Astra Microwave Products (532493) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 financial performance with standalone revenue of INR 1,044 crore and consolidated revenue of INR 1,051 crore, driven by robust domestic demand and a strong order book.

• Gross profit margin improved to 43.9% (standalone) and 45.1% (consolidated), with EBITDA and PAT margins expanding due to favorable product mix and strong domestic order execution.

• Dividend of INR 2.20 per share recommended for FY25, up from INR 2 last year, pending AGM approval.

• Board approved INR 174 crore fundraising via preferential issue and appointed two new independent directors.

• Company benefits from sectoral tailwinds, including increased Indian defense spending and government initiatives promoting indigenization.

Financial highlights

• FY25 consolidated revenue rose 15.7% year-over-year to INR 1,051 crore; standalone revenue up 15.5% to INR 1,044 crore.

• PAT for FY25 was INR 143 crore (standalone) and INR 154 crore (consolidated), with margins at 13.7% and 14.6% respectively.

• EBITDA margin improved to 25.5% (standalone) and 25.6% (consolidated).

• EPS (consolidated) increased to INR 16.17 from INR 12.86 in FY24.

• Order book at year-end stood at INR 2,304 crore (consolidated), with INR 1,286.61 crore in new orders booked during FY25.

Outlook and guidance

• Confident in maintaining an 18% PBT margin for the coming year based on current order book mix.

• Targeting 20% top-line growth and 18% bottom-line margin for FY26, with an order book target of INR 1,400 crore.

• Order book as of March 31, 2025, provides strong revenue visibility, with a target of 70% domestic and 30% export revenue mix over the next 2–3 years.

• Strong order pipeline and robust demand for indigenous defense technologies expected to drive growth.