Astra Microwave: HAL SDR order lifts shares in 2026

Stock reaction after the exchange filing

Astra Microwave Products Ltd. (NSE: ASTRAMICRO) moved higher on April 2, 2026 after the company said it would participate in a defence contract secured by its joint venture, Astra Rafael Comsys Pvt. Ltd. The order was formally placed on the JV, but Astra Microwave told exchanges it would execute part of the programme through its association with the JV. The development mattered to investors because it added incremental visibility to execution for a specialised defence electronics programme. It also arrived against a weak broader market tape, with one report noting the Nifty 50 was down about 2% on the day.

Exchange data cited in the coverage showed the stock at ₹956.95 at 3:30 PM IST on April 2, up ₹59.80 or 6.67% from the previous close of ₹897.15. Another report also described the stock gaining as much as 3.4% intraday. Either way, the direction of travel was consistent across sources: the market treated the order as a positive signal for near-term execution and backlog strength.

What the HAL contract covers

The contract was awarded by Hindustan Aeronautics Ltd. (HAL) on April 1, 2026 for supply of Software Defined Radio (SDR) systems for HAL, Bengaluru. The disclosed value was Rs 250.58 crore, including taxes. The expected delivery schedule is 18 months, as stated in the stock exchange filing.

Software Defined Radio is a key communications technology in modern defence platforms, and SDR localisation has been a stated objective under broader domestic manufacturing initiatives. One report described Astra Rafael Comsys (ARC) as India’s first private military-grade SDR manufacturer and linked the order to the ‘Make in India’ agenda. Astra Microwave’s filing-focused messaging, however, stayed centred on execution participation and timelines.

Astra Microwave’s role via the joint venture

Although HAL placed the order on the JV entity, Astra Microwave indicated it would receive a portion of the business through the JV arrangement. This structure is important for investors because revenue recognition and execution responsibilities can be shared across entities depending on the programme scope. The company did not quantify its exact share of the order in the provided text, but it clearly stated involvement in execution.

Astra Microwave’s core business includes designing, developing and manufacturing sub-systems for RF and microwave systems used across defence, space, meteorology and telecommunication. The SDR order fits into that domain, and the execution window of 18 months provides a defined delivery horizon.

Order book context as of December 2025

The HAL SDR order was reported as adding to Astra Microwave’s existing standalone order book, which stood at Rs 2,226 crore as of December 31, 2025. The backlog mix cited in the text provides a snapshot of where demand is concentrated:

• Rs 1,477 crore from defence PSUs and DRDO labs
• Rs 249 crore from space projects
• Rs 370 crore from metrology and hydrology
• Rs 130 crore from exports

This context matters because incremental orders are assessed against existing executable backlog and its sector composition. With a large defence PSU and DRDO component, additional defence communications orders tend to reinforce the same demand pillar.

Additional defence order reference from 2025

The provided material also referenced another order disclosed earlier: Astra Rafael Comsys received an order worth Rs 285.56 crore (inclusive of taxes) from the Ministry of Defence for supply of communication systems and accessories to the Special Forces of the Indian Air Force. That contract was described as domestic and to be completed within 11 months.

Astra Microwave clarified in that disclosure that the order was not a related-party transaction and that there was no promoter or group company interest in the entity that awarded the contract. As with the HAL order, Astra Microwave said it would receive a portion of the business through its association with the JV.

Financial performance snapshots (normalised to Rs crore)

The coverage included quarterly and annual performance markers for Astra Microwave. Q3FY26 revenue was reported at Rs 26,024.51 lakh, which normalises to Rs 260.25 crore, versus Rs 25,853.85 lakh (Rs 258.54 crore) in Q3FY25. Profit before tax (PBT) in Q3FY26 was Rs 6,625.96 lakh (Rs 66.26 crore) versus Rs 6,155.92 lakh (Rs 61.56 crore) in Q3FY25. Profit after tax (PAT) in Q3FY26 was Rs 4,681.49 lakh (Rs 46.81 crore) versus Rs 4,742.71 lakh (Rs 47.43 crore) in Q3FY25. EPS for Q3FY26 was reported at Rs 4.93.

The text also listed FY24 revenue of Rs 904 crore versus Rs 807 crore in FY23, with FY24 EBITDA of Rs 194 crore versus Rs 150 crore in FY23, and FY24 PAT of Rs 113 crore versus Rs 77 crore in FY23.

Summary table: order and market datapoints

Mutual fund holdings disclosed in the material

The article text also listed mutual funds invested in Astra Microwave, along with AUM percentage figures. These holdings were:

What investors will track next

The immediate investor focus is likely to stay on execution progress because the HAL SDR contract has a defined 18-month delivery period. With a standalone order book of Rs 2,226 crore as of December 2025, investors typically watch conversion of backlog into quarterly revenue and margins.

Separately, the provided material cited management commentary on CNBC-TV18 indicating a maintained FY26 revenue target of Rs 1,200 crore, along with references to expected orders linked to the QRSAM project in the range of Rs 1,800-2,000 crore (as discussed in analyst interactions). These points provide additional context on management’s near-term planning, though the HAL SDR contract itself is tied to the JV programme and its execution schedule.

Conclusion

Astra Microwave’s April 2 move reflected a clear market read-through from the JV’s Rs 250.58 crore HAL SDR order to execution visibility for the listed parent. The next key milestones are the 18-month delivery schedule and any further disclosures on programme execution and backlog conversion in subsequent results and filings.