# Astra Microwave share price today (Astra Microwave Products Ltd, NSE: ASTRAMICRO)

> Astra Microwave share price today: ₹1,526.90 at the NSE close on 3 November 2026, up 46.5% in a year. Astra Microwave Products (NSE: ASTRAMICRO) is worth ₹14,494 crore, trades at a P/E of 76.7 and has closed between ₹879.20 and ₹1,861.60 over the past 52 weeks. > Astra Microwave Products Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. ASTRAMICRO · Aerospace & Defence - Equipments · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/astra-microwave-products-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,526.90 (+46.5% in a year)
- P/E: 76.7× (higher than 86% of the last 11 years)
- Revenue (Jun 2026): ₹177 Cr (−11.5% on a year ago)
- Profit (Jun 2026): ₹12.0 Cr (−25.0% on a year ago)
- Operating margin: 19.0% (−1.0 points on a year ago)
- ROCE: 20%, FY26
- ROIC: 15.3%, against a 12.0% cost of capital: +3.3 points

The main question: foreign institutions moved +4.8 percentage points over 8 quarters while the business went the other way. ## What is the Astra Microwave share price today? Astra Microwave Products Ltd's share price was ₹1,526.90 at the close on 3 November 2026. It has been rising for 28 weeks. That is 6.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹879 and ₹1,862, and at that close it sat 66% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 8 weeks running. Over the last 11 years the share price moved +1,316% while the NIFTY 500 moved +249%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 11 September 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Astra Microwave this quarter? Three changes stood out: indian funds and insurers (DIIs) raised their stake for 5 quarters in a row, revenue fell in the June 2026 quarter and lowest operating margin in 8 quarters. 1. Indian funds and insurers (DIIs) raised their stake for 5 quarters in a row From 14.4% to 16.5% of the company by the September 2026 quarter. 2. Revenue fell in the June 2026 quarter Revenue was ₹177 crore, -11.5% on a year earlier (₹200 crore), after 2 quarters of growth. Why: Revenue fell because customer approvals and final technical issues held up work in the quarter. Next results: check whether customer approvals and final technical closures come through, since management expects them to clear in the coming quarter. From the earnings call on 11 Aug 2026. 3. Lowest operating margin in 8 quarters Operating margin was 19% in the June 2026 quarter, against 20% a year earlier. Why: Profit margin fell because customer approvals and final technical issues delayed work, and management did not give any other cost or pricing reason. Next results: check whether those approvals and technical issues clear, since management expects that to help execution. From the earnings call on 11 Aug 2026. ## What are Astra Microwave's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Astra Microwave reported revenue of ₹177 crore, down 11.5% from ₹200 crore a year earlier, and a profit of ₹12.0 crore, down 25.0% from ₹16.0 crore. ### Astra Microwave results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹177 crore | ₹200 crore | −11.5% |
| Profit | ₹12.0 crore | ₹16.0 crore | −25.0% |
| Earnings per share | ₹1.30 | ₹1.71 | −24.0% |
| Operating margin | 19.0% | 20.0% | −1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Astra Microwave's management discussed these results on a call held on 11 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Astra Microwave share price history? Astra Microwave closed at ₹1,526.90 on 3 November 2026, up 46.5% from ₹1,042.25 a year earlier (31 October 2025) and up 490.4% over five years. Its highest weekly close since March 2016 was ₹1,861.60 on 31 July 2026. ### Astra Microwave share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,485.00 | +2.8% |
| 1 month ago · 1 Oct 2026 | ₹1,624.50 | −6.0% |
| 6 months ago · 30 Apr 2026 | ₹1,125.20 | +35.7% |
| 1 year ago · 31 Oct 2025 | ₹1,042.25 | +46.5% |
| 3 years ago · 3 Nov 2023 | ₹460.80 | +231.4% |
| 5 years ago · 4 Nov 2021 | ₹258.60 | +490.4% |
| 10 years ago · 4 Nov 2016 | ₹114.50 | +1,233.5% |
| Earliest weekly close in our records · 4 Mar 2016 | ₹107.85 | +1,315.8% |
| Highest weekly close since March 2016, also the 52-week high · 31 Jul 2026 | ₹1,861.60 | −18.0% |
| Lowest weekly close since March 2016 · 3 Apr 2020 | ₹55.00 | +2,676.2% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹879.20 | +73.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 4 March 2016 to 3 November 2026.)

## What is the latest news on Astra Microwave? 3 Nov 2026: Astra Microwave closed at ₹1,526.90, up 2.8% on the week and down 6.0% on the month. 11 Sep 2026: ex-date for a dividend of ₹2.40 a share. ### Earlier

- 11 Aug 2026: Astra Microwave held its results call for April to June 2026. Management guided: FY27 revenue ₹1,350 crore plus or minus ₹25 crore at 15-20% growth; FY28 revenue growth 15-18%; margins similar to last year with positive increase. - Results for April to June 2026: Revenue down 11.5% and profit down 25.0% on a year earlier. - Our read, 31 May 2026: FY26 closed at revenue 1,163 Cr, profit 193 Cr, operating margin 29%, Q4 alone delivered 488 Cr revenue at 33% operating margin, 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. ### Our read of the business

FY26 closed at revenue 1,163 Cr, profit 193 Cr, operating margin 29%, Q4 alone delivered 488 Cr revenue at 33% operating margin, 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. January to March 2026: Highest-margin quarter in company history at 33% operating margin; 488 Cr revenue, 106 Cr profit. (Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does Astra Microwave pay? Astra Microwave paid ₹2.40 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.16% at the ₹1,526.90 close on 3 November 2026. The last was a dividend of ₹2.40 a share, ex-date 11 September 2026. ### Astra Microwave dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 11 Sep 2026 | ₹2.40 | Dividend |
| 10 Sep 2025 | ₹2.20 | Dividend |
| 23 Aug 2024 | ₹2 | Dividend |
| 23 Aug 2023 | ₹1.60 | Dividend |
| 11 Aug 2022 | ₹1.40 | Dividend |
| 17 Aug 2021 | ₹1.20 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Astra Microwave Products Ltd paid out 12% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Astra Microwave management say on the latest results call? On the call for April to June 2026, held on 11 August 2026, Astra Microwave's management guided: FY27 revenue ₹1,350 crore plus or minus ₹25 crore at 15-20% growth; FY28 revenue growth 15-18%; margins similar to last year with positive increase. > “We are very comfortable with our order book. Therefore, the obvious focus shifts to execution, and that is what ought to be keeping us awake at night.”
> Atim Kabra, on the call for April to June 2026

### What management guided

- FY27 order bookings ₹1,600 crore excluding Uttam. - Uttam: first phase of 12 units by September 2027, then 25 or more annually; possible completion by FY31 versus before FY32. - ARC FY27 sales ₹360 crore. - Next 3-4 years: ₹8,000-10,000 crore order intake, including QRSAM ₹700-800 crore, ARC ₹500-750 crore and Su-30 ₹3,000 crore; execution over 5-6 years and scale framed at 6-7x prior turnover. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/4466/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 11 August 2026.)

## What is the future of Astra Microwave? What is changing in the business? What is changing at Astra Microwave, from the latest results and calls: order book scale-up (qrsam + uttam aesa + bel production), ip-mix shift (build-to-print exit → ip co-development at 40-45% gross margin) and defense electronics tam expansion (indigenization acceleration). - Order Book Scale-Up (QRSAM + Uttam AESA + BEL Production). Consolidated order book 2,600 Cr (2.2x last 12 months revenue); five to six major programs with ₹1,600+ Cr FY27 order visibility; January to March 2026 alone added 530 Cr in fresh orders. ⚠ estimate
- IP-Mix Shift (build-to-print exit → IP co-development at 40-45% gross margin). Export segment gross margins transformed from single-digit (build-to-print) to 40-45% (IP co-development via ARC JV), primary driver of operating margin expansion from 21% to 33% over 3 years. ⚠ estimate
- Defense Electronics TAM Expansion (indigenization acceleration). 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. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What is Astra Microwave's order book? January to March 2026 billing 490 Cr, consolidated order book 2,600 Cr, standalone 2,141 Cr, operating cash flow improved to 370 Cr vs -99 Cr prior year. - ARC FY26 order bookings ₹546 crore and sales ₹360 crore surpassed all guidance; FY27 goal minimum 50% growth, ₹600 crore sales, ₹20+ Cr profit share at 18-20% operating profit. ✓ fact

(Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Astra Microwave story? What are the risks? 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 main risks

- Persistent guidance walk-down, FY27 already at 7% discount to initial guide: 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. ✓ fact
- QRSAM and Uttam AESA order timing uncertainty: QRSAM vendor orders expected 3-4 months post-BEL June FY27 contract; Uttam HAL order expected Q2-October to December 2026, both unconfirmed milestones on which the FY27 revenue guide depends. ✓ fact
- Su-30 upgrade program pushed to FY31-32 production orders: Virupaksha radar qualification FY28; user qualification 1+ year; production orders 2-3 years post-qualification = FY31-32. The FY29 headline catalyst is now the FY32 catalyst. ✓ fact
- Promoter ownership at 6.54%, governance concentration risk: Promoter stake flat at 6.54% across all observed quarters, below thresholds typical for founder-led defense technology companies managing decade-long program ramps. ✓ fact

(Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Astra Microwave's next results? When Astra Microwave reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Customer approvals and final technical closures to normalize into the next quarter's execution, testing the stated explanation for moderate Q1 performance. - What to check (from the call)
- Customer approvals and final technical closures to normalize into the next quarter's execution, testing the stated explanation for moderate Q1 performance. - Order intake from QRSAM, Tejas, Su-30, AMCA and other named programs to convert into the annual booking goal. - Leadership handover from S.G. Reddy to M.V. Reddy and Atim to be assessed for Uttam execution continuity. - Working-capital trend to track management's seasonal pattern and full-year no-change expectation. ## Which stock lists is Astra Microwave on? Astra Microwave is on 2 of our India lists: Small & mid cap stocks and Defence stocks. - [Small & mid cap stocks Size rank in India: 448](https://www.sectoralpha.in/small-cap-stocks-india)
- [Defence stocks Group on the list: Defence equipment and electronics](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is Astra Microwave profitable? Astra Microwave Products Ltd earned ₹12.0 Cr of net profit in the Jun 2026 quarter, −25.0% on the same quarter a year earlier. Full-year FY26 profit was ₹193 Cr. Over 10 years profit has grown 13.2% a year on average. That is 6.8% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr. For the full year, FY26 profit was ₹193 Cr (+25.3% on the year before). Why profit moved: revenue changed −11.5% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +4.1% and revenue +0.5%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. 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. ## How much revenue does Astra Microwave make, and is it growing? Astra Microwave Products Ltd reported ₹177 Cr of revenue in the Jun 2026 quarter, −11.5% on the same quarter a year earlier. Over 10 years it has grown 11.1% a year on average. 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 was ₹1,163 Cr, +10.7% on the year before. Recent pace: the last four quarters grew +0.5% on average, against 11.1% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +3.9%, against +10.7% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +17.4%, against +18.8% a year (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. ## How much of every ₹100 of sales does Astra Microwave keep? Astra Microwave Products Ltd's operating margin was 19.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 10.0% and 31.0%. The latest quarter is within that range. 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 goal: 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. Why the margin moved: operating margin changed −1.8 percentage points on the year while gross margin changed +0.6 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. 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. ## Is Astra Microwave's profit turning into cash? Over the last 3 years, 25% of Astra Microwave Products Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹387 Cr of operating cash against ₹193 Cr of profit. After ₹88.0 Cr of spending on assets, ₹299 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 25% of profit came in as cash: the cash cycle got 146 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 146 days longer. The next section looks at where the cash is stuck. ## Where does Astra Microwave's cash go? Astra Microwave Products Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 537 days in FY26, up from 391 days in FY21. It spent ₹211 Cr on assets over the last 3 years. Customers take 216 days to pay, and stock sits for 394 days on average. At FY26 sales of ₹1,163 Cr, each day of that cycle ties up about ₹3.2 Cr, so roughly ₹1,711 Cr is tied up in the business at any time. FY26: customers took 216 days to pay and stock sat for 394 days, about 13.0 months of sales sitting as stock, for a full cycle of 537 days, longer than FY21's 391. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 394 days. Customers pay about 216 days after that. Suppliers are paid at 73 days. Together that makes the 537-day cycle. Spending on assets: ₹211 Cr over the last 3 years, against ₹104 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹9.0 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is Astra Microwave's P/E ratio, and how does it compare with its own history? Astra Microwave Products Ltd's P/E is 76.7×, near the high end of its own history: higher than 86% of past readings. Its usual P/E (the middle reading) is 41.3×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +25.7% while the price moved +46.5%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +42.6% a year; about +32.2% a year came from earnings growth and about +10.4 percentage points from the multiple (the market paying more); over 10 years the price moved +29.6% a year; about +11.8% a year came from earnings growth and about +17.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Astra Microwave business getting better or worse? Astra Microwave Products Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 22.9%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Astra Microwave story, and has it been checked? Astra Microwave Products Ltd's story is not scored yet against the checks our research 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. Measured by: 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 goal on track by the next result. The test written in advance. The test written in advance. QRSAM and Uttam AESA order timing uncertainty. Measured by: 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. 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 goal 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 goal on track. Lever 14 · A bigger market to serve: 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 goal 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 goal on track. Sources: our stock research file (31 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Astra Microwave management deliver what it promised? What Astra Microwave Products Ltd's management promised, against what actually happened: 4 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 Goal 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 goal 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. ## What is Astra Microwave management's track record? FY25 order inflows of ₹1,056 cr matched guidance (reliable forecasting). ₹2,226 cr order book at October to December 2025 provides 2x last 12 months visibility. Revenue guidance ₹1,200-1,300 cr for FY26 appears achievable. JVC ARC executed $18.19M in Q3 with $80M order book. However, October to December 2025 consolidated revenue was flat at ₹260 cr (+1% on a year earlier), profit was flat at ₹47 cr. EW systems (Nayan, Samudrika, Dharashakti) transitioning from development to production should help. ### Regulatory and governance record

Promoter having at 6.54% is critically low. Low ROE of 13.9% (3Y avg) for a defence electronics company. Cash conversion cycle of 614 days is extreme even by defence sector standards. Debtors at 273 days. (Checked 22 March 2026.)

## How much does Astra Microwave earn on its capital? Astra Microwave Products Ltd earned a ROCE of 20% in FY26. That is up from a low of 3% in FY19. Its return on capital used (ROIC) is 3.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 16.6% net margin and 0.59× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 16.6% net margin × 0.59× asset turnover × 1.51× leverage (assets divided by equity) ≈ 14.8% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 15.3% − 12.0% = +3.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Astra Microwave have too much debt? Astra Microwave Products Ltd has total debt of ₹288 Cr against shareholder equity of ₹1,315 Cr as of Jun 2026, so its debt is 0.22× its equity, which is very little. Year by year, that ratio went from 0.12 in FY22 to 0.22 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Astra Microwave shareholding pattern? Foreign institutions raised their stake in Astra Microwave Products Ltd by 4.8 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 10.5% of the company. Domestic institutions moved +1.5 points over the same period, to 16.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +4.8 points over 8 quarters, to 10.5%; Domestic institutions: +1.5 points over 8 quarters, to 16.5%; Promoters: +0.0 points over 8 quarters, to 6.5%. Promoters own under 20%, so this is a widely owned company where institutions, not a family, have the most say. Why the owners changed: foreign institutions drove it (+4.8 points), together with domestic institutions (+1.5 points). They raised their stake step by step. ## How far is Astra Microwave from balance-sheet trouble? For Astra Microwave Products Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Astra Microwave rank in its industry? 47.8 out of 100, rank 14 of 25 in Aerospace & Defence - Equipments, with 96% of the evidence available. Astra Microwave Products Ltd scores 47.8 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 14. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. The four parts add up to the total exactly: 13.8 + 18.8 + 4.5 + 10.7 = 47.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Astra Microwave compared with? Astra Microwave ranks 14 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 47.8 out of 100. 1. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) APOLLO · turning · Most evidence points up · 100% evidence 70.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 77% · Profit 63.8% · Operating margin change 3 points · 100% evidence Capital efficiency 15.8/25 · ROCE 14.5% · Operating margin 29% · 100% evidence Valuation 9.2/20 · P/E 107× · PEG 1.7 · 100% evidence Relative strength 16.4/20 · Lead over its industry 10% · Lead over NIFTY 500 31% · 1 year 44.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 28.9 + 15.8 + 9.2 + 16.4 = 70.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) MTARTECH · breaking out · Most evidence points up · 90% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 53.5% · Profit 100% · Operating margin change 10.2 points · 100% evidence Capital efficiency 15.6/25 · ROCE 15.1% · Operating margin 23.2% · 100% evidence Valuation 7.4/20 · P/E 155× · PEG n/a · 50% evidence Relative strength 14.9/20 · Lead over its industry 18.6% · Lead over NIFTY 500 37.1% · 1 year 168.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 32.3 + 15.6 + 7.4 + 14.9 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ROSSTECH · leader · Evidence leans up · 79% evidence 64.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 82.9% · Profit 68.8% · Operating margin change 1.8 points · 88% evidence Capital efficiency 8.2/25 · ROCE 11.5% · Operating margin 14.4% · 100% evidence Valuation 8.8/20 · P/E 194× · PEG n/a · 15% evidence Relative strength 19.5/20 · Lead over its industry 28.7% · Lead over NIFTY 500 52.7% · 1 year 107.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.5 + 8.2 + 8.8 + 19.5 = 64 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) PARAS · breaking out · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 41.5% · Profit 58.8% · Operating margin change 1 points · 95% evidence Capital efficiency 17.5/25 · ROCE 17.2% · Operating margin 29% · 76% evidence Valuation 8.7/20 · P/E 98.6× · PEG n/a · 50% evidence Relative strength 13.3/20 · Lead over its industry 17.1% · Lead over NIFTY 500 37.9% · 1 year 76.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 17.5 + 8.7 + 13.3 = 63.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) SIGMAADV · leader · Evidence leans up · 78% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 100% · Profit 20.3% · Operating margin change 307 points · 83% evidence Capital efficiency 9.8/25 · ROCE 11.7% · Operating margin 16% · 76% evidence Valuation 6.9/20 · P/E 102× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 96.2% · Lead over NIFTY 500 116.7% · 1 year 318.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 9.8 + 6.9 + 15 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) AZAD · leader · Evidence leans up · 89% evidence 57.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29% · Profit 41.4% · Operating margin change 1 points · 88% evidence Capital efficiency 12.6/25 · ROCE 11.9% · Operating margin 37% · 100% evidence Valuation 9.0/20 · P/E 114× · PEG 1.94 · 65% evidence Relative strength 14.9/20 · Lead over its industry 4.2% · Lead over NIFTY 500 24.6% · 1 year 44.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 12.6 + 9 + 14.9 = 57.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) JAYKAY · breaking out · Too little evidence to rank firmly · 51% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.3/43.75 · Revenue 100% · Profit 100% · Operating margin change 1.8 points · 83% evidence Capital efficiency 9.2/31.25 · ROCE 4.8% · Operating margin 14.2% · 76% evidence Valuation 12.9/25 · P/E 72.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.3 + 9.2 + 12.9 = 56.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) SIKA · quiet · Evidence leans up · 81% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 0.5% · Profit 9.8% · Operating margin change 1.1 points · 88% evidence Capital efficiency 21.7/25 · ROCE 34.6% · Operating margin 19.5% · 100% evidence Valuation 12.9/20 · P/E 51.9× · PEG 1.01 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.8% · 1 year -27.7% · 25% evidence · 5 of 12 weeks ahead Exact sum: 13.1 + 21.7 + 12.9 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Data Patterns (India) Ltd](https://www.sectoralpha.in/stocks/data-patterns-indialtd) DATAPATTNS · quiet · Evidence leans up · 96% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 33.9% · Profit 24.2% · Operating margin change -5 points · 88% evidence Capital efficiency 21.3/25 · ROCE 21.9% · Operating margin 27% · 100% evidence Valuation 7.4/20 · P/E 78.7× · PEG 3.94 · 100% evidence Relative strength 5.5/20 · Lead over its industry -9.4% · Lead over NIFTY 500 8.8% · 1 year 38.5% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.8 + 21.3 + 7.4 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [High Energy Batteries (India) Ltd](https://www.sectoralpha.in/stocks/high-energy-batteries-indialtd) losing its lead · Evidence leans up · 72% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 1.5% · Profit -3.5% · Operating margin change 32.4 points · 95% evidence Capital efficiency 19.5/25 · ROCE 20.4% · Operating margin 28.1% · 95% evidence Valuation 11.8/20 · P/E 27.3× · PEG n/a · 50% evidence Relative strength 8.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year n/a · 25% evidence · 7 of 11 weeks ahead Exact sum: 12.9 + 19.5 + 11.8 + 8.9 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hindustan Aeronautics Ltd](https://www.sectoralpha.in/stocks/hindustan-aeronautics-ltd) HAL · breaking out · Evidence leans up · 96% evidence 52.4 out of 100 Growth Capital Valuation Relative
12. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) DYNAMATECH · breaking out · Evidence leans up · 79% evidence 50.9 out of 100 Growth Capital Valuation Relative
13. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) BEL · turning · Evidence leans up · 100% evidence 50.8 out of 100 Growth Capital Valuation Relative
14. Astra Microwave Products Ltd this page ASTRAMICRO · quiet · Evidence leans down · 96% evidence 47.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.8/35 · Revenue 3.9% · Profit 17.4% · Operating margin change -1 points · 88% evidence Capital efficiency 18.8/25 · ROCE 20.3% · Operating margin 19% · 100% evidence Valuation 4.5/20 · P/E 76.1× · PEG 3.3 · 100% evidence Relative strength 10.7/20 · Lead over its industry 4% · Lead over NIFTY 500 23.4% · 1 year 45.3% · 100% evidence · 5 of 12 weeks ahead Exact sum: 13.8 + 18.8 + 4.5 + 10.7 = 47.8 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 15. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ZENTEC · turning · Evidence leans down · 60% evidence 47.6 out of 100 Growth Capital Valuation Relative
16. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) MIDHANI · losing its lead · Evidence leans down · 96% evidence 42.5 out of 100 Growth Capital Valuation Relative
17. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) AXISCADES · breaking out · Evidence leans down · 89% evidence 41.6 out of 100 Growth Capital Valuation Relative
18. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) BEML · breaking out · Evidence leans down · 88% evidence 40.9 out of 100 Growth Capital Valuation Relative
19. [Ideaforge Technology Ltd](https://www.sectoralpha.in/stocks/ideaforge-technology-ltd) IDEAFORGE · quiet · Evidence leans down · 71% evidence 39.8 out of 100 Growth Capital Valuation Relative
20. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) BDL · basing · Evidence leans down · 96% evidence 35.6 out of 100 Growth Capital Valuation Relative
21. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) AVANTEL · basing · Most evidence points down · 83% evidence 34.7 out of 100 Growth Capital Valuation Relative
22. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) AEQUS · losing its lead · Too little evidence to rank firmly · 51% evidence 28.8 out of 100 Growth Capital Valuation Relative
23. [NIBE Ltd](https://www.sectoralpha.in/stocks/nibe-ltd) NIBE · quiet · Too little evidence to rank firmly · 53% evidence 27.8 out of 100 Growth Capital Valuation Relative
24. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) DCXINDIA · quiet · Most evidence points down · 61% evidence 23.8 out of 100 Growth Capital Valuation Relative
25. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) VINYAS · turning · Too little evidence to rank firmly · 44% evidence 62.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Aerospace & Defence - Equipments](https://www.sectoralpha.in/sectors/aerospace-defence-equipments), all 25 compared on one page. ## Which companies are close to Astra Microwave in size? Astra Microwave is the 10th largest of 25 Aerospace & Defence - Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: BEML, Azad Engineering and Apollo Micro Systems. Just below it: Zen Technologies, Aequs and Paras Defence and Space Technologies. ### Aerospace & Defence - Equipments companies close in size

1. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) ₹16,563 crore
2. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) ₹15,792 crore
3. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) ₹14,818 crore
4. Astra Microwave Products Ltd ₹14,381 crore
5. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ₹14,342 crore
6. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) ₹14,289 crore
7. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) ₹10,071 crore

[All 25 Aerospace & Defence - Equipments companies, largest first](https://www.sectoralpha.in/sectors/aerospace-defence-equipments#all-companies)

### Companies close in size in other industries

1. [Nava Ltd](https://www.sectoralpha.in/stocks/nava-ltd) ₹14,416 crore · Diversified
2. [Honasa Consumer Ltd](https://www.sectoralpha.in/stocks/honasa-consumer-ltd) ₹14,414 crore · New age - Platform - E-Retail
3. Astra Microwave Products Ltd ₹14,381 crore
4. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ₹14,342 crore · Aerospace & Defence - Equipments
5. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) ₹14,289 crore · Aerospace & Defence - Equipments

## What else do people ask about Astra Microwave? ### What is Astra Microwave's share price today? Astra Microwave Products Ltd's share price is ₹1,526.90, +46.5% over the past year. The whole company is worth ₹14,494 Cr on the market. In the last 52 weeks it traded between ₹879 to ₹1,862; today it is 66% of the way up from the low, 6.5% above its 200-day average (as of 3 November 2026). ### What were Astra Microwave's latest quarterly results? Astra Microwave Products Ltd reported revenue of ₹177 Cr and net profit of ₹12.0 Cr for the Jun 2026 quarter. Revenue fell 11.5% and profit fell 25.0% compared with a year earlier. Earnings per share were ₹1.30. The operating margin was 19.0%, 1.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Astra Microwave's market cap? Astra Microwave Products Ltd's market capitalisation is ₹14,494 Cr at a share price of ₹1,526.90. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Astra Microwave performing? Astra Microwave Products Ltd's share price has been rising for 28 weeks. In its latest quarter, revenue fell 11.5% and profit fell 25.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 8 weeks running (as of 3 November 2026). ### Will Astra Microwave's share price go up? This page does not forecast Astra Microwave Products Ltd's share price. What it shows instead: the share price is ₹1,526.90, and it has been rising for 28 weeks. Its P/E of 76.7× is higher than 86% of its own last 11 years (as of 3 November 2026). ### Who owns Astra Microwave? Promoters own 6.5% of Astra Microwave Products Ltd, foreign institutions 10.5%, domestic institutions 16.5% and the public 66.5% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 4.8 percentage points over 8 quarters (as of 3 November 2026). ### Where is Astra Microwave in its business cycle? Astra Microwave Products Ltd's FY26 operating margin was 29.0%, against a 13-year range of 10.0% to 31.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 19.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Astra Microwave story? The main question: foreign institutions moved +4.8 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Astra Microwave a stock worth studying right now? What the numbers show: Astra Microwave Products Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Astra Microwave share price forecast for 2026? What management itself guided: FY27 revenue ₹1,350 crore plus or minus ₹25 crore at 15-20% growth; FY28 revenue growth 15-18%; margins similar to last year with positive increase. What is changing at Astra Microwave, from the latest results and calls: order book scale-up (qrsam + uttam aesa + bel production), ip-mix shift (build-to-print exit → ip co-development at 40-45% gross margin) and defense electronics tam expansion (indigenization acceleration). What would change the story: 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. ### Where does this page get Astra Microwave's management information? From Astra Microwave's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

This is research, not advice. We’re not SEBI-registered.