NSE: ASTRAMICRO · BSE: 532493
ASTRA MICROWAVE LTD
Designs and manufactures microwave and RF components, sub-systems and systems used in radar, electronic warfare, missile guidance and space applications. The bulk of revenue comes from the Indian defence sector — Hindustan Aeronautics Limited (HAL) is the standout customer, having placed a Rs. 2,205.23 crore order in July 2026 for 122 AAAU units and 121 Interface Frames for the Uttam Radar system, to be delivered over 5 years. The standalone order book stood at Rs. 2,141 crore at the end of March 2026 (Rs. 2,610 crore consolidated), with Defence/Public Sector contributing 54% and Exports 33%, and the top 10 FY26 orders worth Rs. 657 crore. Standalone revenue for FY26 was Rs. 1,163 crore (up 10.6% YoY), with Q4 FY26 at Rs. 488 crore. Materials are the largest cost line at Rs. 579 crore (49.8% of revenue), followed by employee costs at Rs. 166 crore (14.3%). The Board has approved a demerger of the Space, Meteorology and Hydrology business into a separate entity to sharpen strategic focus. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Defence / Public Sector (54%), Exports (33%). Defence electronics — order-driven, long execution cycles, capital-intensive
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 750 | 816 | 909 | 1,051 | 1,163 |
| EBITDA (ex other income) | 89 | 148 | 192 | 269 | 334 |
| margin % | 11.9 | 18.1 | 21.1 | 25.6 | 28.7 |
| Owners' profit | 38 | 70 | 121 | 154 | 193 |
| EPS, as reported (₹) | 4.37 | 8.06 | 12.86 | 16.17 | 20.32 |
| ROE % · ROCE % | 6.5 · 11.6 | 10.9 · 18.0 | 12.5 · 17.1 | 14.0 · 20.8 | 14.7 · 21.0 |
| Debt / equity (x) | 0.12 | 0.29 | 0.25 | 0.39 | 0.22 |
| Cash from operations | 110 | (25) | (182) | (90) | 387 |
| Capex | (28) | (33) | (44) | (72) | (78) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 230 | 259 | 408 | 200 | 215 | 260 | 488 | 177 |
| Profit before tax | 33 | 54 | 100 | 20 | 30 | 61 | 142 | 13 |
| Net profit | 25 | 47 | 73 | 16 | 24 | 47 | 106 | 12 |
| EPS (₹) | 2.67 | 5.00 | 7.74 | 1.71 | 2.52 | 4.93 | 11.16 | 1.30 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD ◆ | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.0 | 69.8 | 15 of 23 | 36% |
| P/B | 11.4 | 9.6 | 16 of 23 | 32% |
| ROCE | 17.2 | 13.6 | 10 of 26 | 64% |
| ROE | 14.7 | 10.9 | 8 of 23 | 68% |
| Debt / Equity | 0.2 | 0.0 | 17 of 23 | 27% |
| EBITDA margin | 20.1 | 22.3 | 13 of 23 | 46% |
| Revenue growth | (11.6) | 24.9 | 18 of 23 | 23% |
| Profit growth | (24.1) | 14.9 | 16 of 21 | 25% |
| Market cap | 14940 | 6504 | 7 of 26 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Oct 2026 · Quarterly compliance certificate on share dematerialisation for Q2 FY27 | general | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 until Q2 results announcement | compliance | minimal | — | — |
| 22 Sept 2026 · Astra Microwave to meet analysts and investors on Sept 29 in Hyderabad | compliance | minimal | — | — |
| 18 Sept 2026 · Astra Microwave: all 9 AGM resolutions approved by shareholders | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 35th AGM proceedings held on Sept 18, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 31 Aug 2026 · CRISIL upgrades Astra Microwave long-term rating to A+/Stable | general | minimal | — | — |
| 24 Aug 2026 · Newspaper clippings of 35th AGM notice and e-voting procedure | general | low | — | — |
| 22 Aug 2026 · Notice of 35th AGM on Sept 18, 2026; FY26 Annual Report available online | general | minimal | — | — |
| 22 Aug 2026 · Astra Microwave files FY 2025-26 sustainability report | compliance | minimal | — | — |
| 22 Aug 2026 · Astra Microwave files FY26 Annual Report; AGM on Sept 18 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.