Astra Microwave Products Limited (ASTRAMICRO)

Capital Goods · Aerospace & Defense · NSE · Updated 15 July 2026

₹1,720 ↑ 72.95% (1Y)

🎯 Key Takeaways

Astra Microwave Products Limited is in a strategic growth and transformation phase, transitioning from a consolidated defense electronics player to a focused, high-margin aerospace and defense technology entity. Management is executing a demerger of its Space, Meteorology, and Hydrology businesses into a separate listed company to sharpen strategic focus and unlock value.
Revenue grew 12.6% QoQ to ₹259 in Q3FY25.
⚠️ 1) Execution risk in the demerger process, including regulatory approvals and integration complexities of the new entity. 2) Dependence on government

Market Cap

₹10,507

P/E Ratio

78.2

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Astra Microwave Products Limited is in a strategic growth and transformation phase, transitioning from a consolidated defense electronics player to a focused, high-margin aerospace and defense technology entity. Management is executing a demerger of its Space, Meteorology, and Hydrology businesses into a separate listed company to sharpen strategic focus and unlock value. The company is targeting long-term revenue tripling by FY30-FY31, driven by order execution, export expansion, and IP-led product development, supported by a robust order book and improving profitability.

📰 What's Happening

In the latest filing dated 2026-06-01, Astra Microwave reported FY26 revenue of ₹1157 crores, up from prior periods, with a strong consolidated order book of ₹2141 crores and a proposed dividend of ₹2.40 per share. Management highlighted record Q4 revenue of ₹487 crores and EBITDA margin expansion to 32.8%, driven by operational efficiency and export growth. A key development is the board-approved demerger of its Space, Meteorology, and Hydrology units into a new listed entity, Astra Space Technologies Private Limited, via a 1:1 share swap, which will transfer 13.58% of turnover and create a standalone company seeking BSE and NSE listings pending regulatory approvals.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	258	134	190	231	354	155	230	259
Operating Profit	35	5	45	70	83	26	51	78
OPM %	13.3%	2.3%	21.9%	28.6%	22.8%	15.5%	21.4%	29.5%
Net Profit	14	-7	30	43	54	7	25	47
EPS	₹1.56	₹-0.73	₹3.16	₹4.57	₹5.73	₹0.76	₹2.67	₹5.00

The company has demonstrated consistent top-line and bottom-line growth, with revenue rising from ₹134 crores in Q1FY24 to ₹259 crores in Q3FY25, accompanied by margin expansion and profitability recovery from losses in early quarters. EBITDA margins improved to 29.5% in Q3FY25 from 2.3% in Q1FY24, reflecting operational scaling and cost optimization. Despite a dip in Q4FY24 margins, recent quarters show strong recovery, supported by record revenue and efficient execution, aligning with management's guidance on margin accretion from exports and working capital discipline.

🔮 Management Outlook & What's Next

Management has provided a clear long-term growth roadmap, projecting FY27 revenue growth of 15-20% and targeting JV revenue of ₹600 crores with 18-20% EBITDA margins. They emphasized that the demerger of non-core segments will enable sharper focus on high-growth defense and space programs like Gaganyaan and DRDO, while driving IP-led product development and export expansion. The strategic vision includes tripling revenue by FY30-FY31 through order book execution and capital allocation efficiency.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Aerospace & Defense

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Bharat Electronics Limited	3.10 L Cr	62.0	—	—	—
Hindustan Aeronautics Limited	2.93 L Cr	33.7	—	—	—
Bharat Dynamics Limited	48,584	83.8	—	—	—
Garden Reach Shipbuilders & Engineers Limited	30,768	41.1	—	—	—
Data Patterns (India) Limited	21,702	80.0	—	—	—
Zen Technologies Limited	14,039	62.0	—	—	—
Aequs Limited	13,582	—	—	—	—
Apollo Micro Systems Limited	10,524	111.6	18.2%	14.7%	0.54
Astra Microwave Products Limited	10,507	78.2	—	—	—
AXISCADES Technologies Limited	8,751	163.2	—	—	—

🔗 Peer Stock Analyses

BEL HAL BDL GRSE DATAPATTNS

⚠️ Risk Factors

1) Execution risk in the demerger process, including regulatory approvals and integration complexities of the new entity. 2) Dependence on government contracts and project timelines in defense and space, which are subject to policy and geopolitical shifts. 3) Margin pressure risks if export growth or working capital optimization fails to materialize as expected. 4) Market concentration and competitive pressures in the aerospace and defense electronics space could impact order sustainability.

📋 Recent Filings

🧠 Analyst's Read

Astra Microwave is transitioning into a more focused, high-growth defense technology player with strong order visibility and margin expansion, supported by strategic demergers and long-term growth targets. Investors should monitor the progress of the demerger approvals, execution of FY27 growth guidance, and quarterly order inflows to assess sustained momentum.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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