Astra Microwave Products Limited — Q1 FY26
Astra Microwave reported a strong Q1 FY26 with standalone revenue of ₹197 crore, up 28.1% YoY, driven by robust execution in defense and space segments.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Clarify if 800 cr order inflow is residual or total, and segment breakup.
Asked by Amit Dshit, Goldman Sachs
Answered that it's for JV and additional, but did not provide segment breakup.
clarified it's for JV, not main companyno segment breakup given
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Question
In the prepared remarks, you mentioned the number of 800 crores. I just wanted to understand whether it is the residual order inflow or is it the total order inflow. Also if you could break it up in different segments like radar systems.
Management (unidentified)
Regarding this order book of 800 crores, this we have referred in case of our joint venture company and it is expected to book additional 800 crores of orders during this financial year.
Evasive
High priority
Status of Utam radar order, expected timing and quantum.
Asked by Amit Dshit, Goldman Sachs
Acknowledged the question but gave no concrete order details, only vague expectations.
no firm timelineno firm quantitydeferred to next 3-4 months
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Question
Have we received the order for Utam radar? If not, when do we expect to receive it and what could be the quantum of this order in this year?
Management (unidentified)
We are not in a position to tell when and how much quantity can be inducted in phase one. We are expecting at least 10 to 12 numbers for which LSP has been given. Maybe next 3 to 4 months we'll be in a position to inform you exactly.
Answered
High priority
Expected order inflow for the main company this year.
Asked by Amit Dshit, Goldman Sachs
Provided specific guidance and current booking numbers.
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Question
Just to clarify what would be the order inflow that we expect this year for the main company?
Management (unidentified)
For Astra we have given guidance of around 1,300 to 1,400 crores out of which we have booked around 260 crores as on date. We are quite confident to book another 1,100 or so by March 26.
Declined
Medium priority
Value of the order for Virupaksha radar.
Asked by Nirj Mana, White Pine Investment Management
Explicitly refused to share the order value.
refused to disclose value
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Question
You have said about receiving Virupaksha order. So what was the value of the order for Virupaksha?
Management (unidentified)
Value I cannot mention in the open discussion but we have received two members of AAU. We received this contract and we started execution.
Evasive
Medium priority
Potential opportunity from anti-drone programs.
Asked by Nirj Mana, White Pine Investment Management
Gave no quantitative opportunity size, only qualitative excitement.
no specific numbersgeneric statements
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Question
Can you also share something about the anti-drone? You talked about three dozen programs. Can you tell us what can be the potential opportunity in that programs combined?
Management (unidentified)
The very paradigm of warfare has changed. We expect massive potential. In 6 months we have participated in more than three dozen RFIs. It speaks volumes about the potential. We don't know who will get what kind of orders.
Partial answer
Medium priority
Details on ground penetrating radar and ship-based radar programs.
Asked by Nirj Mana, White Pine Investment Management
Provided timelines but no concrete order numbers or potential size.
no order value or quantity for shipborneno firm orders for GPR
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Question
Can you give us some more color on the two programs? One you talked about ground penetration and second the ship based radar.
Management (unidentified)
Shipborne radar development contract is in final stage, likely to complete by December 2025. Ground penetrating radar prototype done, engineering model in next couple of months, likely to book orders by March 26.
Partial answer
High priority
Details on X-band seeker: missile program, stage, and potential quantity.
Asked by Rupesh Tatya, Shri Rama Managers PMS
Gave a range of potential numbers but withheld specific program details.
did not name missile programno exact order quantity
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Question
In one of the slide you said you are working on X-band seeker. Can you give some idea about which missile, at what stage, and how many missile requirement?
Management (unidentified)
We have already delivered to DRDO, successfully qualified, got follow-on order. Cannot give names due to confidentiality. Potential is huge, expecting more than 50 to 60 numbers in next 2 to 3 years.
Partial answer
High priority
Competition and our right to win in Virupaksha radar.
Asked by Rupesh Tatya, Shri Rama Managers PMS
Explained involvement but did not directly address 'right to win' or expected market share.
did not quantify expected shareno specific competitive advantage details
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Question
There is competition at TRM or tiles level. What is our right to win? How can we make sure we get lion share in Virupaksha radar?
Management (unidentified)
We have received AAU contract in competitive tender. We are also developing AAU in plank version. We are there in both versions. AAU is 55 to 65% of the radar value.
Answered
High priority
Our involvement in BEL's 2000 cr air defense fire control radar contract.
Asked by Rupesh Tatya, Shri Rama Managers PMS
Confirmed involvement and gave percentage of subsystems supplied.
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Question
BEL won a 2,000 cr contract for air defense fire control radar. Are we involved and what contribution can we expect?
Management (unidentified)
Yes, we are part of this program. We supplied almost 50 to 60% of subsystems like TR modules. We are likely to get orders very soon by next couple of quarters.
Partial answer
High priority
Status of SDR trial for JV ARC and timeline for winning bid.
Asked by Parag Bhya, Sukrit Investments Private Limited
Gave a general timeline but not specific to SDR bid win date.
no specific timeline for final awardcombined with other programs
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Question
We believe the SDR trial for our JV ARC has come out with flying colors. Could you provide more clarity as to when would we win the bid?
Management (unidentified)
ERC is qualified in initial trials. Final trials are going to happen soon. We are confident of getting through. This year before March 26 we should have three major contracts in place, totaling around $100 million.
Answered
High priority
Revenue growth target for FY26 and next 2 years, and expected profitability.
Asked by Ajit Si, Echo Quantum Solution
Provided specific growth percentage and margin outlook.
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Question
What kind of revenue growth we are targeting for FY26 and for next 2 years and what kind of profitability you imagine we can expect?
Management (unidentified)
We are expecting growth of around 18 to 20% year on year and profitability we are trying to maintain same profit. Profit margins will still remain comfortable. There will be slight improvement.
Evasive
Medium priority
Opportunity in space vertical: ground stations and satellite building.
Asked by Cayor Kumar, Nvesh Shai
Gave only qualitative strategy, no quantitative opportunity size.
no specific numbers on ground stationsno revenue or CAGR guidance
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Question
Can you tell us more about how many ground stations would be working out and your weather is always at the other portion? Would our CAGR on longer term be increased?
Management (unidentified)
We are focusing on both ground stations and satellite building. We have started building small satellites for LEO orbit. In future we are trying to take up constellations with consortium partners.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth of 18-20% YoY expected | 18% | 28.1% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.