Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Astra Microwave Products Limited (ASTRAMICRO)
Micro CapIndustrials stocks · Micro cap · NSE
Astra Microwave Products Limited designs, develops, and manufactures high-value-added RF and microwave super components, sub-systems, and radar systems for defense, space, meteorology, and export markets in India.
₹1,542.7
-12.00 · -0.77%
Market cap ₹14,812 Cr
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals21 Oct 2026 · screener
Latest result16 Aug, 01:49 am IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -2.4% / mo · MACD −
Stock trend: 44
Sector RS: 45
Sector 3M: -7.4% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ASTRAMICROD candles · FIT view+40.7%Latest close ₹1542.70 on 2026-10-22
Bar
-0.2%
RSI
37
MACD hist
-9.87
52W pos
62%
2026-10-22O ₹1545.90H ₹1567.50L ₹1520.10C ₹1542.70Vol 1.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASTRAMICRONifty India ManufacturingNifty 500
- ASTRAMICRO
- -12.2%
- Nifty 500
- -6.2%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -6.0 pp
Chart stats
22 Oct 2026- From 52W high
- -21.3%
- 52W range position
- 62%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.65x
- Avg traded value
- ₹44.7 Cr
- 20D price channel
- ₹1,520.1 - ₹1,726
₹1,960
₹851 - ₹1,960
₹53.6
Latest completed session
20-session average
34.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -11.5% · PAT -25.0% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model-97.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -12% YoY · PAT -25% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹177 Cr | -11.5% | -63.7% |
| EBITDA | ₹33 Cr | -19.5% | -79.5% |
| Operating margin | 19.0% | -100 bps | -1400 bps |
| PAT | ₹12 Cr | -25.0% | -88.7% |
| PAT margin | 6.8% | -122 bps | -1494 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 78.40
- P/B
- 11.30
- EV/EBITDA
- 40.70
- Market Cap
- 14812.00Cr
Profitability
- ROE
- 16.00%
- ROCE
- 20.30%
- ROA
- 10.21%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 6.25×
- Altman Z
- 8.43
- Book Value
- 138.00
Cash Flow
- FCF Yield
- 2.04%
- FCF Positive Y
- 5/5
- OCF
- 387.00 Cr
- EPS TTM
- 19.91
Shareholding
- Promoter Hold
- 6.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 177-63.7% vs prev
Net Profit
₹ CrLatest: 12.0-88.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 81% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
87
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.6%
3M return
-12.2%
6M return
+37.3%
1Y return
+46.1%
RS 1D
0
RS 20D
-2
Sector rank
#3
Industry rank
#22
Stage evidence
- Price is 4.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.3%.
50-DMA
price below
200-DMA
price above
S2 entered
21 May 2026
S2 age
108 trading sessions
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 162.2-0.13%
RS vs Nifty 500162
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality12/20
Balance Sheet6/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Fair-value margin of safety is negative at -97.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
78.4
PB
11.3
EV/EBITDA
40.7
ROE
16.0%
ROCE
20.3%
FCF Yield
2.0%
Debt/Equity
0.2
MoS
-97.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-97.2%
Previous: -98.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹248.64
-520.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹782.46
-97.2% MoS
PEG
1.80
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
APOLLO
Micro
Apollo Micro Systems Limited
Defence Electronics
match 167
34
121.0
11.8%
-194%
WATCHLIST
EBGNG
Small
GNG Electronics Limited
Defence Electronics
match 157
44
55.6
26.8%
-37%
WATCHLIST
DATAPATTNS
Small
Data Patterns (India) Limited
Defence Electronics
match 157
46
83.9
15.2%
-108%
FAIR VALUE
CENTUM
Small
Centum Electronics Limited
Defence Electronics
match 156
32
77.4
-12.5%
-198%
WATCHLIST
DCXINDIA
Small
DCX Systems Limited
Defence Electronics
match 152
25
—
-0.5%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T13:10:52.772Z
Management commentary snapshot
Q1 FY27 standalone revenue contracted 10.7% YoY to Rs. 176 Cr and PAT fell 24.4% YoY to Rs. 10 Cr, alongside a robust standalone order book of Rs. 2,156 Cr.
The thesis remains intact as top-line contraction in Q1 FY27 is cushioned by a record standalone order book of Rs. 2,156 Cr, solid execution visibility, and structural growth drivers across defense and space.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 5 reported categories.
Defence80.4%
Space7.7%
Exports including Deemed Exports5.0%
Meteorological4.9%
Others2.0%
Growth engines
Defense Sector Demand
ACTIVEStrong participation in major defense programs including Uttam AESA Radar, LCA Tejas subsystems, and Make-II programs.
Joint Ventures and Subsidiaries
ACTIVEJoint ventures like Astra Rafael Comsys (SDRs, EW systems) showing a steady influx of global and domestic orders.
Space and Meteorology Opportunities
ACTIVEActive involvement in Mission Mausam and ISRO's space programs, backed by a proposed demerger of the space and meteorology undertakings.
Tailwinds
Indigenous Defense Policies
FAVORABLEGovernment policy measures promoting Make in India, Atmanirbhar Bharat, and indigenous defense procurement.
Expanding Addressable Market
FAVORABLEMajor opportunities of around Rs. 24,000 to 25,000 Crores for AMPL across all sectors till FY28.
Risk radar
Execution and Timing Risks
MONITORVulnerability to time and cost overruns on complex defense and space contracts.
Working Capital Intensity
MONITORExtended cash conversion cycles and working capital requirements inherent in long-gestation defense projects.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Year-over-year comparison is appropriate for evaluating quarterly performance due to inherent quarterly lumpiness and seasonality in defense and space contract execution.
Sector KPIs management disclosed
Standalone Order Book
POSITIVEStandalone order book stood at Rs. 2,156 Cr as of 30th June 2026.
Orders Received
STABLEStandalone orders received during Q1 FY27 were Rs. 172.6 Cr.
Standalone Revenue
NEGATIVEQ1 FY27 standalone revenue from operations was Rs. 176 Cr, down 10.7% YoY.
Standalone EBITDA Margin
STABLEQ1 FY27 standalone EBITDA margin came in at 18.8% compared to 19.5% in Q1 FY26.
Management forward view
Revenue Growth Guidance
STABLEManagement targets 15% to 20% revenue growth with a higher proportion of revenues from complex system fabrication within 3 to 5 years.
Demerger Proposal
ONGOINGBoard has given in-principle approval to demerge the Space, Meteorology, and Hydrology business undertakings into a separate entity.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Standalone Order Book | Rs. 2,156 Cr (June 2026) | Sustained order inflows and book-to-bill trajectory |
| EBITDA Margins | 18.8% in Q1 FY27 (vs 28.0% in FY26) | Margin recovery toward annual levels as complex deliveries scale up |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 67th percentile within Industrials. Main check: results consistency is weak at 34/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
128 docs text-extracted · 73 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Industrials: 67th pctile, median 68 · Micro: 50th pctile, median 73
Evidence depth
Financial-only
128 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
34
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸5 years of positive FCF.
- ▸ROCE is 20.3%.
Trust risks
- ▸Promoter holding is only 6.5%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Astra Microwave Products Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 22 Aug - Submitted BRSR report for FY 2025-26 as part of annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.