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Astra Microwave Products Ltd (ASTRAMICRO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532493 NSE: ASTRAMICRO Defence | Small Cap | Astra Microwave Prod Share Price

₹1,373.90 49.85 (3.76%)

As on 04-Jun'26 16:59

Astra Microwave Products Ltd (ASTRAMICRO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532493 NSE: ASTRAMICRO Defence | Small Cap | Astra Microwave Prod Share Price

₹1,373.90 49.85 (3.76%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹13,044 Cr.
Current Price
₹1,373.9
52-Week Low / High
₹836 / 1,433
TTM EPS
₹18.7
TTM Sales
₹1,156 Cr.
Book Value per Share
₹136
P/E Ratio
73.35
Higher than its 5-year historical median
Industry PE
44
Price to Book (P/B)
10.11
Higher than its 5-year historical median
Price to Sales (P/S)
11.29
Higher than its 5-year historical median
EV/EBITDA
38.14
Higher than its 5-year historical median
Dividend Yield
0.33%
Profitability Efficiency
Return on Equity (ROE)
13.93%
Outperforms industry median
Return on Capital Employed (ROCE)
18.51%
Outperforms industry median
Return on Assets (ROA)
8.14%
Operating Profit Margin
24.9%
Net Profit Margin
13.73%
Gross Profit Margin
21.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
15.48%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
34.39%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.91%
Asset Quality
Promoter Holding
6.54%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,272 Cr.
Equity
₹19 Cr.
Face Value
₹2
All Time Low / High
₹3.53 / 1432.75

Astra Microwave Products stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Astra Microwave Products Ltd a good quality company?
Astra Microwave Products Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Astra Microwave Products Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Astra Microwave Products Ltd vs industry peers?
Astra Microwave Products Ltd revenue CAGR is 17.74%, compared to the industry median CAGR of 17.94%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Astra Microwave Products Ltd?
Promoters hold 6.54% of the Astra Microwave Products Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Astra Microwave Products Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 26.7% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Astra Microwave Products Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 20.1%16.7%15.9%5.3%13.7%8.7%11.1%18%18%18.5%-
Value Creation
Index
0.40.20.1-0.60.0-0.4-0.20.30.30.4-

Growth Parameters

Sales 4203913572864625897358079041,0441,156
Sales YoY Gr.--6.9%-8.6%-19.8%61.3%27.6%24.8%9.8%12%15.5%-
Adj EPS 6.37.17.11.35.13.34.98.711.615.118.7
YoY Gr.-12.2%-0.4%-82.1%300.8%-35.6%49.5%79.6%33.2%29.5%-
BVPS (₹) 45.952.157.958.163.164.768.175.4102114.8136
Adj Net
Profit
54.661.36110.943.828.242.175.6110143178
Cash Flow from Ops. 59.621.41741.6-4.8-10.3101-21.8-187-98.9-
Debt/CF from Ops. 1.16.10.59-10.9-9.70.6-7.8-1.2-4.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.7%17.7%12.4%15.5%
Adj EPS 10.2%24.4%45.8%29.5%
BVPS10.7%12.7%19%12.6%
Share Price 28.7% 57.8% 57.2% 16.5%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
15.914.512.82.28.35.17.312.213.613.914.9
Op. Profit
Mgn %
2427.431.511.719.512.312.218.621.42528.1
Net Profit
Mgn %
1315.717.13.89.54.85.79.412.213.715.4
Debt to
Equity
0.20.30.200.10.20.10.30.20.40
Working Cap
Days
265320378450392404344333393491228
Cash Conv.
Cycle
166243299365284290260263306381155

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales4203913572864625897358079041,044
Operating Expenses + 319285245253372523648657710784
Manufacturing Costs10131010111317192122
Material Costs220191148159267418524519551586
Employee Cost 465466616462718499125
Other Costs 43272022302936364051
Operating Profit 10010511233906687150194261
Operating Profit Margin (%) 23.9%26.9%31.4%11.6%19.5%11.3%11.9%18.6%21.4%24.9%
Other Income + 868241212761224
Exceptional Items 0000000000
Interest 14151513142420293057
Depreciation 24242729252322232535
Profit Before Tax 71737917633153103152193
Tax 151218415712263950
Profit After Tax 5660611347244077113143
PAT Margin (%) 13.4%15.4%17.0%4.4%10.3%4.1%5.5%9.5%12.5%13.7%
Adjusted EPS (₹)6.57.07.01.55.52.84.78.911.915.1
Dividend Payout Ratio (%)18.40%14.40%17.10%17.30%22%43.40%30.10%18.10%16.80%14.60%

Valuation of Astra Microwave Prod - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 3984515025035475615906539681,090
Share Capital 17171717171717171919
Reserves 3804344844865305435726369491,071
Debt +551253454710049154221399
Long Term Debt556714500331539
Short Term Debt0572004710045151205359
Minority Interest0000000000
Trade Payables40191422383553448876
Others Liabilities 546513988247226276227284398
Total Liabilities 5476606896188799229681,0781,5611,962

Fixed Assets

Net Fixed Assets +135148193176158151158165169228
Gross Block285172243255262277306336357450
Accumulated Depreciation150245079104127148171188222
CWIP 1371212002130
Investments 36313144375037373838
Inventories119127104130226291402396505608
Trade Receivables177219188190247254202282503783
Cash Equivalents 851292551387010412693
Others Assets 266544501481399992207213
Total Assets 5476606896188799229681,0781,5611,962

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 60211742-5-10101-22-187-99
PBT 71737917633153103152193
Adjustment 15303125274042514766
Changes in Working Capital -27-6578-29-76-7426-150-348-318
Tax Paid 0-16-14-11-18-7-20-26-38-41
Cash Flow From Investing Activity + -21-126-9584-27-4-27-28-43-73
Capex -21-72-34-13-17-3-28-33-47-75
Net Investments -3-55-6397-12015000
Others 312-11-1-14542
Cash Flow From Financing Activity + 2241-59-993221-6776234142
Net Proceeds from Shares 6500000002250
Net Proceeds from Borrowing 061-60-10-5154337
Interest Paid -7-11-12-7-3-16-16-19-17-40
Dividend Paid -10-10-9-10-2-10-10-12-15-19
Others -2655-39-224753-5510439164
Net Cash Flow 61-6421-14077263-30

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)16.3914.1812.742.59.024.327.0112.3413.9413.93
ROCE (%)20.1416.6915.885.2613.738.7211.1317.9818.0218.51
Asset Turnover Ratio0.850.690.530.440.620.650.780.790.690.59
PAT to CFO Conversion(x)1.070.352.850.15-0.11-0.422.53-0.29-1.65-0.69
Working Capital Days
Receivable Days120.60173.20206240.70172.80155.30113.30109.50158.30224.60
Inventory Days105.60107.60116.70149.40140.80160172180.40181.90194.60
Payable Days88.9056.7040.8041.7041.3031.8030.7034.2043.7050.80

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Astra Microwave Products Ltd FAQs

The current trading price of Astra Microwave Prod on 04-Jun-2026 16:59 is ₹1,373.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Astra Microwave Prod stood at ₹13,044.5 Cr

The latest P/E ratio of Astra Microwave Prod as of 03-Jun-2026 is 73.35.

The latest P/B ratio of Astra Microwave Prod as of 03-Jun-2026 is 10.11.

The 52-week high of Astra Microwave Prod is ₹1,432.8 and the 52-week low is ₹835.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Astra Microwave Prod is ₹1,156 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Astra Microwave Products Ltd is a average quality company.

The key valuation ratios of Astra Microwave Products Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Astra Microwave Products Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Astra Microwave Products Ltd

Astra Microwave Products (AMPL) was incorporated in 1991 by a team of distinguished scientists with experience in RF/Microwave/Digital electronics and management of projects with high-technology content. The three promoters had back then sensed a need for a sound, technically powerful private company that can design, develop and produce high-end RF and Microwave subsystems and systems for strategic applications.

AMPL thus came into existence with a handful of highly motivated individuals, the path of progress being clear from the beginning. Starting operations from what is now called Unit I, the company has grown substantially in its years of existence and moved up the value chain with continued investment in infrastructure, talent, captive test facilities and more. The company has production units and R&D units that also include an exclusive space qualified facility. Astra is an ISO 9001:2008 and AS 9100D certified Organisation.

Being a company with a strong R&D background, AMPL has undertaken the production of equipment from R&D labs to reduce production lead times. AMPL has also demonstrated its capability to provide complete solutions from concept to product realization using in-house engineering. Starting with a diverse range of microwave products like filters, transmitters, receivers, antennas, etc., the achievement in producing Flight Modules that has flown on multiple Indian satellites was a dream come true for the promoters and for the company and an endeavor to be proud of for the entire AMPL team.

Business area of the company

The company is engaged in design, development, manufacture and supply of high value-added RF and microwave super components, sub-systems and systems finding application in Defense, Space, Telecom, Meteorology and Civil communication markets.

Products

  • Defence
  • Space
  • Meteorology
  • Homeland Security
  • Systems
  • Antenna
  • GNSS Solutions
  • Unmanned Ground Vehicles
  • RF PCB Production

Services

  • EMI-EMC Testing
  • NFTR Facility
  • FFTR Facility
  • Outdoor Antenna Test Range

Milestones

  • 1991: Astra Microwave expended its initial defense focus into the telecom sector, capitalising on the growing demand for base station products and establishing itself in both industries.
  • 1993: Astra Microwave’s initial focus was on developing components and subsystems for radar applications.
  • 1993: The company’s first components were integrated into radar subsystems designed by the Defence Research and Development Organisation (DRDO).
  • 1993: While catering to the telecom industry, the company’s promoters collaborated with DRDO to explore opportunities in designing products for military applications.
  • 1993: Astra Microwave’s first foray into building products for telemetry and missile applications.
  • 1995: Strong telecom and defense orders led Astra Microwave to invest in infrastructure, people, and facilities and eventually go public with a listing on the Indian stock exchange.
  • 1997: Astra Microwave delivered modules for Telemetry/ Missile Electronics that were integrated into a surface-to-air missile program developed by the DRDO.
  • 2000: Astra Microwave ventured into the complex field of Electronic Warfare (EW) in 2000.
  • 2000: From humble beginnings, the Company has evolved into a key partner for DRDO, delivering critical and wide-band products for EW applications, particularly in the naval domain.
  • 2004: In 2004, ISRO’s invitation to Indian private industry to participate in the space business presented an opportunity for Astra Microwave.
  • 2004: The company accepted the challenge, developing components and subsystems for satellite applications.
  • 2005: Astra Microwave formed a fabless design team to design and develop critical Monolithic Microwave Integrated Circuits (MMICs). This strategic move enabled the company to leverage cost benefits and design flexibility, facilitating the miniaturization of modules and control over critical device production.
  • 2007: The Defence Procurement Policy 2006 introduced offset rules, prompting foreign Original Equipment Manufacturers (OEMs) to partner Astra Microwave to fulfill their offset obligations. This led to a rigorous process of audits and vendor capability assessments.
  • 2008: Since 2008, Astra Microwave has proudly contributed to all major Indian satellite launches.
  • 2010: Astra Microwave was one of the first Indian companies to benefit from an offset contract, securing a deal in 2009 to manufacture receiver modules for radar applications.
  • 2010:  The company successfully delivered the first products under this contract in 2010.
  • 2013: Astra Microwave achieved a significant milestone, crossing an annual turnover of Rs 500 crore, with a balanced revenue mix of 50% from domestic work and 50% from offset contracts.
  • 2018: Astra Microwave established an R&D Centre in Bengaluru, featuring system integration and testing facilities, to move up the value chain and cater to key customers.
  • 2020: The company completed the supply of 10 ground surveillance radars to Border Security Force.
  • 2021: Astra Microwave successfully delivered 10 X-band Doppler weather radars to the India Meteorological Department.
  • 2022: The company delivered AAAU for Air-borne AESA Radar to LRDE, DRDO and also delivered a Land Based 7.3m Ground Telemetry System to ITR, DRDO.
  • 2023: The company delivered a Phased Array Auto Track Telemetry System (PATM-II) to ITR, it delivered DRDO & Radiation Mode T&E Facility for Radar EW Systems to DLRL, DRDO.
  • 2024: The company delivered a Multi-Function Radar EW System, Pulsed Phased Array Tracking Radar (PPTR) to PXE, DRDO and delivered C-Band DWRs for IMD
  • 2025: The company delivered a Precision Approach Radar (PAR) to Hindustan Aeronautics Limited, Bengaluru,Seekers and EW modules for certain Defence Applications.

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