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View Claim Ledger →Astra Microwave Products Limited — Q4 FY26
Astra Microwave delivered a strong FY26 with revenue of 1,157 crores, in line with guidance, driven by robust execution in radar (60% of revenue) and space segments.
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Astra Microwave delivered a strong FY26 with revenue of 1,157 crores, in line with guidance, driven by robust execution in radar (60% of revenue) and space segments. The order book stands at 2,141 crores (standalone) with an additional 1,600+ crores visible for FY27. Management reaffirmed 15-20% revenue growth for FY27 and a target to nearly triple turnover over 4.5-5.5 years, backed by five to six major programs (QSRM, Utamra, SU-30 MKI upgrades). Operating cash flow improved sharply to 370 crores from -99 crores last year. The JV ARC expects 50% growth in FY27 with revenue crossing 600 crores. Risks include program delays (e.g., Utamra negotiations still ongoing) and forex provisions impacting JV profitability.
एस्ट्रा माइक्रोवेव ने वित्त वर्ष 2026 में 1,157 करोड़ रुपये का मजबूत राजस्व दिया, जो उनके अनुमान के अनुरूप है। यह रडार (60% राजस्व) और अंतरिक्ष क्षेत्रों में अच्छे काम से हुआ। कंपनी के पास 2,141 करोड़ रुपये के ऑर्डर हैं और अगले वित्त वर्ष के लिए 1,600+ करोड़ रुपये के और ऑर्डर दिख रहे हैं। प्रबंधन ने वित्त वर्ष 2027 में 15-20% राजस्व वृद्धि और 4.5-5.5 साल में कारोबार को लगभग तीन गुना करने का लक्ष्य रखा है। इसके लिए पांच-छह बड़े प्रोजेक्ट (जैसे QSRM, Utamra, SU-30 MKI अपग्रेड) हैं। कंपनी का परिचालन नकदी प्रवाह -99 करोड़ से सुधरकर 370 करोड़ रुपये हो गया। संयुक्त उद्योग ARC को वित्त वर्ष 2027 में 50% वृद्धि और 600 करोड़ से अधिक राजस्व की उम्मीद है। जोखिमों में प्रोजेक्ट में देरी (जैसे Utamra की बातचीत जारी) और विदेशी मुद्रा के प्रावधान शामिल हैं।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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0 delivered, 0 close, 2 missed.
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Risks
4 risks
Risk Intelligence
Program delays (Utamra, QSRM)
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Order Book (Standalone)
2,141 Cr
+530 Cr in Q4
Fresh orders of ~530 Cr in Q4; total order book as on 31st March.
Operating Cash Flow
370 Cr
+469 Cr YoY
Improved from -99 Cr in FY25 to 370 Cr in FY26, a significant turnaround.
JV ARC Revenue Guidance FY27
600+ Cr
+67% YoY
ARC expects minimum 50% growth; order book visibility of 1,200 Cr for FY27.
Q4 Billing
490 Cr
+16% YoY
Q4 billing reflects strong execution momentum.
What Changed vs Last Quarter
NEW
Nearly triple turnover in 4.5-5.5 years
Astra targets to nearly triple its turnover over the next 4.5 to 5.5 years, driven by five to six major programs.
NEW
JV ARC minimum 50% growth in FY27
ARC expects minimum 50% growth in both order booking and sales, with revenue crossing 600 Cr.
NEW
Capex to remain at 40-50 Cr per year
Annual capex will continue at 40-50 Cr; no additional capex required for the growth plan.
UPDATED
FY27 revenue growth 15-20%
Management reaffirmed FY27 topline growth at 15-20% with potential for stronger growth in coming years.
DROPPED
FY26 Revenue Guidance of ~₹1,150 crore
Management reaffirmed 10% top-line growth for FY26, with confidence in achieving ₹1,150 crore revenue.
DROPPED
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.
DROPPED
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.
NEW RISK
Program delays (Utamra, QSRM)
Utamra radar order negotiations are still ongoing; QSRM orders depend on BEL's contract finalization, which may slip.
NEW RISK
Forex provisions impacting JV profitability
ARC's profitability was impacted by ~$2M forex provision; similar volatility could recur.
NEW RISK
SU-30 MKI upgrade timeline uncertainty
Analyst noted that BEL indicated the SU-30 program may remain in development for 5 more years; management expects production orders only after 2-3 years.
NEW RISK
Margin sustainability amid mix shift
While margins improved, management cautioned that mix variations could cause fluctuations; sustaining current EBITDA margins is not guaranteed.
RISK GONE
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.
RISK GONE
Working Capital Intensity
High inventory and receivables are inherent due to long gestation cycles and advance procurement; though mitigated by sovereign credit and advances.
RISK GONE
Dependence on Government Order Flow
Order inflows are lumpy and dependent on government budget cycles and price negotiations, which can cause quarterly volatility.
RISK GONE
Foreign Exchange Fluctuations
High foreign content in orders exposes margins to rupee depreciation; management hedges but risk remains.
Fast read
Guidance and risk preview
Management reaffirmed FY27 topline growth at 15-20% with potential for stronger growth in coming years.
Utamra radar order negotiations are still ongoing; QSRM orders depend on BEL's contract finalization, which may slip.
View Risks →