Astra Microwave Products (532493) Q1 26/27 earnings summary

Executive summary

• Achieved a record order book of INR 4,300 crore, driven by major defense wins including the Uttam Radar order from HAL, and robust inflows across defense, space, and meteorology segments.

• FY26 consolidated revenue reached Rs. 1,163 crore, up 11% year-over-year, with EBITDA margin improving to 28.7% and PAT margin at 16.6%.

• Q1 FY27 revenue was INR 182 crore (standalone Rs. 17,620.54 lakhs), with moderate profitability due to temporary delays, expected to normalize in coming quarters.

• Management transition announced: Dr. M. V. Reddy to become Managing Director from October 2026, succeeding Mr. S. Gurunatha Reddy, who will oversee the demerger process.

• Major customers include DRDO (28.2% of revenue), BEL & DPSUs (22.7%), and IMD (18%).

Financial highlights

• Q1 FY27 consolidated revenue was Rs. 17,666.22 lakhs, down from Rs. 17,905.38 lakhs in Q1 FY26; EBITDA margin at 18.7%, PAT margin at 7.0%.

• FY26 consolidated EBITDA at Rs. 334 crore (28.7% margin), PAT at Rs. 193 crore (16.6% margin), EPS at Rs. 20.32.

• Interest costs declined significantly due to positive cash balances and minimal overdraft utilization.

• Gross profit margin improved to 50.9% (consolidated) in FY26.

• Standalone equity increased to Rs. 1,272 crore as of March 2026.

Outlook and guidance

• Targeting 15%-20% top-line growth for FY 2027, aiming for INR 1,350 crore in revenue.

• Order intake guidance for the year is INR 1,600 crore, with visibility for INR 8,000-10,000 crore in orders over the next 3-4 years.

• Board approved in-principle the demerger of Space, Meteorology, and Hydrology businesses for focused growth, with first-year guidance of INR 300+ crore and 18%-20% PBT margin.

• Execution of the Uttam Radar order will span five years, with ramp-up expected to complete by FY 2031.