineering companies with larger scale and stronger technological capabilities.
6. Execution Risk in Expansion
The proposed new manufacturing facility and machinery installation may face delays, cost overruns, or operational challenges, which could impact growth plans.
7. Regulatory and Certification Requirements
Industries such as aerospace and healthcare require strict compliance with quality standards and certifications, and any non-compliance could lead to loss of contracts.
Key Strengths and Opportunities
1. Presence in High-Growth Industries
The company operates in sectors like aerospace, defence, and healthcare, which are witnessing strong demand for precision components globally.
2. Advanced Precision Manufacturing Capability
The company uses 3-axis, 4-axis, and 5-axis CNC machining technology, enabling it to manufacture highly complex components with tight tolerances.
3. Strong Quality Certifications
The manufacturing facility holds AS9100D and ISO 9001:2015 certifications, demonstrating compliance with global aerospace and quality standards.
4. End-to-End Engineering Solutions
Apsis provides a complete solution from raw material sourcing to machining, finishing, and mechanical assembly, which enhances customer value and long-term relationships.
5. Expansion Plans to Increase Capacity
The upcoming Manufacturing Unit-II with capacity of 3,00,000 components annually will significantly increase production capability and revenue potential.
6. Growing Global Market Opportunities
With global supply chains diversifying away from China and increasing Make in India initiatives, Indian precision engineering companies like Apsis have strong export opportunities.
Apsis Aerocom Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 488.80 | 958.76 | 295.00 | 39.57 |
| Total Assets | 2,355.55 | 1,845.72 | 1,193.49 | 722.01 |
| Total Borrowings | 232.66 | 283.72 | 132.23 | 207.14 |
| Fixed Assets | 846.63 | 800.43 | 694.36 | 280.94 |
| Cash | 226.87 | 110.89 | 208.15 | 108.95 |
| Cash flow from operating activities | 288.03 | 163.29 | 575.58 | 128.61 |
| Cash flows from investing activities | -243.55 | -365.76 | -491.43 | -45.03 |
| Cash flow from financing activities | -25.61 | 1.09 | 15.05 | 1.70 |
| Net Borrowing | 5.79 | 172.83 | -75.92 | 98.19 |
| Revenue | 1,370.43 | 2,056.74 | 1,687.74 | 1,041.28 |
| EBITDA | 477.70 | 1,020.46 | 409.51 | 192.73 |
| PAT | 312.28 | 663.76 | 255.43 | 102.52 |
| PAT Margin | 22.79% | 32.27% | 15.13% | 9.85% |
| EPS | 3.55 | 7.54 | 2.9 | 1.17 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 7.54 |
| EPS Post IPO (Rs.) | 5.51 |
| Adjusted 12M EPS Post IPO (Rs.) | 5.18 |
| P/E Pre IPO | 14.59 |
| P/E Post IPO | 19.97 |
| Adjusted 12M P/E Post IPO | 21.23 |
| ROE | 91.60% |
| ROCE | 65.79% |
| P/BV | 9.16 |
| Debt/Equity | 0.17 |
| RoNW | 62.82% |
| EBITDA Margin | 49.80% |
| PAT Margin | 32.27% |
Apsis Aerocom Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Apsis Aerocom | 5.51 | 19.97 | 91.60% | 65.79% | 9.16 | 0.17 | 62.82% |
| Unimech Aerospace And Manufacturing | 4.02 | 225.90 | 19.9 % | 22.2 % | 6.42 | 0.16 | 3.65 % |
Apsis Aerocom Limited Contact Details
Apsis Aerocom Limited
Phone: +91 80 49932834
Email: cs@apsisaerocom.com
Website: https://apsisaerocom.com/
Apsis Aerocom IPO Registrar and Lead Manager(s)
INTEGRATED REGISTRY MANAGEMENT SERVICES PRIVATE LIMITED
Phone: 080-23460815
Email: smeipo@integratedindia.in
Website: http://www.integratedregistry.com/
ONEVIEW CORPORATE ADVISORS PRIVATE LIMITED
Phone: : 033 – 2289 5101 / 4603 2561
Email: smeipo@integratedindia.in
Website: http://www.oneviewadvisors.com/
Apsis Aerocom IPO Review
Elfin Agro India Limited is an agro-processing company primarily engaged in the manufacturing of wheat flour and edible oil products. The company earns revenue through sale of branded flour products and bulk supplies to institutional clients, along with limited trading of agro-based commodities. Its manufacturing-driven model contributes the majority of revenues, with FY2025 operational revenue of ₹14,586.34 lakh.
The Company is led by Promoter, i.e.,BASAVARAJU KANAKATTE SHIVAKUMAR, MIHIR KUMAR PRADHAN AND VINOD KUMAR MARIYAPPAN
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,370.43 Lakh, ₹ 2,056.74 Lakh, ₹ 1,687.74 Lakh, and ₹ 1,041.28 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 477.70 Lakh, ₹ 1,020.46 Lakh, ₹ 409.51 Lakh, and ₹ 192.73 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 312.28 Lakh, ₹ 663.76 Lakh, ₹ 255.43 Lakh, and ₹ 102.52 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 7.54 and post-issue EPS of ₹ 5.51 for FY25. The pre-issue P/E ratio is 14.59x,while the post-issue P/E ratio is 19.97x against the Industry P/E ratio is 225.9x The company's ROE for FY25 is 91.60% and RoNW is 62.82% The Annualised EPS is ₹ 5.18x and P/E is ₹ 21.23x, These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Apsis Aerocom showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Apsis Aerocom Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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