Press release mentions 10-15% top-line growth while presentation says 15-20%; which is correct?

In excess of 15%, that is 15% to 20% growth, is the right one.

What is the execution timeline and revenue booking for the Uttam Radar order?

Execution period is about 5 years; Phase 1 of 12 systems by September 2027, then average 25+ systems per year; possible total completion by FY31.

What is the margin range going forward given new product introductions?

Management expects to maintain current margin trajectory but declines to commit, citing product mix and lifecycle profitability factors.

Does the 5-6 year guidance imply cumulative execution of ₹17,000-18,000 Cr and what larger orders come beyond the ₹8,000-9,000 Cr intake?

Management says there is confusion; the ₹8,000-10,000 Cr order intake is to be executed over 5-6 years and offers one-to-one clarity later.

Can you detail the satellite and space business plans?

Will provide structured detail in the next few quarters; building own satellite to launch within first six months of the new entity listing as part of a constellation.

What are the key projects expected to execute in FY27?

HISAR, Su-30 Virupaksha, AAAU, BEL FOPM orders for QRSAM, Atulya, BEL Hyderabad EW orders, about ₹100 Cr of space execution, and some metrology orders.

What can the working capital cycle be for FY27?

No significant change expected versus FY26; Q1/Q2 generally better, Q3/Q4 pressure builds; clearer update expected by end Q3.

Any full-year EBITDA margin guidance?

Margins should be similar to last year with a positive delta increase expected.

Astra Microwave Q1 FY27 Earnings Call — Analysis (NSE: ASTRAMICRO)

Astra Microwave lands its single-largest order—₹2,205 Cr from HAL for Uttam Radar critical subsystems—taking the order book to a record ₹4,300 Cr as on date, while Q1 revenue stays modest at ₹182 Cr.

17 Aug 2026 · Analysis by Alpha Inflection

Result quality: poor — Revenue declined. Management sentiment: cautious.

The take

Q1FY27 revenue ₹182 Cr . New guidance — FY27 fy27 standalone revenue more than 15% YoY; about ₹1,350 Cr ±₹25 Cr .

Results

Q1FY27 revenue was ₹182 Cr with profitability described as modest due to customer-approval and last-stage technical delays; standalone order book stood at ₹2,156 Cr and consolidated order book at ₹2,849 Cr.

Financial highlights

Astra Microwave Q1 FY27 reported figures
Metric	Value	Basis
Q1FY27 revenue	₹182 Cr	none · Q1FY27 · reported; management did not state a YoY change
Standalone order book	₹2,156 Cr	point_in_time · Q1FY27 · as of Q1FY27 quarter end
Consolidated order book	₹2,849 Cr	point_in_time · Q1FY27 · as of Q1FY27 quarter end; includes service orders of ₹244 Cr
HAL Uttam Radar order	₹2,205 Cr	point_in_time · Q1FY27 · July 2026; about ₹1,870 Cr excluding GST
Total order book as on date	₹4,300 Cr	point_in_time · Q1FY27 · as on Aug 2026
Q1FY27 order bookings	₹185 Cr	none · Q1FY27 · new orders booked in Q1FY27
Astra Rafael Comsys order book	₹836 Cr	point_in_time · Q1FY27 · as on Aug 2026

Guidance

FY27 revenue is guided to >15% YoY (~₹1,350 Cr ±₹25 Cr), FY28 revenue to ~₹1,600 Cr ±₹50 Cr, and order intake over the next 3-4 years to at least ₹8,000-9,000 Cr for execution over 5-6 years.

What management committed to

[Astra Microwave] is targeting a top line growth of more than 15% year-on-year, resulting into about ₹1,350 Cr for FY27, with Atim Kabra later bracketing this as plus/minus ₹25 Cr. — more than 15% YoY; about ₹1,350 Cr ±₹25 Cr, FY27
Next year [FY28], [Astra Microwave] is looking at about ₹1,600 Cr plus/minus ₹50 Cr. — about ₹1,600 Cr ±₹50 Cr, FY28
[Astra Microwave] has guided to book an order book of about ₹1,600 Cr for the entire financial year [FY27]. — about ₹1,600 Cr, FY27
[Astra Microwave] expects in the next 5 years or so to do at least 6 to 7x [its] last year's annual turnover of ₹1,057 Cr. — at least 6 to 7x FY26 turnover, FY31
[Astra Microwave's] order intake over the next 3 to 4 years should be in the region of at least ₹8,000 Cr to ₹9,000 Cr to be executed over the next 5 to 6 years. — at least ₹8,000 Cr to ₹9,000 Cr, FY30
The [July 2026 HAL Uttam Radar ₹2,205 Cr order] has an execution period of about 5 years; Phase 1 of 12 numbers must be completed by September 2027, and thereafter [Astra Microwave] expects to execute an average of 25+ numbers per year, possibly completing total quantity by FY31 rather than FY32. — 5-year execution; 12 by Sep-2027; 25+ per year; completion by FY31/FY32, FY32
[Astra Microwave] has emerged as the lowest bidder in AAAU of the AMCA program and expects to get this contract in about a month's time. — lowest bidder; contract expected in a month, Q2FY27

Key themes

Record order book and indigenous program visibility

Operational commentary

Secured ₹2,205 Cr HAL order for Uttam Radar critical subsystems, the single-largest order in company history; execution is phased with 12 units by Sep-2027 and completion targeted before FY32, possibly by FY31.
Emerged as L1 bidder for the AAAU of the AMCA radar program; management expects contract award in about a month.
Booked ₹185 Cr of new orders in Q1FY27, including a ₹45 Cr Bharat Electronics MMIC chipset order and contracts from BDL and Space Application Center.
Astra Rafael Comsys JV performed well with an order book of ₹836 Cr and FY27 sales planned at ₹360 Cr.
Conducted first-of-kind technology demonstrations in Jalandhar for electromagnetic wall and vehicle-mounted anti-drone system; these own-IP products are not yet included in guidance.
Plans to spin off Space and Weather divisions into a separate listed entity, expected to operate independently from April 1, 2027; first-year guidance is ₹300+ Cr revenue with 18-20% PBT margin.
Delivered high-technology systems across radar and EW programs including RF 5G, Ashlesha, Rohini, MPR, Shakti and Nayan.
Strengthened execution and supply-chain organization with new CTO, quality head, purchase head, HR head, sales head and R&D domain heads; SAP/HANA migration completed.
Doppler weather radar franchise has supplied 45+ radars to IMD; Mission Mausam orders expected in FY27 with multi-year execution visibility.

Analyst Q&A

Q. Press release mentions 10-15% top-line growth while presentation says 15-20%; which is correct?
In excess of 15%, that is 15% to 20% growth, is the right one.
Q. What is the execution timeline and revenue booking for the Uttam Radar order?
Execution period is about 5 years; Phase 1 of 12 systems by September 2027, then average 25+ systems per year; possible total completion by FY31.
Q. What is the margin range going forward given new product introductions?
Management expects to maintain current margin trajectory but declines to commit, citing product mix and lifecycle profitability factors.
Q. Does the 5-6 year guidance imply cumulative execution of ₹17,000-18,000 Cr and what larger orders come beyond the ₹8,000-9,000 Cr intake?
Management says there is confusion; the ₹8,000-10,000 Cr order intake is to be executed over 5-6 years and offers one-to-one clarity later.
Q. Can you detail the satellite and space business plans?
Will provide structured detail in the next few quarters; building own satellite to launch within first six months of the new entity listing as part of a constellation.
Q. What are the key projects expected to execute in FY27?
HISAR, Su-30 Virupaksha, AAAU, BEL FOPM orders for QRSAM, Atulya, BEL Hyderabad EW orders, about ₹100 Cr of space execution, and some metrology orders.
Q. What can the working capital cycle be for FY27?
No significant change expected versus FY26; Q1/Q2 generally better, Q3/Q4 pressure builds; clearer update expected by end Q3.
Q. Any full-year EBITDA margin guidance?
Margins should be similar to last year with a positive delta increase expected.
Q. Is BrahMos factored into the order inflow projections?
Only existing production orders are factored; the new NG seeker development is not factored and is a possible upside.
Q. Was the Q1 revenue decline due to deferred revenue?
Some programs were delayed by inspection, specification-proving and supply-chain issues; material is now largely received and coverage is expected in Q3/Q4; FY27 guidance remains confident.

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