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Astra Microwave Products Results: Latest Quarterly Results & Analysis

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Astra Microwave Products Ltd. 13 Nov 2025 14:17 PM
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Q2FY26 Quarterly Result Announced for Astra Microwave Products Ltd.

Aerospace & Defence company Astra Microwave Products announced Q2FY26 results

  • Revenue from Operations: Rs 215 crore against Rs 230 crore during Q2FY25, change -6.5%.
  • EBITDA: Rs 48 crore against Rs 49 crore during Q2FY25, change -2.8%.
  • EBITDA Margin: 22.3% for Q2FY26.
  • PAT: Rs 24 crore against Rs 25 crore during Q2FY25, change -5.9%.
  • PAT Margin: 11.1% for Q2FY26.

S G Reddy, Managing Director, Astra Microwave Products, said: “In H1FY26, we delivered a strong half-yearly performance with improvement in revenues accompanied by margin expansion driven by a favourable revenue mix. The company delivered standalone revenues of Rs 410 crore with EBITDA margin of 20.6% and PAT margin of 8.2%.

Astra has a diverse product portfolio which is designed to meet various Defence and Space applications. We are very proud that recently we contributed to ISRO’s CMS-03 satellite, the heaviest communication satellite ever launched from Indian soil, marking a significant milestone in India’s space history. During our 25 years of engagements in the Indian Space programmes, we have been part of multiple such missions.

In October 2025, our JV company, Astra Rafael Comsys Pvt. Ltd., secured an order worth Rs 286 crore from the MoD for the supply of advanced communication systems to the Indian Air Force’s Special Forces. We have also been consistently fulfilling SDR (Software Defined Radio) requirements for several years and continue to receive repeat orders from multiple defence agencies.

India’s defence sector is all set, with a 15-year roadmap in place that outlines greater indigenization, the adoption of next-generation communication and warfare systems, and the development of anti-drone technologies. With rising focus on exports and R&D investments, these trends align with Astra’s vision to strengthen its role in India’s defence and aerospace growth.”

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Aerospace & Defence company Astra Microwave Products announced Q1FY26 results

  • Revenue stood at Rs 200 crore for Q1FY26 as against Rs 155 crore for Q1FY25.
  • Gross margins expanded to 46.7% for Q1FY26 as against 43.8% in Q1FY25.
  • EBIDTA margins improved to 20.5% for Q1FY26 as against 15.5% in Q1FY25.
  • PAT was at Rs 16 crore for Q1FY26 as against Rs 7 crore in Q1FY25.

S G Reddy, Managing Director, Astra Microwave Products, said: “I’m pleased to update you that we had a stellar start to the fiscal, with Standalone topline growing by 28.1% on a YoY basis to Rs 197 crore in Q1FY26. Driven by solid execution, operational efficiencies, and a favourable business environment, margin expansion was seen across all profitability metrics. Notably, PAT was more than double (148.1% YoY growth) in Q1FY26.

As of June 30, 2025, our standalone order book at Rs 1,891 crore continues to be healthy, providing clear revenue visibility. Recently, in August, we secured a significant Rs 135 crore order from DRDO for radar system upgradation, a testament to our sustained leadership and technological depth in advanced defence solutions. We see significant opportunities in areas like QRSAM, missiles, space, among others.”

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Aerospace & Defence company Astra Microwave Products announced Q3FY25 results

  • Revenue stood at Rs 259 crore for Q3FY25 as against Rs 231 crore for Q3FY24.
  • Gross margins was at 48.0% for Q3FY25 as against 47.3% in Q3FY24.
  • EBIDTA margins improved to 29.5% for Q3FY25 as against 28.6% in Q3FY24.
  • PAT was at Rs 47 crore for Q3FY25 as against Rs 43 crore in Q3FY24.

S G Reddy, Managing Director, Astra Microwave Products, said: “For the quarter, Astra delivered a strong performance with revenue growth of 12% YoY on a standalone basis while maintaining EBITDA margins at healthy 29.1% levels. This growth was primarily due to the product mix, in which we saw higher execution of defence orders.

The country is witnessing rapid import substitution, increased domestic production, and growing exports, leading to an inflow of higher indigenous orders to defence PSUs. Private players like Astra may also benefit from the flow down of these orders. With the focus on increasing participation in indigenisation orders, our consolidated order book stood at Rs 2,332 crore as of December 2024.

On a macro level, the Union Budget FY25 allocated Rs 6.81 lakh crore for defence, up from Rs 6.22 lakh crore in the previous year. The Defence Secretary highlighted plans to finalise record-breaking contracts, exceeding Rs 2 lakh crore by the end of this financial year, ensuring a steady pipeline for OEMs and component manufacturers. Against this backdrop, we continue to retain our annual revenue and order booking targets, as we are strategically positioned to leverage emerging opportunities in this expanding market.”

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Defence company Astra Microwave Products announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue stood at Rs 229 crore for Q2FY25 as against Rs 189 crore for Q2FY24.
  • Gross margins was 39.6% for Q2FY25 as against 41.3% in Q2FY24.
  • EBIDTA margins was 21.4% for Q2FY25 as against 22.0% in Q2FY24.
  • PAT was at Rs 24 crore for Q2FY25 as against Rs 25 crore in Q2FY24.
  • Geographical spread of total revenue for the quarter: India – 88.3% and Exports – 11.7%.

H1FY25 Financial Highlights:

  • Revenue stood at Rs 383 crore for H1FY25 as against Rs 322 crore for H1FY24.
  • Gross margins improved to 40.5% for H1FY25 as against 35.6% in H1FY24.
  • EBIDTA margins was 18.8% for H1FY25 as against 14.4% in H1FY24.
  • PAT was at Rs 30 crore for H1FY25 as against Rs 21 crore in H1FY24.
  • Geographical spread of total revenue for H1: India – 84.6% and Exports – 15.4%.

S G Reddy, Managing Director, Astra Microwave Products, said: “With a decent start for the year in Q1, we reported an overall healthy performance for the first half of the year. On a YoY basis, we saw a 21% improvement in standalone revenue for Q2FY25 and 19% improvement for H1FY25. We were able to maintain attractive profitability levels with sustained margin expansions. The margin performance is mainly a reflection of our evolved and better product mix. We continue to remain focused on getting orders with higher complexity.

As of September 2024, our orderbook stood at Rs 2,097, with an inflow of Rs 232 crore during the quarter. I am delighted to share that our standalone order inflows for H1 have already surpassed the Rs 530 crore, gradually moving towards our annual order win target.

I would also like to highlight that this quarter there were multiple developments on a strategic front; we signed an MOU with Premier Explosives Limited to develop and sell multiple products jointly.

Additionally, we also entered into a joint venture with Manjeera Digital Systems to establish a new entity focused on the manufacturing of NavIC chips and GNSS products using Navic chips.

Such strategic developments, along with a strong push toward Make in India by the government, will help us develop a strong orderbook, explore new opportunities, and strengthen our overall capabilities. This gives us confidence for a robust domestic demand scenario going forward.

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Defence company Astra Microwave Products announced Q1FY25 results:

Standalone: 

  • Revenue stood at Rs 154 crore for Q1FY25 as against Rs 133 crore for Q1FY24
  • Gross margins improved to 41.8% for Q1FY25 as against 27.5% in Q1FY24
  • EBIDTA margins was 15.1% for Q1FY25 as against 3.5% in Q1FY24
  • PAT was at Rs 5 crore for Q1FY25 as against loss of Rs 4 crore in Q1FY24
  • Geographical spread of total revenue for the quarter stands as follows: India – 79% and Exports – 21%

Consolidated:

  • Revenue stood at Rs 155 crore for Q1FY25 as against Rs 134 crore for Q1FY24
  • Gross margins improved to 43.8% for Q1FY25 as against 28.2% in Q1FY24
  • EBIDTA margins was 15.5% for Q1FY25 as against 2.3% in Q1FY24
  • PAT was at Rs 7 crore for Q1FY25 as against loss of Rs 7 crore in Q1FY24

Commenting on the performance S G Reddy, Managing Director, Astra Microwave Products said “During Q1FY25, we reported a satisfactory performance given the seasonality pattern which is typically observed in our business. On a YoY basis, we saw a 15.9% improvement in standalone revenue to Rs 154 Cr. This positive trajectory is further underscored by a significant enhancement in Gross Profit margins, attributable to a favorable geographic mix, which has also been reflected in our operational performance.

Our momentum in securing new orders remains robust, with an impressive inflow of Rs 302 crore during the quarter. I am delighted to share that our standalone order book has surpassed the Rs2,000 crore milestone, standing at Rs 2,099 crore as of June 2024. Given the strong push toward Make in India, we remain optimistic about the domestic market's demand outlook.

To remain at the cutting edge of innovation, we have expanded our work force including R&D team during the quarter. During FY25, we are confident to achieve a topline in the range of Rs 1,000 to and Rs 1,100 crore with a PBT margin to the tune of 16-18%."

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Defence company Astra Microwave Products announced standalone Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue stood at Rs 353 crore for Q4FY24 as against Rs 256 crore for Q4FY23
  • Gross margins improved to 37.3% for Q4FY24 as against 28.5% in Q4FY23
  • EBIDTA margins was 22.8% for Q4FY24 as against 12.2% in Q4FY23
  • PAT was at Rs 50 crore for Q4FY24 as against Rs 12 crore in Q4FY23
  • Geographical spread of total revenue for the quarter stands as follows: India – 76% and Exports – 24%

FY24 Financial Highlights:

  • Revenue stood at Rs 904 crore for FY24 as against Rs 807 crore for FY23
  • EBITDA stood at Rs 194 crore for FY24 as against Rs 150 crore for FY23. EBITDA margin for FY24 stood at 21.4% vs 18.5% in FY23
  • Profit after Tax of Rs 113 crore in FY24 as against Rs 77 crore in FY23, a 300 bps of margin expansion

Commenting on the performance, S G Reddy, Managing Director, Astra Microwave Products Limited said “This has been an excellent year for us, as we have grown exponentially and registered our highest ever financial performance across all metrics. Our consistent and disciplined approach towards performance has enabled us to successfully achieve the quarterly and full-year guidance given at the start of the year. Additionally, we have enhanced our overall product mix, leading to increased profitability throughout the year, and the same is also reflected in our current order book.

Recently, we have also entered into a collaboration agreement with Teledyne e2v HiRel in order to provide semiconductor services to support the aerospace, defence, and reliability electronics markets. This agreement will pave the way for numerous new possibilities for us in the future.

In Q4FY24, there was healthy execution of space orders, which resulted in 14% of revenue coming from this segment, compared to 6% in the last quarter. Further, we have budgeted an investment of Rs 40 crore to expand this business segment.

As on March 24, our orderbook stood at Rs 1,956 crore, which is more than double of FY24 revenues. This order book consists of 88% domestic orders, which command superior margins. Going forward, we will continue to grow our capabilities strategically and achieve our targets step by step. For the coming year, we are targeting order booking to the tune of Rs 1,300 crore and a topline in the range of Rs 1,000 to 1,100 crore while maintaining our profit margins.”

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Defence company Astra Microwave Products announced Q3FY24 & 9MFY24 results:

Financial Highlights for Q3FY24:

  • The Revenue stood at Rs 230 crore for Q3FY24 as against Rs 219 crore for Q3FY23.
  • Gross margins improved to 46.6% for Q3FY24 as against 41.1% in Q3FY23.
  • EBIDTA margins was 29.1% for Q3FY24 as against 24.2% in Q3FY23.
  • Geographical spread of total revenue for the quarter stands as follows: India – 80% and Exports – 20%

Financial Highlights for 9MFY24:

  • Revenue stood at Rs 551.7 crore for 9MFY24 as against Rs 550.9 crore for 9MFY23.
  • EBITDA stood at Rs 113.1 crore for 9MFY24 as against Rs 118.4 crore for 9MFY23. EBITDA margin for 9MFY24 stood at 20.5% vs 21.5% in 9MFY23
  • Profit after Tax of Rs 62.6 crore in 9MFY24 as against Rs 64.3 crore in 9MFY23.

Commenting on the performance S G Reddy, Managing Director, Astra Microwave Products Limited said, “I am delighted to share that during this quarter, we recorded our highest ever quarterly EBITDA and PAT of Rs. 67 Crores and Rs. 42 Crores, respectively. This significant uptick in the profitability is primarily due to the product mix, which was mainly tilted towards executing Domestic Defence orders with higher value addition. The continuous growth of India's Defence sector presents vast opportunities and the same has been reiterated in the recent budget where 13% of the total Union budget, amounting to Rs 6.21 trillion has been allocated to the Ministry of Defence for the fiscal year 2024-25. This was the highest allocation amongst all the ministries showcasing the importance placed by the government on defence sector.

With a strong balance sheet position, deep domain expertise and high focus on R&D we are well positioned in the defence value chain to capture a bigger pie of this growing sector. Our Orderbook as on 31st December 2023 stood at Rs. 1,813 Crore with more than 80% coming from healthy margin domestic business which gives us confidence to sustain such healthy performance in the coming future.”

 

 

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Defence company Astra Microwave Products announced Q1FY24 results:

  • The Revenue stood at Rs 132.9 crore for Q1FY24 as against Rs 161.2 crore for Q1FY23
  • Gross margins were down to 27.5% for Q1FY24 as against 35.1% in Q1FY23; the decline in gross margins is mainly due to higher contributions from the exports business
  • EBIDTA was Rs 4.6 crore for Q1FY24 in contrast to the EBIDTA of Rs 24.9 crore in Q1FY23
  • Geographical spread of total revenue for Q1FY24 stands as follows: India – 40% and Exports – 60% which was completely the other way around in FY23, i.e., India - 60% and Exports - 40%
  • Order book of Rs 1,580 crore as on June 30, 2023, which is executable in the next 12 to 36 months period
  • Orders booked during Q1FY24 are worth Rs 191 crore

Commenting on the performance S G Reddy, Managing Director, Astra Microwave Products said, 

"The quarter gone by was a relatively soft quarter, topline performance was close to the guidance given during the last quarter. The decline in the bottom line was mainly due to higher export sales (about 60%) which is high volume and low margin, coupled with this even the domestic business carried out during the quarter has a lower margin as compared with general margins earned by the company.

Additionally, interest provision on customer advances has contributed to more than Rs 3 crore which is not the actual cost and will get adjusted as the company delivers goods to the customer.

Having said that this soft performance does not give a complete picture of where we stand as a company. The road ahead is promising as we continue to have a robust order book of Rs 1,580 crore, which is almost double FY23 Revenue. This orderbook consists of 19% of export orders and the rest 81% are domestic. This order book is a good representation of our long-term prospects. Despite low performance during Q1, we continue to maintain our earlier given year-end guidance of Rs 900 crore of sales and profit before tax(PBT) of Rs 140 crore to Rs 150 crore. Major domestic orders are expected to get executed in the coming quarters specially in Q3 and Q4 which will help us to achieve the year-end targets mentioned above."

 

Result PDF

Astra Microwave Products announced Q2FY23 results:

  • Q2FY23 (Standalone):
    • The revenue stood at Rs 170.9 crore for Q2FY23 as against Rs 176.8 crore for Q2FY22; a degrowth of 3.4% YoY
    • Gross margins almost doubled from 20.6% in Q2FY22 to 40.4% in Q2FY23. This shift is largely on account of lower exports
    • EBITDA saw a multifold increase from Rs 10.6 crore in Q2FY22 to Rs 40.5 crore in Q2FY23 with margins improving from 6% to 24%
    • The company reported Profit after Tax of Rs 22.6 crore in Q2FY23 as against Rs 2.9 crore in Q2FY22 with margins going up to 13% from 2%
    • Geographical spread of total revenue stands as follows: India – 72% and Exports – 28%
  • H1FY23 (Standalone):
    • The revenue stood at Rs 332.1 crore for H1FY23 as against Rs 297.0 crore for H1FY22; a growth of 12% YoY.
    • Gross profit increased by 51% to Rs 125.7 crore in H1FY23 vs Rs 83.3 crore in H1FY22
    • H1FY23 EBITDA of Rs 65.4 crore was more than double of H1FY22 EBITDA of Rs 31.7 crore; margins moved up to 20% in H1FY23 vs 11% in H1FY22
    • The company reported Profit after Tax of Rs 34.0 crore in H1FY23 as against Rs 12.6 crore in H1FY22 with margins soaring to 10% from 4%.
    • Geographical spread of total revenue stands as follows: India – 77% and Exports – 33%

Commenting on the performance Mr. S G Reddy, Managing Director, Astra Microwave Products Limited said, “I am happy to inform you that we have reported good performance in Q2FY23 and H1FY23 and our margins have improved substantially. Improvement in margins is largely due to larger domestic sales as compared to previous period and also change in change in mix of products sold during the period. We expect larger share of domestic sales as compared to exports in the coming years.

Over the next 5 to 6 years, the business outlook is strong and we see an opportunity of close to Rs.15,000 to Rs. 18,000 crores of orders to come in the area of our domain expertise.

Self-reliance in defence has been the foundation of India’s new defence production policy. Atmanirbhar Bharat Abhiyan has created growth horizons for the Indian defence companies. We will continue our focus on Build To Specification (BTS) opportunities for both domestic as well as global customers. We believe that with a higher focus on BTS, we can sustain our healthy margins.”

 

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Astra Microwave Products announced Q4FY22 results:

  • FY22:

    • Revenue stood at Rs 735 crore for FY22 as against Rs 589 crore for FY21; growth of 25% YoY

    • EBITDA stood at Rs 87 crore for FY22 as against Rs 64 crore for FY21. EBITDA margin for FY22 stood at 11.8% vs 10.9% in FY21

    • The company reported Profit after Tax of Rs 40 crores in FY22 as against profit of Rs 24 crore in FY21

    • The Board has recommended a dividend of Rs 1.40 per share on the face value of Rs 2.00 per equity share for FY22

    • Geographical Spread for FY22 as % of total revenue stands as follows:

      • India – 53%; Exports – 47%

  • Q4FY22:

    • Revenue stood at Rs 239 crore for Q4FY22 as against Rs 238 crore for Q4FY21

    • EBITDA stood at Rs 29 crore for Q4FY22 as against Rs 45 crore for Q4FY21. EBITDA margin for Q4FY22 stood at 12.1%.

    • The company reported Profit after Tax of Rs 16 crores in Q4FY22 as against Rs 25 crore in Q4FY21

  • Orderbook Update:

    • Order book of Rs 1,551 crore as on March 31, 2022, which is executable in the next 12 to 30 months period.

    • Orders booked during the year till 31st March 2022 are worth Rs 760 crore.

Commenting on the performance Mr. S G Reddy, Managing Director, Astra Microwave Products Limited said, “With the Government’s thrust on indigenizing the defense industry and fast paced growth on the back of various government initiatives like IDDM, MAKE-II, we see a lot of opportunities coming MoD, especially in radar and electronic warfare systems and the forthcoming year promises to be an exciting one. With the Department of Space budgets increasing at a CAGR of 8%-9% and the Indian Space equipment market growing at a similar CAGR, the company is well positioned to capitalize on this growth momentum.

In FY22 on a standalone basis, the company reported Rs. 735 crores of sales, marking growth of 25% on YoY basis; EBITDA of Rs. 87 crores with margin of 11.8%. During the year, we received orders worth Rs. 760 Cr and executed orders worth Rs. 771 crores. Our order book as on 31st March 2022 stood at Rs. 1,551 crores which is executable in the next 12 to 30 months period.

Astra has been on the working on the diversification front and exploring areas in the anti-drone, EW, satellites, SDRs and electro-optics through JVs with the conviction that they’ll add significantly to the orderbook and incrementally focusing more on System integration and aggressively bidding for the complete radar system – for both DRDO and for future MoD requirements. With this focused approach we shall keep contributing towards the growth of Indian Defense System and strengthen our portfolio, thereby utilizing our unique capabilities and establishing our position as a Systems provider.”

 

 

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