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Astra Microwave

Q2 FY26

Astra Microwave Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,625

Market cap₹15.4K Cr

P/E81.6

Updated16 Oct 2026

Read4 min read

The short version

Astra aims to double its turnover (2x growth) over the next 3 to 4 years, targeting over INR 1,400-1,500 crores revenue in FY '27. Astra aims to double (2x) its turnover over the next 3 to 4 years, targeting around INR 2,250 to 2,500 crores by FY '30.

From Astra Microwave's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Astra aims to double its turnover (2x growth) over the next 3 to 4 years, targeting over INR 1,400-1,500 crores revenue in FY '27.
FY '28 expected revenue around INR 1,650 crores with QRSAM and Uttam radars contributing.
FY '29 and FY '30 to see full production from key programs (QRSAM, Uttam radars, Su-30 upgrades, EW Suite, Virupaksha), targeting INR 2,250-2,500 crores range.
By FY '30, Astra expects to exceed a quarter-billion dollars in revenue (~INR 2,500 crores).
Management envisions becoming a $1 billion revenue company in the medium term, with a 3x growth following the initial 2x.

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Profitability & Margins

Astra aims to double (2x) its turnover over the next 3 to 4 years, targeting around INR 2,250 to 2,500 crores by FY '30.
Management projects revenue growth driven by ramp-up in key defense projects like QRSAM, Uttam radars, Su-30 upgrades, and EW Suite.
FY '27 revenue guidance ranges INR 1,400 to 1,500 crores; FY '28 expected around INR 1,650 crores with further scaling thereafter.
EBITDA margins are expected to be maintained or slightly improved, with gross margins stable at 45-50%.
Profit before tax (PBT) and EPS projections implied to grow with revenues, supported by margin improvement and scalable operations.

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Capital Expenditure Plans

Astra has commissioned a facility in Bangalore for designing and assembling small satellites, which is already operational.
They plan to launch their own revenue-accretive Astra SAT-1 satellite in less than 24 months.
No significant immediate short-term capital expenditure is expected for space business growth, as facilities are in place.
A new building is under construction to support increased production lines for key defense products.
The company is pursuing strategic collaborations and partnerships, including a potential partner in Europe/NATO markets, focusing on technology sourcing and licensing rather than building everything in-house.

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Fundraising & Capital Structure

The transcript does not explicitly mention any current or planned fundraising through debt or equity.
Management discussed expanding capabilities, partnerships, and strategic investments but did not specify raising funds via debt or equity.
They mentioned capital requirements will be addressed as needed, especially when scaling to a $1 billion revenue company, but current plans leverage existing facilities.

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Order Book & Pipeline

As of September 30, 2025, Astra Microwave Products Limited's standalone order book stands at INR 1,916 crores.
The consolidated order book is at INR 2,209 crores, indicating strong visibility for upcoming quarters.
Astra Rafael Comsys System Private Limited's order book was approximately INR 336 crores as of September 30, 2025.
Astra Rafael expects to receive orders worth around INR 800 to 850 crores in the next 6 to 7 months.
Newer orders worth INR 400 crores are expected in Q3 FY '26, with INR 600 crores expected in the last quarter of the same fiscal year.
The Indian Air Force placed an emergency order for different communication sets (not related to Manpack SDR).

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Astra Microwave — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹488 Cr, net profit ₹106 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Astra Microwave Products Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Astra Microwave Q2 FY26 results?

Astra aims to double its turnover (2x growth) over the next 3 to 4 years, targeting over INR 1,400-1,500 crores revenue in FY '27. Astra aims to double (2x) its turnover over the next 3 to 4 years, targeting around INR 2,250 to 2,500 crores by FY '30.

What is Astra Microwave share price analysis?

Astra Microwave currently shows a neutral. The stock trades at a P/E of 81.6 with a market cap of ₹15,430 Cr. Investors should review the full earnings analysis for detailed insights.

Is Astra Microwave planning capital expenditure?

Astra has commissioned a facility in Bangalore for designing and assembling small satellites, which is already operational.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.