Astra Microwave Products Limited stands as a leading provider of cutting-edge solutions in defence, space, meteorology, homeland security, systems integration, antenna technology, GNSS, and unmanned ground vehicles. The company was incorporated in 1991 by a team of distinguished scientists with experience in RF/Microwave/Digital electronics and management. With over thirty years of experience working with various Indian Government Laboratories, Indian Defence Public Sector Undertakings, Indian Space Research Organization, and many foreign OEMs, the company has established itself as a key player in India's strategic electronics sector.
Astra is engaged in designing, developing, manufacturing, and supplying high-value-added RF and microwave super components, sub-systems, and systems finding for Defense, Space, Telecom, Meteorology, and Civil communication applications. The company operates three manufacturing units in Hyderabad and one R&D unit in Hyderabad, Bangalore, India, positioning itself strategically to serve both domestic and international markets.
Astra Microwave Products designs, develops, and manufactures microwave sub-systems for the defence, space, telecommunication, and meteorology sectors. The product range includes radar electronics, sub-systems for missiles, electronic warfare, space and telemetry sub-systems, as well as satcom terminals and monolithic microwave integrated circuits (MMICs).
The company operates across multiple critical sectors. In Q3 FY25, the company's revenue breakdown by segment reveals a strong dominance of the defence sector, contributing 85% to the total. The space sector follows with a significant share of 3.3%. Exports, including deemed exports, contribute 8.4%, while the meteorological sector accounts for a smaller portion of 2.7%. This diversified portfolio provides stability while maintaining focus on high-value defence applications.
Astra's radar sub-systems include TR modules in very high-frequency (VHF), ultra-high-frequency (UHF), L, S, C, X Ku, and Ka bands, Central units – L & S Bands, Receiver Exciters up to Ka band, Array Group receivers, electronic beam forming units, low-power microwave sub-systems, and high-power limiters. The company's EW sub-systems include antennas, front-end receivers, up/down convertors, DIFM, and special components that include power dividers, pre-filters, etc.
The company has a market capitalization of ₹10,219 Crore (up 12.9% in 1 year) with revenue of ₹1,051 Crore and profit of ₹154 Crore. For the full year ended March 2025, net profit rose 26.79% to ₹153.51 Crore compared to ₹121.07 Crore in the previous year ended March 2024. Sales rose 15.66% to ₹1,051.18 Crore in the year ended March 2025, against ₹908.82 Crore in the previous year.
The company's quarterly performance has shown a consistent growth trajectory. Net profit rose 35.09% to ₹73.49 Crore in the quarter ended March 2025, compared to ₹54.40 Crore in the previous quarter ended March 2024. Sales rose 15.22% to ₹407.85 Crore in the quarter ended March 2025, against ₹353.96 Crore in the previous quarter ended March 2024.
Key financial metrics as of March 2025:
- Revenue: ₹1,051.18 Crore (FY25)
- Net Profit: ₹153.51 Crore (FY25)
- EBITDA: ₹238.78 Crore (FY25)
- Q4 FY25 Revenue: ₹407.85 Crore
- Q4 FY25 Net Profit: ₹73.49 Crore
The consolidated order book stood at ₹2,332.6 Crore as of December 31, 2024, which includes ₹134.5 Crore related to service orders. This substantial order book provides strong revenue visibility for the coming quarters and reflects the company's strong position in the defence sector.
The company recently secured a significant contract for the supply of 93 numbers of additional sets of SDR LRUs with A kits, SBC 2 card and network-centric operations application for the Su-30 MKI fighter aircraft. The contract price stood at ₹255.88 Crore and is to be executed within 24 months.
The company received ₹43.5 Crore upfront for preferential allotment of 20.13 lakh warrants at ₹864 each, demonstrating strong investor confidence. The promoter holding is relatively low at 6.54%, which provides significant room for institutional and retail investor participation.
The country is witnessing rapid import substitution, increased domestic production, and growing exports, leading to an inflow of higher indigenous orders to defence PSUs. Private players like Astra may also benefit from the flowdown of these orders. The Union Budget FY25 allocated ₹6.81 lakh Crore for defence, up from ₹6.22 lakh Crore in the previous year.
Astra today has an array of assembly and test facilities that include 3 Automatic assembly lines for PCBA assembly, 5 class 10K clean rooms, functional test infrastructure that extends from 30MHz up to 40GHz, in-house Environment test facilities. Astra Microwave Products Ltd started working on space-related projects in 2003 and a separate working group was created for this purpose at its research and development facility located at Hardware Park, Hyderabad. The space group provides a total solution from design to delivery of the screened components/subsystems under one roof.
The company's technological capabilities extend to specialized applications. In collaboration with ISRO, Astra has installed and developed automatic weather stations (AWS) within more than 1,200 remote Indian locations, where various data parameters can be recorded, such as atmospheric pressure, solar radiation levels, wind-speed, rainfall, and temperature. The stations send locally collected data to a central location using a satellite with Astra's transmitter, data logger, and uplink antenna.
Over the last 3 years, Astra Microwave Products Ltd share price has moved up by 435.72% on BSE, reflecting strong investor confidence in the company's growth prospects and strategic positioning in India's expanding defence and space sectors.
