Program delays (Utamra, QSRM)
Utamra radar order negotiations are still ongoing; QSRM orders depend on BEL's contract finalization, which may slip.
ASTRAMICRO / Q4-FY26 / risks
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Astra Microwave Products · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
Forex provisions impacting JV profitability
ARC's profitability was impacted by ~$2M forex provision; similar volatility could recur.
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.
Margin sustainability amid mix shift
While margins improved, management cautioned that mix variations could cause fluctuations; sustaining current EBITDA margins is not guaranteed.