Hyderabad-based maker of radars, EW systems, antennas & GaN/GaAs MMICs for defence and space, since 1991.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 176 | −10.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.8 | −0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 9.8 | −24.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 15.67 | +1.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 26.14 | +42.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 3.92 | −5.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 7 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 Revenue | INR 1,000 crores | Q3 FY25 | Promise achieved in a prior period. No new updates. | Achieved |
| FY26 Order Inflow | INR 1,300 to 1,500 crores | Q3 FY25 | 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. | Missed |
| FY30 Turnover | INR 2,250 to 2,500 crores | Q2 FY26 | This target has been superseded by a much more ambitious goal of 6-7x FY26 turnover in the next 5 years (~FY32), representing a significant upward revision of long-term ambition. | Revised Up |
3 of Astra Microwave Products Limited's 18 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,082.2 on 24 Oct 2025 → ₹1,568.4. High ₹1,861.6 (31 Jul 2026), low ₹855.7 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 7 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 Revenue | INR 1,000 crores | Q3 FY25 | Promise achieved in a prior period. No new updates. | Achieved |
| FY26 Order Inflow | INR 1,300 to 1,500 crores | Q3 FY25 | 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. | Missed |
| FY30 Turnover | INR 2,250 to 2,500 crores | Q2 FY26 | 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. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Astra Microwave Products Limited Q1 FY27
Astra Microwave Products Limited reported moderate Q1 FY27 results due to temporary delays, but announced a landmark INR2,205 crores order for Uttam Radar in July, boosting its total order book to INR4,300 crores. The company is targeting 15-20% top-line growth for FY27 and has strong long-term order intake visibility. Plans for a Space and Weather division spin-off by April 2027 are also underway.
Read the full callAstra Microwave Q4 FY26
Astra Microwave concluded FY26 with strong operational performance, achieving a turnover of ₹1157 crores and generating ₹370 crores in operating cash flow. The company secured ₹530 crores in fresh orders during Q4, boosting its total order book to ₹2141 crores. Strategic initiatives include an approved demerger of non-core businesses and a focus on IP-driven products, positioning Astra for a targeted tripling of turnover within 3-4 years, despite some profitability impact from forex provisions in FY26.
Read the full callAstra Microwave Q3 FY26
Astra Microwave reported its best-ever Q3 FY26 performance with standalone revenue of ₹258 crores and a robust EBITDA margin of 30.9%. The standalone order book grew to ₹2,226 crores, supported by strong inflows and a healthy pipeline of ₹550-600 crores expected to convert this quarter. While execution delays were noted in some R&D projects, the company reaffirmed its FY26 revenue target of ₹1,150 crores and FY27 revenue growth of ~15%, driven by a strong focus on indigenous design and strategic partnerships.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −24% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 229 | 257 | 405 | 197 | 213 | 258 | 487 | 176 |
| Expenses | 180 | 182 | 285 | 159 | 167 | 178 | 327 | 143 |
| Operating profit | 49 | 75 | 120 | 38 | 46 | 80 | 160 | 33 |
| Operating margin | 21.4% | 29.1% | 29.6% | 19.5% | 21.7% | 30.9% | 32.8% | 18.8% |
| Other income | 2 | 2 | 11 | 3 | 6 | 3 | 7 | 2 |
| Interest | 12 | 15 | 19 | 14 | 13 | 13 | 14 | 11 |
| Depreciation | 6 | 9 | 11 | 9 | 10 | 11 | 13 | 12 |
| Profit before tax | 33 | 53 | 101 | 17 | 29 | 59 | 140 | 13 |
| Tax rate | 25.2% | 26.8% | 25.5% | 24.7% | 27.9% | 34.4% | 24.7% | 25.4% |
| Net profit | 24 | 39 | 75 | 13 | 21 | 39 | 105 | 10 |
| EPS (₹ per share) | 2.58 | 4.07 | 7.91 | 1.37 | 2.18 | 4.10 | 11.09 | 1.03 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 813 | 904 | 1,044 | 1,156 |
| Expenses | 670 | 711 | 778 | 831 |
| Operating profit | 143 | 194 | 266 | 324 |
| Other income | 6 | 12 | 18 | 19 |
| Interest | 30 | 30 | 56 | 55 |
| Depreciation | 24 | 25 | 35 | 43 |
| Profit before tax | 95 | 152 | 193 | 245 |
| Net profit | 69 | 113 | 143 | 178 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 17 | 17 | 19 | 19 | 19 | 19 |
| Reserves | 572 | 636 | 949 | 1,071 | 1,144 | 1,272 |
| Borrowings | 60 | 170 | 227 | 419 | 278 | 288 |
| Other liabilities | 308 | 224 | 271 | 325 | 326 | 382 |
| Total liabilities | 958 | 1,047 | 1,466 | 1,833 | 1,766 | 1,961 |
| Fixed assets | 158 | 165 | 169 | 228 | 227 | 262 |
| Capital work in progress | 0 | 2 | 13 | 0 | 1 | 9 |
| Investments | 37 | 37 | 38 | 38 | 36 | 48 |
| Other assets | 764 | 842 | 1,246 | 1,568 | 1,501 | 1,641 |
| Total assets | 958 | 1,047 | 1,466 | 1,833 | 1,766 | 1,961 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -12 | 101 | -22 | -187 | -99 | 376 |
| Cash from investing | -4 | -27 | -28 | -43 | -73 | -86 |
| Cash from financing | 23 | -67 | 76 | 234 | 142 | -196 |
| Net cash flow | 7 | 7 | 26 | 3 | -30 | 94 |
| Free cash flow | -15 | 73 | -55 | -235 | -174 | 294 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 157 | 101 | 127 | 203 | 274 | 217 |
| Inventory days | 254 | 280 | 279 | 335 | 379 | 378 |
| Days payable | 31 | 37 | 31 | 58 | 47 | 72 |
| Cash conversion cycle | 380 | 344 | 375 | 479 | 605 | 523 |
| Working capital days | 192 | 174 | 180 | 269 | 284 | 266 |
| Return on capital employed | 9.0% | 11.0% | 18.0% | 18.0% | 18.0% | 19.0% |
| Dividend payout | 43.0% | 30.0% | 18.0% | 17.0% | 15.0% | 13.0% |
To justify its price of ₹1568, this stock must grow earnings at 42% every year for 7 years. Our analysis caps realistic growth at ~33%. At that growth it is worth ₹1017 — downside of 35%.
Ownership
Public hold 66.47% as of Sept 2026; institutions added 0.17 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Astra Microwave Products Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 6.30% | unchanged | |
| Mutual fund | 4.76% | +0.42 pp |
| 4.61% | unchanged | |
| 3.41% | unchanged | |
| 3.12% | −0.41 pp | |
| 3.12% | unchanged | |
| 2.90% | unchanged | |
| Mutual fund | 2.42% | unchanged |
| Mutual fund | 2.32% | unchanged |
| 2.27% | unchanged | |
| 1.97% | −0.06 pp | |
| 1.79% | unchanged |
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.
Filings to Sep 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +0.12 L shares (+0.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹740 Cr | +0.12 L | Nov '23 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹360 Cr | held | May '23 |
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 Sep 2026
1 added, 0 trimmed — net +11,765 shares (+0.2%)
Shares held by these funds +187%
Oct '23 67.23 L shares Sep '26
Your own record
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