Astra Microwave Products Ltd.

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astramwp.comBSE: 532493NSE: ASTRAMICRO

Market Cap₹ 15,931 Cr.

Current Price

High / Low₹ 1,960 / 851

Stock P/E91.2

Book Value₹ 132

Price to Book6.47

Dividend Yield0.14 %

ROCE19.5 %

ROE15.2 %

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 49.4% CAGR over last 5 years
Operating margins have improved to 28.1% from 19.3%
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 0.21x)
Operating cash flow has been negative in recent years
Valuation is stretched - P/E of 91.2 is well above its own 5-year median (45.4)
Stock is trading at 6.5x its book value
Growth is decelerating - 3Y profit CAGR (32.4%) trails the 5Y trend (49.4%)
Though reporting repeated profits, the company pays out little dividend (12.8%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	133	189	230	353	154	229	257	405	197	213	258	487	176
	128	147	163	272	131	180	182	285	159	167	178	327	165
Operating Profit	5	42	67	80	23	49	75	120	38	46	80	160	11
OPM %	3.48%	22.02%	29.06%	22.83%	15.10%	21.37%	29.06%	29.57%	19.48%	21.68%	30.94%	32.82%	6.10%
	2	4	4	3	2	2	2	11	3	6	3	7	2
Interest	7	6	8	9	10	12	15	19	14	13	13	14	11
Depreciation	6	6	7	6	8	6	9	11	9	10	11	13	12
Profit before Tax	-6	33	56	68	7	33	53	101	17	29	59	140	13
Tax %	24.56%	25.30%	25.20%	25.77%	27.46%	25.16%	26.80%	25.51%	24.70%	27.85%	34.40%	24.73%	25.38%
Net Profit	-4	25	42	50	5	24	39	75	13	21	39	105	10
	-0.47	2.62	4.43	5.31	0.55	2.58	4.07	7.91	1.37	2.18	4.09	11.09	1.03

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	391	357	286	462	589	735	807	904	1,044	1,156	1,135
	285	245	253	372	523	648	657	710	784	831	838
Operating Profit	105	112	33	90	66	87	150	194	261	325	297
OPM %	26.94%	31.40%	11.65%	19.47%	11.26%	11.87%	18.56%	21.44%	24.95%	28.10%	26.15%
	6	8	24	12	12	7	6	12	24	19	19
Interest	15	15	13	14	24	20	29	30	57	55	51
Depreciation	24	27	29	25	23	22	23	25	35	43	45
Profit before Tax	73	79	17	63	31	53	103	152	193	245	241
Tax %	17.16%	23.11%	25.13%	24.45%	23.68%	23.61%	25.52%	25.49%	25.88%	27.43%	27.51%
Net Profit	60	61	13	47	24	40	77	113	143	178	175
EPS	6.95	7.01	1.45	5.47	2.76	4.65	8.85	11.90	15.10	18.73	—
Dividend Payout %	14.39%	17.13%	17.27%	21.96%	43.43%	30.10%	18.08%	16.81%	14.57%	12.81%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 14%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 49%
3 Years:: 32%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 12%
3 Years:: 14%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	434	484	486	530	543	572	636	949	1,071	1,229
	125	34	5	47	100	88	222	269	451	336
Trade Payables	19	14	22	38	35	53	44	88	76	116
	65	139	88	247	226	237	160	236	247	323
Total Liabilities	660	689	618	879	922	968	1,078	1,561	1,864	2,023
	148	193	176	158	151	158	165	169	228	262
Capital Work in Progress	37	1	2	12	0	0	2	13	0	9
	63	131	44	37	50	37	37	38	38	48
	127	104	130	226	291	402	396	505	608	609
	0	0	0	0	0	0	0	503	783	687
Cash & Bank	1	29	25	51	38	70	104	126	93	243
	284	232	239	395	393	301	374	207	115	165
Total Assets	660	689	618	879	922	968	1,078	1,561	1,864	2,023

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	37	189	13	13	-3	121	4	-187	-99	376
Cash from Investing	-126	-95	84	-27	-4	-27	-28	-43	-73	-86
Cash from Financing	41	-59	-99	32	21	-67	76	234	142	-196
	-64	21	-14	0	7	7	26	3	-30	94

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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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