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
✓ 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.
58%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Opportunities for Astra in AMA platform given MOU with BEL
Asked by Amit Digshit, Goldman Sach
Management explained role but gave no financial size or timeline for AMA opportunity.
no financial quantificationdeflected to indirect role
Read the exchange
Question
we have executed MOU with BL... just wanted to understand the opportunities that we see in AMA platform... what kind... products as well as financial part
Management (unidentified)
our core expertise in radar and EWCs... these sensors are being dealt by DRDO separately... we don't have direct contribution in that particular scope... we will be a supplier to those consortium whichever wins the bit
Evasive
Medium priority
Export opportunities from EU India FTA and US India trade deal
Asked by Amit Digshit, Goldman Sach
Management acknowledged opportunities but provided no concrete figures or commitments.
no numbers giventoo early to quantify
Read the exchange
Question
export opportunities now with the EU India FDA in place and US India trade deal... what kind of export opportunities we see
Management (unidentified)
we have been working with couple of European companies... we have seen a lot of positive response... it is too early to say that how much we can get
Partial answer
High priority
Why revenue growth is only 10% this year and 15% next year despite tailwinds
Asked by Varun Bal, Pluto's Investment
Management explained delays but did not address why goals cannot be bigger.
blamed external factorsno commitment to higher growth
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Question
execution lethargy of management is slightly worrying... why can't we have bigger goals?
Management (unidentified)
most of these programs are R&D in nature... inspection delay... approvals... project delays... we are almost in line with the guidance
Evasive
Medium priority
Opportunity size for Astra in 114 Rafale deal with JV
Asked by Vikas Singh, ICICI securities
Management corrected the JV but gave no opportunity size or timeline.
clarified wrong JVno size given
Read the exchange
Question
114 Rafael deal... we have a JB with the same... what could be the time size for that
Management (unidentified)
our JV is with Rafael defense systems Israel not with Rafael of France... we are not in the supply chain to be frank... too early to comment on the business size
Answered
High priority
Will doubling revenue require capital infusion or higher debt?
Asked by Vikas Singh, ICICI securities
Management clearly stated no equity raise, debt will increase with revenue.
Read the exchange
Question
target of double the revenue... working capital is going to be very high... would that mean that we would need some capital infusion or our debt would go up
Management (unidentified)
I don't think we have to raise any equity capital... working capital borrowings will go up as the top line grows
Answered
High priority
Order backlog and revenue targets for Rafael JV for FY26 and FY27
Asked by Karthik, Suang Advisers
Management provided specific order backlog and revenue estimates.
Read the exchange
Question
order backlog and revenue targets for the joint venture... Rafael J for 26 and 27
Management (unidentified)
order book for the JV we have close to $80 million... for this year likely to about 350 plus crores... next year should be close to about 400 plus
Answered
High priority
Key orders expected in next 12-15 months and quantum
Asked by Pit Jane, Motil Oswal Financial Services
Management gave specific order inflow expectations and splits.
Read the exchange
Question
order book order inflow guidance for this year and next year which is 1,300 cr and 1500 cr... what are the key orders... quantum
Management (unidentified)
Q4 expecting around 550 to 600 crores... defense overall about 450 crores... methology around 120 crores... next year 1,500 to 1,600 crores
Partial answer
Medium priority
Will margins improve when R&D projects move to mass production?
Asked by Pit Jane, Motil Oswal Financial Services
Management said margins will improve but did not quantify by how much.
no specific margin guidancevague improvement
Read the exchange
Question
current projects... in R&D phase... still able to maintain such good margins... when these get into mass production will the margins improve
Management (unidentified)
R&D is also a profit center to us even today... as we grow the top line there will be an improvement in the margins... definitely it is going to be a positive one
Partial answer
High priority
Update on man portable SDR trials and contract timeline
Asked by Ketan Gandhi, Gandhi Securities
Management gave tentative timeline but no contract value or share.
no firm datemultiple lots unclear
Read the exchange
Question
any update on man portable SDR... trial was over... timeline of inking the contract
Management (unidentified)
trials more or less are getting over now... hopefully by March they may open the bits... not one short awarding... multiple lots
Answered
Medium priority
Why exports contribution declined sequentially and margin sustainability
Asked by Joti Gupta, Nirmal Bank Securities
Management explained export decline and margin improvement clearly.
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Question
exports have gone down sequentially... any specific reason... margins are great... would that be sustainable
Management (unidentified)
we are slowly moving away from the PTP business... focusing more on high margin products... margin increased because of product mix... reasonably good margin
Evasive
High priority
Timeline for LCA Mark1A second batch orders for Uttam radar and EW components
Asked by Rupesh Tatia, Long Equity Partners
Management acknowledged RFP but gave no timeline for order finalization.
no timeline givendeferred to later
Read the exchange
Question
LCA Mark1A second batch of 97 when can we see some orders for Uttam Radar and EW components
Management (unidentified)
we have RFP on hand and we have responded... negotiations process is on... I can share after this information as and when contracts gets finalized
Answered
High priority
How much of the 24-25k cr opportunity is serviceable by Astra?
Asked by Shivam Parak, Valuewise Wealth Management
Management gave a specific serviceable target of ~8,000 cr.
Read the exchange
Question
investor presentation there was a m of around 24 to 25,000 cr for extra till financial year 28... how much is actually serviceable by us
Management (unidentified)
total accessible market of 25 to 30,000 crores... we are confident of bagging maybe around 8,000 crores for execution
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| JV revenue this year likely 350+ crores | ₹350 cr | ₹260 cr | Overstated vs filing |
| JV revenue next year about 400+ crores | ₹400 cr | ₹260 cr | Overstated vs filing |
| JV PBT margin 10-12% | 11% | 32% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.