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Stock Analysis

Description

Astra Microwave Products Ltd is an Indian company engaged in the design, development, and manufacturing of sub-systems for Radio Frequency and microwave systems, serving the defense, space, meteorology, and telecommunication sectors.

Key Growth Triggers

Continued defense modernization in India, leading to increased demand for advanced electronic systems.
Significant order wins from domestic defense organizations like DRDO and the Indian Air Force.
Strong order pipeline secured through the company's core business and its joint ventures.
Strategic collaborations, such as the MoU with Bharat Electronics Limited (BEL), to enhance capabilities.

Order Book

As of September 2025, the standalone order book was ₹1,916 crore.
The consolidated order book stood at ₹2,209 crore.
The recent order of ₹275.27 crore from the Indian Air Force for its JV will further boost this position.

Key Red Flags

Low promoter holding at 6.54%.
High debtor days, averaging around 274 days, indicating longer collection periods.

Key Dates To Watch

No specific upcoming dates directly tied to this order announcement.

Corporate Announcements

2nd Apr 26

Impact Rating: 8

Astra Microwave Products Limited announced its joint venture, Astra Rafael Comsys Private Limited, secured a ₹250.58 crore order from HAL for Software Defined Radio.

25th Mar 26

Impact Rating: 6

Astra Microwave Products Limited will close its trading window for promoters, directors, and designated persons starting April 1, 2026. This restriction lifts 48 hours after the announcement of audited financial results for the quarter and year ending March 31, 2026.

6th Mar 26

Impact Rating: 2

Astra Microwave Products Limited has informed stock exchanges about its participation in the prestigious 'Defence Conclave 2026'. This key defence industry event is scheduled for March 14, 2026, in Delhi, aligning with SEBI disclosure regulations.

6th Mar 26

Impact Rating: 3

Astra Microwave Products Limited has scheduled an investor and analyst group meeting for March 12, 2026, in Hyderabad, organised by Goldman Sachs.

6th Mar 26

Impact Rating: 7

Astra Microwave Products Limited has disclosed that SEBI requested information regarding its May 24, 2024, Annual Financial Results announcement, covering events from March 2024 to May 2024.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Bharat Electron	415.65	53.36	303904.52	0.58	1287.16	17.88	5792.09	25.78	38.88	25152.11	29.52	5695.67	1287.77	14.09	13.21	0.00
2.	Hind.Aeronautics	4525.10	35.74	302684.35	0.88	1669.05	10.82	6628.61	10.92	33.88	32104.78	30.58	8469.33	1669.07	8.15	8.82	0.00
3.	Bharat Dynamics	1539.50	86.29	56445.11	0.30	215.88	76.19	1147.03	110.55	19.66	4004.08	14.19	654.13	215.88	13.38	4.94	0.00
4.	Garden Reach Sh.	2503.60	46.54	28686.67	0.55	153.79	57.30	1677.38	45.49	36.64	5900.30	9.56	616.41	153.79	12.49	5.02	0.01
5.	Data Pattern	2693.40	64.57	15071.97	0.29	49.19	62.45	307.46	237.79	21.00	920.04	33.05	233.43	49.19	9.81	12.18	0.00
6.	Zen Technologies	1320.00	48.21	11920.53	0.15	61.91	-6.29	173.57	-28.23	37.22	808.97	38.44	247.25	58.73	6.63	21.38	0.01
7.	Aequs	140.56	–	9446.98	0.00	-16.98	41.02	537.16	17.04	1.11	924.61	8.60	-63.19	-16.69	–	-3.37	1.10
8.	Astra Microwave	987.70	63.60	9374.89	0.22	20.70	-15.34	212.96	-6.94	18.05	1071.67	26.02	147.41	20.70	8.17	8.42	0.24
–	Median: 26 Co.	655.28	63.49	5094.43	0.11	15.64	38.59	130.38	19.21	17.75	533.43	21.82	44.56	15.64	8.15	7.67	0.08

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	219	230	257	133	154	197	256	353	405	171	189	229	213
Expenses	166	163	182	128	131	159	225	272	285	130	147	180	167
Operating Profit	53	67	75	5	23	38	31	80	120	40	42	49	46
Other Income	2	4	2	2	2	3	1	3	11	2	4	2	6
Profit before tax	41	56	53	-6	7	17	17	68	101	30	33	33	29
Tax %	26%	25%	27%	-25%	27%	25%	26%	26%	26%	25%	25%	25%	28%
Net Profit	30	42	39	-4	5	13	12	50	75	23	25	24	21
EPS in Rs	3.49	4.43	4.07	-0.45	0.55	1.37	1.43	5.31	7.91	2.61	2.62	2.58	2.18

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	523	623	407	391	357	286	462	589	735	807	904	1,044	1,072
Expenses	434	512	306	285	245	253	372	523	648	657	710	778	793
Operating Profit	89	111	100	106	112	33	90	66	87	150	194	267	279
Other Income	8	6	8	6	8	24	12	12	7	6	12	18	22
Interest	12	15	14	15	15	13	14	24	20	29	30	57	61
Depreciation	15	22	24	24	27	29	25	23	22	23	25	35	40
Profit before tax	70	81	71	73	79	17	63	31	53	103	152	193	200
Net Profit	51	61	56	60	61	13	47	24	40	77	113	143	147
EPS in Rs	6.22	7.42	6.51	6.95	7.01	1.45	5.47	2.76	4.65	8.85	11.90	15.10	15.53
Dividend Payout %	18%	16%	18%	14%	17%	17%	22%	43%	30%	18%	17%	15%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	16	16	17	17	17	17	17	17	17	17	19	19	19
Reserves	225	274	380	434	484	486	530	543	572	636	949	1,071	1,129
Borrowings	61	89	67	131	94	14	52	100	60	170	227	419	273
Other Liabilities	259	102	82	63	78	96	258	255	308	224	271	325	323
Total Liabilities	561	481	547	645	674	613	857	915	958	1,047	1,466	1,833	1,744
Fixed Assets	126	139	135	148	193	176	158	151	158	165	169	228	222
Gross Block	231.19	266.20	284.77	171.63	243.17	255.33	262.44	277.49	306.07	336.13	356.53	449.85	–
Accumulated Depreciation	105.54	126.99	150.05	23.90	50.38	78.89	103.96	126.93	148.30	170.94	187.86	222.30	–
CWIP	0	0	1	37	1	2	12	0	0	2	13	0	1
Investments	2	0	3	63	131	44	37	50	37	37	38	38	39
Other Assets	433	341	407	397	349	390	650	715	764	842	1,246	1,568	1,482
Total Assets	561	481	547	645	674	613	857	915	958	1,047	1,466	1,833	1,744

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-29	-2	60	21	174	2	-5	-10	101	-22	-187	-99
Cash from Investing Activity	-12	-27	-21	-126	-95	84	-27	-4	-27	-28	-43	-73
Cash from Financing Activity	0	9	22	41	-59	-99	32	21	-67	76	234	142
Net Cash Flow	-40	-20	61	-64	21	-14	0	7	7	26	3	-30

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	92	66	159	205	192	242	196	157	101	127	203	274
Inventory Days	153	113	199	242	255	299	309	254	280	279	335	379
Days Payable	231	56	67	37	34	51	52	31	37	31	58	47
Cash Conversion Cycle	14	122	291	410	413	489	452	380	344	375	479	605
Working Capital Days	57	97	217	231	153	312	216	192	174	180	269	284
ROCE %	30%	28%	20%	16%	16%	4%	13%	9%	11%	18%	18%	18%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	8.27%	7.17%	6.54%	6.54%	6.54%	6.54%	6.54%	6.54%	6.54%	6.54%	6.54%	6.54%
FIIs	2.32%	2.32%	3.03%	1.73%	2.94%	3.17%	4.67%	5.69%	5.19%	5.30%	6.47%	6.47%
DIIs	0.07%	0.07%	9.86%	15.26%	14.79%	13.59%	13.57%	14.98%	15.36%	15.30%	14.36%	14.55%
Public	89.34%	90.44%	80.58%	76.47%	75.74%	76.70%	75.22%	72.79%	72.90%	72.86%	72.62%	72.44%