Astra Microwave Products Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Astra Microwave Products Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Astra Microwave reported Q1 FY27 revenue of Rs 182 crore, which management described as modest due to delays in customer approvals and last-stage technical issues. The company secured a landmark order worth about Rs 2,205 crore from Hindustan Aeronautics Limited for Uttam Radar subsystems in July, taking its total order book to Rs 4,300 crore. Management also announced plans to demerge its Space and Weather divisions into a separately listed company with the same shareholding pattern as Astra Microwave, expected to operate independently from April 1, 2027.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR182 crores (Q1 FY27)
p. 4
“Revenue for the quarter stood at INR182 crores, driven by robust operational execution and steady demand for our advanced technology.”
Dr. M.V. Reddy, page 4 of the filed PDF · View the filing
Stand-alone order book: INR2,156 crores (as of quarter end)
p. 3
“our stand-alone order book as of quarter end stands at INR2,156 crores, providing strong visibility for the upcoming period”
S.G. Reddy, page 3 of the filed PDF · View the filing
Consolidated order book: INR2,849 crores (as of quarter end)
p. 3
“Our consolidated order book stands at INR2,849 crores, which includes service orders of about INR244 crores, which are typically more accretive to margins.”
S.G. Reddy, page 3 of the filed PDF · View the filing
HAL Uttam Radar order: INR2,205 crores (July 2026)
p. 3
“we secured a significant order worth about INR2,205 crores from Hindustan Aeronautics Limited for procurement of critical subsystems for Uttam Radar”
S.G. Reddy, page 3 of the filed PDF · View the filing
Total order book: INR4,300 crores (as on date)
p. 4
“our total order book sells to a record-breaking of INR4,300 crores as on date”
Dr. M.V. Reddy, page 4 of the filed PDF · View the filing
New orders booked: INR185 crores (Q1 FY27)
p. 4
“We booked new orders worth of INR185 crores in Q1, matching our performance guidance exactly.”
Dr. M.V. Reddy, page 4 of the filed PDF · View the filing
Astra Rafael Comsys order book: INR836 crores (as on date)
p. 4
“ARC, that is Astra Rafael Comsys has an order book of INR836 crores.”
Dr. M.V. Reddy, page 4 of the filed PDF · View the filing
BEL order for MMIC chipsets: about INR45 crores (Q1 FY27)
p. 4
“we secured one good order from Bharat Electronics about INR45 crores worth of contract for all MMIC chipsets, proving our strong capabilities in radar core components”
Dr. M.V. Reddy, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — more than 15% year-on-year, about INR1,350 crores · FY27
stated firmly by S.G. Reddy
p. 4
“We are targeting a top line growth of more than 15% year-on-year, resulting into about INR1,350 crores for this financial year, maintaining a healthy bottom line.”
S.G. Reddy, page 4 of the filed PDF · View the filing
Order intake over next 3-4 years — INR8,000 crores to INR9,000 crores · next 3 to 4 years, executed over 5 to 6 years
stated as an aspiration by Atim Kabra
p. 7
“Our order intake over the next 3 to 4 years, I think should be in the region of at least INR8,000 crores to INR9,000 crores to be executed over the next 5 to 6 years.”
Atim Kabra, page 7 of the filed PDF · View the filing
Revenue target — INR1,350 crores, plus/minus INR25 crores · current year
stated firmly by Atim Kabra
p. 7
“I would seriously insist that we look at our ability to deliver our year-end revenue targets to you, INR1,350 crores for the current year, plus/minus INR25 crores.”
Atim Kabra, page 7 of the filed PDF · View the filing
Revenue target — about INR1,600 crores plus/minus INR50 crores · next year
stated firmly by Atim Kabra
p. 8
“Next year, you're looking at about INR1,600 crores plus/minus INR50 crores.”
Atim Kabra, page 8 of the filed PDF · View the filing
Revenue growth trajectory — 6 to 7x last year's annual turnover · next 5 years
stated as an aspiration by Atim Kabra
p. 6
“in the next 5 years or so, we are expecting to do at least 6 to 7x our last year's annual turnover.”
Atim Kabra, page 6 of the filed PDF · View the filing
Space and Weather entity revenue — INR300-plus crores with 18% to 20% PBT margin · first year as stand-alone entity
stated as an aspiration by Management
p. 16
“Our first year guidance for the space business should be in the range of 300 -- space entity as a stand-alone entity, space and weather should be in the range of INR300-plus crores with at least 18% to 20% PBT margin.”
Management, page 16 of the filed PDF · View the filing
Space business independence date — April 1, 2027
stated conditionally by Atim Kabra
p. 8
“the company shall operate as an independent entity from April 1, 2027, is our expectation.”
Atim Kabra, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed the 15-20% figure is correct.
Answered by Management
Asked by Amit Ashok Thawani: Which revenue growth guidance figure is correct, 10-15% or 15-20%?
p. 8
“Yes, in excess of 15% that is 15% to 20% growth is the right one.”
Management, page 8 of the filed PDF · View the filing
Management confirmed involvement in Tejas EW pod jammer, Su-30 EW suite (Angad program), and LCH subsystem deliveries.
Answered by Management
Asked by Amit Dixit: Does the company have participation in EW systems, ASPJ pod for Tejas/Su-30, and the LCH program?
p. 9
“we are ready to take it for development of EW suite for Su-30 that is called Angad program. And we are one of the consortium partner, which has taken it up, and it is going steadily.”
Management, page 9 of the filed PDF · View the filing
Management attributed the lower interest cost to minimal overdraft utilization due to positive cash balance at year-end.
Answered by Management
Asked by Amit Dixit: Is the interest cost decline due to lower working capital commitment?
p. 10
“the utilization of the overdraft during Q1 is very minimal. So that is one of the significant reasons why the overall interest cost is down compared to the previous period.”
Management, page 10 of the filed PDF · View the filing
Management said execution is about 5 years with Phase 1 due by September 2027, and margins are expected to remain broadly similar to current levels without firm commitment.
Answered by Management
Asked by Bhavya Gandhi: What is the execution timeline for the Uttam Radar order and expected margin trajectory?
p. 10
“we should be able to maintain more or less our current margin trajectory. But we don't want to commit to you on the margins because there are a lot of factors which will come into play”
Management, page 10 of the filed PDF · View the filing
Management said the company previously had no exportable solutions and only did deemed exports under offset obligations, but is now building products competitive globally.
Answered by Management
Asked by Vikash Singh: Why has the export segment not been growing?
p. 12
“We did not have anything to -- we did not have any solutions to export. It is only now that we have built products, which are -- which can stand in the market along neck to neck with others.”
Management, page 12 of the filed PDF · View the filing
Management said it is a development program where Astra and BEL emerged as L1/L2 for the Active Antenna Array Unit, with the final production quantity dependent on government decisions.
Answered by Management
Asked by Dipen Vakil: What is the quantum and opportunity of the AMCA AAAU program where Astra emerged as L1?
p. 15
“we and the other company, BEL, we both of us, we emerged as L1 and L2, and we will be getting this order for -- like the way we got the order for Uttam AAAU”
Management, page 15 of the filed PDF · View the filing
Management confirmed margins would be similar to last year with a positive delta increase expected.
Answered by Management
Asked by Mithoon: Is there guidance on full year EBITDA margins compared to last year?
p. 16
“Definitely, definitely, the margins are going to be similar to last year. You can expect a delta increase on that -- positive increase in that margins.”
Management, page 16 of the filed PDF · View the filing
Management attributed the shortfall to inspection issues, delays in proving specifications, and supply chain issues, with recovery expected in Q3 and Q4.
Answered by Management
Asked by Abhijeet Singh: Why did revenue decline this quarter and is there deferred revenue?
p. 18
“there are a few programs which we plan to book sales in the first quarter, but because of some inspection issues and there was a delay in -- from our side in the sense to prove the specifications”
Management, page 18 of the filed PDF · View the filing
Management clarified the growth figures refer mostly to the combined defense business historically reported, with space reflected only in the current order book.
Answered by Management
Asked by Shirom Kapur: Does the 6-7x revenue growth guidance include the space and meteorology business being spun off?
p. 19
“barring the next 2 years, there's nothing from space. So the space portion is only reflected in the existing INR4,300 crores that we spoke about”
Management, page 19 of the filed PDF · View the filing
Risks flagged
Temporary delays in customer approvals and unresolved last-stage technical issues affecting revenue and profitability
p. 3
“The revenue and profitability were moderate -- modest, I should say, primarily due to temporary delays in customer approvals and closing some of the last stage technical issues, which are expected to normalize in the coming quarters.”
S.G. Reddy, page 3 of the filed PDF · View the filing
Stretched global supply chains as countries restock inventories, risking delivery timelines
p. 6
“the risk, which I also want to highlight is stretch supply chains across the border, across every country because everybody is restocking on their ornaments inventory. So we've got to make sure that our supply chains remain intact and stuff comes in within the defined time lines.”
Atim Kabra, page 6 of the filed PDF · View the filing
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