Astra Microwave Products Ltd. share price target

Astra Microwave (ASTRA)’s 3QFY26 results were ahead of our estimates on better-thanexpected margins. Order inflow was strong at INR4.7b (standalone basis) in 3QFY26, with another INR5-6b expected in 4QFY26.

Astra Microwave’ (ASTM)’s Q3FY26 EBITDA of INR 825mn was 12% higher than consensus estimates. The surprise came on the margin front, which jumped 220bps/940bps YoY/QoQ to 32% on better mix.

Strong domain expertise in key defence electronic systems; focus remains on higher-margin contracts: AMPL is strongly placed to capture a substantial share in defence & space electronics opportunity considering the company's design & development & manufacturing capabilities (critical sub-systems/systems for various airborne, naval & ground-based...

The current order backlog is at Rs.1,916cr, which is ~1.6x FY26E projected sales. Anticipated order inflow for H2FY26 is at Rs1,000cr, while on a YTD basis, order inflow is Rs.376cr. The order pipeline looks promising, with potential opportunities within AMPL's total addressable market of Rs.25,000cr by FY28....

Astra Microwave Products (AMPL) designs and manufactures high-quality radio frequency and microwave modules, subsystems, and systems in India.

Astra Microwave’s (AMW) Q2FY26 EBITDA of INR 478mn was lower than consensus estimate. However, EBITDA margin improved YoY/QoQ to 22.3% on better product mix.

Healthy order-book & robust pipeline gives strong visibility; Increasing share of higher-margin domestic contracts to drive profitability: Consolidated order backlog of 2209 crore as of Sep-25 (2x TTM revenue) provides healthy revenue visibility. Order inflows remained strong at 320 crore during H1FY26 and management is optimistic about order inflows worth ~ 1000 crore for the remaining quarters. With a strong emphasis on improving product mix and getting orders with higher complexity, company guides revenue at ~ 1150-1200 crore in FY26E (which implies...

Astra Microwave Products (AMP) reported a good set of numbers. Consol. EBITDA registered impressive growth of 71% YoY to INR 410mn driven by 29% YoY growth in revenues to INR 2bn, which in-turn was propelled by 71% YoY surge in defence revenues.

Astra Microwave Products (AMP) Q3FY25 performance was steady. Consolidated EBITDA margin was at 29.5%, benefitting from execution of defence orders.

Astra Microwave Products (ASTM) Q1FY25 performance was stable. Standalone EBITDA growth of 7.8x YoY on better product mix.