Astra Microwave Products Ltd(ASTRAMICRO)

NSE: ASTRAMICROBSE: 532493

₹ 1,580.85+5.49%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 15,009 crWebsite: www.astramwp.comUpdated: 27 Oct 2026

About

Astra Microwave Products Ltd is a Hyderabad-based defence electronics company that designs and manufactures RF and microwave subsystems, electronic warfare systems, radars, and space payload electronics for Indian defence and space programmes. It reported FY26 revenue of 1162.8 (Rs Cr) and is moving from subsystem supplier to a tier-1, IP-driven systems manufacturer and Development-cum-Production Partner for critical national programmes. Its consolidated order book stood at ₹2,849 Cr as of Q1 FY27, rising to a record ₹4,300 Cr after the quarter following a single ₹2,205 Cr Uttam radar order from HAL.^[1][2]

Order book and inflows

Standalone order book was ₹2,156 Cr and consolidated ₹2,849 Cr as of Q1 FY27 (June 2026).^[3]
In July 2026, a ₹2,205 Cr order from HAL for Uttam AESA radar subsystems, the largest single order in company history, lifted the post-quarter total order book to a record ₹4,300 Cr.^[3]
Q1 FY27 standalone order inflows were ₹185 Cr; FY27 standalone order inflow is guided at ₹1,600 Cr (excluding the Uttam post-quarter win).^[3]
Q1 FY27 order book by type: production 65.7%, development 14.3%, AMC 12.0%, export 8.0%.^[3]
3-4 year order intake is guided at ₹8,000-9,000 Cr, with ₹4,300 Cr already secured as of August 2026.^[3]

Products and programmes

Supplies critical subsystems for Uttam AESA radar (Tejas), the AEW&C Mk-2 supply chain, the Su-30 Virupaksha radar upgrade (Tier 1), and the Su-30 Angad EW suite (lead system integrator, Tier 2), as of Q1 FY27.^[3]
Emerged L1 (BEL L2) for the Active Antenna Array Unit of the AMCA advanced fighter programme; contract expected within about one month of the Q1 FY27 call.^[3]
Space order book of ₹249 Cr as of Q3 FY26 is 94-95% satellite payload electronics for ISRO strategic missions; only 5-6% is launch vehicle electronics.^[4]
In July 2026, technology demonstrations in Jalandhar of an electromagnetic wall and a vehicle-mounted soft/hard-kill anti-drone system, not yet included in revenue guidance.^[3]
At least two complete Astra-branded radars with full IP ownership and one drone-mounted ELINT product are targeted for launch around Diwali 2026.^[3]
R&D spend was 5.01% of turnover in FY25, up from 4.24% in FY24.^[5]

Astra Rafael Comsys (ARC) joint venture

ARC JV order book was ₹836 Cr as of Q1 FY27; FY27 sales are planned at ₹360 Cr.^[3]
ARC delivered ₹360 Cr in sales and booked ₹546 Cr in orders in FY26, above its ₹350 Cr sales guidance.^[1]

Customers and exports

Customers are mainly government agencies, public sector undertakings and defence PSUs (FY25).^[5]
Primary customers are HAL, BEL, ISRO and the Ministry of Defence; an MOU with BEL in Q3 FY26 covers joint design, development and manufacture of advanced defence systems.^[4]
Exports were 11% of turnover in FY25; foreign exchange earnings fell to Rs 109.6 cr from Rs 284.6 cr in FY24, while forex outgo was Rs 458.0 cr.^[5]
Exports (including deemed exports) were 11.5% of Q3 FY26 standalone revenue, reflecting a deliberate exit from low-margin Build-to-Print orders in favour of design-led products.^[4]

Expansion and capacity

Uttam Radar Phase 1 (12 units) is targeted for completion by September 2027; the full HAL order is planned for completion by FY31 at 25+ units per year.^[3]
Maintenance and growth capex is guided at ~₹40-50 Cr per year (as of Q4 FY26); management stated no step-up capex is needed for the targeted tripling of revenue.^[1]
A new production building is under construction to support higher-volume execution of upcoming programmes (Q2 FY26).^[6]

Demerger of Space, Meteorology and Hydrology

The board gave in-principle approval to demerge the Space, Meteorology and Hydrology business into a separately listed entity with the same shareholding; standalone accounting on this basis runs from FY27.^[3]
The new entity is targeted to operate independently from 1 April 2027; FY28 revenue is guided at ₹300+ Cr with an 18-20% PBT margin.^[3]
Astra SAT-1, the company's own satellite, is planned for launch about six months after the space entity lists (~October 2027), as part of a constellation with a data monetisation plan.^[3]

Recent developments

MD S. Gurunatha Reddy ceased office on 30 Sep 2026; Dr. M.V. Reddy is redesignated MD from 1 Oct 2026, with the company citing expanding Defence, Space, Meteorology and Hydrology operations.^[7]
July 2026: ₹2,205 Cr (₹1,870 Cr ex-GST) order from HAL for Uttam AESA radar subsystems.^[3]
QRSAM: a partial subsystem order is expected before end of FY27, with ₹700-800 Cr for the first three regiments guided to follow.^[3]
Over the 18 months to Q1 FY27, a new CTO, Head of HR & Admin, Quality Head, Purchase Head and Head of Sales & Marketing were inducted, alongside new R&D domain heads.^[3]
Rahul Rungta was appointed CFO from April 10, 2025, succeeding the retired Benarji Mallampati; independent director Sengottaiyan Varadarajan resigned on 22 May 2025.^[5]

Market Cap

₹15,009 Cr

High / Low

₹1,960 / 836

Stock P/E

75.0

Price / Book

10.8

Book Value

₹138

EPS

₹20.3

No. of Shares

9.49 Cr

ROCE

20.3%

ROE

16.0%

OPM

26.1%

Debt / Equity

0.22

Sales

₹1,163 Cr

Net Profit

₹193 Cr

Promoter holding

6.5%

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