ASTRAMICRO

Astra Microwave Products share price & financials

Price
₹1,684.1
Market cap
₹16.2k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 11 Aug 2026

Astra Microwave Products Limited Q1 FY27

Revenue ₹182 cr

What went well

  • Secured a landmark order worth INR2,205 crores from Hindustan Aeronautics Limited for Uttam Radar in July 2026, reflecting long-standing trust.
  • Total order book reached a record-breaking INR4,300 crores as of August 2026, providing strong visibility.
  • Emerged as the lowest bidder (L1) for the AAAU program of AMCA, with contract expected within a month.

What to watch

  • Q1 FY27 revenue and profitability were moderate due to temporary delays in customer approvals and last-stage technical issues.
  • Anticipated working capital pressure in Q3 and Q4 FY27, though overall position expected to be similar to previous year.
Read the full call →

What Astra Microwave Products Limited does

Astra Microwave Products designs and manufactures high-performance RF and microwave modules, sub-systems and systems for the defence, space and meteorology sectors, having evolved from a components supplier into a Development-cum-Production Partner for strategic national programmes. It builds radars (including phased-array telemetry and Doppler weather radars), electronic-warfare and antenna systems, GNSS solutions, unmanned ground vehicles and RF PCBs, and runs an in-house MMIC (GaN/GaAs) design and fabrication line for the active devices used in its own sub-systems. It earns primarily through production and development contracts with defence public-sector units, DRDO, ISRO/space agencies and the India Meteorological Department, supplemented by exports (largely via its Astra Rafael Comsys joint venture) to customers in Israel, Singapore and the EU.

Segments

  • Defence / Public Sector
  • Space
  • Meteorological
  • Exports (incl. deemed exports)
Manufacturing & R&D facilities
6 (5 units in Hyderabad, 1 R&D unit in Bengaluru)
Total workforce
1,880 employees (as of March 31, 2026)
R&D professionals
704, including 93 with Master's degrees and 8 with doctorates
Radars delivered to date
35
Satellites supported to date
25
Strategic programmes executed to date
15
Founded 1991Headquarters Hyderabad, Telangana, IndiaEmployees 1,880 (2026-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 4 delivered 3 missed 11 open
  • FY25 Revenue delivered said Q3 FY25 Promised: INR 1,000 crores Q1 FY27: Promise achieved in a prior period. No new updates.
  • FY26 Order Inflow missed said Q3 FY25 Promised: INR 1,300 to 1,500 crores Q1 FY27: The deadline for reporting FY26 order inflow has passed, and the company has not provided the final figure against its guidance. This constitutes a failure to report.
  • FY30 Turnover revised up said Q2 FY26 Promised: INR 2,250 to 2,500 crores Q1 FY27: This target has been superseded by a much more ambitious goal of 6-7x FY26 turnover in the next 5 years (~FY32), representing a significant upward revision of long-term ambition.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 10.7%, net profit down 24.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue229 257 405 197 213 −7%258 +1%487 +20%176 −11%
EBITDA49 75 120 38 46 −6%80 +7%160 +34%33 −14%
Net profit24 39 75 13 21 −15%39 +1%105 +40%10 −24%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +62.9% 1Y

₹0.8k₹1.0k₹1.2k₹1.4k₹1.6k₹1.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹1,031.7 on 10 Sept 2025 → ₹1,680.6. High ₹1,861.6 (31 Jul 2026), low ₹855.7 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.8%
11 Aug
Q4 FY26
+3.0%
27 May
Q3 FY26
−0.4%
13 Feb
Q2 FY26
−3.0%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 12.4% a year over 3 years, FY23 to FY26. Operating margin widened to 28.1%.

Year endingFY23FY24FY25FY26
Revenue₹813 Cr₹904 Cr₹1.0k Cr₹1.2k Cr
Operating profit₹143 Cr₹194 Cr₹266 Cr₹324 Cr
Operating margin17.6%21.4%25.5%28.1%
Interest₹30 Cr₹30 Cr₹56 Cr₹55 Cr
Depreciation₹24 Cr₹25 Cr₹35 Cr₹43 Cr
Net profit₹69 Cr₹113 Cr₹143 Cr₹178 Cr
Net margin8.5%12.5%13.7%15.4%
Cash from operations₹-22 Cr₹-187 Cr₹-99 Cr₹376 Cr
Free cash flow₹-55 Cr₹-235 Cr₹-174 Cr₹294 Cr
ROCE18.0%18.0%18.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹17 Cr₹17 Cr₹17 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹543 Cr₹572 Cr₹636 Cr₹949 Cr₹1.1k Cr₹1.3k Cr
Borrowings₹100 Cr₹60 Cr₹170 Cr₹227 Cr₹278 Cr₹288 Cr
Other liabilities₹255 Cr₹308 Cr₹224 Cr₹271 Cr₹326 Cr₹382 Cr
Total liabilities₹915 Cr₹958 Cr₹1.0k Cr₹1.5k Cr₹1.8k Cr₹2.0k Cr
Fixed assets₹151 Cr₹158 Cr₹165 Cr₹169 Cr₹227 Cr₹262 Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹13 Cr₹1 Cr₹9 Cr
Investments₹50 Cr₹37 Cr₹37 Cr₹38 Cr₹36 Cr₹48 Cr
Other assets₹715 Cr₹764 Cr₹842 Cr₹1.2k Cr₹1.5k Cr₹1.6k Cr
Total assets₹915 Cr₹958 Cr₹1.0k Cr₹1.5k Cr₹1.8k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −5.98 pp while FIIs added +4.27 pp. The shareholder count grew 10% to 1,17,894.

Promoters
6.5%
FIIs
10.7%
DIIs
16.1%
Public
66.6%

Since Jun 2025

  • Public −5.98 pp
  • FIIs +4.27 pp
  • DIIs +1.73 pp

How it drifted, 12 quarters

Over this window the public fell from 76.5% to 66.6% — −9.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 6.5%, FIIs 1.7%, DIIs 15.3%, Public 76.5%.Dec '23: Promoters 6.5%, FIIs 2.9%, DIIs 14.8%, Public 75.7%.Mar '24: Promoters 6.5%, FIIs 3.2%, DIIs 13.6%, Public 76.7%.Jun '24: Promoters 6.5%, FIIs 4.7%, DIIs 13.6%, Public 75.2%.Sep '24: Promoters 6.5%, FIIs 5.7%, DIIs 15.0%, Public 72.8%.Dec '24: Promoters 6.5%, FIIs 5.2%, DIIs 15.4%, Public 72.9%.Mar '25: Promoters 6.5%, FIIs 5.3%, DIIs 15.3%, Public 72.9%.Jun '25: Promoters 6.5%, FIIs 6.5%, DIIs 14.4%, Public 72.6%.Sep '25: Promoters 6.5%, FIIs 6.5%, DIIs 14.6%, Public 72.4%.Dec '25: Promoters 6.5%, FIIs 6.3%, DIIs 14.8%, Public 72.4%.Mar '26: Promoters 6.5%, FIIs 7.6%, DIIs 15.4%, Public 70.5%.Jun '26: Promoters 6.5%, FIIs 10.7%, DIIs 16.1%, Public 66.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Astra Microwave Products Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ratnabali Investment Private Limited 6.30%unchanged
Emerald Company Private Limited 4.63%−0.74 pp
HDFC Mutual Fund - HDFC Defence Fund Mutual fund4.34%unchanged
Atim Kabra 3.53%unchanged
Prakash Anand Chitrakar 3.41%unchanged
Renuka Chitrakar 3.12%unchanged
Adventz Finance Private Limited 2.90%unchanged
Kotak Large & Midcap Fund Mutual fund2.42%+0.10 pp
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund2.32%unchanged
Texmaco Infrastructure & Holdings Limited 2.27%unchanged
Mount Intra Finance Private Limited 2.03%−0.32 pp
Genesis Advertising Private Limited 1.79%−0.12 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ASTRAMICRO

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹1.1k Cr
2 schemes
Biggest holder
HDFC Defence Fund
₹766 Cr · 7.2% of that fund
SchemeHoldingLast month
HDFC Defence Fund HDFC Mutual Fund₹766 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹367 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+192%
vs est. average cost
Held by funds
₹1.1k Cr
2 schemes · ≈ 6.6% of the company
Biggest holder
HDFC Defence Fund
₹766 Cr · 7.2% of that fund
Longest holder
Nippon India Small Cap Fund
3y 4m · since May '23

Shares held by these funds +169%

Aug '23 63.16 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1681, this stock must grow earnings at 44% every year for 7 years. Our analysis caps realistic growth at ~33%. At that growth it is worth ₹1017 — downside of 39%.

Growth the price implies
43.9% a year
for 7 years, fading to 4%
It has actually compounded at
37.1% a year
net profit, FY23–FY26 · EPS 33.1%
The gap
0.1 pp
-39% downside if it only repeats history
Price today ₹1,680.6 Value at the reference growth ₹1,017.12

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Astra Microwave Products Limited

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