Astra Microwave Products reported its best-ever performance for Q3 FY’26, driven by margin improvement and strong order execution, with standalone Q3 revenue at INR 258 crores and an EBITDA margin of 30.9%. The standalone order book crossed INR 2,000 crores, reaching INR 2,226 crores as of December 2025. Management reaffirmed near-term FY’26 targets, expecting 10% top-line growth and order inflows between INR 1,300 crores to INR 1,400 crores.
Q3 FY’26 Performance Overview
Astra Microwave Products Limited announced its Q3 FY’26 results during a conference call held on February 13, 2026. Management highlighted that the quarter delivered the best-ever performance, supported by favorable revenue mix and strong order execution.
On a standalone basis for Q3:
- Revenue stood at INR 258 crores.
- EBITDA reached INR 80 crores, resulting in an EBITDA margin of 30.9%.
- Profit After Tax (PAT) was close to INR 39 crores.
For the nine months of FY’26 (standalone), revenue surged to INR 668 crores with an EBITDA of INR 165 crores (a 25% margin), and PAT grew 6.3% YoY.
Order Book Strength and Execution Focus
The standalone order book has officially crossed the INR 2,000 crores mark, standing at INR 2,226 crores as of December 2025. This robust backlog provides strong visibility for upcoming quarters, broken down as follows:
- Defence PSUs and DRDO labs: INR 1,477 crores
- Space sector: INR 249 crores
- Metrology and hydrology sector: INR 369 crores
- Exports/Deemed exports: INR 130 crores
Management noted that order visibility is strong, shifting the primary focus to execution, meeting delivery milestones, and maintaining balance sheet discipline. The company also signed an MOU with Bharat Electronics to strengthen indigenous design and manufacturing capabilities.
Guidance and Long-Term Outlook
Management reaffirmed its near-term growth targets for FY’26:
- Top-line growth: Approximately 10%.
- Order inflows: In the range of INR 1,300 crores to INR 1,400 crores.
Looking further ahead, Astra Microwave is on track to deliver revenue growth of around 15% for FY’27, with an expected order book addition of around INR 1,500 crores plus. The company views its business in 3 to 4-year blocks, expecting to translate its strong R&D capabilities into multiple large-scale programs, potentially leading to new order bookings worth INR 8,000 crores to INR 10,000 crores over the next four years.
Q&A Highlights: Working Capital, Exports, and Project Timelines
Working Capital and Financing
Regarding high working capital needs, management assured that no equity capital infusion is required. Borrowings for working capital are expected to rise with top-line growth, but the business remains highly profitable. Advances received average between 20% to 30% depending on the order type (development vs. export), mitigating the impact of large gross receivables.
Export Strategy
Management acknowledged that export contribution has recently dipped as the focus shifted away from the BTP business towards higher-margin products involving greater design contribution. While exports are expected to pick up once new designs lead to production orders, the current focus remains on capturing the domestic market opportunities.
Key Project Updates
Specific project updates included:
- Man-Portable SDR: Trials are in the final stages, and bids are expected to open around March, with deliveries happening in a staggered manner.
- Uttam Radar/ASPJ Pod: Qualification for both the AAAU of Uttam radar and the AATRU of the Pod Jammer (QT) has been completed.
- Mission Mausam (Weather Radars): The opportunity is significant, requiring the finalization of 4 to 5 tenders over the next 2 to 3 years, with execution taking an additional 3 to 4 years.
Closing Remarks
S.G. Reddy closed the call by thanking participants and reiterating confidence in execution and meeting targets by the end of the financial year.
Source: BSE
