Astra Microwave Products Ltd

- 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.

- 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.

- 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.

- 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.

- 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.