Astra Microwave Products Ltd

ASTRAMICRO

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Market Cap

₹ 8,610 Cr

P/E

53.44

Turned 1 L into 7.13 L in last 5 Years

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Astra Microwave Products Limited specializes in designing and manufacturing RF and microwave components for defense, space, and civil communication applications. The company boasts a robust order book of INR 1,916 crores, anchored by major defense contracts, which ensures strong revenue visibility. Astra Microwave is a key supplier to ISRO, providing RF systems that play crucial roles in India's space missions, enhancing its strategic significance in space technology. Recent contracts, including the refurbishment of long-range radar electronics, highlight the company's competitive edge in the defense industry.

Sector

Aerospace & Defence

Industry

Telecommunications - Equipment - Large

Market Cap

8,610 Cr

Volatility

Moderate Risk

P/E Ratio

53.4

Industry P/E

53.4

PEG Ratio

2.6

P/B Ratio

7.4

52W High

1,195.65

52W Low

584.20

Sales CAGR

15.66%

12.42%

17.74%

10Y

10.15%

Profit CAGR

26.79%

52.68%

24.81%

10Y

10.93%

ROE

TTM

13.86%

12.72%

10.67%

10Y

10.25%

ROCE

TTM

18.06%

19.47%

17.11%

10Y

15.69%

Technicals

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Forecasts

No. of Analysts

11

1Y Price Target

1308.66 ▲ 47.32%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AZAD	1602.00	10,331 Cr	92.52	6.99	0.00	7.55	10.11	5.65
ASTRAMICRO	909.05	8,610 Cr	53.44	7.41	0.24	13.86	18.06	9.12
APOLLO	235.90	8,428 Cr	103.01	6.73	0.09	7.59	11.15	4.48
TEJASNET	469.35	8,329 Cr	—	2.51	0.54	-12.26	-4.08	-4.12
MTARTECH	2375.10	7,306 Cr	163.24	9.82	0.00	6.01	9.08	3.81
MIDHANI	302.65	5,670 Cr	52.63	3.93	0.50	7.47	7.35	3.65
AXISCADES	1284.00	5,459 Cr	59.14	7.88	0.00	12.89	14.53	7.40

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	134	190	231	354	155	230	259	408	200	215
Expenses	131	148	165	273	131	180	182	288	159	167
Operating Profit	3.08	42	66	81	24	49	76	120	41	48
OPM %	2.30	21.91	28.63	22.80	15.47	21.45	29.48	29.31	20.51	22.29
Other Income	1.84	9.26	6.13	6.48	3.99	3.24	9.82	9.85	4.06	8.07
Interest	7.45	6.23	8.14	9.49	10	13	15	19	15	13
Depreciation	5.65	6.27	6.64	6.41	8.22	6.21	9.53	11	9.34	10
Profit Before Tax	-8.18	38	58	71	9.35	34	62	99	21	32
Tax %	17.60	21.84	24.56	23.67	22.99	24.66	22.95	25.87	22.78	26.19
Net Profit	-6.74	30	43	54	7.20	25	47	73	16	24
EPS in Rs	-0.73	3.16	4.57	5.73	0.76	2.67	5.00	7.74	1.71	2.51

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	420	366	293	467	641	750	816	909	1,051	1,096
Expenses	290	251	265	385	562	661	668	717	782	810
Operating Profit	130	115	29	82	79	89	148	192	269	286
OPM %	30.85	31.31	9.80	17.66	12.32	11.89	18.10	21.08	25.59	26.10
Other Income	6.03	8.46	23	11	8.02	4.13	2.50	24	27	27
Interest	11	12	9.26	8.46	25	21	31	31	57	61
Depreciation	24	27	29	26	24	22	24	25	35	36
Profit Before Tax	70	80	13	59	39	50	96	159	204	215
Tax %	17.42	23.39	26.92	25.53	25.15	24.58	27.22	23.86	24.65	24.54
Net Profit	58	61	9.76	44	29	38	70	121	154	163
EPS in Rs	—	—	1.06	4.63	3.04	4.00	7.36	12.73	16.17	16.96
Dividend Payout %	15.04	17.02	22.12	23.62	36.04	32.04	19.85	15.55	13.61	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	17	17	17	19	19
Reserves	382	433	484	482	523	541	568	625	947	1,079
Borrowings	57	131	36	7.29	55	122	70	186	238	424
Other Liabilities	95	68	139	109	300	265	313	228	270	329
Total Liabilities	551	649	676	616	895	945	969	1,057	1,474	1,851
Fixed Assets	137	150	194	178	161	153	160	167	170	229
CWIP	1.25	37	0.73	2.43	12	0.00	0.08	2.17	13	3.07
Investments	0.00	57	126	35	26	30	14	11	24	32
Other Assets	413	405	355	401	696	762	795	877	1,267	1,587
Total Assets	551	649	676	616	895	945	969	1,057	1,474	1,851

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	59	14	179	1.47	-7.28	-25	115	-25	-182	-90
Cash from Investing Activity	-18	-123	-94	85	-30	-0.76	-26	-28	-44	-76
Cash from Financing Activity	21	46	-65	-98	37	34	-79	75	232	141
Net Cash Flow	62	-63	20	-12	-0.73	8.43	9.96	21	7.30	-25

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	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%	6.46%	6.47%
DIIs	0.07%	0.07%	9.86%	15.25%	14.79%	13.60%	13.57%	14.99%	15.36%	15.31%	14.37%	14.55%
Public	89.34%	90.44%	80.58%	76.48%	75.73%	76.70%	75.23%	72.79%	72.91%	72.86%	72.63%	72.45%
Total Shareholders	47,703	49,528	46,506	56,282	71,368	73,483	93,505	99,071	95,790	94,367	1,07,384	1,17,199

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 10, 2025	Pushpa kabra	Insider - Directors Immediate Relative	Acquisition	884.77	0.09 Cr	1,060	—
Jun 14, 2024	Maram venkateshwara reddy	Insider - Director	Acquisition	934.79	0.21 Cr	2,220	0.00
Feb 19, 2024	Pravin motilal mandrupkar	Insider - Designated Person	Disposal	649.56	0.65 Cr	10,022	0.01
Nov 30, 2023	Bnp paribas arbitrage	Bulk	Sell	576.98	28.86 Cr	5,00,143	0.52

Projection

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Announcements

Last 7 days

Newest

Sentiment

Order Receipt

4 days ago

Astra Microwave Receives Major Order

Astra Microwave Products Ltd has secured an order valued at Rs.124 crores from Astra Rafael Comsys Private Limited for the supply of Modules, Cable Assemblies, and Antennas.

Credit Rating

4 days ago

Credit Rating Reaffirmation

CRISIL Ratings Limited has reaffirmed 'CRISIL A/Positive' for long-term and 'CRISIL A1' for short-term bank facilities of Astra Microwave Products.

Order Receipt

5 days ago

Astra Microwave Receives Major Order

Astra Microwave Products Limited has secured an order from the Indian Meteorological Department for six S-band Doppler Weather Radars worth Rs.171.38 crores.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	134	190	231	354	155	230	259	408	200	215
Expenses	131	148	165	273	131	180	182	288	159	167
Operating Profit	3.08	42	66	81	24	49	76	120	41	48
OPM %	2.30	21.91	28.63	22.80	15.47	21.45	29.48	29.31	20.51	22.29
Other Income	1.84	9.26	6.13	6.48	3.99	3.24	9.82	9.85	4.06	8.07
Interest	7.45	6.23	8.14	9.49	10	13	15	19	15	13
Depreciation	5.65	6.27	6.64	6.41	8.22	6.21	9.53	11	9.34	10
Profit Before Tax	-8.18	38	58	71	9.35	34	62	99	21	32
Tax %	17.60	21.84	24.56	23.67	22.99	24.66	22.95	25.87	22.78	26.19
Net Profit	-6.74	30	43	54	7.20	25	47	73	16	24
EPS in Rs	-0.73	3.16	4.57	5.73	0.76	2.67	5.00	7.74	1.71	2.51

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	420	366	293	467	641	750	816	909	1,051	1,096
Expenses	290	251	265	385	562	661	668	717	782	810
Operating Profit	130	115	29	82	79	89	148	192	269	286
OPM %	30.85	31.31	9.80	17.66	12.32	11.89	18.10	21.08	25.59	26.10
Other Income	6.03	8.46	23	11	8.02	4.13	2.50	24	27	27
Interest	11	12	9.26	8.46	25	21	31	31	57	61
Depreciation	24	27	29	26	24	22	24	25	35	36
Profit Before Tax	70	80	13	59	39	50	96	159	204	215
Tax %	17.42	23.39	26.92	25.53	25.15	24.58	27.22	23.86	24.65	24.54
Net Profit	58	61	9.76	44	29	38	70	121	154	163
EPS in Rs	—	—	1.06	4.63	3.04	4.00	7.36	12.73	16.17	16.96
Dividend Payout %	15.04	17.02	22.12	23.62	36.04	32.04	19.85	15.55	13.61	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	17	17	17	19	19
Reserves	382	433	484	482	523	541	568	625	947	1,079
Borrowings	57	131	36	7.29	55	122	70	186	238	424
Other Liabilities	95	68	139	109	300	265	313	228	270	329
Total Liabilities	551	649	676	616	895	945	969	1,057	1,474	1,851
Fixed Assets	137	150	194	178	161	153	160	167	170	229
CWIP	1.25	37	0.73	2.43	12	0.00	0.08	2.17	13	3.07
Investments	0.00	57	126	35	26	30	14	11	24	32
Other Assets	413	405	355	401	696	762	795	877	1,267	1,587
Total Assets	551	649	676	616	895	945	969	1,057	1,474	1,851

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	59	14	179	1.47	-7.28	-25	115	-25	-182	-90
Cash from Investing Activity	-18	-123	-94	85	-30	-0.76	-26	-28	-44	-76
Cash from Financing Activity	21	46	-65	-98	37	34	-79	75	232	141
Net Cash Flow	62	-63	20	-12	-0.73	8.43	9.96	21	7.30	-25