Astra Microwave Products Ltd. (ASTRAMICRO) AI Stock Analysis

• Market Cap: ₹93.64B
• Dividend Yield: 0.24%
• Average Volume (3M): 50.19K
• Price to Earnings (P/E): 58.1
• Beta (1Y): 1.20
• Revenue Growth: 11.44%
• EPS Growth: 23.56%
• Country: IN
• Employees: 1,469
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 2.50
• Shares Outstanding: 94,945,010
• 10 Day Avg. Volume: 42,130
• 30 Day Avg. Volume: 50,189
• PEG Ratio: 1.65
• Price to Book (P/B): 5.94
• Price to Sales (P/S): 6.20
• P/FCF Ratio: -40.15
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,300.00
• Price Target Upside: 29.95% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: ₹944.00 ▼(-5.64% Downside)

Astra Microwave Products Ltd. has strong financial performance with robust revenue growth and profitability improvements. However, significant challenges in cash flow management and bearish technical indicators weigh heavily on the stock. Additionally, the stock appears overvalued with a high P/E ratio and low dividend yield, making it less attractive for value-focused investors.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion and stability.

Profitability Improvements

Improving profit margins reflect enhanced operational efficiency and cost management, which can lead to sustainable profitability over time.

Balance Sheet Health

A strong balance sheet with increasing equity indicates financial robustness and the ability to invest in future growth opportunities.

Negative Factors

Cash Flow Management

Persistent negative cash flow suggests challenges in converting revenue into cash, potentially impacting liquidity and investment capacity.

Leverage Levels

Rising leverage, while still manageable, could increase financial risk and interest obligations, affecting future financial flexibility.

Free Cash Flow Issues

Negative free cash flow highlights potential inefficiencies in capital allocation and may limit the company's ability to fund new projects internally.

Astra Microwave Products Ltd. Business Overview & Revenue Model

Company Description

Astra Microwave Products Limited designs, develops, manufactures, and sells sub-systems for radio frequency and microwave systems used in defense, space, meteorology, and telecommunication applications in India. It offers radar electronics, including active antenna array units, TR modules, wideband TR modules, solid state power amplifiers, receiver exciters, central units, antenna beam forming units, all receiver subsystems, array group and monopulse receivers, waveform generators, and MMIC; electronic warfare comprising antennas, EDLVA and BLI super components, EW simulators, DIFM receivers, front end receivers, up/down convertors, and homodyne receivers; and strategic electronics and telemetry, such as command guidance units, radio proximity fuze, phased array based telemetry tracking system, sub-systems for gimbal based and AESA seeker, ground and air-borne data link systems, data and video telemetry transmitters, transponders, encoders and decoders, and telemetry receivers, as well as L, S, C, and X-Band transponders. The company also provides ground-based systems consisting of sub-systems for multi-object, tracking radar, coherent frequency generators, L-band modulators, 8x8 switchable routers for earth station, V/UHF T/R modules for ST radar, and Ka-band indoor/outdoor units; S-level (on-board) / flight model systems, which includes sub-systems for SAR payloads, geostationary satellites, and remote sensing satellites; water level measurement, agromet meteorological stations, automatic rain gauge, automatic weather stations, mini boundary layer masts, 50m tower masts, and agro met towers; and perimeter surveillance system and non-linear junction detector. In addition, it offers MMIC testing and assembly, and contract manufacturing services, as well as products for homeland security. The company also exports its products. Astra Microwave Products Limited was incorporated in 1991 and is based in Hyderabad, India.

How the Company Makes Money

Astra Microwave Products Ltd. generates revenue primarily through the sale of its RF and microwave components and systems to various sectors, including defense, space, and telecommunications. The company earns money by engaging in contracts with government defense organizations, private defense contractors, and commercial enterprises that require advanced RF and microwave technology solutions. Key revenue streams include the manufacturing and supply of customized components and systems for radar and communication applications. Additionally, Astra Microwave Products leverages partnerships with global defense and aerospace companies to expand its market reach and enhance its product offerings, which contributes significantly to its earnings.

Astra Microwave Products Ltd. Financial Statement Overview

Summary

Astra Microwave Products Ltd. demonstrates strong revenue growth and improved profitability, as reflected in its income statement. The balance sheet is robust, with increasing equity and manageable leverage levels. However, cash flow management remains a concern, with negative operating and free cash flows suggesting the need for better cash conversion strategies.

Income Statement

Astra Microwave Products Ltd. has shown impressive growth with total revenue increasing each year, reaching 10.69 billion in 2025. The Gross Profit Margin has improved significantly from 43.18% in 2020 to 45.97% in 2025. The Net Profit Margin also saw an increase from 9.43% in 2020 to 14.36% in 2025. EBIT and EBITDA margins have consistently improved, indicating strong operational efficiency. Overall, the income statement reflects strong revenue growth and improving profitability.

Balance Sheet

The company's balance sheet shows a healthy increase in Stockholders' Equity from 5.40 billion in 2020 to 10.98 billion in 2025, indicating strong shareholder value growth. The Debt-to-Equity Ratio increased from 0.11 in 2020 to 0.39 in 2025, suggesting higher leverage but still at manageable levels. The Equity Ratio has remained stable, showcasing a strong equity position. The Return on Equity improved from 8.15% in 2020 to 13.98% in 2025, highlighting improved profitability for shareholders.

Cash Flow

The cash flow statement reveals challenges in cash generation, as operating cash flow has been negative for several years, reaching -901.47 million in 2025. Free Cash Flow has also been negative, indicating issues with cash flow management despite revenue growth. The Free Cash Flow to Net Income Ratio indicates a need to improve cash conversion efficiency. However, there has been a significant improvement in Free Cash Flow from 2024 to 2025.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.96B	10.51B	9.09B	8.16B	7.52B	6.46B
Gross Profit	4.81B	4.56B	3.45B	2.82B	2.09B	1.88B
EBITDA	2.80B	2.66B	1.90B	1.47B	934.25M	924.05M
Net Income	1.63B	1.54B	1.21B	698.29M	378.71M	288.52M
Balance Sheet
Total Assets	0.00	18.51B	14.74B	10.57B	9.69B	9.45B
Cash, Cash Equivalents and Short-Term Investments	981.69M	981.69M	1.26B	1.06B	760.17M	682.40M
Total Debt	0.00	4.24B	2.38B	1.85B	704.03M	1.22B
Total Liabilities	-10.98B	7.53B	5.08B	4.14B	3.83B	3.87B
Stockholders Equity	10.98B	10.98B	9.66B	6.43B	5.86B	5.59B
Cash Flow
Free Cash Flow	0.00	-1.62B	-2.25B	-593.61M	867.36M	-300.70M
Operating Cash Flow	0.00	-901.47M	-1.82B	-254.71M	1.15B	-263.82M
Investing Cash Flow	0.00	-763.22M	-435.75M	-281.94M	-259.74M	-7.65M
Financing Cash Flow	0.00	1.41B	2.32B	747.81M	-787.36M	337.93M

Astra Microwave Products Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1000.40
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASTRAMICRO, the sentiment is Positive. The current price of 1000.4 is above the 20-day moving average (MA) of 948.05, above the 50-day MA of 967.14, and above the 200-day MA of 982.13, indicating a bullish trend. The MACD of 13.03 indicates Negative momentum. The RSI at 60.12 is Neutral, neither overbought nor oversold. The STOCH value of 75.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ASTRAMICRO.

Astra Microwave Products Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BSOFT	72 Outperform	₹117.61B	25.39	―	1.42%	-2.00%	-25.81%
SYRMA	66 Neutral	₹137.88B	56.53	―	0.20%	1.30%	111.88%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
APOLLO	59 Neutral	₹82.69B	94.98	―	0.09%	39.76%	55.23%
HFCL	56 Neutral	₹99.11B	335.32	―	0.15%	-19.16%	-92.64%
TEJASNET	54 Neutral	₹73.94B	-9.65	―	0.55%	-17.23%	-185.73%
ASTRAMICRO	51 Neutral	₹93.64B	58.13	―	0.24%	11.44%	23.56%

Astra Microwave Products Ltd. Corporate Events

Astra Microwave Secures Rs.171.38 Crore Order from Indian Meteorological Department

Astra Microwave Products Ltd. has secured a significant order from the Indian Meteorological Department for the supply of six Klystron-based S-band Polarimetric Doppler Weather Radars and associated systems, valued at Rs.171.38 crores. This order, to be executed within 18 months, underscores Astra Microwave’s strong positioning in the domestic market and its capability to deliver advanced meteorological equipment, potentially enhancing its reputation and market share in the industry.

Astra Microwave Rebrands Subsidiary to Align with Defense Focus

Astra Microwave Products Limited has announced a change in the name of its wholly owned subsidiary from Bhavyabhanu Electronics Private Limited to Astra Defence Technologies Private Limited, effective November 18, 2025. This rebranding reflects the company’s strategic focus on strengthening its position in the defense technology sector, potentially enhancing its market presence and aligning its subsidiary’s identity with its core business objectives.

Astra Microwave Schedules Q2 FY26 Earnings Call

Astra Microwave Products Limited has announced a scheduled earnings call to discuss its operational and financial performance for the second quarter of fiscal year 2026. This call, set for November 13, 2025, will provide analysts with insights into the company’s recent performance, potentially impacting its market positioning and stakeholder interests.