This Bangalore micro-cap makes precision parts for global aerospace & defence OEMs
₹20 Cr revenue, 50% EBITDA margins, 92% RoE — filing for an SME IPO on NSE EMERGE.
The business
Apsis Aerocom provides Build-to-Print and Build-to-Specification precision CNC machining services for Tier-1 global OEMs across defence (45%), aerospace (30%), and healthcare (22%). Operating from a compact 8,462 sq ft facility in Peenya Industrial Area, Bangalore with 16 CNC machines including 5-axis MAKINO, MAZAK, and OKUMA. AS9100D + ISO 9001:2015 certified. 99.99% aggregate accuracy over last 3 fiscal years.
Why this business matters
Aerospace & Defence boom — India's defence budget ₹6.2L Cr, Make in India & PLI schemes driving indigenous precision manufacturing demand
Healthcare precision parts — growing demand for surgical instruments, blood testing scanners, and diagnostic device components
Global supply chain shift — post-COVID diversification away from China benefits Indian precision manufacturers with AS9100D certification
The moat
Reality check
Top 1 customer = 52% revenue — extreme customer concentration risk. Top 5 = 94.6%
Tiny scale — only ₹20 Cr revenue, 8,462 sq ft factory. Capacity constraints at scale
Promoter holding 99.72% — virtually no public float pre-IPO. All 3 promoters are NTTF-trained machinists aged 36-49
Cash position dropped — from ₹2.08 Cr to ₹0.07 Cr as capital deployed into PPE and inventory build-up
Exit Trigger
Exit if customer concentration worsens (top 1 > 60%), or if IPO funds aren't deployed into capacity expansion within 12 months
The verdict
Strong micro-cap play — exceptional margins and niche positioning in precision aerospace/defence manufacturing. But scale is tiny and customer concentration is a real risk.
Watch For
IPO subscription numbers, post-listing capacity expansion plans, new customer additions beyond top 5, and FY26 Q1 revenue trajectory.
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