Astra Microwave Products Ltd
Astra Microwave Products is engaged in the business of design, development and manufacture of sub-systems for Radio Frequency and microwave systems used in defense, space, meteorology and telecommunication.
- Market Cap ₹ 9,275 Cr.
- Current Price ₹ 977
- High / Low ₹ 1,196 / 584
- Stock P/E 57.6
- Book Value ₹ 122
- Dividend Yield 0.23 %
- ROCE 18.7 %
- ROE 14.4 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 28.6% CAGR over last 5 years
Cons
- Stock is trading at 7.98 times its book value
- Promoter holding is low: 6.54%
- Company has a low return on equity of 13.9% over last 3 years.
- Company has high debtors of 273 days.
- Company's cost of borrowing seems high
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 523 | 622 | 406 | 390 | 362 | 293 | 467 | 641 | 750 | 816 | 909 | 1,051 | 1,081 | |
| 434 | 507 | 305 | 286 | 249 | 263 | 380 | 564 | 663 | 670 | 717 | 782 | 797 | |
| Operating Profit | 89 | 116 | 101 | 103 | 114 | 31 | 88 | 77 | 87 | 145 | 192 | 269 | 283 |
| OPM % | 17% | 19% | 25% | 27% | 31% | 10% | 19% | 12% | 12% | 18% | 21% | 26% | 26% |
| 8 | 6 | 9 | 6 | 8 | 25 | 12 | 11 | 6 | 5 | 24 | 27 | 33 | |
| Interest | 12 | 15 | 14 | 15 | 15 | 13 | 15 | 26 | 21 | 31 | 32 | 57 | 62 |
| Depreciation | 15 | 22 | 24 | 24 | 27 | 29 | 26 | 24 | 22 | 24 | 25 | 35 | 40 |
| Profit before tax | 70 | 85 | 71 | 70 | 80 | 13 | 59 | 39 | 50 | 96 | 159 | 204 | 214 |
| Tax % | 27% | 26% | 21% | 17% | 23% | 27% | 26% | 25% | 25% | 27% | 24% | 25% | |
| 51 | 63 | 56 | 58 | 61 | 10 | 44 | 29 | 38 | 70 | 121 | 154 | 161 | |
| EPS in Rs | 6.21 | 7.67 | 6.50 | 6.65 | 7.05 | 1.13 | 5.08 | 3.33 | 4.37 | 8.06 | 12.75 | 16.17 | 16.97 |
| Dividend Payout % | 18% | 16% | 18% | 15% | 17% | 22% | 24% | 36% | 32% | 20% | 16% | 14% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 18% |
| 3 Years: | 12% |
| TTM: | 11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 29% |
| 3 Years: | 58% |
| TTM: | 24% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 55% |
| 3 Years: | 45% |
| 1 Year: | 30% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 11% |
| 3 Years: | 14% |
| Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 19 | 19 | 19 |
| Reserves | 225 | 275 | 382 | 433 | 484 | 482 | 523 | 541 | 568 | 625 | 947 | 1,079 | 1,144 |
| 61 | 92 | 70 | 138 | 95 | 17 | 60 | 122 | 70 | 186 | 238 | 424 | 278 | |
| 263 | 111 | 82 | 61 | 80 | 99 | 296 | 265 | 313 | 228 | 270 | 329 | 326 | |
| Total Liabilities | 565 | 495 | 551 | 649 | 676 | 615 | 895 | 945 | 969 | 1,057 | 1,474 | 1,851 | 1,766 |
| 126 | 142 | 137 | 150 | 194 | 178 | 161 | 153 | 160 | 167 | 170 | 229 | 227 | |
| CWIP | 0 | 0 | 1 | 37 | 1 | 2 | 12 | 0 | 0 | 2 | 13 | 3 | 1 |
| Investments | 2 | 0 | 0 | 57 | 126 | 35 | 26 | 30 | 14 | 11 | 24 | 32 | 36 |
| 436 | 354 | 413 | 405 | 355 | 400 | 696 | 762 | 795 | 877 | 1,267 | 1,587 | 1,501 | |
| Total Assets | 565 | 495 | 551 | 649 | 676 | 615 | 895 | 945 | 969 | 1,057 | 1,474 | 1,851 | 1,766 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -26 | -5 | 59 | 14 | 179 | 1 | -7 | -25 | 115 | -25 | -182 | -90 | |
| -14 | -28 | -18 | -123 | -94 | 85 | -30 | -1 | -26 | -28 | -44 | -76 | |
| 0 | 11 | 21 | 46 | -65 | -98 | 37 | 34 | -79 | 75 | 232 | 141 | |
| Net Cash Flow | -39 | -22 | 62 | -63 | 20 | -12 | -1 | 8 | 10 | 21 | 7 | -25 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 66 | 159 | 206 | 192 | 239 | 195 | 152 | 100 | 127 | 203 | 273 |
| Inventory Days | 166 | 149 | 208 | 252 | 266 | 314 | 390 | 270 | 290 | 295 | 344 | 389 |
| Days Payable | 235 | 65 | 69 | 34 | 36 | 55 | 84 | 31 | 38 | 32 | 56 | 48 |
| Cash Conversion Cycle | 23 | 150 | 299 | 424 | 421 | 498 | 501 | 391 | 352 | 390 | 491 | 614 |
| Working Capital Days | 54 | 97 | 218 | 231 | 154 | 306 | 211 | 182 | 174 | 180 | 269 | 283 |
| ROCE % | 30% | 29% | 20% | 16% | 15% | 3% | 13% | 10% | 11% | 17% | 19% | 19% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 2d
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Change In The Name Of The Wholly Owned Subsidiary Of The Company
18 Nov - Wholly-owned subsidiary Bhavyabhanu Electronics renamed Astra Defence Technologies Private Limited, effective 18 November 2025.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Nov
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 13 Nov
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Statement Of Deviation Or Variation Of Funds Under Regulation 32 Of SEBI (LODR) Regulations, 2015.
13 Nov - No deviation in use of Rs 43,49,99,160 preferential issue proceeds raised 30-06-2025.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Concalls
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Nov 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Jan 2023TranscriptNotesPPT
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Nov 2020TranscriptPPT
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Nov 2019TranscriptPPT
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Nov 2018TranscriptPPT
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Nov 2017TranscriptPPT
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Nov 2016TranscriptPPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
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Feb 2016TranscriptPPT
Products & Applications
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. [1]