Astra Microwave Products LimitedCapital Goods & EngineeringASTRAMICRO
Q1 FY27 concall · earnings callAstra Microwave Products Limited
Astra Microwave reported moderate Q1 revenue but secured a landmark INR 2,205 crore order for the Uttam Radar, doubling its order book and providing multi-year growth visibility.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹182 Cr | — | |
| New Orders Booked (Q1) | ₹185 Cr | — | |
| Stand-alone Order Book (as of quarter end) | ₹2,156 Cr | — | |
| Consolidated Order Book (as of quarter end) | ₹2,849 Cr | — | |
| Total Order Book (post Uttam order) | ₹4,300 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹258.54 Cr+11.9% YoY+12.6% QoQ | ₹47.43 Cr+9.3% YoY+86.8% QoQ | ₹5.00+9.4% YoY+87.3% QoQ |
| Q2 FY25 | ₹229.61 Cr+20.8% YoY+48% QoQ | ₹25.39 Cr-15.4% YoY+252.6% QoQ | ₹2.67-15.5% YoY+251.3% QoQ |
| Q1 FY25 | ₹155.18 Cr+16% YoY-56.2% QoQ | ₹7.20 CrTurned profitable YoY-86.8% QoQ | ₹0.76Turned positive YoY-86.7% QoQ |
| Q4 FY24 | ₹353.95 Cr+37% YoY+53.2% QoQ | ₹54.40 Cr+302.4% YoY+25.4% QoQ | ₹5.73+267.3% YoY+25.4% QoQ |
| Q3 FY24 | ₹231.02 Cr+4.9% YoY+21.5% QoQ | ₹43.38 Cr+56.7% YoY+44.5% QoQ | ₹4.57+42.8% YoY+44.6% QoQ |
TL;DR
- Q1 revenue was moderate due to temporary approval delays, expected to normalize.
- Secured a landmark order of INR 2,205 crores for Uttam Radar subsystems from HAL.
- Stand-alone order book at INR 2,156 crores; consolidated at INR 2,849 crores as of quarter end.
- With new Uttam order, total order book rises to a record INR 4,300 crores.
- Targeting FY27 revenue of INR 1,350 crores, with over 15% year-on-year growth.
- Planning to spin off Space and Weather divisions as a separate listed company by April 1, 2027.
Said on the call
“We often talk of orders, strategy, vision, but fail to highlight that we are defined by our human resources.”
From the Q&A
| Topic | What management said |
|---|---|
| Revenue Target Clarification | Management clarified the correct top-line growth target is 15% to 20%, not 10% to 15% as stated in the press release. |
| Annual Order Inflow Guidance | Apart from the Uttam order, management guided for order bookings worth about INR 1,600 crores for the entire financial year. |
| New Product Opportunities (EM wall, counter-drone) | Management stated that none of the revenue from recently demonstrated products like EM wall and counter-drone systems is included in current financial projections; it is 'all upside'. |
| Uttam Radar Execution Timeline | The Uttam Radar order has an overall execution period of about 5 years, with the first 12 units to be completed by September 2027, and production could be completed by FY31. |
| Margin Outlook | Management expects to maintain current margin trajectory, noting it should be 'healthier, if not as healthy as our current business at least', but avoided a firm commitment due to varying factors. |
| Q1 Revenue Decline Explanation | The Q1 revenue miss was attributed to delays in customer approvals, technical issues, and supply chain problems, which are expected to be recovered in coming quarters. |
| Space & Weather Business Demerger | The Space and Weather division is being spun off as a separate listed company with the same shareholding pattern, expected to operate independently from April 1, 2027, with first-year revenue guidance of over INR 300 crores. |
Guidance
- Targeting FY27 revenue of INR 1,350 crores, plus/minus INR 25 crores.
- Expecting FY28 revenue of about INR 1,600 crores, plus/minus INR 50 crores.
- Guidance for order bookings (excluding Uttam) of about INR 1,600 crores for FY27.
- Order intake over the next 3-4 years is expected to be in the region of at least INR 8,000 crores to INR 9,000 crores.
- The Space and Weather demerged entity is expected to have first-year revenue of over INR 300 crores with 18-20% PBT margin.
- EBITDA margins are expected to be similar to last year with a 'positive increase'.
Source
Summary written from the transcript filed by Astra Microwave Products Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 18:56 IST.
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