ASTRAMICRO - Astra Microwave
📢 Recent Corporate Announcements
Astra Microwave Products Limited has announced its participation in the 'Defence Conclave 2026', scheduled for March 14, 2026, in Delhi. This event is recognized as a significant gathering for the Indian defense industry, providing a platform for networking with government officials and key stakeholders. While the announcement is a routine regulatory filing, it highlights the company's active engagement in the domestic defense ecosystem. Investors should note that such events are often used to showcase technological capabilities and explore future order pipelines.
- Participation in 'Defence Conclave 2026' confirmed for March 14, 2026
- Event to take place in Delhi, a strategic hub for defense procurement and policy
- Intimation filed under Regulation 30 of SEBI (LODR) Regulations 2015
- Participation underscores the company's focus on business development within the defense sector
Astra Microwave Products Limited has scheduled a group meeting with institutional investors and analysts on March 12, 2026, starting at 9:00 AM. The meeting is organized by Goldman Sachs and will be held at the company's Hyderabad facility. The company stated that discussions will be based strictly on publicly available information, with no unpublished price sensitive information being shared. This event provides an opportunity for major institutional players to evaluate the company's operational setup firsthand.
- Group meeting scheduled for March 12, 2026, starting at 9:00 AM
- Meeting organized by global investment firm Goldman Sachs
- The interaction will take place at the company's Hyderabad facility
- Company confirms no unpublished price sensitive information (UPSI) will be discussed
- Disclosure made under Regulation 30(6) of SEBI LODR Regulations 2015
Astra Microwave Products Limited has received a communication from SEBI seeking specific information regarding its May 24, 2024, annual financial results announcement. The regulator has requested a chronology of events, details of insiders, and Structured Digital Database (SDD) extracts for the period from March 22, 2024, to May 31, 2024. The company has clarified that there is no material impact on financial operations at this stage and no penalties have been imposed. A formal response was submitted to SEBI on March 6, 2026.
- SEBI requested information on March 2, 2026, regarding the FY24 annual results announcement process.
- The inquiry focuses on the period between March 22, 2024, and May 31, 2024.
- Information sought includes insider lists, Designated Persons details, and SDD extracts.
- Company reports no material financial impact or identified non-compliances at this stage.
- Astra Microwave submitted its formal reply to the regulator on March 6, 2026.
Astra Microwave Products has announced an in-principle approval to demerge its Space, Meteorology, and Hydrology business into a separate listed entity, Astra Space Technologies Private Limited (ASTPL). The restructuring aims to unlock shareholder value by creating two focused platforms: one for Defence/Aerospace and another for Space/Weather technologies. The Space segment has a strong track record with ₹750 crore in executed ISRO orders and a ₹250 crore pipeline, while the Meteorology segment holds a ₹285 crore order book for FY28. Existing shareholders will receive mirror shareholding in the new entity, which is targeted for listing by Q1 FY28.
- Demerger into two listed entities: Astra Microwave (Defence) and Astra Space Technologies (Space/Weather).
- Space business has executed ₹750 crore in ISRO orders with ₹250 crore more expected by FY28.
- Meteorology segment has a ₹285 crore order book and has previously executed ₹330 crore in contracts.
- Listing of the new entity (ASTPL) on BSE and NSE is targeted for completion by Q1 FY28.
- Restructuring intended to improve strategic focus, capital allocation, and attract sector-specific talent.
Astra Microwave's board has granted in-principle approval to demerge its Space, Meteorology, and Hydrology segments into a new listed entity, Astra Space Technologies (ASTPL). The space division has a strong legacy with ₹750 crore in cumulative orders executed for ISRO and ₹250 crore in pending orders through FY28. The Meteorology segment adds ₹285 crore in future order visibility, creating a specialized space-tech player. Existing shareholders will receive mirror shareholding in the new entity, aimed at unlocking value and improving capital allocation for the capital-intensive space business.
- Demerger will create two independent listed entities: Astra Microwave (Defence/Aerospace) and Astra Space Technologies (Space/Met/Hydrology).
- Space business has ₹250 crore in orders to be executed by FY28, building on a ₹750 crore historical execution for ISRO.
- Meteorology and Hydrology segment holds a current order book of ₹285 crore to be completed by FY28.
- The transaction will follow a mirror shareholding pattern, ensuring existing investors gain direct exposure to both entities.
- The company targets completion of the demerger and listing of the new entity by Q1 of FY28.
Astra Microwave Products' Board has granted in-principle approval on February 27, 2026, to demerge its Space, Meteorology, and Hydrology business units into a separate company. The initiative is intended to enhance operational efficiency and allow for tailored growth strategies specific to the space sector. By creating an independent entity, the company aims to unlock significant value for its shareholders. The Board has authorized the appointment of a Registered Valuer to determine the share exchange ratio and finalize the asset-liability split.
- Board meeting held on February 27, 2026, granted in-principle approval for the demerger of specific business units.
- Focus segments for the new entity include Space, Meteorology, and Hydrology business undertakings.
- Audit Committee to appoint a Registered Valuer to establish the share exchange ratio for existing shareholders.
- The restructuring is designed to unlock shareholder value and enable specialized capital allocation for high-growth sectors.
- Final decision on the demerger structure and terms is subject to further board review and expert reports.
Astra Microwave Products Limited has announced a Board Meeting scheduled for February 27, 2026, to consider a restructuring of its business undertakings. In compliance with SEBI (Prohibition of Insider Trading) Regulations, the company has closed its trading window for insiders starting February 20, 2026. The window will remain closed until 48 hours after the board meeting's conclusion. This announcement signals a potential shift in the company's corporate or operational structure, which could impact its long-term strategy.
- Board Meeting scheduled for February 27, 2026, to discuss business restructuring
- Trading window for securities closed from February 20, 2026, for all designated persons
- Window to reopen 48 hours after the conclusion of the board meeting
- Restructuring proposal follows SEBI (Prohibition of Insider Trading) Regulations, 2015
Astra Microwave reported a strong Q3 FY26 with standalone revenue of ₹258 crores and a record EBITDA margin of 30.9% due to a favorable product mix. The standalone order book reached a significant milestone of ₹2,226 crores as of December 2025, with an additional ₹550-600 crores in contracts currently under price negotiation. Management has reaffirmed its FY26 revenue guidance of ₹1,150 crores and expects to double its turnover within the next 3-4 years, driven by defense modernization and space sector expansion.
- Standalone Q3 EBITDA stood at ₹80 crores with a margin expansion to 30.9% compared to 25% for the 9-month period.
- Order book reached ₹2,226 crores, including ₹1,477 crores from Defense PSUs/DRDO and ₹249 crores from the Space sector.
- Management targets FY26 order inflows of ₹1,300-1,400 crores and revenue growth of 15% for FY27.
- The Astra Rafael Comsys (ARC) joint venture executed $18.19 million in Q3 and maintains an $80 million order backlog.
- Signed a strategic MOU with Bharat Electronics (BEL) for joint design and manufacturing of advanced defense systems.
Astra Microwave Products Limited has released the audio recording of its conference call for the Q3 and 9M FY26 financial results. The call, conducted on February 13, 2026, provides management's perspective on the performance for the period ending December 2025. This filing is a routine regulatory requirement under SEBI LODR to ensure transparency for all shareholders. Investors can access the full discussion via the company's website to gain insights into operational progress and future outlook.
- Company uploaded the audio recording for the Q3 and 9M FY26 earnings call held on Feb 13, 2026
- The recording covers discussions on financial performance for the nine months ended December 2025
- Access link provided for transparency: https://astramwp.com/wp-content/uploads/2026/02/10040581.mp3
- Filing made in compliance with Regulation 30 and 46 of SEBI Listing Obligations and Disclosure Requirements
Astra Microwave Products Limited has confirmed that there is no deviation or variation in the utilization of proceeds from its ₹173.99 crore preferential issue for the quarter ended December 31, 2025. The company initially raised ₹43.49 crore (25% upfront) on June 30, 2025, which was fully utilized by September 30, 2025, for working capital and general corporate purposes. No additional funds were raised during the December quarter as warrant holders have not yet exercised their conversion options. The remaining 75% of the issue size, amounting to ₹130.50 crore, is expected to be received as warrants are converted over their 18-month tenure.
- Total preferential issue size stands at ₹173.99 crore with zero deviation in fund usage reported.
- Initial upfront payment of ₹43.49 crore (25%) was fully utilized by the end of September 2025.
- No new funds were raised in the quarter ended December 31, 2025, as warrant conversion options remained unexercised.
- The funds are primarily allocated towards Working Capital Requirements (₹130.50 Cr) and General Corporate Purposes (₹43.49 Cr).
- CRISIL Ratings Limited is acting as the monitoring agency for the fund utilization.
Astra Microwave Products reported a steady Q3FY26 with consolidated revenue at ₹258 crore and a slight PAT growth to ₹39 crore. The company demonstrated significant operational efficiency as consolidated EBITDA margins expanded to 30.9% from 29.1% YoY. A key highlight is the robust consolidated order book of ₹2,566 crore, which provides strong revenue visibility. Management has reaffirmed its FY26 guidance of 10-15% growth in both topline and bottom-line, supported by an expected order inflow of ₹1,300-1,400 crore.
- Consolidated EBITDA grew 7.1% YoY to ₹80 crore with margins expanding to 30.9%.
- Total consolidated order book stands at ₹2,566 crore as of December 31, 2025.
- Standalone order inflows during Q3 were healthy at ₹476 crore.
- 9M FY26 consolidated PAT increased by 6.3% YoY to ₹73 crore.
- Domestic market remains the primary driver, accounting for 88.5% of Q3 revenue.
Astra Microwave Products Limited has announced a transition in its financial leadership effective February 12, 2026. Mr. Rahul Rungta has resigned as the Chief Financial Officer to take on the CFO role at the company's wholly-owned subsidiary, Astra Space Technologies Private Limited. To fill the vacancy, the board has appointed Mr. Srinivasarao Devathi, a Chartered Accountant with over 22 years of experience in finance and accounts. This move appears to be a strategic internal restructuring to strengthen the leadership of its subsidiary while ensuring continuity at the parent level.
- Mr. Srinivasarao Devathi appointed as the new Chief Financial Officer effective February 12, 2026.
- Outgoing CFO Mr. Rahul Rungta transitioned to the CFO role at Astra Space Technologies Private Limited, a 100% subsidiary.
- New CFO Mr. Devathi is a Chartered Accountant with over 22 years of professional experience in senior finance positions.
- The transition was approved by the Board based on recommendations from the Nomination and Remuneration Committee and Audit Committee.
Astra Microwave reported a steady Q3 FY26 with standalone revenue of ₹258 crore and a PAT of ₹39 crore. The company's standalone order book has reached a robust ₹2,226 crore, providing strong revenue visibility for the coming years. EBITDA margins improved to 30.9% in Q3 FY26 compared to 29.1% in the previous year, driven by a better product mix. Management is targeting a 15-20% revenue growth over the next 3-5 years by focusing on complex system fabrication.
- Standalone order book stands at ₹2,226 crore as of December 31, 2025, with ₹476.4 crore in new orders received during Q3.
- Standalone EBITDA margins expanded to 30.9% in Q3 FY26 from 29.1% in Q3 FY25.
- 9M FY26 consolidated PAT grew by 8.7% YoY to ₹87 crore, while standalone PAT rose 6.3% to ₹73 crore.
- Defence segment continues to dominate the revenue mix, accounting for 81.8% of Q3 FY26 revenue.
- Company targets 15-20% revenue growth with a focus on high-value complex system fabrication.
Astra Microwave reported a steady performance for Q3 FY26 with a standalone PAT of ₹38.87 crore, nearly flat compared to ₹38.62 crore YoY. Revenue from operations grew 21% sequentially to ₹258.23 crore, though it remained stable on a yearly basis. The company's order book remains a key strength at ₹2,226.08 crore, providing significant revenue visibility for the coming years. Additionally, the company announced a management transition with Mr. Srinivasarao Devathi appointed as the new CFO.
- Standalone Revenue for Q3 FY26 stood at ₹258.23 crore, showing a 21% growth on a sequential (QoQ) basis.
- Net Profit (PAT) for the quarter was ₹38.87 crore, compared to ₹38.62 crore in the corresponding quarter of the previous year.
- Total Order Book as of December 31, 2025, remains robust at ₹2,226.08 crore.
- New orders worth ₹852.18 crore were booked during the nine-month period ending December 2025.
- Mr. Srinivasarao Devathi appointed as CFO effective February 12, 2026, following the transition of Mr. Rahul Rungta to a subsidiary.
Astra Microwave Products reported a largely flat performance for Q3 FY26, with standalone revenue at ₹258.2 crore and PAT at ₹38.9 crore. Despite the stagnant quarterly growth, the company maintains a robust order book of ₹2,226.1 crore, which is approximately 2x its annual revenue, providing significant long-term visibility. The company also announced a management transition, appointing Mr. Srinivasarao Devathi as the new CFO. Furthermore, the firm has received ₹43.5 crore as upfront payment for its ₹174 crore convertible warrant fundraise.
- Standalone Revenue for Q3 FY26 stood at ₹258.24 crore, compared to ₹256.66 crore in the same quarter last year.
- Net Profit (PAT) for the quarter was ₹38.88 crore, showing marginal growth over ₹38.62 crore in Q3 FY25.
- Total Order Book remains healthy at ₹2,226.08 crore as of December 31, 2025.
- New orders worth ₹852.18 crore were secured during the nine-month period ending December 2025.
- Management transition: Mr. Srinivasarao Devathi appointed as CFO effective February 12, 2026, replacing Mr. Rahul Rungta.
Financial Performance
Revenue Growth by Segment
Revenue grew 16% YoY in FY2025 and has maintained a 13% CAGR since FY2021. Defense contracts represent approximately 70% of the INR 1,953 Cr order book as of March 31, 2025. H1 FY2026 revenue reached INR 414 Cr, a 7.7% increase from INR 385 Cr in H1 FY2025.
Geographic Revenue Split
Domestic revenue contribution significantly increased to 90% in FY2025 from 68% in FY2024 and 60% in FY2023. Export revenue now accounts for approximately 10% of total sales.
Profitability Margins
Operating profit margin expanded by 357 bps to 25.1% in FY2025. Gross margins for H1 FY2026 stood at 48.8% compared to 42.0% in H1 FY2025. PAT for H1 FY2026 was INR 40 Cr, up 23.3% YoY from INR 33 Cr.
EBITDA Margin
EBITDA margin for H1 FY2026 was 21.4%, an improvement from 19.0% in H1 FY2025. Q2 FY2026 EBITDA margin was 22.3% vs 21.4% YoY, reflecting a 21.2% YoY growth in absolute EBITDA for the half-year period.
Capital Expenditure
The company added INR 93 Cr to its gross block in FY2025, primarily for a new building at Unit 3 and advanced test equipment. Planned annual capex is estimated at INR 50-75 Cr to support production line expansion.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating outlook to 'Positive' from 'Stable' while reaffirming 'CRISIL A'. Short-term rating is 'CRISIL A1'. Interest coverage ratio is a monitorable factor with a downward trigger if it falls below 3.5 times.
Operational Drivers
Raw Materials
RF and microwave super components, sub-systems, and advanced test equipment software represent the primary material and tool costs, with raw material consumption totaling INR 212 Cr in H1 FY2026 (approx. 51% of revenue).
Capacity Expansion
Current capacity is being expanded through the capitalization of a new building block at Unit 3 and the construction of an additional building to support a 4x growth vision toward a $1 billion revenue target.
Raw Material Costs
Raw material costs were INR 212 Cr in H1 FY2026 compared to INR 223 Cr in H1 FY2025, representing a decrease in absolute cost despite higher revenue due to a favorable shift toward high-margin proprietary domestic products.
Manufacturing Efficiency
RoCE remained healthy at 18.6% in FY2025. The company is focusing on production line automation and advanced software tools to enhance operational efficiency.
Strategic Growth
Expected Growth Rate
11-15%
Growth Strategy
The company plans to double its size to a 'quarter billion dollars' (approx. INR 2,100 Cr) in 3-4 years by transitioning from a component manufacturer to a systems-level entity. This involves focusing on Astra-branded proprietary products, expanding production lines with new facilities, and leveraging the Astra Rafael Comsys JV which has an order book of INR 456 Cr.
Products & Services
RF and microwave super components, sub-systems, systems for Defense and Space, SDR back pack radios, and Annual Maintenance Contracts (AMC).
Brand Portfolio
Astra Microwave, Astra Rafael Comsys (JV), Bhavyabhanu Electronics.
New Products/Services
SDR back pack radios (under development in JV) and Astra-branded systems-level solutions are expected to drive the next phase of growth.
Market Expansion
Targeting a jump from $250 million to $1 billion in revenue over the long term through a multi-platform strategy and increased domestic defense market share.
Strategic Alliances
Astra Rafael Comsys (ARC) is a 50% JV with Rafael; it contributed INR 12 Cr in profit share in FY2025 and is targeting INR 250-350 Cr in annual revenue.
External Factors
Industry Trends
The defense electronics industry is shifting from component supply to integrated systems. Astra is positioning itself as a systems-level player to capture higher value, with the industry growing at 12-15% annually.
Competitive Landscape
Management acknowledges competitors with higher margins, prompting a strategic shift toward systems and AMC contracts to defend and grow market share.
Competitive Moat
Durable moat through proprietary R&D and deep integration with DRDO projects. High entry barriers exist due to the technical complexity of RF and microwave systems and long qualification cycles in defense.
Macro Economic Sensitivity
Highly sensitive to Indian Defense Budget allocations and 'Make in India' policy shifts which drive the 90% domestic revenue base.
Geopolitical Risks
Export orders are primarily contract manufacturing; geopolitical shifts affecting international defense supply chains could impact the 10% export segment.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent defense manufacturing standards and security clearances required for DRDO and ISRO contracts.
Taxation Policy Impact
Effective tax rate was approximately 24.5% in H1 FY2026 (INR 13 Cr tax on INR 53 Cr PBT).
Legal Contingencies
The company maintains compliance with SEBI Listing Regulations; no specific high-value pending court cases or litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Execution risk on large-scale system orders and potential delays in government procurement cycles could impact projected revenue by 10-15%.
Geographic Concentration Risk
90% of revenue is concentrated in the Indian domestic market, creating high dependency on local defense spending.
Third Party Dependencies
Significant dependency on JV partner Rafael for the ARC segment's growth and on DRDO for R&D project transitions to mass production.
Technology Obsolescence Risk
High risk in the electronics sector; mitigated by continuous investment in advanced test equipment and software tools (INR 93 Cr added to assets in FY2025).
Credit & Counterparty Risk
Receivables are primarily from government defense entities, generally representing high credit quality but potentially long payment cycles.