Astra Microwave Q2 profit more than doubles to Rs 51.08 crore

Astra Microwave Products Limited reported consolidated profit of Rs 51.08 crore for the quarter ended September 30, 2026, more than double the Rs 23.90 crore reported a year earlier, as revenue from operations rose 22.5% to Rs 262.80 crore. The result included Rs 3.61 crore as the share of profit from joint ventures and an associate.

How did Astra Microwave perform in the September 2026 quarter?

Astra Microwave’s consolidated profit rose to Rs 51.08 crore in the September 30, 2026 quarter from Rs 23.90 crore in the September 30, 2025 quarter and Rs 12.35 crore in the June 30, 2026 quarter. Profit before tax, including the share of joint ventures and associate, reached Rs 67.79 crore, compared with Rs 32.38 crore a year earlier and Rs 15.73 crore sequentially.

Revenue from operations was Rs 262.80 crore, against Rs 214.59 crore in the year-earlier quarter and Rs 176.66 crore in the preceding quarter. Total income was Rs 264.67 crore after Rs 1.87 crore of other income, while other income had been Rs 5.74 crore in September 2025. The year-on-year increase in total income therefore came primarily from revenue from operations.

Astra Microwave reported basic earnings per equity share of Rs 5.38 for the September 2026 quarter, compared with Rs 2.52 a year earlier and Rs 1.30 in June 2026. Diluted earnings per share were Rs 5.32, versus Rs 2.51 and Rs 1.29 respectively. Paid-up equity share capital was unchanged at Rs 18.99 crore across the three reported quarters.

What changed Astra Microwave’s profitability in Q2?

Astra Microwave’s profit before tax before the joint venture and associate contribution rose to Rs 64.18 crore from Rs 30.05 crore a year earlier, while total expenses increased to Rs 200.50 crore from Rs 190.28 crore. Revenue increased by Rs 48.22 crore year on year, exceeding the Rs 10.22 crore increase in total expenses during the quarter.

Cost of materials consumed increased to Rs 165.38 crore from Rs 150.52 crore in the September 2025 quarter, and employee benefits expense rose to Rs 41.10 crore from Rs 34.85 crore. Depreciation and amortisation increased to Rs 12.81 crore from Rs 10.07 crore. Other expenses declined to Rs 21.51 crore from Rs 26.31 crore, while changes in inventories of work-in-progress and finished goods were negative Rs 53.06 crore, compared with negative Rs 44.93 crore a year earlier.

Astra Microwave’s share of profit from its two joint ventures and associate was Rs 3.61 crore, up from Rs 2.33 crore in the September 2025 quarter and Rs 2.98 crore in June 2026. This contribution lifted profit before tax from Rs 64.18 crore to Rs 67.79 crore. Current tax expense was Rs 17.71 crore, compared with Rs 9.81 crore a year earlier, while deferred tax was a credit of Rs 1.01 crore.

What do Astra Microwave’s half-year cash flow and balance sheet show?

Astra Microwave reported a net operating cash outflow of Rs 147.85 crore for the half year ended September 30, 2026, compared with an inflow of Rs 237.92 crore in the corresponding 2025 half year. Inventories increased by Rs 190.50 crore during the latest half year, compared with an increase of Rs 1.67 crore a year earlier, and other current assets increased by Rs 39.06 crore.

Consolidated inventories stood at Rs 806.85 crore at September 30, 2026, up from Rs 616.35 crore at March 31, 2026. Trade receivables decreased to Rs 676.00 crore from Rs 687.64 crore over the same period. Cash and cash equivalents on the balance sheet were Rs 124.12 crore, compared with Rs 174.76 crore at March 31, while the cash-flow reconciliation, after cash-credit facilities, showed Rs 28.13 crore at September 30.

Financing activities generated Rs 114.64 crore in the six months, against an outflow of Rs 144.15 crore a year earlier. Current borrowings rose to Rs 412.09 crore at September 30 from Rs 223.84 crore at March 31, and non-current borrowings increased to Rs 74.19 crore from Rs 63.22 crore. Investing cash outflow was Rs 64.58 crore, including Rs 39.24 crore spent on property, plant and equipment and Rs 28.12 crore on intangible assets and intangible assets under development.

What is Astra Microwave’s order book and demerger status?

Astra Microwave and its joint ventures had an order book of Rs 4,707.59 crore at September 30, 2026, including Rs 237.18 crore of service orders. Orders booked between April 1, 2026 and September 30, 2026 totalled Rs 2,647.34 crore. The filing does not specify a delivery schedule, margin expectation or revenue-recognition timetable for this order book.

Astra Microwave’s board approved a scheme on June 10, 2026 to demerge its Space, Meteorology and Hydrology Business into Astra Space Technologies Private Limited on a going-concern basis. The scheme requires the requisite approvals specified in its terms. No accounting effect had been recorded in the September 2026 consolidated results because the approvals remained pending.

Astra Microwave had received Rs 43.50 crore of upfront money in the year ended March 31, 2026 under a proposed issue of up to 20,13,885 convertible warrants priced at Rs 864 each. The issue, approved by the board on May 20, 2025 and shareholders on June 13, 2025, could aggregate up to Rs 173.99 crore. Each warrant may be converted into or exchanged for one equity share within 18 months, under the stated terms.

What did the review say about Astra Microwave’s results?

Price Waterhouse Chartered Accountants LLP stated on November 12, 2026 that nothing had come to its attention to indicate that Astra Microwave’s consolidated results were not prepared, in all material respects, under Indian Accounting Standard 34, Interim Financial Reporting, and applicable requirements. The firm’s conclusion was based on a review rather than an audit, which it said is narrower in scope and does not provide an audit opinion.

The reviewer noted that an unreviewed subsidiary had total assets of Rs 40.46 lakh, net liabilities of Rs 22.48 lakh and a quarterly loss of Rs 5.88 lakh at September 30, 2026. It also cited the group’s Rs 38.10 lakh share of loss from one associate and one joint venture based on unreviewed interim information. Management represented that these items were not material, and the reviewer did not modify its conclusion.

Astra Microwave and its joint ventures operate in one reported business segment, Radio Frequency and Microwave products, according to the filing. As a result, the results do not provide separate revenue or profitability data for individual product lines, including the business proposed for demerger.

Conclusion

Astra Microwave’s September 2026 quarter paired 22.5% year-on-year revenue growth with a 113.7% increase in consolidated profit to Rs 51.08 crore. The Rs 3.61 crore contribution from joint ventures and the associate added to profit before tax, while the half-year cash-flow statement showed a Rs 147.85 crore operating outflow alongside a Rs 190.50 crore increase in inventories.

The next disclosed matters to watch are the requisite approvals for the Space, Meteorology and Hydrology Business demerger approved on June 10, 2026, since no accounting effect has yet been recorded. Astra Microwave also said it will monitor final central and state rules and government clarifications on the four labour codes; management assessed the estimated effect on existing obligations as not material at September 30, 2026.