Synopsis:
Astra Microwave Products Ltd shares fell 4% after muted Q2 results, with PAT down 4% YoY. Despite steady defence-led revenue and a Rs. 1,916 crore order book, growth remained modest amid softer topline performance.
This company is engaged in the business of design, development and manufacture of sub-systems for Radio Frequency and microwave systems used in defense, space, meteorology and telecommunication is now in the spotlight after its board reported Q2 results with PAT declining by 6% YoY.
With market capitalization of Rs. 9,661 cr, the shares of Astra Microwave Products Ltd are currently trading at Rs. 1,015 per share, decreasing by 4% in today’s market session making a low of Rs. 1,007.25, from its previous close of Rs. 1,048.20 per share.
Consolidated QoQ performance
Revenue from operations are up by 7.5% from Rs. 199 cr in Q1FY26 to Rs. 215 cr in Q2FY26. Total income rose by 9% from Rs. 202 cr to Rs. 220 cr. Net profit increased by 50% from Rs. 16 cr to Rs. 24 cr over the same period.
Consolidated YOY performance
Revenue from operations declined by 6.5% from Rs. 230 cr in Q2FY25 to Rs. 215 cr in Q2FY26. Gross profit surges by 16.1% to Rs. 109 cr from Rs. 94 cr. EBITDA fell by 2.8% from Rs. 49 cr to Rs. 48 cr. EBITDA margin stands at 22.3% from 21.4%. PAT dropped by 4% from Rs. 25 cr to Rs. 24 cr over the same period. PAT margin stands at 11.1%.
The company has delivered strong profit growth of 28.6% CAGR over the past five years, maintaining a healthy ROCE of 18.7% and ROE of 14.4%, reflecting efficient capital utilization and solid financial performance.
Revenue segmentation and Robust order book
In Q2FY26, Astra Microwave Products Ltd derived 77.4% of its revenue from the Defence segment, reaffirming its strong dependence on this vertical. Exports, including deemed exports, contributed 14.2%, showing notable growth from the previous quarter, while Meteorological accounted for 5.8%, and Space formed 2% of total revenue. The company’s H1 FY26 mix shows a similar trend, with Defence at 81.7%, followed by Exports at 12.2%, Meteorological at 3.2%, Space at 2.2%, and Others at 0.7%.
Astra Microwave Products Ltd reported a robust standalone order book of Rs. 1,916 crore as of September 30, 2025, reflecting strong demand across key segments. During Q2FY26, the company received new orders worth Rs. 237.99 crore, primarily driven by the Defence segment (Rs. 233.33 crore), followed by Space (Rs. 4.46 crore) and Exports (Rs. 0.20 crore).
The order mix remains well-diversified, with Defence/Public contributing 70%, Space 12%, Meteorological 11%, and Exports 7%, underscoring Astra’s continued dominance in the defence electronics sector.
Astra Microwave Products Ltd is a leading Indian company specializing in the design and manufacture of high-frequency microwave and RF subsystems used in defence, space, and meteorology applications. The company plays a crucial role in India’s indigenous defence and space programs, supplying advanced radar, satellite communication, and electronic warfare components.
Written by Manideep Appana
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