Order Book Or Contract Wins
Expected: FY26-FY27HIGH confidence
What: Order Book: ₹2,226 Cr
“Our stand-alone order book has crossed the INR 2,000 crores mark and stands at INR 2,226 crores, as of December 2025.”
Astra Microwave Products Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +28.6%Weak5w StreakRe-Entry
In , Astra Microwave Products Ltd (Aerospace & Defence - Equipments) is outperforming Nifty 500 with +28.6% relative strength. Fundamentals: Weak. On a 5-week streak.
Astra Microwave Products Ltd Key Facts
- PE Ratio
- 67.9x
- Market Cap
- ₹10,894 Cr
- PAT Growth YoY
- 0%
- Revenue Growth YoY
- +0%
- OPM
- 32.0%
- RS vs Nifty 500
- +28.6%
PE: At PeakEmerging Opportunity
What's Happening
⏳Steady earner with flat PE — waiting for re-rate catalyst
💪Debt reduced 34% YoY — balance sheet strengthening
🌐FII stake increased 0.8% this quarter
💰Trading 10% above estimated fair value
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
FY26-FY27HIGH
2. Value Added Product Mix Shift
CurrentHIGH
3. Tam Expansion Changing Consumption
Next 4 yearsMEDIUM
Key Risks
1. Delays in approvals and inspections for R&D-heavy projects
MEDIUM2. Fluctuating exchange rates affecting high foreign content in orders
LOWSector-Specific Signals
Standalone Order Book₹2,226 Cr
Defense PSU & DRDO Order Share₹1,477 Cr
Space Sector Order Book₹249 Cr
Exports & Deemed Exports Orders₹130 Cr
Key Numbers
PAT Growth YoY
0%
Stable
Revenue YoY
+0%
Stable
Operating Margin
32.0%
+300 bps YoY
PE Ratio
67.9
Current Price
₹1,147
Dividend Yield
0.19%
Fundamental Score
39/100
Weak
3Y PAT CAGR
+59%
Market Cap
10.9K Cr
Valuation
Fairly Valued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Astra Microwave Products Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Value Added Product Mix Shift
Expected: CurrentHIGH confidence
What: EBITDA Margin: 30.9%
Impact: 920 bps expansion QoQ
“the company delivered its best ever performance, supported by margin improvement, primarily due to favourable revenue mix.”
Tam Expansion Changing Consumption
Expected: Next 4 yearsMEDIUM confidence
What: Addressable Market: ₹30,000 Cr
Impact: ₹8,000 Cr serviceable
“overall, what we could see clearly an opportunity size of around INR30,000 crores in the next 4 years' time frame.”
EBITDA Margin of 30.9%
HIGH confidence
What: EBITDA Margin of 30.9%
“In Q3 FY '26, the company delivered its best ever performance, supported by margin improvement, primarily due to favourable revenue mix and strong order execution.”
Order Inflow Guidance FY26 guidance raised
HIGH confidence
What: ₹1,000 Cr → ₹1,300 Cr to ₹1,400 Cr
“we reaffirm our growth targets for FY '26... and order inflows in the range of INR1,300 crores to INR1,400 crores.”
What Are the Key Risks for Astra Microwave Products Ltd?
Earnings deceleration risks from management commentary
Delays in approvals and inspections for R&D-heavy projects
MEDIUMTrigger: Complex R&D projects face hindrances like inspection delays and committee approval timelines.
Management view: Planning much ahead for proprietary cases and maintaining a 3-4 year view on business execution.
Monitor: regulatory
Fluctuating exchange rates affecting high foreign content in orders
LOWTrigger: Foreign content is high in several orders, requiring early component acquisition to protect margins.
Management view: Acquiring components ahead of schedule; currently reporting a small profit on foreign exchange.
Monitor: fx
What Is Astra Microwave Products Ltd's Management Saying?
Key quotes from recent conference calls
“Yes. I think our guidance is for INR1,150 crores to INR1,200 crores, if I'm not wrong. That's our guidance. [Previous Revenue Guidance FY26 guidance]”
“We are gradually and strategically transitioning from primarily supplying subsystems and components to delivering complete systems and integrated solutions. [Initiative: Transition to Complete Systems]”
“hindrances like inspection delay and sometimes like there is a delay in approvals. So all these things are leading to some sort of project delays. [Risk (regulatory): MEDIUM]”
“The foreign content is fairly high in quite a few orders. And with the fluctuating exchange rate like ours, if our margins have to be protected, then orders need to be placed. [Risk (fx): LOW]”
What Did Astra Microwave Products Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹258 Cr
QoQ +21.1%
Why: The company delivered its best ever performance supported by strong order execution and a favorable revenue mix.
Revenue grew sequentially from ₹213 Cr in Q2 to ₹258 Cr in Q3.
EBITDA
₹80 Cr
Margin 30.9%
Why: Margin expansion was driven by a favorable revenue mix and the execution of high-value modules and subsystems.
EBITDA margins expanded significantly from 21.7% in Q2 to 30.9% in Q3.
PAT
₹39 Cr
QoQ +85.7%
Why: Profit growth followed the strong operational performance and margin expansion in the standalone business.
PAT nearly doubled on a sequential basis compared to ₹21 Cr in Q2.
Other Highlights
• Standalone order book crossed ₹2,226 Cr as of December 2025.
• Signed an MOU with Bharat Electronics for advanced defense systems.
• Astra Rafael Comsys JV bagged orders worth ₹300-plus Cr.
What Sector Metrics Matter for Astra Microwave Products Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Standalone Order Book
₹2,226 Cr
QoQ +16.2%
Why: Strong order inflows from defense PSUs and DRDO labs.
Defense PSU & DRDO Order Share
₹1,477 Cr
Why: Predominant focus on domestic defense sector build-to-spec business.
Space Sector Order Book
₹249 Cr
Why: Expanding presence in satellite payload electronics and launch vehicle electronics.
Exports & Deemed Exports Orders
₹130 Cr
Why: Strategic shift away from low-margin Build-to-Print (BTP) business.
Customer Advances as % of Receivables
25%
Why: Advances from customers help manage the high working capital intensity of the industry.
ARC Joint Venture Order Book
$80 million
Why: JV bagged two prestigious orders worth ₹300-plus Cr during the quarter.
4-Year Total Addressable Market
₹30,000 Cr
Why: Based on the 15-year defense road map and upcoming procurement proposals.
Serviceable Market Opportunity
₹8,000 Cr
Why: Portion of TAM where Astra is a qualified or single-source supplier.
What Is Astra Microwave Products Ltd's Management Guidance?
Forward-looking targets from management for FY26
OPM Guidance
45–50%
Revenue Outlook
₹1,150 Cr
Margin Outlook
REAFFIRMED
Management Tone: BULLISH
Guidance Changes
RAISED
Order Inflow Guidance FY26: ₹1,000 Cr → ₹1,300 Cr to ₹1,400 Cr
How Fast Is Astra Microwave Products Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +0% | +12% | Stable |
| PAT (Net Profit) | 0% | +59% | Stable |
| OPM | 32.0% | +300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Astra Microwave Products Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Astra Microwave Products Ltd's latest quarterly results?
Astra Microwave Products Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: 0.0% (stable)
- Revenue Growth YoY: +0.4%
- Operating Margin: 32.0% (volatile)
Is Astra Microwave Products Ltd's profit growing or declining?
Astra Microwave Products Ltd's profit is declining with an stable trend.
- PAT Growth YoY: 0.0% (latest quarter)
- PAT Growth QoQ: +95.8% (sequential)
- 3-Year PAT CAGR: +59.4%
- Trend: Stable — consistent growth pattern
What is Astra Microwave Products Ltd's revenue growth trend?
Astra Microwave Products Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +0.4%
- Revenue Growth QoQ: +20.9% (sequential)
- 3-Year Revenue CAGR: +11.9%
How is Astra Microwave Products Ltd's operating margin trending?
Astra Microwave Products Ltd's operating margin is volatile.
- Current OPM: 32.0%
- OPM Change YoY: +3.0% basis points
- OPM Change QoQ: +10.0% basis points
What is Astra Microwave Products Ltd's 3-year profit and revenue CAGR?
Astra Microwave Products Ltd's long-term compounding rates
- 3-Year Profit CAGR: +59.4%
- 3-Year Revenue CAGR: +11.9%
Is Astra Microwave Products Ltd's growth accelerating or decelerating?
Astra Microwave Products Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: +4.0% bps
- Sequential Acceleration: 0.0% bps
What is Astra Microwave Products Ltd's trailing twelve month (TTM) performance?
Astra Microwave Products Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹160 Cr
- TTM PAT Growth: +20.3% YoY
- TTM Revenue: ₹1,000 Cr
- TTM Revenue Growth: +8.5% YoY
- TTM Operating Margin: 26.7%
Is Astra Microwave Products Ltd overvalued or undervalued?
Astra Microwave Products Ltd appears fairly valued based on our fair value analysis.
- Valuation Signal: Fairly Valued
- Current PE: 67.9x
- Price-to-Book: 9.4x
What is Astra Microwave Products Ltd's current PE ratio?
Astra Microwave Products Ltd's current PE ratio is 67.9x.
- Current PE: 67.9x
- Market Cap: 10.9K Cr
- Dividend Yield: 0.19%
How does Astra Microwave Products Ltd's valuation compare to its history?
Astra Microwave Products Ltd's current PE is 67.9x.
- Current PE: 67.9x
- Valuation Assessment: Fairly Valued
What is Astra Microwave Products Ltd's price-to-book ratio?
Astra Microwave Products Ltd's price-to-book ratio is 9.4x.
- Price-to-Book (P/B): 9.4x
- Book Value per Share: ₹122
- Current Price: ₹1147
Is Astra Microwave Products Ltd a fundamentally strong company?
Astra Microwave Products Ltd is rated Weak with a fundamental score of 39.05/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +0.4% (10% weight)
- PAT Growth YoY: 0.0% (10% weight)
- PAT Growth QoQ: +95.8% (10% weight)
- Margins stable (10% weight)
Is Astra Microwave Products Ltd debt free?
Astra Microwave Products Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹278 Cr
What is Astra Microwave Products Ltd's return on equity (ROE) and ROCE?
Astra Microwave Products Ltd's return ratios over recent years
- FY2023: ROCE 17.0%
- FY2024: ROCE 19.0%
- FY2025: ROCE 19.0%
Is Astra Microwave Products Ltd's cash flow positive?
Astra Microwave Products Ltd's operating cash flow is negative (FY2025).
- Cash from Operations (CFO): ₹-90 Cr
- Free Cash Flow (FCF): ₹-166 Cr
- CFO/PAT Ratio: -58% (weak cash conversion)
What is Astra Microwave Products Ltd's dividend yield?
Astra Microwave Products Ltd's current dividend yield is 0.19%.
- Dividend Yield: 0.19%
- Current Price: ₹1147
Who holds Astra Microwave Products Ltd shares — promoters, FII, DII?
Astra Microwave Products Ltd's shareholding pattern (Mar 2026)
- Promoters: 6.5%
- FII (Foreign): 7.6%
- DII (Domestic): 15.4%
- Public: 70.5%
Is promoter holding increasing or decreasing in Astra Microwave Products Ltd?
Astra Microwave Products Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 6.5% (Mar 2026)
- Previous Quarter: 6.5% (Dec 2025)
- Change: 0.00% (stable)
How long has Astra Microwave Products Ltd been outperforming Nifty 500?
Astra Microwave Products Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Astra Microwave Products Ltd a new momentum entry or an established outperformer?
Astra Microwave Products Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Astra Microwave Products Ltd?
Astra Microwave Products Ltd has 5 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Large orders from defense PSUs and DRDO provide strong revenue visibility.
- Value Added Product Mix Shift — Strategic shift toward high-value modules and complete systems is improving margins.
- Tam Expansion Changing Consumption — Increased government allocation and focus on indigenous design (Make in India) expands the market.
- EBITDA Margin of 30.9% — Driven by a favorable revenue mix and execution of high-value defense modules.
What are the key risks in Astra Microwave Products Ltd?
Astra Microwave Products Ltd has 2 key risks worth monitoring
- [MEDIUM] Delays in approvals and inspections for R&D-heavy projects — Complex R&D projects face hindrances like inspection delays and committee approval timelines.
- [LOW] Fluctuating exchange rates affecting high foreign content in orders — Foreign content is high in several orders, requiring early component acquisition to protect margins.
What did Astra Microwave Products Ltd's management say in the latest earnings call?
In Q3 FY26, Astra Microwave Products Ltd's management highlighted
- "Yes. I think our guidance is for INR1,150 crores to INR1,200 crores, if I'm not wrong. That's our guidance. [Previous Revenue Guidance FY26 guidance]"
- "We are gradually and strategically transitioning from primarily supplying subsystems and components to delivering complete systems and integrated solu..."
- "hindrances like inspection delay and sometimes like there is a delay in approvals. So all these things are leading to some sort of project delays. [R..."
What is Astra Microwave Products Ltd's management guidance for growth?
Astra Microwave Products Ltd's management has provided the following forward guidance for FY26
- Revenue outlook: ₹1,150 Cr
- OPM guidance: 45–50%
- Management tone: bullish
- Milestone: [RAISED] Order Inflow Guidance FY26: ₹1,000 Cr → ₹1,300 Cr to ₹1,400 Cr
What sector-specific metrics matter most for Astra Microwave Products Ltd?
Astra Microwave Products Ltd's most important sub-sector-specific KPIs from the latest concall
- Standalone Order Book: ₹2,226 Cr (QoQ +16.2%) — Strong order inflows from defense PSUs and DRDO labs.
- Defense PSU & DRDO Order Share: ₹1,477 Cr — Predominant focus on domestic defense sector build-to-spec business.
- Space Sector Order Book: ₹249 Cr — Expanding presence in satellite payload electronics and launch vehicle electronics.
- Exports & Deemed Exports Orders: ₹130 Cr — Strategic shift away from low-margin Build-to-Print (BTP) business.
- Customer Advances as % of Receivables: 25% — Advances from customers help manage the high working capital intensity of the industry.
- ARC Joint Venture Order Book: $80 million — JV bagged two prestigious orders worth ₹300-plus Cr during the quarter.
Is Astra Microwave Products Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Astra Microwave Products Ltd may be worth studying
- Currently showing mixed signals — monitor for clearer trend confirmation
What is the investment thesis for Astra Microwave Products Ltd?
Astra Microwave Products Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Key risk: Delays in approvals and inspections for R&D-heavy projects
What is the future outlook for Astra Microwave Products Ltd?
Astra Microwave Products Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Fairly Valued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Delays in approvals and inspections for R&D-heavy projects
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.