Whalesbook
Dekho, Indian Space Policy 2023 aur easy foreign investment rules ne space sector ko zabardast boost diya hai. Aisa lag raha hai ki $8.4 billion ka space economy jo aaj hai, woh 2033 tak $44 billion tak pahunch jayega! Matlab, companies ke liye paisa banane ka bada mauka hai.
Government chahti hai ki private companies bhi ISRO ke saath milkar kaam karein, aur toh aur 100% FDI allowed hai component manufacturing mein. ISRO ki tech bhi transfer ho rahi hai. Par na, ek parliamentary report ne bola ki ye tech transfer kabhi kabhi bohot kam daam par ho raha hai, jisse government ki IP (Intellectual Property) ki value kam ho rahi hai aur private players ko faida ho raha hai.
Abhi tak ki khabar ke mutabik, May 14, 2026 ko, Astra Microwave Products ₹1,112 ke aas-paas tha, MIDHANI ₹420.60 ke kareeb, aur Centum Electronics ₹2,979.80 par trade kar raha tha.
Par sabse badi tension hai valuations ki. Astra Microwave, jo satellite electronics banati hai, uska market cap lagbhag ₹10,558 crore hai aur P/E ratio 65-69 ke aas-paas hai. MIDHANI, jo special alloys deti hai, uska market cap ₹7,838-7,904 crore hai aur P/E ratio 71-72 hai. Ye multiples bata rahe hain ki investors future growth ko bohot zyada price kar rahe hain.
Centum Electronics ka case thoda alag hai. Market cap toh ₹4,392-4,460 crore hai, par company lagatar Losses report kar rahi hai. Iska P/E ratio toh -135 se -2,500 se bhi zyada negative hai. Revenue growth ho raha hai aur order book bhi bhari hai, par interest aur depreciation costs itne zyada hain ki profit banana mushkil ho raha hai.
Astra Microwave apni subsidiary ke through satellite integration mein bhi jaa rahi hai. Unka space order book ₹249 crore ka tha (December 31, 2025 ko). MIDHANI ISRO ke liye alloys supply karti hai aur India mein titanium alloys banane wali akeli company hai. FY25 mein space sector se unka contribution ₹121 crore tha.
Centum Electronics bhi BTS (Build-to-Specification) division par focus kar rahi hai, jo order book ka 49% hai. Aur exports unke turnover ka 53% hai.
Toh sab kuch acha lag raha hai, par risk bhi kam nahi hai. Astra aur MIDHANI ke high P/E ratios industry average se upar hain. Aur Centum ke lagatar Losses dikhate hain ki revenue badhne ke baad bhi profit nahi aa raha. ISRO ke saath deal mein bhi risk hai, kyunki govt tech kam daam par transfer ho rahi hai. Astra ka stock price bhi earnings se zyada bhaga hai peeche kuch saalon mein.
Future outlook toh acha hai, growth aane wali hai. Par companies ko sirf growth expectations par nahi, balki profit banane par bhi focus karna hoga. Dekhna ye hai ki kya ye high valuations justify ho paate hain ya nahi, khaas kar Centum Electronics jaisi companies ke liye.