Astra Microwave Products Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Astra Microwave Products Ltd filed with BSE on 01 Jun 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 FY26 standalone turnover of Rs 1,157 crore, in line with earlier guidance, with the radar business contributing nearly 60% of revenue and space and meteorology contributing around 16%. The company closed the year with an order book of Rs 2,141 crore standalone and Rs 2,600 crore consolidated, and management reaffirmed FY27 revenue growth guidance of 15% to 20%. Management also discussed the joint venture Astra Rafael Comsys, a planned demerger of the space, meteorology and hydrology business, and a longer-term ambition to nearly triple turnover over four and a half to five and a half years.
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
Turnover: INR1157 crores (FY26)
p. 5
“As mentioned, we achieved turnover of INR1157 crores, delivering at par with the guidance given in the beginning of the year, that shows the strength of the technology portfolio and execution capabilities.”
Dr. M. V. Reddy, page 5 of the filed PDF · View the filing
Operating cash flow: INR370 crores (FY26)
p. 4
“resulting in operating cash flow of INR370 crores compared to minus INR99 crores as of last year.”
S. G. Reddy, page 4 of the filed PDF · View the filing
Dividend per share: INR2.40 (FY25-26)
p. 4
“The Board has recommended a dividend of INR2.40 per equity share, that is about 120% of face value for the year FY25-'26, subject to approval of shareholders at the ensuing Annual General Meeting.”
S. G. Reddy, page 4 of the filed PDF · View the filing
Order book (standalone): INR2141 crores (as on 31st March)
p. 5
“In Q4 alone, we secured fresh orders worth of approximately INR530 crores, taking our total order book to a robust INR2141 crores as on 31st March, and concluded PNC of INR300 crores more orders which are expected to be received in next couple of months.”
Dr. M. V. Reddy, page 5 of the filed PDF · View the filing
Q4 billing: INR490 crores (Q4 FY26)
p. 5
“On the execution front, we have achieved Q4 billing of INR490 crores, reflecting the strong 16% year-on-year growth.”
Dr. M. V. Reddy, page 5 of the filed PDF · View the filing
ARC order book (JV): INR625 crores (FY26)
p. 4
“The JV closed the financial year FY26 with an order book of about INR625 crores and continued to receive significant orders from PSUs and Ministry of Defence.”
S. G. Reddy, page 4 of the filed PDF · View the filing
ARC orders booked: INR546 crores (FY26)
p. 6
“We booked orders worth of INR546 crores in the last year, that is FY26, and sales of INR360 crores.”
Dr. M. V. Reddy, page 6 of the filed PDF · View the filing
JV share of profit after tax: close to about INR8 crores (FY26)
p. 18
“otherwise for the year, no, it is around close to about INR8 crores. That is the share of profit after tax, that is from the JV.”
Management, page 18 of the filed PDF · View the filing
India defence exports: approximately INR38,000 crores (FY26)
p. 3
“India's defence exports have also gained strong momentum, exceeding approximately INR38,000 crores in FY26 and continuing to grow steadily.”
S. G. Reddy, page 3 of the filed PDF · View the filing
Gross margin on Astra-Rafael RF exports: close to about 40%
p. 10
“So, because of that, the value add is much higher than the regular exports that were recorded in the previous periods. Therefore, generally these carry good amount of value add. I would say the gross margin will be close to about 40% kind of thing in these exports.”
Management, page 10 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 — 15% to 20% · FY27
stated firmly by S. G. Reddy
p. 4
“Further, we continue to see robust opportunities across all three product segments in the defines market and therefore reaffirm our FY27 top line growth at 15% to 20% rate, with a potential for much stronger growth over the coming years.”
S. G. Reddy, page 4 of the filed PDF · View the filing
Order booking — approximately INR1600 crores plus · FY27
stated conditionally by Dr. M. V. Reddy
p. 5
“Going forward, we have a clear visibility of approximately INR1600 crores plus orders which can be booked in the current year, that is FY27.”
Dr. M. V. Reddy, page 5 of the filed PDF · View the filing
Sales booking — INR1300 crores to INR1400 crores · FY27
stated firmly by Dr. M. V. Reddy
p. 6
“Regarding execution front, we have planned to book sales of INR1300 crores to INR1400 crores, that is around 15% to 20% growth compared to FY26, covering 40% of R&D and 60% from the production area.”
Dr. M. V. Reddy, page 6 of the filed PDF · View the filing
ARC order booking and sales growth — minimum growth of 50% · FY27
stated conditionally by Dr. M. V. Reddy
p. 6
“Going forward in FY27, we expect to outperform and we expect the minimum growth of 50% both in terms of order booking and as well as sales.”
Dr. M. V. Reddy, page 6 of the filed PDF · View the filing
ARC sales — cross INR600 crores · FY27
stated conditionally by Dr. M. V. Reddy
p. 6
“As on date, we have visibility of INR200 crores order book in FY27 for ARC and also expected to cross INR600 crores sales.”
Dr. M. V. Reddy, page 6 of the filed PDF · View the filing
ARC top line — over INR600 crores · FY27
stated conditionally by S. G. Reddy
p. 4
“It is expected to deliver a top line of over INR600 crores in FY27.”
S. G. Reddy, page 4 of the filed PDF · View the filing
Turnover growth (long-term) — nearly triple · four and a half to five and a half years
stated as an aspiration by Atim Kabra
p. 6
“We believe that Astra is structurally positioned to nearly triple its turnover over this period, while simultaneously improving the quality of earnings, cash generation, and long-term shareholder value creation.”
Atim Kabra, page 6 of the filed PDF · View the filing
Revenue enterprise size — more than $0.5 billion revenue · immediate coming decade
stated as an aspiration by Atim Kabra
p. 9
“The work underway today has the potential to position Astra in the immediate coming decade to more than $0.5 billion revenue enterprise and potentially much larger thereafter.”
Atim Kabra, page 9 of the filed PDF · View the filing
Astra-branded IP products launch — multiple Astra products with complete IP · before Diwali this financial year
stated firmly by Atim Kabra
p. 7
“This financial year itself, hopefully before Diwali, you will have multiple Astra products where we own the complete IP, they are our branded products and solutions for global markets, India first, global markets.”
Atim Kabra, page 7 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 said export margins are higher due to co-development value-add with Rafael and that space subsystem margins are also improving due to increased value addition.
Answered by Management
Asked by Amit Dixit: Will EBITDA margin trajectory strengthen further given rising space and export contribution?
p. 10
“So, because of that, the value add is much higher than the regular exports that were recorded in the previous periods. Therefore, generally these carry good amount of value add.”
Management, page 10 of the filed PDF · View the filing
Management said no additional capex beyond the usual annual spend is required, though working capital needs will rise with volume.
Answered by Management
Asked by Vikas Singh: What capex is required to achieve the revenue tripling guidance?
p. 11
“So that will continue. Therefore, there won't be an additional capex beyond this what we are doing normally.”
Management, page 11 of the filed PDF · View the filing
Management cautioned investors to expect current margin levels as close to the peak rather than assuming further meaningful improvement.
Answered by Management
Asked by Vikas Singh: Will margins improve further given the shift toward higher-value product categories?
p. 12
“This probably is the top end, you can actually you should factor in slightly lower numbers only on the margin front, so that there is no disappointment coming in at a later date.”
Management, page 12 of the filed PDF · View the filing
Management said the addressable market size is unchanged but the timeline has shifted later due to delays in government programs.
Answered by Management
Asked by Sanjeev Zarbade: Has the total addressable market of Rs 28,000 crore for FY26-FY28 changed?
p. 13
“Well, Sanjeev, the total accessible market remained same, but only there is a shift in the year as you know there are many programs got delayed for various reasons as these are all government-driven programs, depend on the budget and also depend on the priority these gets shifted.”
Management, page 13 of the filed PDF · View the filing
Management pointed to growth across radar, electronic warfare, missile/telemetry, space and meteorology segments over the next three to five years, targeting FY30-FY31.
Answered by Management
Asked by Vansh Modi: What is the timeline and growth driver for the revenue tripling guidance?
p. 14
“We are expecting at least next, down the line three to four years to triple the revenue or maybe you can say up to FY30 to FY31.”
Management, page 14 of the filed PDF · View the filing
Management said Uttam radar negotiations with HAL are nearing final stage with order expected in Q2/Q3, while QRSAM orders depend on BEL's main contract expected around June, with smaller FOPM orders already starting.
Answered by Management
Asked by Prerit Jain: What is the status of QRSAM and Uttam AESA radar orders?
p. 17
“I think we are expecting, you know, this particular order sometime in the Q2 or Q3 and as the process is more like, you know, to place the order.”
Management, page 17 of the filed PDF · View the filing
Management expects radar qualification around FY28 with production orders following roughly two to three years after user qualification.
Answered by Management
Asked by Sahil Karia: What is the timeline for Su-30 radar and ASPJ pod production orders given BEL's comments about a five-year development stage?
p. 18
“No, as I said, you know, the next year probably next FY28 I think radar should be get qualified, but, you know, the user qualification and all may take another one more year and so thereafter I think, you know, maybe next two to three years will take time to get the production orders.”
Management, page 18 of the filed PDF · View the filing
Management said margins on the newer value-added export business, though still technically BTP, are around 45% versus single-digit margins in the earlier BTP business.
Answered by Management
Asked by Balasubramanian: What is the margin difference between build-to-print and design-led export orders?
p. 18
“We are only addressing market in exports where our value addition is more and margins are much better than the BTP market.”
Management, page 18 of the filed PDF · View the filing
Management said a foreign exchange provision of about $2 million reduced JV profitability during the year.
Answered by Management
Asked by Balasubramanian: Why was the JV's share of profit lower than previously indicated given expected revenue and margins?
p. 18
“So, because of that, close to about $2 million of provision was made in the books of accounts. As a result, the overall profitability has come down.”
Management, page 18 of the filed PDF · View the filing
Management confirmed the growth would be rear-ended and driven by five or six specific programs, excluding export potential and other business as additional upside.
Answered by Management
Asked by Darshil Jhaveri: Will the 3x revenue growth be skewed toward the later years, and does it include JV revenue share?
p. 19
“Yes, you're right, absolutely. It is going to be rear-ended. There are basically five or six major programs which are driving this as I think I alluded a couple of times now.”
Management, page 19 of the filed PDF · View the filing
Risks flagged
Margin variability depending on order/product mix delivered
p. 10
“But the numbers will be a function of the order mix which has been delivered, right? So, there may be some variations, you have to be acceptable and ready for that.”
Management, page 10 of the filed PDF · View the filing
Foreign exchange provisions impacting JV profitability
p. 4
“Although the profitability during the year was impacted due to forex-related provisions, we expect improved profitability in the coming year.”
S. G. Reddy, page 4 of the filed PDF · View the filing
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