Astra Microwave Q4 FY26: PAT ₹106cr, dividend ₹2.40

Earnings call scheduled for May 27, 2026

Astra Microwave Products scheduled its Q4 and FY26 earnings call for May 27, 2026, after uploading its financial results and investor presentation to its website and stock exchanges. The management commentary highlighted FY26 as a “strong year” marked by consistent growth, execution, and margin expansion. A key focus area in the update was the improvement in working capital and cash generation. The company also pointed to a favourable revenue mix as a support for profitability and margins. Alongside the numbers, Astra Microwave reiterated momentum in its core defence and space-linked programs. The company also flagged continued traction in order inflows and billing during Q4.

What stood out in the FY26 management commentary

The company reported operating cash flow of ₹370 crore for FY26, compared with -₹99 crore in the previous year, calling it a significant improvement. Management attributed the shift to an improved working capital cycle and mix-led margin expansion. The company said it expects to maintain this trend on both standalone and consolidated bases. In its operational commentary, Astra Microwave said it delivered growth across key financial parameters. It also noted that profitability during the year was impacted due to forex-related provisions, and it expects improved profitability in the coming year.

Dividend recommendation: ₹2.40 per share

Astra Microwave’s board recommended a dividend of ₹2.40 per equity share for FY26. The company described this as about 120% of face value, given the face value of ₹2 per share. The dividend is subject to shareholder approval at the ensuing annual general meeting (AGM). The company said the record date and AGM date for the dividend payout will be announced in due course.

FY26 turnover and segment mix

Management stated that the company achieved turnover of ₹1,157 crore for FY26, meeting the guidance shared at the beginning of the year. It linked the performance to the strength of its technology portfolio and execution capabilities. In terms of revenue drivers, the radar business continued to be the primary growth engine, contributing nearly 60% of revenue. The space and metrology segment contributed around 16%, indicating diversification across strategic, high-technology domains.

Order inflows and order book position

Astra Microwave reported fresh orders of approximately ₹530 crore in Q4 alone. This took the total order book to ₹2,141 crore as on March 31. The company also said it concluded PNC of ₹300 crore of additional orders, which are expected to be received in the next couple of months. Among the key orders referenced for Q4 were SDR programs and subsystems of various projects from BEL, along with checkout hardware for ISRO’s Gaganyaan mission.

Execution update: Q4 billing and program activity

On execution, Astra Microwave said it achieved Q4 billing of ₹490 crore, reflecting 16% year-on-year growth. It said major programs executed during the quarter included subsystems of radar, EW and satellite programs, as well as Doppler weather-related work. The billing update, combined with the order intake data, indicated a strong quarter on both demand and execution metrics. The company positioned these outcomes as consistent with its FY26 performance narrative.

Stock reaction and headline Q4 numbers

Following the Q4 performance update, Astra Microwave Products was reported to have climbed 11% on the day in one market report. Another update stated the stock rose 5.65% to ₹1,306.95 after the company reported a jump in quarterly profit.

For Q4 FY26 (quarter ended March 31, 2026), the company reported consolidated net profit of ₹105.98 crore to ₹106 crore, up about 44% year-on-year. Revenue from operations was reported at ₹488.24 crore, up 19.71% year-on-year. Profit before tax was reported at ₹141.04 crore, up 42.29% year-on-year. Total expenses increased 10.88% year-on-year to ₹353.25 crore.

Cost line items and margin commentary

The Q4 expense detail included cost of materials consumed of ₹188.21 crore (up 1% year-on-year) and employee benefits expense of ₹58.06 crore (up 26.08% year-on-year). In addition to the profit growth, one report noted EBITDA grew 8% year-on-year and margins expanded by 80 bps year-on-year to 31.7%. The margin expansion was attributed to higher margins on domestic order execution.

Joint venture update mentioned in the call

The company also referenced steady progress in its joint venture entity (described as Astra Rafael in the commentary). It said the JV closed FY26 with an order book of about ₹625 crore and continues to receive significant orders. While the company did not provide a detailed financial split for the JV in the provided text, it included the order book figure as part of its broader growth commentary.

Key figures at a glance

Full-year numbers reported and a data-point mismatch

In the provided information, one section stated full-year sales of ₹1,162.802 crore (from INR 11,628.02 million), compared with ₹1,051.179 crore a year ago. Separately, another section stated FY26 net profit of ₹1,929 crore and FY26 revenue of ₹1,162.8 crore, with FY25 profit of ₹1,535 crore and revenue of ₹1,051.1 crore. The revenue figure of about ₹1,162.8 crore broadly aligns across the two references. However, the FY26 net profit figure of ₹1,929 crore appears unusually high relative to the quarterly PAT figures cited in the same text, and readers may want to cross-check the company’s published results and presentation for the definitive full-year profit number.

Why the update matters for investors

The FY26 operating cash flow turnaround to ₹370 crore from -₹99 crore is a material change, because it indicates cash generation improved alongside growth. The Q4 order intake of about ₹530 crore and the order book of ₹2,141 crore as of March 31 provide a visible pipeline, while the additional ₹300 crore PNC suggests near-term potential additions. Segment mix details also matter, as radar contributes nearly 60% of revenue, indicating continued dependence on defence-electronics execution, with space and metrology at around 16%.

The dividend recommendation of ₹2.40 per share adds a shareholder return element, but the payout is subject to approval at the AGM and requires confirmation of the record date. On profitability, the company’s mention of forex-related provisions affecting FY26 profit, along with an expectation of improvement in the coming year, signals that non-operational items were a factor in the reported year.

Closing note

Astra Microwave Products’ Q4 FY26 results showed higher profit and revenue, alongside commentary pointing to stronger cash flows, a healthy order book, and continued execution in radar, EW and space-linked programs. Investors will track the May 27 earnings call for additional detail on order conversion timelines, working capital discipline, and the company’s next steps on dividend dates and AGM scheduling.