Any current/future new fundraising through debt or equity?

Management did not indicate any specific plans for new fundraising through debt or equity in the current call. Current long-term debt stands around INR30 crores and short-term debt is about INR400 crores. The company mentioned some upcoming capital expenditure (capex) for augmentation of existing activities, estimated minimally at INR30-35 crores for maintenance capex in FY '26. No explicit mention of raising new capital via debt or equity was made. Management plans to provide more clarity on capex during the year-end call. Overall, no immediate or announced plans for fresh fundraising through

Any current/future capex/capital investment/strategic investment?

Management confirmed there will be some capex for FY '26. The capex is primarily aimed at augmenting existing company activities. Specific figures are not yet estimated; details are expected to be shared during the year-end call. A ballpark figure indicated is around INR 30 crores to INR 35 crores. This capex is for maintenance purposes.

Future growth expectations in sales/revenue/volumes?

For FY '26, Astra Microwave Products Limited expects revenue growth of 15% to 20%, targeting around INR1,200 crores to INR1,300 crores in sales. Clear visibility of INR1,300 crores to INR1,500 crores worth of orders is projected for FY '26, covering domestic and export markets. For FY '27, the company anticipates at least 20% growth in the order book. The company aims to maintain or slightly improve EBITDA margins around 29%-30% in the coming years. Export revenues are expected to contribute a minimum of 10% to 15% of total revenue, focusing more on build-to-spec products rather than l

Future growth expectations in earnings/operating earnings/profits/EPS?

For FY '26, Astra Microwave Products Limited expects revenue growth of approximately 15% to 20%, targeting INR1,200 crores to INR1,300 crores in sales. The company anticipates a minimum of 20% growth in order book for FY '27. EBITDA margin guidance remains stable, with expectations to maintain or slightly improve from the current ~29% level. The firm projects sustained healthy margins upwards of 25% as a norm going forward. The JV company Astra Rafael is expected to contribute increasing revenues, with INR275 crores forecasted for the current year. Export revenue is targeted at 10%-1

Current/ Expected Orderbook/ Pending Orders?

Stand-alone order book as of December 2024: INR 1,960.2 crores. Consolidated order book as of December 2024: INR 2,332.6 crores. New orders received during Q3 FY'25: INR 141 crores. Additional orders concluded but not yet booked (as of Feb 2025): INR 150 crores. Orders in pipeline, expected to be received in current quarter: INR 200 crores. Expected order inflow for FY'26: INR 1,300 crores to INR 1,500 crores. Order breakup for FY'26: Radar INR 900-1,000 crores, EW INR 100-150 crores, Missile & Telemetry INR 100-120 crores, Space INR 70-80 crores, Metrology INR 100-150 crores, Exports INR 100-

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Astra Microwave Products LtdQ4 FY26Aerospace & Defense

Astra Microwave Products Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,689P/E: 65.5Market Cap: ₹10.5K CrSector: Aerospace & Defense

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→For FY '26, Astra Microwave Products Limited expects revenue growth of 15% to 20%, targeting around INR1,200 crores to INR1,300 crores in sales.
→Clear visibility of INR1,300 crores to INR1,500 crores worth of orders is projected for FY '26, covering domestic and export markets.
→For FY '27, the company anticipates at least 20% growth in the order book.
→The company aims to maintain or slightly improve EBITDA margins around 29%-30% in the coming years.
→Export revenues are expected to contribute a minimum of 10% to 15% of total revenue, focusing more on build-to-spec products rather than low-margin offset opportunities.
→Specific segments like radar, EW, missile telemetry, space, metrology, and exports are expected to have robust order inflows.
→Significant revenue contribution from new products like Uttam AESA radar is expected from FY '27 onward.

Margin guidance

Category 3

→For FY '26, Astra Microwave Products Limited expects revenue growth of approximately 15% to 20%, targeting INR1,200 crores to INR1,300 crores in sales.
→The company anticipates a minimum of 20% growth in order book for FY '27.
→EBITDA margin guidance remains stable, with expectations to maintain or slightly improve from the current ~29% level.
→The firm projects sustained healthy margins upwards of 25% as a norm going forward.
→The JV company Astra Rafael is expected to contribute increasing revenues, with INR275 crores forecasted for the current year.
→Export revenue is targeted at 10%-15% of total revenue in coming years, focusing on build-to-spec products.
→Earnings growth will be driven by radar, EW, missile telemetry, space, and exports, supported by strong order inflows and domestic defense demand.

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Fundraise plans

→Management did not indicate any specific plans for new fundraising through debt or equity in the current call.
→Current long-term debt stands around INR30 crores and short-term debt is about INR400 crores.
→The company mentioned some upcoming capital expenditure (capex) for augmentation of existing activities, estimated minimally at INR30-35 crores for maintenance capex in FY '26.
→No explicit mention of raising new capital via debt or equity was made.
→Management plans to provide more clarity on capex during the year-end call.
→Overall, no immediate or announced plans for fresh fundraising through debt or equity as per the current discussion.

Order book

Yes

→Stand-alone order book as of December 2024: INR 1,960.2 crores.
→Consolidated order book as of December 2024: INR 2,332.6 crores.
→New orders received during Q3 FY'25: INR 141 crores.
→Additional orders concluded but not yet booked (as of Feb 2025): INR 150 crores.
→Orders in pipeline, expected to be received in current quarter: INR 200 crores.
→Expected order inflow for FY'26: INR 1,300 crores to INR 1,500 crores.
→Order breakup for FY'26: Radar INR 900-1,000 crores, EW INR 100-150 crores, Missile & Telemetry INR 100-120 crores, Space INR 70-80 crores, Metrology INR 100-150 crores, Exports INR 100-120 crores.
→Uttam AESA Radar orders expected mostly by Q1 FY'26, with revenue from few units by March 2026 and majority in FY'27.
→JV Astra Rafael order book as of Dec 2024: INR 475 crores.

Capex plans

Yes

→Management confirmed there will be some capex for FY '26.
→The capex is primarily aimed at augmenting existing company activities.
→Specific figures are not yet estimated; details are expected to be shared during the year-end call.
→A ballpark figure indicated is around INR 30 crores to INR 35 crores.
→This capex is for maintenance purposes.

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