Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Astra Microwave Products Ltd

ASTRAMICRO
Aerospace & Defence - Equipments

Astra Microwave Products Ltd's price has outrun its earnings. +77.6% in a year against EPS +25.7% — the market is paying now for delivery later.

The sharpest disagreement: profits are rising, but only 25% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 98th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +45.2% year on year, and 25% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹1,721
+77.6% 1Y
P/E
89.2×
98th pctile
of its own 10-year range
Revenue (Mar 26)
₹488 Cr
+19.6% YoY
Profit (Mar 26)
₹106 Cr
+45.2% YoY
Operating margin
33.0%
+4.0 pp YoY
ROCE
20%
FY26
ROIC
16.5%
vs WACC 12.0% → +4.5 pp
Cash conversion
25%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Astra Microwave Products Ltd trades at ₹1,721, in a confirmed uptrend and 13 weeks into that stage. That is +44.8% against its own 200-day average. It sits at 87% of a 52-week range of ₹879 to ₹1,849. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹1,721 it trades +44.8% versus its 200-day average and sits at 87% of its 52-week range (₹879–₹1,849).

Jul 26: ₹1,721 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+44.8% versus the 200-day line, week 13 of stage 2
Price50-day avg200-day avg
S2S4S2S2₹1,972₹1,524₹1,075₹627₹178₹1,721₹1,188Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2S2₹1,972₹1,524₹1,075₹627₹178₹1,721₹1,188Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (548 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,496% while the NIFTY 500 moved +272% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 27 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 98th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Astra Microwave Products Ltd trades at 89.2× P/E, about the priciest it has ever traded. Its long-run median P/E is 39.4×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 89.2× is about the priciest it has ever traded, against a long-run median of 39.4× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 89.2× vs a 39.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 91× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
about the priciest it has ever traded
P/EMedianEPS (TTM) (quarterly)
97.4×₹22.074.3×₹16.551.2×₹11.028.0×₹5.54.9×₹0.0×89.20×₹20Mar 16Sep 18Jul 21Feb 24Jul 26
97.4×₹22.074.3×₹16.551.2×₹11.028.0×₹5.54.9×₹0.0×89.20×₹20Mar 16Jul 21Jul 26
PEG 1.66 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 11 quarters; values above 6 pinned at the top.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
6.4×4.9×3.3×1.7×0.1××1.66×Q2 FY24Q4 FY24Q3 FY25Q1 FY26Q4 FY26
6.4×4.9×3.3×1.7×0.1××1.66×Q2 FY24Q3 FY25Q4 FY26
P/E
89.2×
98th percentile of 10y
PEG
3.54
derived from 3-year earnings growth

🚨 Why the multiple sits where it does: over the past year annual EPS moved +25.7% against a +77.6% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +57.4%/yr price move, ~+43.6%/yr came from earnings growth and ~+13.8 pp from the multiple (expanding); over 10y, of the +30.2%/yr price move, ~+12.1%/yr came from earnings growth and ~+18.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Astra Microwave Products Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 23.5% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
25%150%18%112%12%75%5.1%37%−1.4%0.0%%%10.6%27%25.7%Jun 23Sep 24Mar 26
25%150%18%112%12%75%5.1%37%−1.4%0.0%%%10.6%27%25.7%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
26%22%19%16%13%%23.5%Jun 23Sep 24Mar 26
26%22%19%16%13%%23.5%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +10.6% · span +0.4% to +22.8%
Profit growth
Steady high
latest +27.0% · span +17.6% to +139.3%
EPS growth
Steady high
latest +25.7% · span +10.4% to +121.5%
ROCE
Steady high
latest 23.5% · span 13.9%–24.7%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Growth, year by year: revenue +10.7% in FY26, profit +25.3% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
67%331%40%219%12%108%−15%0.0%−42%−115%%%10.7%25.3%FY16FY21FY26
67%331%40%219%12%108%−15%0.0%−42%−115%%%10.7%25.3%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+10.6%) with the last 8 annualized (+13.1%).
revenue stabilising, profit stabilising
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
25%150%18%112%12%75%5.1%37%−1.4%0.0%%%10.6%27%Jun 23Sep 24Mar 26
25%150%18%112%12%75%5.1%37%−1.4%0.0%%%10.6%27%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+10.7%+12.5%+12.7%+11.1%
Profit+25.3%+40.2%+46.1%+13.2%
EPS+25.7%+36.1%+43.6%+12.1%
Share price+77.6%+68.2%+57.4%+30.2%
Revenue YoY (Mar 26)
+19.6%
latest quarter vs a year ago
Profit YoY (Mar 26)
+45.2%
latest quarter vs a year ago
Revenue 10y
11.1%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

67.8/100 — rank 3 of 24 in Aerospace & Defence - Equipments · 96% evidence confidence

Astra Microwave Products Ltd scores 67.8 out of 100 against the 24 companies it is compared with in Aerospace & Defence - Equipments, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.9 + 18.2 + 10.4 + 18.3 = 67.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Astra Microwave Products Ltd reported ₹488 Cr of revenue in the Mar 26 quarter, +19.6% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 11.1% a year. The last full year, FY26, came in at ₹1,163 Cr. The last four reported quarters add to ₹1,163 Cr.

Astra Microwave Products Ltd reported ₹488 Cr of revenue in the Mar 26 quarter, +19.6% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 11.1% a year. The last full year, FY26, came in at ₹1,163 Cr. The last four reported quarters add to ₹1,163 Cr.

FY26 revenue came in at ₹1,163 Cr (+10.7% on the year), capping 10 years at 11.1% compound. The latest quarter (Mar 26) printed ₹488 Cr, +19.6% year on year — the 2nd consecutive quarter of year-over-year growth.

FY26 revenue ₹1,163 Cr (+10.7% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
11.1% a year over 10 years
RevenueYoY growth
1.3k67%94240%62812%314−15%0−42%₹ Cr%₹1,16310.7%FY16FY21FY26
1.3k67%94240%62812%314−15%0−42%₹ Cr%₹1,16310.7%FY16FY21FY26
Mar 26: ₹488 Cr (+19.6% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Revenue (quarterly)YoY growth
52742%39526%26410.0%132−5.9%0−22%₹ Cr%₹48819.6%Jun 23Sep 24Mar 26
52742%39526%26410.0%132−5.9%0−22%₹ Cr%₹48819.6%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +10.6% growth against the decade's 11.1% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +10.6% over the last 4 quarters against +13.1%/yr over the last 8 — stabilising; TTM profit +27.0% vs +26.8%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 33.0% this quarter (+4.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Astra Microwave Products Ltd's operating margin is 33.0% in the Mar 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 31.0%. The current quarter is running above every full year in that window.

Astra Microwave Products Ltd's operating margin is 33.0% in the Mar 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 31.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 33.0%, +4.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–31.0%.

Why the margin moved: operating margin went +4.0 pp year on year while gross margin went +4.3 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 29.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 10.0–31.0% band over 13 years
operating marginYoY change (pp)
33%11%27%2.7%21%−6.0%14%−15%8.3%−23%%%29%3%FY14FY20FY26
33%11%27%2.7%21%−6.0%14%−15%8.3%−23%%%29%3%FY14FY20FY26
Mar 26: 33.0% operating margin (+4.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
35%14%26%10%18%6.0%8.5%1.9%−0.5%−2.1%%%33%4%Jun 23Sep 24Mar 26
35%14%26%10%18%6.0%8.5%1.9%−0.5%−2.1%%%33%4%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +45.2% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Astra Microwave Products Ltd earned ₹106 Cr of net profit in the Mar 26 quarter, +45.2% year on year. Full-year FY26 profit was ₹193 Cr. The 10-year compound rate is 13.2%. That is 21.7% of the quarter's revenue. The same quarter a year earlier earned ₹73.0 Cr. 1 of the last 12 reported quarters were loss-making.

Astra Microwave Products Ltd earned ₹106 Cr of net profit in the Mar 26 quarter, +45.2% year on year. Full-year FY26 profit was ₹193 Cr. The 10-year compound rate is 13.2%. That is 21.7% of the quarter's revenue. The same quarter a year earlier earned ₹73.0 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹106 Cr, +45.2% year on year. On the full year, FY26 printed ₹193 Cr (+25.3%), and the 10-year compound rate is 13.2%.

FY26 profit ₹193 Cr (+25.3% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
13.2% a year over 10 years
Net profitYoY growth
208374%156251%104128%525.4%0−117%₹ Cr%₹19325.3%FY16FY21FY26
208374%156251%104128%525.4%0−117%₹ Cr%₹19325.3%FY16FY21FY26
Mar 26: ₹106 Cr (+45.2% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
115324%82186%5049%17−88%−16−225%₹ Cr%₹10645.2%Jun 23Sep 24Mar 26
115324%82186%5049%17−88%−16−225%₹ Cr%₹10645.2%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +19.6% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +42.5% vs revenue +10.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 25% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 25% of Astra Microwave Products Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹387 Cr of operating cash against ₹193 Cr of profit. After ₹88.0 Cr of capital spending, ₹299 Cr was left as free cash.

FY26: operating cash of ₹387 Cr against reported profit of ₹193 Cr, leaving free cash of ₹299 Cr after ₹88.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 25% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹387 Cr vs profit ₹193 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
25% of 3-year profit arrived as cash
Operating cashNet profitFree cash
43625983−93−270₹ Cr₹387₹193₹299FY16FY21FY26
43625983−93−270₹ Cr₹387₹193₹299FY16FY21FY26
FY26: CFO = 201% of profit (three-year rate 25%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
336%206%75%−56%−186%%201%FY16FY21FY26
336%206%75%−56%−186%%201%FY16FY21FY26

🚨 Why conversion sits at 25%: the cash cycle stretched 146 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 146 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 537-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Astra Microwave Products Ltd's cash conversion cycle runs 537 days in FY26, up from 391 days in FY21. Capital spending ran ₹211 Cr over the last 3 years. At FY26 sales of ₹1,163 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹1,711 Cr sits inside the business at any moment.

FY26: debtors at 216 days, inventory at 394 days — roughly 13.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 537 days, looser than FY21's 391.

The full loop: cash goes out to suppliers and production on day 0; stock waits 394 days to sell; customers pay about 216 days after that; and suppliers themselves are paid at 73 days — netting out to the 537-day cycle.

In money terms: at FY26 sales of ₹1,163 Cr, each day of the cycle holds about ₹3.2 Cr — so the 537-day loop keeps roughly ₹1,711 Cr sitting inside the business at any moment.

FY26: a 537-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+146 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
661490319147−24days537d394d216d73dFY14FY17FY20FY23FY26
661490319147−24days537d394d216d73dFY14FY20FY26

On the investment side: capital spending of ₹211 Cr over the last 3 fiscal years against ₹104 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹9.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹88.0 Cr, work-in-progress ₹9.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
957148240₹ Cr₹88₹9FY16FY18FY21FY23FY26
957148240₹ Cr₹88₹9FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 20% and the ROIC − WACC spread is +4.5 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Astra Microwave Products Ltd earns a ROCE of 20% in FY26. That is up from a trough of 3% in FY19. Return on invested capital clears the cost of that capital by +4.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.6% net margin on 0.59× asset turns.

FY26 ROCE is 20%, recovered from a FY19 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 16.6% net margin × 0.59× asset turns × 1.51× balance-sheet leverage ≈ 14.8% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 16.5% − 12.0% = a +4.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 20% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY19's 3%
ROCEROIC (annual)WACC
32%24%17%8.7%0.8%%20%15.1%FY14FY20FY26
32%24%17%8.7%0.8%%20%15.1%FY14FY20FY26
Q4 FY26: ROCE 19.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
20%18%16%13%11%%19.7%13.8%Q1 FY24Q2 FY25Q4 FY26
20%18%16%13%11%%19.7%13.8%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.22.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Astra Microwave Products Ltd carries total debt of ₹288 Cr against shareholder equity of ₹1,315 Cr as of Mar 26, a debt-to-equity of 0.22 — effectively unlevered. On the annual view that ratio went from 0.12 in FY22 to 0.22 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹288 Cr against shareholder equity of ₹1,315 Cr — a debt-to-equity of 0.22. On the annual view, debt-to-equity went from 0.12 (FY22) to 0.22 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹288 Cr at 0.22× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
4580.41×3430.33×2290.26×1140.18×00.10×₹ Cr×₹2880.22×FY22FY24FY26
4580.41×3430.33×2290.26×1140.18×00.10×₹ Cr×₹2880.22×FY22FY24FY26
Mar 26: debt ₹288 Cr, debt-to-equity 0.22 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
4580.41×3430.32×2290.23×1140.15×00.06×₹ Cr×₹2880.22×Jun 23Sep 24Mar 26
4580.41×3430.32×2290.23×1140.15×00.06×₹ Cr×₹2880.22×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 6.1 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 6.1 points of Astra Microwave Products Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 10.7% of the company. Domestic institutions moved +2.5 points over the same window, to 16.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +6.1 points over 8 quarters to 10.7%; Domestic institutions: +2.5 points over 8 quarters to 16.1%; Promoters: +0.0 points over 8 quarters to 6.5%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

Why the register moved: foreign institutions drove it (+6.1 points), alongside domestic institutions (+2.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
83%61%40%19%−2.7%%6.5%7.6%15.4%70.5%Mar 24Mar 25Mar 26
83%61%40%19%−2.7%%6.5%7.6%15.4%70.5%Mar 24Mar 25Mar 26
Foreign institutions added 6.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
87%64%41%18%−4.6%%6.5%10.7%16.1%66.6%Jun 23Dec 24Jun 26
87%64%41%18%−4.6%%6.5%10.7%16.1%66.6%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Astra Microwave Products Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Aerospace & Defence - Equipments Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Astra Microwave Products Ltd this page89.2×₹17,217 CrMixed
Hindustan Aeronautics Ltd33.6×₹3.1L CrConsistent
Bharat Electronics Ltd48.8×₹3L CrMixed
Bharat Dynamics Ltd108.0×₹45,564 CrDeteriorating
Data Patterns (India) Ltd104.0×₹25,666 CrTurning around
MTAR Technologies Ltd184.0×₹17,856 CrImproving
Zen Technologies Ltd87.9×₹15,970 CrDeteriorating
Azad Engineering Ltd119.0×₹15,751 CrMixed
Aequs Ltd₹15,374 Cr
Apollo Micro Systems Ltd130.0×₹14,652 CrMixed
BEML Ltd101.0×₹14,269 CrMixed
Sigma Advanced System Ltd35.7×₹9,911 CrNo read
Paras Defence and Space Technologies Ltd112.0×₹9,632 CrMixed
Mishra Dhatu Nigam Ltd56.0×₹7,357 CrMixed
Dynamatic Technologies Ltd142.0×₹7,102 CrTurning around
AXISCADES Technologies Ltd86.6×₹6,839 CrMixed
AXISCADES Technologies Ltd82.5×₹6,520 CrTopping out
Avantel Ltd253.0×₹4,344 CrDeteriorating
Ideaforge Technology Ltd₹4,326 CrNo read
Rossell Techsys Ltd164.0×₹3,707 CrNo read
Sika Interplant Systems Ltd68.8×₹2,416 CrMixed
NIBE Ltd414.0×₹2,332 CrTurning around
Jaykay Enterprises Ltd32.1×₹2,152 CrNo read
DCX Systems Ltd₹2,013 CrDeteriorating
Sika Interplant Systems Ltd49.4×₹1,813 CrMixed
Vinyas Innovative Technologies Ltd51.9×₹1,602 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Astra Microwave Products Ltd's share price today?

Astra Microwave Products Ltd trades at ₹1,721, +77.6% over the past year. The company is valued at ₹17,217 Cr. The stock sits at 87% of its 52-week range of ₹879–₹1,849, +44.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 24 July 2026.

What were Astra Microwave Products Ltd's latest quarterly results?

Astra Microwave Products Ltd reported revenue of ₹488 Cr and net profit of ₹106 Cr for the Mar 26 quarter. Revenue rose 19.6% and profit rose 45.2% year on year. Earnings per share were ₹11.16. The operating margin was 33.0%, 4.0 pp higher than a year earlier. — as of 24 July 2026.

What is Astra Microwave Products Ltd's revenue?

Astra Microwave Products Ltd reported revenue of ₹488 Cr in the Mar 26 quarter, +19.6% year on year. For the full FY26 fiscal year, revenue was ₹1,163 Cr (+10.7%). Over the last 10 years revenue compounded at 11.1% a year. — as of 24 July 2026.

What is Astra Microwave Products Ltd's profit?

Astra Microwave Products Ltd earned ₹106 Cr of net profit in the Mar 26 quarter, +45.2% year on year. Full-year FY26 profit was ₹193 Cr. The operating margin ran 33.0% in the latest quarter. — as of 24 July 2026.

What is Astra Microwave Products Ltd's market cap?

Astra Microwave Products Ltd's market capitalisation is ₹17,217 Cr at a share price of ₹1,721. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Astra Microwave Products Ltd's P/E ratio?

Astra Microwave Products Ltd trades at a P/E of 89.2×, at the 98th percentile of its own 10-year range, against a long-run median of 39.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Astra Microwave Products Ltd pay a dividend?

Yes — Astra Microwave Products Ltd's dividend payout was 12% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Astra Microwave Products Ltd overvalued?

On its own history, Astra Microwave Products Ltd looks expensive against its own history: its P/E of 89.2× sits at the 98th percentile of its 10-year range (long-run median 39.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Astra Microwave Products Ltd growing?

Yes — Astra Microwave Products Ltd is growing: latest-quarter revenue +19.6% year on year, profit +45.2%, and the margin +4.0 pp at 33.0%. The 10-year compound rates are 11.1% (revenue) and 13.2% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Astra Microwave Products Ltd performing?

Astra Microwave Products Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 19.6% and profit rose 45.2% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 27 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Astra Microwave Products Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 23.5% and holding. The read comes from the last 12 quarters of growth (revenue growth +10.6% latest, profit growth +27.0% latest, eps growth +25.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Astra Microwave Products Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +44.8% versus its 200-day average and at 87% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Astra Microwave Products Ltd beating the market?

On recent form, yes — Astra Microwave Products Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 27 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +1,496% against the NIFTY 500's +272% — ahead of the index over the full window. — as of 24 July 2026.

Will Astra Microwave Products Ltd's share price go up?

This page publishes no price forecast for Astra Microwave Products Ltd. What it measures instead: the share price is ₹1,721, the price is in a confirmed uptrend 13 weeks in. Its P/E of 89.2× sits at the 98th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Astra Microwave Products Ltd?

Promoters hold 6.5% of Astra Microwave Products Ltd, foreign institutions 10.7%, domestic institutions 16.1% and the public 66.6% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 6.1 points over 8 quarters. — as of 24 July 2026.

Does Astra Microwave Products Ltd have too much debt?

No — Astra Microwave Products Ltd's debt-to-equity is 0.22, and operating profit covers the interest bill 6×. FY26 borrowings were ₹288 Cr against equity of ₹1,315 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Astra Microwave Products Ltd's capex?

Astra Microwave Products Ltd spent ₹211 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹88.0 Cr, with ₹9.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Astra Microwave Products Ltd's cash flow?

Astra Microwave Products Ltd generated ₹387 Cr of operating cash flow in FY26 and ₹299 Cr of free cash flow after ₹88.0 Cr of capital spending. Reported profit that year was ₹193 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Astra Microwave Products Ltd's profit real cash?

Not fully — over the last 3 fiscal years, 25% of Astra Microwave Products Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹387 Cr against reported profit of ₹193 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

Where is Astra Microwave Products Ltd in its business cycle?

Astra Microwave Products Ltd's FY26 operating margin was 29.0%, against a 13-year band of 10.0%–31.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 33.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Astra Microwave Products Ltd story?

The sharpest disagreement: profits are rising, but only 25% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Astra Microwave Products Ltd a stock worth studying right now?

This is not investment advice. The machine read: Astra Microwave Products Ltd's price has outrun its earnings. +77.6% in a year against EPS +25.7% — the market is paying now for delivery later. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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