Astra Microwave Products Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹14,991 Cr
- P/E
- 79.31
- ROE
- 15.99%
- PEG
- 1.97
- Price to sales
- 13.15
- Debt to equity
- 0.22
- 52W high / low
- ₹1,862 / ₹856
- Sales growth (5Y)
- 12.65%
- EBITDA margin
- 28.51%
- Net profit margin
- 16.59%
- Promoter holding
- 6.54%
- Sales (last year)
- ₹1,140 Cr
Astra Microwave Products is engaged in the business of design, development and manufacture of sub-systems for Radio Frequency and microwave systems used in defense, space, meteorology and telecommunication.
Guidance scorecard · Q1 FY27 call
What Astra Microwave Products Ltd's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ1 FY27 call
10–20%- Targeting top-line growth of 15% to 20% annually.
- Expecting 6 to 7 times revenue growth over the next 5 years compared to FY26.
- Order intake guidance of INR 8,000 to 10,000 crores over the next 3 to 4 years.
- Execution of current order book spread over 5 to 6 years, with significant orders like Uttam radar spanning 4 to 5 years.
- Revenue expected to surpass INR 1,600 crores by next year, with a different trajectory from FY29 onward driven by production orders.
- Sustainable growth anticipated in meteorology and space segments, with new radar solutions and satellite launches planned.
2 more points from Astra Microwave Products Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Astra Microwave Products Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Current business primarily focused on Government of India programs in defense, space, and meteorology.
- Space business to be demerged into a separate listed entity by April 1, 2027, expected to start with INR 300+ crores revenue run rate.
- Upcoming launch of own satellite as part of a consortium within 6 months of the space business becoming independent, indicating future capex in satellite and data monetization.
- Development underway on new radar technologies in meteorology (Avalanche Radar, enhanced weather forecasting) with demand expected for 8-10 years.
- Active investment in programs like BrahMos new generation RF seekers, AMCA Active Antenna Array Unit development indicating ongoing R&D capex.
2 more points from Astra Microwave Products Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Astra Microwave Products Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current total order book as of August 2026: INR 4,300 crores (including Uttam Radar order, which doubled the order book).
- Astra Rafael Comsys (joint venture) order book: INR 836 crores.
- Planned sales for Astra Rafael Comsys in current year: INR 360 crores.
- Expected order booking for entire financial year: Approximately INR 1,600 crores.
- Order book execution timeline: Most orders to be executed within next 2 years, except Uttam Radar (5-year execution till FY32).
- New order wins include AAAU for AMCA program (awaiting contract), Bharat Electronics MMIC chipsets order worth INR 45 crores.
2 more points from Astra Microwave Products Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 20–40% | Up 0–2% | ₹1,775 Cr | 43.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingAstra Microwave Products Ltd announcements
All announcements →- Acquisition / mergerNotableAstra Microwave Products receives no adverse observations from BSE and NSE on Scheme
Financials of Astra Microwave Products Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Astra Microwave Products Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 258 | 134 | 190 | 231 | 354 | 155 | 230 | 259 | 408 | 200 | 215 | 260 | 488 |
| Expenses + | 226 | 131 | 148 | 165 | 273 | 131 | 180 | 182 | 289 | 159 | 167 | 178 | 327 |
| Operating Profit | 33 | 3 | 42 | 66 | 81 | 24 | 49 | 76 | 118 | 41 | 48 | 83 | 161 |
| OPM % | 13% | 2% | 22% | 29% | 23% | 15% | 21% | 29% | 29% | 20% | 22% | 32% | 33% |
| Other Income + | 1 | 2 | 9 | 6 | 6 | 4 | 3 | 10 | 11 | 4 | 8 | 8 | 7 |
| Interest | 10 | 7 | 6 | 8 | 9 | 10 | 13 | 15 | 19 | 15 | 13 | 13 | 14 |
| Depreciation | 6 | 6 | 6 | 7 | 6 | 8 | 6 | 10 | 11 | 9 | 10 | 11 | 13 |
| Profit before tax | 18 | -8 | 38 | 57 | 71 | 9 | 34 | 62 | 99 | 21 | 32 | 66 | 141 |
| Tax % | 25% | -18% | 22% | 25% | 24% | 23% | 25% | 23% | 26% | 23% | 26% | 29% | 25% |
| Net Profit + | 14 | -7 | 30 | 43 | 54 | 7 | 25 | 47 | 73 | 16 | 24 | 47 | 106 |
| EPS in Rs | 1.56 | -0.71 | 3.16 | 4.57 | 5.73 | 0.76 | 2.67 | 5.00 | 7.74 | 1.71 | 2.52 | 4.93 | 11.16 |
Financials of Astra Microwave Products Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 622 | 406 | 390 | 362 | 293 | 467 | 641 | 750 | 816 | 909 | 1,051 | 1,163 |
| Expenses + | 507 | 305 | 286 | 249 | 263 | 380 | 564 | 663 | 670 | 717 | 782 | 829 |
| Operating Profit | 116 | 101 | 103 | 114 | 31 | 88 | 77 | 87 | 145 | 192 | 269 | 334 |
| OPM % | 19% | 25% | 27% | 31% | 10% | 19% | 12% | 12% | 18% | 21% | 26% | 29% |
| Other Income + | 6 | 9 | 6 | 8 | 25 | 12 | 11 | 6 | 5 | 24 | 27 | 26 |
| Interest | 15 | 14 | 15 | 15 | 13 | 15 | 26 | 21 | 31 | 32 | 57 | 56 |
| Depreciation | 22 | 24 | 24 | 27 | 29 | 26 | 24 | 22 | 24 | 25 | 35 | 44 |
| Profit before tax | 85 | 71 | 70 | 80 | 13 | 59 | 39 | 50 | 96 | 159 | 204 | 261 |
| Tax % | 26% | 21% | 17% | 23% | 27% | 26% | 25% | 25% | 27% | 24% | 25% | 26% |
| Net Profit + | 63 | 56 | 58 | 61 | 10 | 44 | 29 | 38 | 70 | 121 | 154 | 193 |
| EPS in Rs | 7.67 | 6.50 | 6.65 | 7.05 | 1.13 | 5.08 | 3.33 | 4.37 | 8.06 | 12.75 | 16.17 | 20.32 |
| Dividend Payout % | 16% | 18% | 15% | 17% | 22% | 24% | 36% | 32% | 20% | 16% | 14% | 12% |
Financials of Astra Microwave Products Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 19 | 19 | 19 |
| Reserves | 275 | 382 | 433 | 484 | 482 | 523 | 541 | 568 | 625 | 947 | 1,079 | 1,296 |
| Borrowings + | 92 | 70 | 138 | 95 | 17 | 60 | 122 | 70 | 186 | 238 | 424 | 288 |
| Other Liabilities + | 111 | 82 | 61 | 80 | 99 | 296 | 265 | 313 | 228 | 270 | 329 | 386 |
| Total Liabilities | 495 | 551 | 649 | 676 | 615 | 895 | 945 | 969 | 1,057 | 1,474 | 1,851 | 1,988 |
| Fixed Assets + | 142 | 137 | 150 | 194 | 178 | 161 | 153 | 160 | 167 | 170 | 229 | 267 |
| CWIP | 0 | 1 | 37 | 1 | 2 | 12 | 0 | 0 | 2 | 13 | 3 | 9 |
| Investments | 0 | 0 | 57 | 126 | 35 | 26 | 30 | 14 | 11 | 24 | 32 | 50 |
| Other Assets + | 354 | 413 | 405 | 355 | 400 | 696 | 762 | 795 | 877 | 1,267 | 1,587 | 1,662 |
| Total Assets | 495 | 551 | 649 | 676 | 615 | 895 | 945 | 969 | 1,057 | 1,474 | 1,851 | 1,988 |
Financials of Astra Microwave Products Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -5 | 59 | 14 | 179 | 1 | -7 | -25 | 115 | -25 | -182 | -90 | |
| Cash from Investing Activity + | -28 | -18 | -123 | -94 | 85 | -30 | -1 | -26 | -28 | -44 | -76 | |
| Cash from Financing Activity + | 11 | 21 | 46 | -65 | -98 | 37 | 34 | -79 | 75 | 232 | 141 | |
| Net Cash Flow | -22 | 62 | -63 | 20 | -12 | -1 | 8 | 10 | 21 | 7 | -25 | |
| Free Cash Flow | -39 | 37 | -58 | 145 | -12 | -25 | -28 | 87 | -59 | -229 | -169 | |
| CFO/OP | -4% | 58% | 30% | 170% | 42% | 12% | -22% | 155% | 0% | -75% | -18% |
Financials of Astra Microwave Products Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 159 | 206 | 192 | 239 | 195 | 152 | 100 | 127 | 203 | 273 | 216 |
| Inventory Days | 149 | 208 | 252 | 266 | 314 | 390 | 270 | 290 | 295 | 344 | 389 | 394 |
| Days Payable | 65 | 69 | 34 | 36 | 55 | 84 | 31 | 38 | 32 | 56 | 48 | 73 |
| Cash Conversion Cycle | 150 | 299 | 424 | 421 | 498 | 501 | 391 | 352 | 390 | 491 | 614 | 537 |
| Working Capital Days | 97 | 218 | 231 | 154 | 306 | 211 | 182 | 174 | 180 | 269 | 283 | 267 |
| ROCE % | 29% | 20% | 16% | 15% | 3% | 13% | 10% | 11% | 17% | 19% | 19% | 20% |
Guidance history
How Astra Microwave Products Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q4 FY26 call → | 40%+ | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q2 FY26 call → | 40%+ | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
77 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +51.7% | 86% |
| Last 6 months | +40.3% | 85% |
| Last 3 months | −8.5% | 44% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Astra Microwave Products Ltd: 0.4 × 86 + 0.4 × 85 + 0.2 × 44 = 77.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Astra Microwave Products Ltd's management said in earlier quarters
- Q2 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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