Current/ Expected Orderbook/ Pending Orders?

As of March 2025, Astra Microwave Products Limited's consolidated order book stood at approximately INR 2,304 crores. The stand-alone order book is around INR 1,951 crores, with 91% domestic and 9% export orders. The company targets to book new orders worth INR 1,300 to INR 1,400 crores in FY '26, including over INR 1,000 crores from domestic and INR 300 crores from exports. The joint venture (JV) company, Astra Rafael Comsys, expects to book orders worth over $100 million (~INR 800+ crores) with estimated FY '26 revenue of INR 350+ crores. New orders include critical subsystems for next-gen e

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

Astra Microwave Products Limited has budgeted a capital expenditure of approximately INR 90 crores. - INR 45 crores allocated for the purchase of various test equipment to augment existing operations. - Another INR 45 crores designated for building additional space at the production unit to handle expected load growth. This capex will be funded through internal accruals and term loans from bankers. The company has entered strategic alliances: - For a long-range radar program involving significant mechanical and electronic work. - MOU with a PSU to develop RF seekers for strategic

Future growth expectations in sales/revenue/volumes?

Astra Microwave Products Limited targets a top-line growth of around 20% from FY '26 onwards. The company aims to book revenues close to INR1,300-1,400 crores in FY '26, including INR1,000+ crores from domestic and INR300+ crores from export segments. Their joint venture, Astra Rafael Comsys, expects sales of about INR350+ crores in the coming year. The company plans to capture a significant market share of the total addressable market (TAM) estimated at INR20,000-25,000 crores over 4-5 years. For the Software-Defined Radio (SDR) segment specifically, the market size is estimated around INR5,0

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

Astra Microwave Products aims for ~20% top-line growth in FY '26 driven by strong order pipeline and increased domestic defense demand. Target to maintain profit margins around 18% at PBT level for the coming year. EBITDA margin for FY '25 stood at 25.5%, PAT margin at 13.7%; improvements linked to higher domestic business execution. JVC Astra Rafael Comsys expected to generate sales of INR 350+ crores with ~12% PBT in the immediate coming year. Order booking target for FY '26 is around INR 1,300-1,400 crores. Sustained earnings growth supported by transitioning R&D projects to production and

Astra Microwave Products LtdQ4 FY25Aerospace & Defense

Astra Microwave Products Ltd Q4 FY25 Earnings Call Analysis

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

Price: ₹1,617.2P/E: 81.2Market Cap: ₹15.4K CrSector: Aerospace & Defense

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Astra Microwave Products Limited targets a top-line growth of around 20% from FY '26 onwards.
The company aims to book revenues close to INR1,300-1,400 crores in FY '26, including INR1,000+ crores from domestic and INR300+ crores from export segments.
Their joint venture, Astra Rafael Comsys, expects sales of about INR350+ crores in the coming year.
The company plans to capture a significant market share of the total addressable market (TAM) estimated at INR20,000-25,000 crores over 4-5 years.
For the Software-Defined Radio (SDR) segment specifically, the market size is estimated around INR5,000-6,000 crores over the next 5 years.
Growth drivers include increased domestic defense orders, expansion in radar and electronic warfare systems, and emerging space and weather sectors.
Strategic alliances and development of advanced subsystems for programs like Virupaksha radar and missile electronics underpin growth expectations.

Margin guidance

Category 3

Astra Microwave Products aims for ~20% top-line growth in FY '26 driven by strong order pipeline and increased domestic defense demand.
Target to maintain profit margins around 18% at PBT level for the coming year.
EBITDA margin for FY '25 stood at 25.5%, PAT margin at 13.7%; improvements linked to higher domestic business execution.
JVC Astra Rafael Comsys expected to generate sales of INR 350+ crores with ~12% PBT in the immediate coming year.
Order booking target for FY '26 is around INR 1,300-1,400 crores.
Sustained earnings growth supported by transitioning R&D projects to production and a diversified product portfolio.
Dividend increased to INR 2.20/share from INR 2.00 last year, reflecting confidence in profitability growth.
Management optimistic about maintaining margin profile and earnings growth despite working capital intensity.

See what Astra Microwave Products Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- The Board approved a fundraise of about INR 174 crores via a preferential equity issue to strengthen the balance sheet (Page 3). - The capital expenditure budget includes INR 45 crores for test equipment and another INR 45 crores for expanding production space, to be funded through internal accruals and term loans from bankers (Page 4). - No explicit mention of new debt fundraising beyond existing term loans for capex. - The preferential issue was priced higher than a QIP price and involved valued directors and significant shareholders subscribing to warrants (Page 16). - No current fundraise through public bids as the company preferred preferential allotment for strategic reasons (Page 16). Summary: Astra Microwave Products Limited is currently raising about INR 174 crores via preferential equity issue and plans capex partly funded through term loans; no other new large debt or equity fundraises announced.

Order book

Yes

As of March 2025, Astra Microwave Products Limited's consolidated order book stood at approximately INR 2,304 crores.
The stand-alone order book is around INR 1,951 crores, with 91% domestic and 9% export orders.
The company targets to book new orders worth INR 1,300 to INR 1,400 crores in FY '26, including over INR 1,000 crores from domestic and INR 300 crores from exports.
The joint venture (JV) company, Astra Rafael Comsys, expects to book orders worth over $100 million (~INR 800+ crores) with estimated FY '26 revenue of INR 350+ crores.
New orders include critical subsystems for next-gen electronic warfare (Virupaksha), AAAU for LCA Mark 2, Su-30 radars, and others.
Orders for radar subsystems for Akash Prime, VL-SRSAM, weather radars, and strategic missile programs have also been won.
A fundraise of INR 174 crores via preferential issue was approved to strengthen the balance sheet for upcoming orders.

See what Astra Microwave Products Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Astra Microwave Products Limited has budgeted a capital expenditure of approximately INR 90 crores.
- INR 45 crores allocated for the purchase of various test equipment to augment existing operations.
- Another INR 45 crores designated for building additional space at the production unit to handle expected load growth.
This capex will be funded through internal accruals and term loans from bankers.
The company has entered strategic alliances:
- For a long-range radar program involving significant mechanical and electronic work.
- MOU with a PSU to develop RF seekers for strategic missile programs.
The Board has approved a preferential issue to raise about INR 174 crores to strengthen the balance sheet, supporting future growth and capital needs.

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Astra Microwave Products Ltd Q4 FY25 Earnings Call Analysis

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