ALFA Finder
The call ran from 2:01 PM to 3:02 PM IST (1 h 2 min).
Key takeaways
Management is pivoting from a subsystem supplier to a complete systems owner, leveraging a record ₹4,708 Cr order book and a strategic space-business demerger to unlock valuation.
| EBITDA Margin: guided vs achieved | 27.40% achieved Guided 26.00%–28.00%; confirmed by management |
|---|---|
| Management target | Revenue 15.0% FY27 |
| Revenue growth | H1 revenue at ₹437 Cr, growth driven by domestic defense orders. |
|---|---|
| Margins | Record 27.4% EBITDA margin due to domestic production mix. |
| Order book | Record consolidated order book at ₹4,708 Cr. |
| Demand visibility | Strong multi-year visibility across air defense, radars, and electronic warfare. |
| Management confidence | High; emphasizing transition to IP-owned systems and debt-free targets. |
Growth
H1 revenue reached ₹437 Cr with record EBITDA margins of 27.4%, driven by a favorable domestic defense production mix.
Outlook
Management targets ₹2,000 Cr revenue by FY29 and expects the consolidated order book to reach ₹5,600 Cr by FY28.
Risks
High working capital cycle of 370 days and execution delays in large contracts like QR-SAM remain primary concerns.
Last quarter's promises, checked
Delivered
- Margin 'similar to FY26, positive delta' → 27.4% record EBITDA (= BEAT)
- Order book ₹4,300 Cr (Aug) → ₹4,708 Cr (= BEAT)
Partly delivered
- FY27 rev ₹1,350 Cr ±25 → H1 ₹437 Cr, H2 needs ₹913 Cr (= PARTIAL)
- ≥3 IP products by Diwali → 2 launched, ELINT drone unconfirmed (= PARTIAL)
- Growth 15–20% → +15.0% floor (= PARTIAL)
Missed
- Q1 programs planned → slipped; Q1 rev ₹182 Cr (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Astra Microwave Products Q2 FY27 Results: Net Profit ₹51.1 Cr, Up 113.8% YoY
Astra Microwave Products Ltd reported revenue from operations of ₹262.8 Cr (+22.5% YoY) and net profit of ₹51.1 Cr (+113.8% YoY) for Q2 FY27.
- Key figure
- Net profit ₹51.1 Cr · +113.8% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 1,350 Cr revenue in FY27 and 1,600 Cr in FY28 with long-term visibility of 10,000 Cr.
Growth they described
Top-line target of 15%+ growth for FY27; high-technology subsystems like AESA radars drive structural volume growth.
Call details
| Company | Astra Microwave Products Ltd |
|---|---|
| NSE symbol | ASTRAMICRO |
| ISIN | INE386C01029 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 13 November 2026 |
| Time | 2:00 PM IST |
| Length | 1 h 2 min |
| Audio | Our stream on YouTube ↗ |
Astra Microwave Products Ltd: key numbers
- Share price
- ₹1,703.50
- Market cap
- ₹16,174 Cr
- Revenue (annual)
- ₹1,163 Cr
- Net profit (annual)
- ₹193.0 Cr
- P/E (TTM)
- 74.8×Sector 52.1×
- Promoter holding
- 6.54%+0.00% QoQ
- FII holding
- 10.48%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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