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.
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.
68%Questions answered3Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Can EBITDA margin trajectory strengthen further given rising space and export share?
Asked by Amit Pigshit, Goldman Sachs
Management described export margins but did not commit to a strengthening trajectory, only said 'value addition will remain same'.
no explicit trajectory guidancequalitative only
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Question
So considering that the space proportion would go grow. So do we can we expect margin trajectory to strengthen further and secondly what are these exports?
Management (unidentified)
these exports are different from the earlier offset based exports... the gross margin will be close to about 40% kind of thing in these exports.
Evasive
High priority
Will margin trajectory strengthen year-on-year or at least sustain?
Asked by Amit Pigshit, Goldman Sachs
Management did not directly answer whether margins would strengthen or sustain; instead spoke about order book and growth.
did not confirm margin trajectoryshifted to order book and growth
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Question
the trajectory of margins I mean I'm not asking for a quarter or something I'm asking a year-on-year kind of trend would continue to strengthen or at least remain at this particular level.
Management (unidentified)
Yes. Yes. Uh as far as the AS is concerned uh we have a order book... going forward for next two 2 3 years we have a clear visibility to have a good growth.
Evasive
High priority
What is the business size from Sukhoi upgrade (radar and ASPJ pods)?
Asked by Amit Pigshit, Goldman Sachs
Management described involvement but gave no quantitative estimate of business size from the upgrades.
no business size givenonly described participation
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Question
Is it possible for you to highlight the I mean broadly a range of business size that we can expect from uh these upgrades.
Management (unidentified)
we have been developing uh triple AU with the DRDO and uh we are the part of the Viru Pakia program... we are the DCPP one of the DCPPP uh as you are aware that they selected two DCPP we are one among them
Answered
Medium priority
What capex is needed to achieve revenue triple guidance?
Asked by Vikas Singh, ICICI Securities
Management gave a specific capex range and confirmed no additional capex beyond normal.
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Question
So do we expect what kind of capex we need to spend further in order to achieve that or majority of the capex are already in place and we just need to invest working capital going forward.
Management (unidentified)
In terms of the capex uh as you know every year know we are augmenting the existing uh requirements by spending close to about 40 50 crores. So that will continue.
Answered
Medium priority
How should we look at margin mix given space order book shrunk?
Asked by Vikas Singh, ICICI Securities
Management directly stated no negative impact on margins from space order book shrinkage.
Read the exchange
Question
Given that the space segment order book as a percentage yes start order book as a percentage has shrunk. How should we look at the overall margin mix basically?
Management (unidentified)
the reduction in the space order book or overall space contribution to the sales of the company should not have any negative impact in terms of the overall margins.
Evasive
Medium priority
Can we assume margins will be higher than historical levels?
Asked by Vikas Singh, ICICI Securities
Management avoided committing to higher margins, only said sustain current margins.
did not confirm higher than historicalonly said sustain current
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Question
Can we assume that given we are transitioning into a better product category going forward, our margins at least should be higher than what we have seen in the historical levels.
Management (unidentified)
We feel that uh we should be doing very well by sustaining the current margins achieved by the company not only in terms of the gross margin but also in terms of various profit margins.
Partial answer
Low priority
What is the dependency on MMIC and in-house sourcing percentage?
Asked by Vikas Singh, ICICI Securities
Management said no issues and in-house sourcing but did not provide a percentage.
no percentage given
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Question
If you could explain that have we seen any problem so far or what is the percentage we are able to source in house uh or domestically versus the import dependency?
Management (unidentified)
as of now we have not encountered any issue and uh that production and as well as development is going very smooth... most of the active devices we are sourcing out from our in-house MMIC division
Answered
Medium priority
What is the updated addressable market for next two years?
Asked by Sanjie Zaberti, Antique Stock Broking
Management clearly stated the market size remains same but timeline extended.
Read the exchange
Question
Now since FI 26 has been passed uh what kind of uh would you want to change this number in terms of addressable market for us for the next two years?
Management (unidentified)
the total accessible market is remain same but only there is a shift in the uh year... instead of fi 28 29 may go up to 3031.
Answered
High priority
What is the timeline and drivers for tripling revenue?
Asked by W Modi, Swan Investments
Management gave a timeline of 3-4 years and listed multiple program drivers.
Read the exchange
Question
I heard you say that you expect to triple your revenue. Just wanted to know what the timeline would look like and what would be the drivers for this.
Management (unidentified)
we are expecting uh at least next you know down the line 3 to four years uh to triple the uh revenue or maybe you can say up to FI 30 to 31
Answered
High priority
What is the current order book?
Asked by W Modi, Swan Investments
Management provided a specific number: 2141 crore standalone order book.
Read the exchange
Question
What is the current order book right now? As you said you are planning to execute around 1,600 kores in FI27.
Management (unidentified)
we have order book of 2141. Uh this is the order book. Uh standalone order book Astra.
Answered
Medium priority
What is the margin difference between BTP and design-led exports?
Asked by Balas Subramanim, Aryand Capital Markets
Management gave a specific margin for design-led exports (45%) and compared to single-digit for BTP.
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Question
I just want to understand uh what is our uh uh current margin uh in this bit to print and uh uh other uh design lead export uh uh uh orders.
Management (unidentified)
it is around 45 uh% uh as compared to the uh singledigit figure in the BTP business.
Answered
Medium priority
Why is JV profit only 1 crore despite earlier guidance of 350 cr revenue?
Asked by Balas Subramanim, Aryand Capital Markets
Management clarified the full-year JV profit was 8 crores, not 1 crore, and explained forex provision.
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Question
in earlier con call we have mentioned around ARC revenue of 350 cr with uh 10 to 12% PPT margin just want to understand is there any significant cost?
Management (unidentified)
the share of profit from the JV for the entire year is closed about 8 crores after tax.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin on exports close to 40% | 40% | 33% | Overstated vs filing |
| Current year margins delivered about 55% | 55% | 33% | Overstated vs filing |
| Export margins around 45% | 45% | 33% | Overstated vs filing |
| JV share of profit for full year about 8 crores after tax | ₹8 cr | ₹106 cr | Understated vs filing |
| JV revenue target 600 crores this year | ₹600 cr | ₹488 cr | Overstated vs filing |
| JV margin projected around 18-20% | 20% | 33% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.