Defence stock rallies 100% in 6 months! ICICI Direct sees 25% upside in Apollo Micro Systems, check target price
ICICI Bank secured new business in a defence development.
22 Sept 2026 · LiveMint Markets
Apollo Microsystems Limited shares rose 6% due to strong order inflows and earnings growth. ICICI Direct notes the company's unique position in defense tech, projecting additional orders and a target price of ₹485 per share amid significant stock gains over six months.
The analysis
ICICI Bank reported ₹485, with movement of 6%, 25% and 100% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +0.5% on the day at ₹1,349.50, and has returned -4.7% over three months. It sits 8% below its 52-week high. The banks sector has moved -4.0% over the same period, so ICICI Bank is running 0.7 points behind its peers.
For ICICI Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Why it matters
- Defence orders carry long execution tails and policy tailwinds, which the market values for their visibility.
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- The company directly in focus is ICICIBANK.
- Sector exposure: Banks.
- The immediate tone of coverage reads positive.
In this story
Related coverage
ICICI Prudential Life Insurance to focus on growing absolute VNB amid slump in FY24
ICICI Pru Life Q4 net profit falls 26% to Rs 174 cr, insurer announces dividend
Indian banks face a Q2 paradox: FCNR boosts loan growth but margins shrink
Banks vs NBFCs: Which stocks could benefit as RBI set to hike rates for the first time in 3 years?
Invesco and Motilal Oswal lead AUM growth in Q2 FY27, shows data