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View Claim Ledger →Astra Microwave Products Limited — Q3 FY26
Astra Microwave delivered its best-ever quarter with standalone revenue of ₹258 crore and EBITDA margin of 30.9%, driven by favorable revenue mix and strong execution.
bullish
high
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Astra Microwave delivered its best-ever quarter with standalone revenue of ₹258 crore and EBITDA margin of 30.9%, driven by favorable revenue mix and strong execution. PAT stood at ₹39 crore. The order book crossed ₹2,226 crore, providing multi-year visibility. Management reaffirmed FY26 revenue guidance of ~₹1,150 crore (10% growth) and order inflows of ₹1,300-1,400 crore. For FY27, they guided 15% revenue growth and order book of ₹1,500+ crore. Long-term, they expect to more than double turnover in 3-4 years, targeting ₹7,500+ crore in cumulative sales over four years. Key wins included Doppler weather radars and EW subsystems. Risks include execution delays due to complex R&D programs and working capital intensity, though management highlighted sovereign receivables and customer advances (25% of gross receivables) mitigate concerns.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Promises
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Promise Tracker
0 delivered, 0 close, 2 missed.
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Risks
4 risks
Risk Intelligence
Execution Delays in R&D Programs
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Transcript
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Read Transcript →Quarter Snapshot
Order Book
₹2,226 Cr
+?% QoQ
Standalone order book as of Dec 2025, providing strong revenue visibility.
Order Inflows (9M FY26)
₹476 Cr (Q3)
+?% YoY
Q3 order inflows of ₹476 crore; cumulative 9M inflows of ₹450+ crore.
JV Order Book (Astrael)
$80M
+?% QoQ
Joint venture order book at $80 million; Q3 revenue of $18.19 million.
Customer Advances as % of Gross Receivables
25%
flat
Advances received from customers reduce net receivables significantly.
What Changed vs Last Quarter
NEW
FY26 Revenue Guidance of ~₹1,150 crore
Management reaffirmed 10% top-line growth for FY26, with confidence in achieving ₹1,150 crore revenue.
NEW
FY26 Order Inflow Guidance of ₹1,300-1,400 crore
Order inflows expected to be in the range of ₹1,300-1,400 crore for FY26, with Q4 alone expected to contribute ₹550-600 crore.
NEW
FY27 Revenue Growth of ~15% and Order Book of ₹1,500+ crore
For FY27, management guided 15% revenue growth and order book of ₹1,500 crore plus, with healthy bottom line.
NEW
Long-term Target: Double Turnover in 3-4 Years
Management expects to more than double turnover from current levels by FY29-30, with cumulative sales of ₹7,500+ crore over four years.
DROPPED
Revenue growth of 18-20% YoY for FY26
Management expects standalone revenue to grow 18-20% year-on-year, driven by strong order book and execution.
DROPPED
EBITDA margin to remain stable with slight improvement
Margins expected to be maintained or slightly improved from last year, aided by focus on domestic business and reduction of BTP orders.
DROPPED
ARC JV to book $100M orders by March 2026
The joint venture ARC is expected to secure approximately $100 million in orders before the end of FY26, including SDR contracts.
DROPPED
Three new 100% Astra radars to be delivered in 12 months
R&D team is on track to deliver three new radars within the next 12 months, targeting both domestic and global markets.
NEW RISK
Execution Delays in R&D Programs
Complex R&D projects have faced iterations and delays due to customer approvals and design reviews, impacting revenue timing.
NEW RISK
Working Capital Intensity
High inventory and receivables are inherent due to long gestation cycles and advance procurement; though mitigated by sovereign credit and advances.
NEW RISK
Dependence on Government Order Flow
Order inflows are lumpy and dependent on government budget cycles and price negotiations, which can cause quarterly volatility.
NEW RISK
Foreign Exchange Fluctuations
High foreign content in orders exposes margins to rupee depreciation; management hedges but risk remains.
RISK GONE
Utam radar induction delays
HAL is increasing imports due to delays in DRDO trials; Astra may not receive orders for Utam radar in the near term.
RISK GONE
Competition in Virupaksha radar subsystems
Other companies have won some subsystems (e.g., multi-channel exciter receiver), and Astra's share depends on technology selection.
RISK GONE
Dependence on government defense spending
While the defense budget is increasing, any slowdown or reallocation could impact order inflows.
Fast read
Guidance and risk preview
Management reaffirmed 10% top-line growth for FY26, with confidence in achieving ₹1,150 crore revenue.
Complex R&D projects have faced iterations and delays due to customer approvals and design reviews, impacting revenue timing.
View Risks →