Astra Microwave Q1 FY27 Results (NSE: ASTRAMICRO)
Signal: Revenue declined
The read
Q1FY27 marks a sharp sequential reset: consolidated revenue fell 63.8% QoQ to ₹17,666.22 lakh and estimated EBITDA margin fell to 19.8% from approximately 34.2% in Q4FY26, while the ₹2,849.09 crore order book and ₹431.91 crore of quarterly bookings support medium-term visibility but do not yet prevent lumpy execution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹176.66 Cr | -11.6% | -63.8% |
| Net profit | ₹12.35 Cr | -24.1% | |
| EPS | ₹1.3 | -24.0% | |
| EBIT margin | 19.8% |
P&L walk
Consolidated revenue of ₹17,666.22 lakh declined 11.6% YoY and 63.8% QoQ, while EBITDA margin fell to 19.8% from an estimated 21.5% YoY and 34.2% in Q4FY26; the decline reflects lower operating throughput and a weaker cost absorption profile, while PAT also absorbed a ₹298.10 lakh share of profit from joint ventures and associates.
Segments
The group reports one RF and microwave products segment, so no segment-level momentum split is disclosed; consolidated PAT of ₹1,234.83 lakh was ₹252.58 lakh above standalone PAT of ₹982.25 lakh, indicating a positive subsidiary/JV/associate contribution.
Key positives
- Consolidated order book was ₹2,849.09 crore, or approximately 16.1 times Q1FY27 consolidated revenue, including ₹243.67 crore of service orders.
- Group orders booked during Q1FY27 were ₹431.91 crore versus standalone bookings of ₹194.28 crore, showing stronger order capture at the consolidated level.
- Consolidated gross margin was approximately 48.0%, up 86bps YoY, despite raw material cost increasing to 77.5% of revenue from approximately 66.0% YoY; the filing does not disclose the driver.
Key concerns
- Consolidated revenue fell 63.8% QoQ to ₹17,666.22 lakh and estimated EBITDA margin compressed by approximately 1,440bps QoQ to 19.8%, reinforcing the business's execution lumpiness.
- Consolidated PAT declined 24.1% YoY to ₹1,234.83 lakh despite the large order book, highlighting the lag between order intake and reported conversion.
- The proposed demerger of the Space, Meteorology and Hydrology business remains pending approvals, creating execution and restructuring uncertainty around the future portfolio.
- The Managing Director and director will cease office on September 30, 2026, with the Joint Managing Director appointed effective October 1, 2026 subject to shareholder approval.
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