Astra Microwave Products Ltd.

•

astramwp.comBSE: 532493NSE: ASTRAMICRO

Market Cap₹ 15,931 Cr.

Current Price

High / Low₹ 1,960 / 851

Stock P/E84.3

Book Value₹ 135

Price to Book6.35

Dividend Yield0.14 %

ROCE20.3 %

ROE16.3 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 46.2% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Operating margins have improved to 28.7% from 18.8%
Institutional investors have been accumulating - FII+DII up 6.0pp
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.25x)
Operating cash flow has been negative in recent years
Valuation is stretched - P/E of 84.3 is well above its own 5-year median (41.8)
Stock is trading at 6.3x its book value
Though reporting repeated profits, the company pays out little dividend (11.8%)
Expensive relative to growth - PEG of 2.1

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsAerospace & Defense

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	HAL	4898.75	35.15	327616.15	0.92	1589.66	14.88	5515.17	14.45	31.99	27.89
2.	BEL	405.50	48.23	296411.53	0.62	1054.53	8.82	5546.98	24.94	36.68	25.22
3.	BDL	1190.50	83.80	43639.27	0.41	118.79	547.36	572.24	147.63	13.91	14.52
4.	DATAPATTNS	4832.90	3517.81	27056.49	0.21	220.60	765.10	1160.30	1068.13	23.18	27.04
5.	ASTRAMICRO	1677.95	84.27	15931.30	0.14	12.35	-24.12	176.66	-11.55	20.29	20.40
6.	APOLLO	421.95	129.24	15679.64	0.06	252.16	1325.84	2512.93	1781.17	14.52	21.38
7.	ZENTEC	1722.85	86.35	15556.12	0.06	31.85	-39.99	141.64	-10.48	16.83	27.13
8.	AEQUS	226.05	304.43	15160.40	0.00	-532.28	-6067.26	3955.45	1486.69	1.50	4.47
9.	PARAS	1433.00	122.27	11548.16	0.07	20.74	45.34	127.91	37.26	18.68	24.95
10.	UNIMECH	1609.30	113.74	8191.66	0.00	27.86	45.70	107.62	70.85	12.10	36.35
11.	AXISCADES	1831.10	214.34	7788.31	0.00	-14.76	-170.76	183.35	-24.77	14.56	4.73
12.	CENTUM	4210.75	125.27	6215.92	0.12	10.55	135.70	204.15	-22.53	26.02	11.54

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	134	190	231	354	155	230	259	408	200	215	260	488	177
	131	148	165	273	131	180	182	288	159	167	178	326	166
Operating Profit	3	42	66	81	24	49	76	120	41	48	83	162	10
OPM %	2.30%	21.91%	28.63%	22.80%	15.47%	21.45%	29.48%	29.31%	20.51%	22.30%	31.71%	33.27%	5.86%
	2	3	4	3	2	2	2	11	3	6	3	7	2
Interest	7	6	8	9	10	13	15	19	15	13	13	14	11
Depreciation	6	6	7	6	8	6	10	11	9	10	11	13	12
Profit before Tax	-8	33	55	68	7	33	54	100	20	30	61	142	16
Tax %	17.93%	25.77%	25.69%	24.99%	28.78%	25.46%	26.17%	25.57%	24.58%	28.22%	31.68%	24.69%	21.52%
Net Profit	0	0	0	0	7	25	47	73	16	24	47	106	12
	-0.73	3.16	4.57	5.73	0.76	2.67	5.00	7.74	1.71	2.52	4.93	11.16	1.30

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	390	362	293	467	641	750	816	909	1,051	1,163	1,140
	287	249	261	378	561	661	667	717	788	829	837
Operating Profit	103	114	32	89	80	90	148	192	263	334	303
OPM %	26.45%	31.34%	11.03%	19.00%	12.44%	11.94%	18.16%	21.13%	25.04%	28.74%	26.60%
	6	9	25	12	11	6	5	12	24	18	18
Interest	15	15	13	15	26	21	31	32	57	56	52
Depreciation	24	27	29	26	24	22	24	25	35	44	46
Profit before Tax	70	80	13	59	39	50	96	159	204	261	249
Tax %	17.42%	23.39%	26.92%	25.53%	25.15%	24.58%	27.22%	23.86%	24.65%	26.00%	26.64%
Net Profit	58	61	10	44	29	38	70	121	154	193	183
EPS	6.65	7.05	1.13	5.08	3.33	4.37	8.06	12.75	16.17	20.32	—
Dividend Payout %	15.10%	16.88%	22.18%	23.60%	36.02%	32.02%	19.85%	15.68%	13.61%	11.81%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 13%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 46%
3 Years:: 40%

STOCK PRICE CAGR

10 Years:: 31%
5 Years:: 58%
3 Years:: 62%
1 Year:: 66%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 13%
3 Years:: 15%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	17	17	17	17	17	17	17	19	19	19
	433	484	482	523	541	568	625	947	1,079	1,252
	131	36	7	55	122	99	238	280	456	336
Trade Payables	18	15	25	61	38	55	46	84	77	114
	65	140	88	260	235	239	161	238	248	328
Total Liabilities	664	691	620	916	953	979	1,088	1,567	1,880	2,049
	150	194	178	161	153	160	167	170	229	267
Capital Work in Progress	37	1	2	12	0	0	2	13	3	9
	57	126	35	26	30	14	11	24	32	50
	130	107	140	284	330	419	419	515	616	616
	0	0	0	0	0	0	0	505	786	688
Cash & Bank	2	30	28	53	43	77	111	131	98	253
	288	234	237	380	398	309	378	210	115	166
Total Assets	664	691	620	916	953	979	1,088	1,567	1,880	2,049

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31	194	13	11	-17	135	0	-182	-90	387
Cash from Investing	-123	-94	85	-30	-1	-26	-28	-44	-76	-85
Cash from Financing	46	-65	-98	37	34	-79	75	232	141	-196
	-63	20	-12	-1	8	10	21	7	-25	106

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	6.54	6.54	6.54	6.54	6.54	6.54	6.54	6.54	6.54
	4.67	5.69	5.19	5.30	6.47	6.47	6.26	7.56	10.74
	13.57	14.98	15.36	15.30	14.36	14.55	14.75	15.42	16.09
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	75.23	72.79	72.91	72.86	72.63	72.45	72.44	70.48	66.63

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Credit Rating

2026-08-31 - Astra Microwave Products Limited has informed the Exchange about Credit Rating

2026-08-24

Copy of Newspaper Publication

2026-08-24 - Astra Microwave Products Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-22

General Updates

2026-08-22 - Letter to shareholders in relation to Notice and Annual Report of the Company for FY 2025-26

2026-08-22

Shareholders meeting

2026-08-22 - Astra Microwave Products Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-19

General Updates

2026-08-19 - Astra Microwave Products Limited has informed the Exchange about General Updates

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Astra Microwave Products Limited has informed the Exchange about Transcript

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Astra Microwave Products Limited has informed the Exchange about Schedule of meet

2026-08-11

Copy of Newspaper Publication

2026-08-11 - Astra Microwave Products Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Astra Microwave Products Limited has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for ASTRAMICRO

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Astra Microwave Products Ltd.

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Name

HAL

4898.75

35.15

327616.15

0.92

1589.66

14.88

5515.17

14.45

31.99

27.89

BEL

405.50

48.23

296411.53

0.62

1054.53

8.82

5546.98

24.94

36.68

25.22

BDL

1190.50

83.80

43639.27

0.41

118.79

547.36

572.24

147.63

13.91

14.52

DATAPATTNS

4832.90

3517.81

27056.49

0.21

220.60

765.10

1160.30

1068.13

23.18

27.04

ASTRAMICRO

1677.95

84.27

15931.30

0.14

12.35

-24.12

176.66

-11.55

20.29

20.40

APOLLO

421.95

129.24

15679.64

0.06

252.16

1325.84

2512.93

1781.17

14.52

21.38

ZENTEC

1722.85

86.35

15556.12

0.06

31.85

-39.99

141.64

-10.48

16.83

27.13

AEQUS

226.05

304.43

15160.40

0.00

-532.28

-6067.26

3955.45

1486.69

1.50

4.47

PARAS

1433.00

122.27

11548.16

0.07

20.74

45.34

127.91

37.26

18.68

24.95

UNIMECH

1609.30

113.74

8191.66

0.00

27.86

45.70

107.62

70.85

12.10

36.35

AXISCADES

1831.10

214.34

7788.31

0.00

-14.76

-170.76

183.35

-24.77

14.56

4.73

CENTUM

4210.75

125.27

6215.92

0.12

10.55

135.70

204.15

-22.53

26.02

11.54

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

134

190

231

354

155

230

259

408

200

215

260

488

177

131

148

165

273

131

180

182

288

159

167

178

326

166

Operating Profit

120

162

OPM %

2.30%

21.91%

28.63%

22.80%

15.47%

21.45%

29.48%

29.31%

20.51%

22.30%

31.71%

33.27%

5.86%

Interest

Depreciation

Profit before Tax

-8

100

142

Tax %

17.93%

25.77%

25.69%

24.99%

28.78%

25.46%

26.17%

25.57%

24.58%

28.22%

31.68%

24.69%

21.52%

Net Profit

106

-0.73

3.16

4.57

5.73

0.76

2.67

5.00

7.74

1.71

2.52

4.93

11.16

1.30

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

390

362

293

467

641

750

816

909

1,051

1,163

1,140

287

249

261

378

561

661

667

717

788

829

837

Operating Profit

103

114

148

192

263

334

303

OPM %

26.45%

31.34%

11.03%

19.00%

12.44%

11.94%

18.16%

21.13%

25.04%

28.74%

26.60%

Interest

Depreciation

Profit before Tax

159

204

261

249

Tax %

17.42%

23.39%

26.92%

25.53%

25.15%

24.58%

27.22%

23.86%

24.65%

26.00%

26.64%

Net Profit

121

154

193

183

EPS

6.65

7.05

1.13

5.08

3.33

4.37

8.06

12.75

16.17

20.32

—

Dividend Payout %

15.10%

16.88%

22.18%

23.60%

36.02%

32.02%

19.85%

15.68%

13.61%

11.81%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

433

484

482

523

541

568

625

947

1,079

1,252

131

122

238

280

456

336

Trade Payables

114

140

260

235

239

161

238

248

328

Total Liabilities

664

691

620

916

953

979

1,088

1,567

1,880

2,049

150

194

178

161

153

160

167

170

229

267

Capital Work in Progress

126

130

107

140

284

330

419

515

616

505

786

688

Cash & Bank

111

131

253

288

234

237

380

398

309

378

210

115

166

Total Assets

664

691

620

916

953

979

1,088

1,567

1,880

2,049

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

194

-17

135

-182

-90

387

Cash from Investing

-123

-94

-30

-1

-26

-28

-44

-76

-85

Cash from Financing

-65

-98

-79

232

141

-196

-63

-12

-1

-25

106

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

6.54

4.67

5.69

5.19

5.30

6.47

6.26

7.56

10.74

13.57

14.98

15.36

15.30

14.36

14.55

14.75

15.42

16.09

Government

0.00

75.23

72.79

72.91

72.86

72.63

72.45

72.44

70.48

66.63

Astra Microwave Products Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Astra Microwave Products Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI