Astra Microwave Products Ltd
ASTRAMICROAstra Microwave Products Ltd's price has outrun its earnings. +54.8% in a year against EPS +25.7% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +54.8% in a year while annual EPS moved +25.7% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (21 weeks in) while the P/E sits at the 94th percentile of its own 11-year range. Underneath, the last four quarters read deteriorating — profit −25.0% year on year, and 25% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
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 ₹1,681, in a confirmed uptrend and 21 weeks into that stage. That is +23.0% against its own 200-day average. It sits at 82% of a 52-week range of ₹879 to ₹1,862. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 35 straight weeks.
Today the stock is in a confirmed uptrend — week 21 of stage 2, confirmed. At ₹1,681 it trades +23.0% versus its 200-day average and sits at 82% of its 52-week range (₹879–₹1,862).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +1,458% while the NIFTY 500 moved +264% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 35 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.
Story check
Astra Microwave Products Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file. Still open: FY27 guide already walked from 1,400-1,500 Cr (Nov 2025) to 1,300-1,400 Cr (May 2026); every forward number in four consecutive years reduced from initial guide.
Our read, 31 May 2026. Three decades of RF/microwave IP crystallizing into a DCPP-tier systems manufacturer at the exact moment India's defense electronics indigenization curve turns vertical.
What is proven. Three decades of RF/microwave IP crystallizing into a DCPP-tier systems manufacturer at the exact moment India's defense electronics indigenization curve turns vertical.
What is not proven yet. FY27 guide already walked from 1,400-1,500 Cr (Nov 2025) to 1,300-1,400 Cr (May 2026); every forward number in four consecutive years reduced from initial guide.
The test written in advance. Persistent guidance walk-down — FY27 already at 7% discount to initial guide — Persistent guidance walk-down — FY27 already at 7% discount to initial guide Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track by the next result.
The test written in advance. Valuation — PE at 81st percentile, cycle AT_PEAK — Valuation — PE at 81st percentile, cycle AT_PEAK Q4 FY27 PE vs current 66x — any re-rating below 55x would signal structural derating by the next result.
The test written in advance. QRSAM and Uttam AESA order timing uncertainty — QRSAM and Uttam AESA order timing uncertainty BEL QRSAM contract announcement by June 2026; HAL Uttam order by September 2026 by the next result.
What the company does. FY26 closed at revenue 1,163 Cr, PAT 193 Cr, OPM 29% — Q4 alone delivered 488 Cr revenue at 33% OPM, the highest-margin quarter in company history. Consolidated order book 2,600 Cr (standalone 2,141 Cr) anchored by five to six major programs: QRSAM, Uttam AESA, Su-30 Virupaksha/Angad, electronic mines, core BEL production. Value chain migration from Tier 2 subsystem supplier to Development-cum-Production Partner is the margin engine: build-to-print exports (single-digit gross margins) replaced by IP co-development at 40-45% gross margins via ARC JV.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Order Book Scale-Up (QRSAM + Uttam AESA +… | HIGH | — | Consolidated order book 2,600 Cr (2.2x TTM revenue); five to six major programs with Rs 1,600+ Cr FY27 order visibility; Q4 FY26… | Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track |
| IP-Mix Shift (build-to-print exit → IP… | HIGH | — | Export segment gross margins transformed from single-digit (build-to-print) to 40-45% (IP co-development via ARC JV) — primary… | Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track |
| Defense Electronics TAM Expansion… | MEDIUM_HIGH | — | 75% of India's defense capital expenditure budget now to domestic companies; defense exports exceeded 38,000 Cr in FY26… | Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track |
| Space/Meteorology De-Merger Optionality | MEDIUM | — | Board approved in-principle de-merger of space, meteorology, and hydrology businesses — creates a separately valued space entity… | Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track |
Lever 6 · Order-book wins — BUILDING. Consolidated order book 2,600 Cr (2.2x TTM revenue); five to six major programs with Rs 1,600+ Cr FY27 order visibility; Q4 FY26 alone added 530 Cr in fresh orders. What proves it keeps working: Order Book Scale-Up (QRSAM + Uttam AESA + BEL Production). It stops working if Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track.
Lever 2 · Value-added mix — BUILDING. Export segment gross margins transformed from single-digit (build-to-print) to 40-45% (IP co-development via ARC JV) — primary driver of OPM expansion from 21% to 33% over 3 years. What proves it keeps working: IP-Mix Shift (build-to-print exit → IP co-development at 40-45% gross margin). It stops working if Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track.
Lever 14 · A bigger market to sell into — BUILDING. 75% of India's defense capital expenditure budget now to domestic companies; defense exports exceeded 38,000 Cr in FY26 — structural indigenization tailwind for defense electronics specialists. What proves it keeps working: Defense Electronics TAM Expansion (indigenization acceleration). It stops working if Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track.
Lever 12 · New product launch — BUILDING. Board approved in-principle de-merger of space, meteorology, and hydrology businesses — creates a separately valued space entity with ISRO and defense satellite constellation order visibility. What proves it keeps working: Space/Meteorology De-Merger Optionality. It stops working if Q1 FY27 revenue run-rate — must be at or above 280 Cr to put 1,300 Cr annual target on track.
Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Astra Microwave Products Ltd reported ₹177 Cr of revenue in the Jun 26 quarter, −11.5% year on year. 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 ₹1,140 Cr.
Why this happened. The QRSAM vendor order is expected within 3-4 months of the BEL contract close (expected June FY27). Uttam AESA HAL order expected Q2-Q3 FY27. Together these two programs carry 45% of projected FY27 segment revenue. Q4 FY26 order intake of 530 Cr including SGR programs and BEL subsystems demonstrates year-round order flow rather than pure Q4 concentration. Standalone order book 2,141 Cr provides approximately 18 months of revenue visibility.
FY26 revenue came in at ₹1,163 Cr (+10.7% on the year), capping 10 years at 11.1% compound. The latest quarter (Jun 26) printed ₹177 Cr, −11.5% year on year.
Pace check: the last four quarters averaged +0.5% growth against the decade's 11.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +3.9% over the last 4 quarters against +10.7%/yr over the last 8 — rolling over; TTM profit +17.4% vs +18.8%/yr — stabilising.
FY26-Q4. revenue ₹488 Cr and profit ₹106 Cr as reported.
FY27-Q1. revenue ₹177 Cr and profit ₹12 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
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 19.0% in the Jun 26 quarter, −1.0 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 sits inside that band.
Why this happened. The ARC Rafael Comsys JV carries 40% gross margins on RF co-development for SDRs versus the prior conversion-cost export model. FY26 ARC achieved 546 Cr order bookings and 360 Cr sales. FY27 target: 600 Cr sales at 18-20% EBITDA, Rs 20+ Cr profit share. The Astra-branded IP product launches before Diwali FY27 represent the next phase: direct IP ownership without joint-venture revenue sharing.
The latest quarter's operating margin is 19.0%, −1.0 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 −1.8 pp year on year while gross margin went +0.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹488 Cr and profit ₹106 Cr as reported.
FY27-Q1. revenue ₹177 Cr and profit ₹12 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
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 ₹12.0 Cr of net profit in the Jun 26 quarter, −25.0% year on year. Full-year FY26 profit was ₹193 Cr. The 10-year compound rate is 13.2%. That is 6.8% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.
Jun 26 profit was ₹12.0 Cr, −25.0% year on year. On the full year, FY26 printed ₹193 Cr (+25.3%), and the 10-year compound rate is 13.2%.
🚨 Why profit moved: revenue contributed −11.5% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +4.1% vs revenue +0.5%. 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.
FY26-Q4. revenue ₹488 Cr and profit ₹106 Cr as reported.
FY27-Q1. revenue ₹177 Cr and profit ₹12 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
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.
🚨 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.
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.
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.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
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 +3.3 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: 15.3% − 12.0% = a +3.3 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.
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.
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.
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.
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 84.4× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 40.4×, measured across 10.5 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 84.4× is at the pricey end of its own range (94th percentile), against a long-run median of 40.4× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +25.7% against a +54.8% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +57.7%/yr price move, ~+32.2%/yr came from earnings growth and ~+25.5 pp from the multiple (expanding); over 10y, of the +30.5%/yr price move, ~+11.9%/yr came from earnings growth and ~+18.6 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.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 13 June 2026 price, Astra Microwave Products Ltd was paying for profit growth of about 31.6% a year. Profit itself has compounded 13.2% a year over the past 10 years. Today the market pays 84.4× P/E, the 94th percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is far above what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
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.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| 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 | +54.8% | +58.6% | +57.7% | +30.5% |
4-Factor Sector Score
53.5/100 — rank 10 of 25 in Aerospace & Defence - Equipments · 100% evidence confidence
Astra Microwave Products Ltd scores 53.5 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 10. Price leads the evidence: RS versus the benchmark is 39.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 16 + 17.7 + 4.8 + 15 = 53.5. 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.
Said versus delivered
What Astra Microwave Products Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
ARC FY27 Sales Guidance Cut · 11 August 2026. In May 2026, management expected Astra Rafael Comsys to generate more than INR600 crores of sales in FY27. In August 2026, management stated that it was planning only INR360 crores of sales for the current year, a reduction of approximately 40% with no explanation for the change.
Long-Term Revenue Target More Than Doubled · 11 August 2026. In May 2026, management described the five-year outlook as nearly tripling turnover. In August 2026, management raised the stated ambition to at least 6-7 times the prior year's turnover, a material change in the long-term revenue thesis that was not explained.
Long-Term Execution Horizon Extended · 11 August 2026. In May 2026, management projected more than INR7,500 crores of concurrent sales over the next four years alongside INR8,000-10,000 crores of new order bookings. In August 2026, the comparable INR8,000-10,000 crore opportunity was described as being executed over five to six years, extending the execution horizon by at least one year without an explanation.
🚨 FY27 Base Revenue Guidance Downgrade · 27 May 2026. During the Nov 2025 call, management provided specific FY27 revenue guidance of 1,400 to 1,500 crores. This target was quietly walked down, concluding in the May 2026 call where FY27 execution guidance was lowered to 1,300-1,400 crores, effectively reducing the midpoint by roughly 7% without explicitly explaining the shortfall from their initial projection.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sigma Advanced System LtdSIGMAADV | 77.9/100Favorable setup82% evidence | LEADER | 28.4/35 Revenue 100% · PAT 20.3% · OPM change 307 pp 95% evidence | 17.2/25 ROCE 60.8% · OPM 16% 76% evidence | 12.5/20 P/E 95.1× · PEG — 50% evidence | 19.8/20 RS sector 113.1% · RS bench 161.3% · 1Y 481.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 17.2 + 12.5 + 19.8 = 77.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Paras Defence and Space Technologies LtdPARAS | 70.7/100Favorable setup82% evidence | LEADER | 25.8/35 Revenue 36.6% · PAT 54.8% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 17.2% · OPM 25% 76% evidence | 9.0/20 P/E 125× · PEG — 50% evidence | 18.8/20 RS sector 29.1% · RS bench 66.5% · 1Y 117.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.8 + 17.1 + 9 + 18.8 = 70.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3MTAR Technologies LtdMTARTECH | 67.2/100Favorable setup90% evidence | TURNING | 30.4/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence | 15.3/25 ROCE 15.1% · OPM 24% 100% evidence | 8.0/20 P/E 165× · PEG — 50% evidence | 13.5/20 RS sector 29.8% · RS bench 63% · 1Y 419.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 15.3 + 8 + 13.5 = 67.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Azad Engineering LtdAZAD | 64.0/100Mixed-positive evidence93% evidence | LEADER | 24.2/35 Revenue 29% · PAT 41.4% · OPM change 1 pp 100% evidence | 12.8/25 ROCE 11.9% · OPM 37% 100% evidence | 8.2/20 P/E 132× · PEG 2.29 65% evidence | 18.8/20 RS sector 15.1% · RS bench 50.7% · 1Y 80.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.2 + 12.8 + 8.2 + 18.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Rossell Techsys LtdROSSTECH | 62.9/100Mixed-positive evidence83% evidence | BREAKING OUT | 28.8/35 Revenue 82.9% · PAT 68.8% · OPM change 1.8 pp 100% evidence | 8.0/25 ROCE 11.5% · OPM 14.4% 100% evidence | 8.9/20 P/E 173× · PEG — 15% evidence | 17.2/20 RS sector 13.1% · RS bench 48.2% · 1Y 69.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 28.8 + 8 + 8.9 + 17.2 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Sika Interplant Systems LtdSIKA | 62.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 19.1/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence | 21.9/25 ROCE 34.6% · OPM 19.5% 100% evidence | 13.0/20 P/E 66.4× · PEG 1.01 100% evidence | 8.4/20 RS sector -10.2% · RS bench 7.8% · 1Y -4.3%8 of 9 weeks ahead 70% evidence |
| Exact sum: 19.1 + 21.9 + 13 + 8.4 = 62.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Vinyas Innovative Technologies LtdVINYAS | 60.0/100Thin evidence · provisional57% evidence | BREAKING OUT | 21.7/35 Revenue 65% · PAT 100% · OPM change 3 pp 48% evidence | 19.0/25 ROCE 21.4% · OPM 13% 95% evidence | 10.8/20 P/E 63.1× · PEG — 15% evidence | 8.5/20 RS sector -17.6% · RS bench 31.3% · 1Y 24.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 21.7 + 19 + 10.8 + 8.5 = 60 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 8Data Patterns (India) LtdDATAPATTNS | 58.3/100Mixed-positive evidence100% evidence | LEADER | 22.8/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence | 19.8/25 ROCE 21.9% · OPM 27% 100% evidence | 3.0/20 P/E 100× · PEG 3.94 100% evidence | 12.7/20 RS sector 7.7% · RS bench 40.5% · 1Y 95%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.8 + 19.8 + 3 + 12.7 = 58.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Jaykay Enterprises LtdJAYKAY | 54.3/100Mixed-positive evidence74% evidence | ASLEEP | 29.0/35 Revenue 100% · PAT 100% · OPM change 1.8 pp 95% evidence | 8.1/25 ROCE 8.2% · OPM 14.2% 95% evidence | 11.1/20 P/E 61.2× · PEG — 15% evidence | 6.1/20 RS sector -20.9% · RS bench 1.6% · 1Y 13.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 29 + 8.1 + 11.1 + 6.1 = 54.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 13.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Astra Microwave Products Ltdthis pageASTRAMICRO | 53.5/100Mixed-positive evidence100% evidence | LEADER | 16.0/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence | 17.7/25 ROCE 20.3% · OPM 19% 100% evidence | 4.8/20 P/E 84.4× · PEG 3.3 100% evidence | 15.0/20 RS sector 7.8% · RS bench 39.8% · 1Y 66.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 17.7 + 4.8 + 15 = 53.5 · Decision use: Price leads the evidence: RS versus the benchmark is 39.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Hindustan Aeronautics LtdHAL | 52.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 13.9/35 Revenue 7.4% · PAT 12.2% · OPM change 1 pp 100% evidence | 20.4/25 ROCE 32% · OPM 28% 100% evidence | 8.2/20 P/E 35.2× · PEG 3.54 100% evidence | 9.8/20 RS sector -17.1% · RS bench 11.6% · 1Y 11.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 20.4 + 8.2 + 9.8 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Apollo Micro Systems LtdAPOLLO | 51.8/100Mixed-positive evidence100% evidence | FADING | 19.6/35 Revenue 68.8% · PAT 74.2% · OPM change -10 pp 100% evidence | 13.4/25 ROCE 14.5% · OPM 21% 100% evidence | 7.2/20 P/E 129× · PEG 1.6 100% evidence | 11.6/20 RS sector 6.4% · RS bench 38.8% · 1Y 38.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 13.4 + 7.2 + 11.6 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Dynamatic Technologies LtdDYNAMATECH | 48.5/100Mixed-negative evidence83% evidence | TURNING | 18.3/35 Revenue 17.3% · PAT 0% · OPM change 3 pp 100% evidence | 9.3/25 ROCE 10.2% · OPM 13% 100% evidence | 9.2/20 P/E 140× · PEG — 15% evidence | 11.7/20 RS sector -6.1% · RS bench 25% · 1Y 82.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 9.3 + 9.2 + 11.7 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Mishra Dhatu Nigam LtdMIDHANI | 45.5/100Mixed-negative evidence100% evidence | TURNING | 16.6/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence | 11.5/25 ROCE 11.3% · OPM 15% 100% evidence | 7.5/20 P/E 62.1× · PEG 5.62 100% evidence | 9.9/20 RS sector -9.5% · RS bench 20.5% · 1Y 18.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 11.5 + 7.5 + 9.9 = 45.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Bharat Electronics LtdBEL | 45.0/100Mixed-negative evidence100% evidence | TURNING | 14.7/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence | 19.3/25 ROCE 36.4% · OPM 25% 100% evidence | 7.5/20 P/E 48.1× · PEG 3.54 100% evidence | 3.5/20 RS sector -27.8% · RS bench -2.2% · 1Y 9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 19.3 + 7.5 + 3.5 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ideaforge Technology LtdIDEAFORGE | 44.5/100Mixed-negative evidence74% evidence | ASLEEP | 26.7/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence | 1.3/25 ROCE -2.8% · OPM 3.4% 100% evidence | 8.5/20 P/E 928× · PEG — 15% evidence | 8.0/20 RS sector -3.5% · RS bench 24.1% · 1Y 44.1%7 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 1.3 + 8.5 + 8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17High Energy Batteries (India) Ltd504176 | 43.3/100Mixed-negative evidence67% evidence | TURNING | 6.7/35 Revenue 1.5% · PAT -3.5% · OPM change -32.1 pp 95% evidence | 14.2/25 ROCE 20.4% · OPM -26.5% 76% evidence | 12.3/20 P/E 38.9× · PEG — 50% evidence | 10.1/20 RS sector — · RS bench 4.7% · 1Y —4 of 4 weeks ahead 25% evidence |
| Exact sum: 6.7 + 14.2 + 12.3 + 10.1 = 43.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Zen Technologies LtdZENTEC | 41.4/100Mixed-negative evidence69% evidence | FADING | 5.1/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence | 16.7/25 ROCE 16.2% · OPM 27% 76% evidence | 10.2/20 P/E 85.6× · PEG — 15% evidence | 9.4/20 RS sector -6.6% · RS bench 13.1% · 1Y 16.5%5 of 10 weeks ahead 70% evidence |
| Exact sum: 5.1 + 16.7 + 10.2 + 9.4 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19BEML LtdBEML | 40.5/100Mixed-negative evidence91% evidence | BREAKING OUT | 15.9/35 Revenue 12.8% · PAT -40.1% · OPM change 8.2 pp 74% evidence | 3.5/25 ROCE 7.7% · OPM 0.2% 100% evidence | 10.7/20 P/E 94.4× · PEG 1.18 100% evidence | 10.4/20 RS sector -17% · RS bench 12% · 1Y -0.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 3.5 + 10.7 + 10.4 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Bharat Dynamics LtdBDL | 35.2/100Mixed-negative evidence93% evidence | TURNING | 12.1/35 Revenue -18.7% · PAT -7.1% · OPM change 33 pp 100% evidence | 13.3/25 ROCE 13.8% · OPM 15% 100% evidence | 5.9/20 P/E 83.8× · PEG 4.44 65% evidence | 3.9/20 RS sector -35.7% · RS bench -12.4% · 1Y -17.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 13.3 + 5.9 + 3.9 = 35.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21AXISCADES Technologies LtdAXISCADES | 33.1/100Adverse evidence93% evidence | ASLEEP | 11.9/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence | 3.9/25 ROCE 3.6% · OPM 4.7% 100% evidence | 10.9/20 P/E 238× · PEG 1.39 65% evidence | 6.4/20 RS sector -12% · RS bench 17% · 1Y 27.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 3.9 + 10.9 + 6.4 = 33.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Avantel LtdAVANTEL | 32.1/100Adverse evidence83% evidence | ASLEEP | 9.9/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence | 10.2/25 ROCE 9.6% · OPM 24.8% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 3.4/20 RS sector -26.5% · RS bench -1.1% · 1Y -11.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 9.9 + 10.2 + 8.6 + 3.4 = 32.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23NIBE LtdNIBE | 24.1/100Adverse evidence66% evidence | FADING | 3.0/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence | 5.4/25 ROCE 4.8% · OPM -15% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.7/20 RS sector -29.8% · RS bench 4.7% · 1Y 7.1%7 of 11 weeks ahead 70% evidence |
| Exact sum: 3 + 5.4 + 10 + 5.7 = 24.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24DCX Systems LtdDCXINDIA | 24.0/100Adverse evidence71% evidence | BASING | 5.9/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence | 4.2/25 ROCE 0.9% · OPM -10.4% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.9/20 RS sector -27.1% · RS bench -12.3% · 1Y -37.9%1 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 4.2 + 10 + 3.9 = 24 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Aequs LtdAEQUS | 39.1/100Thin evidence · provisional35% evidence | BREAKING OUT | 14.9/35 Revenue — · PAT — · OPM change -7.3 pp 45% evidence | 4.2/25 ROCE 1.7% · OPM 3.7% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 14.9 + 4.2 + 10 + 10 = 39.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Astra Microwave Products Ltd's share price today?
Astra Microwave Products Ltd trades at ₹1,681, +54.8% over the past year. The company is valued at ₹15,956 Cr. The stock sits at 82% of its 52-week range of ₹879–₹1,862, +23.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 21 weeks in. — as of 11 September 2026.
What were Astra Microwave Products Ltd's latest quarterly results?
Astra Microwave Products Ltd reported revenue of ₹177 Cr and net profit of ₹12.0 Cr for the Jun 26 quarter. Revenue fell 11.5% and profit fell 25.0% year on year. Earnings per share were ₹1.30. The operating margin was 19.0%, 1.0 pp lower than a year earlier. — as of 11 September 2026.
What is Astra Microwave Products Ltd's revenue?
Astra Microwave Products Ltd reported revenue of ₹177 Cr in the Jun 26 quarter, −11.5% 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 11 September 2026.
What is Astra Microwave Products Ltd's profit?
Astra Microwave Products Ltd earned ₹12.0 Cr of net profit in the Jun 26 quarter, −25.0% year on year. Full-year FY26 profit was ₹193 Cr. The operating margin ran 19.0% in the latest quarter. — as of 11 September 2026.
What is Astra Microwave Products Ltd's market cap?
Astra Microwave Products Ltd's market capitalisation is ₹15,956 Cr at a share price of ₹1,681. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Astra Microwave Products Ltd's P/E ratio?
Astra Microwave Products Ltd trades at a P/E of 84.4×, at the 94th percentile of its own 11-year range, against a long-run median of 40.4×. This is a comparison with the stock's own history, not a value call — as of 11 September 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 11 September 2026.
Is Astra Microwave Products Ltd overvalued?
On its own history, Astra Microwave Products Ltd looks expensive: its P/E of 84.4× sits at the 94th percentile of its 11-year range (long-run median 40.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Astra Microwave Products Ltd growing?
Not right now — Astra Microwave Products Ltd's latest numbers are shrinking: latest-quarter revenue −11.5% year on year, profit −25.0%, and the margin −1.0 pp at 19.0%. The 10-year compound rates are 11.1% (revenue) and 13.2% (profit). The earnings engine currently reads: deteriorating — as of 11 September 2026.
How is Astra Microwave Products Ltd performing?
Astra Microwave Products Ltd is in a confirmed uptrend, 21 weeks in. Its latest quarter's revenue fell 11.5% and profit fell 25.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 35 weeks. This describes what the data did, not a rating. — as of 11 September 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 +3.9% latest, profit growth +17.4% latest, eps growth +16.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Astra Microwave Products Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 21 of stage 2), trading +23.0% versus its 200-day average and at 82% 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 11 September 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 35 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +1,458% against the NIFTY 500's +264% — ahead of the index over the full window. — as of 11 September 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 ₹1,681, the price is in a confirmed uptrend 21 weeks in. Its P/E of 84.4× sits at the 94th percentile of its own 11-year range. — as of 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 19.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Astra Microwave Products Ltd's price assume?
At its price on 13 June 2026, Astra Microwave Products Ltd was priced for profit growth of about 31.6% a year. Profit itself has compounded 13.2% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Astra Microwave Products Ltd story?
The sharpest disagreement: the price moved +54.8% in a year while annual EPS moved +25.7% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 11 September 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. +54.8% in a year against EPS +25.7% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!