Astra Microwave Products
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Astra Microwave Products (532493) investor relations material

Astra Microwave Products Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary13 Nov, 2025

Executive summary

  • Delivered strong Q2 and H1 FY26 performance with improved margins, robust order book, and continued profitability, supported by a favorable revenue mix and transition to integrated solutions.

  • Over 10 years of revenue growth, with a diversified portfolio in defense, space, meteorology, and exports, and strategic R&D and joint ventures driving innovation and global reach.

  • Standalone and consolidated unaudited financial results for Q2 and H1 FY26 were approved, with no material misstatements found by auditors.

  • Major deliveries included modules for key radar systems, new orders in defense refurbishment, and participation in major defense and space programs.

  • Convertible warrant proceeds and a subsidiary dissolution were notable events in H1 FY26.

Financial highlights

  • Standalone H1 FY26 revenue grew 7.2% YoY to Rs. 410 Cr; consolidated revenue up 7.7% to Rs. 414 Cr; Q2 standalone revenue at Rs. 213 Cr.

  • Standalone H1 FY26 EBITDA at Rs. 85 Cr (20.6% margin), PAT up 13.5% YoY to Rs. 34 Cr; consolidated EBITDA at Rs. 89 Cr (21.4% margin), PAT at Rs. 40 Cr.

  • Gross profit margin improved to 46.9% (standalone) and 48.8% (consolidated) in H1 FY26.

  • Standalone and consolidated cash and cash equivalents increased significantly to Rs. 9,726.59 lakhs and Rs. 10,147.94 lakhs as of September 30, 2025.

  • ARC JV contributed Rs. 7 Cr PBT in Q2 on Rs. 78 Cr revenue; targeting Rs. 350 Cr revenue for FY26.

Outlook and guidance

  • FY26 revenue guidance at Rs. 1,150–1,200 Cr, with margins expected to be maintained or slightly improved; targets 15–20% revenue growth over the next 3–5 years.

  • Management targets doubling turnover in 3–4 years, with a long-term goal of $1 billion revenue.

  • Order inflow expected at Rs. 400 Cr in Q3 and Rs. 600 Cr in Q4; order book at Rs. 1,916 Cr standalone and Rs. 2,209 Cr consolidated as of September 30, 2025.

  • Growth to be back-ended, with significant ramp-up from FY27 as major projects enter production.

  • Expects higher revenue contribution from advanced systems and global markets.

What is the revenue visibility from current order book?
What drove H1 2025 operating cash flow improvement?
What drove the reduction in current borrowings?
Detail execution plan for FY27-FY30 revenue
Outline European/NATO export strategy
Elaborate on space business growth strategy
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Q3 25/2614 Feb, 2026
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Frequently asked questions

Astra Microwave Products Limited is an India-based company that designs, develops, and manufactures high-frequency microwave components and subsystems. The company's products are primarily used in defense, aerospace, and telecommunications sectors, supporting applications such as radar systems, satellite communication, and electronic warfare. The company is headquartered in Hyderabad, India, and its shares are listed on the National Stock Exchange of India.

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