Astra Microwave profit more than doubled as margins rebounded
Revenue grew faster than costs, while Q2 orders of Rs 1,981.7 cr included a major HAL radar order.
Filed 12 Nov 2026, 12:27 IST · Astra Microwave Products Ltd (ASTRAMICRO)
Key takeaways
- Consolidated revenue grew 22.47% YoY while expenses rose 4.91%, lifting operating margin by 11.14 percentage points.
- Consolidated net profit rose 113.72% YoY to Rs 51.08 cr, although other income contributed 8.08% of pre-tax profit.
- Q2FY27 orders reached Rs 1,981.7 cr, including HAL's Rs 1,878.8 cr radar order, according to the presentation.
Price around the results
Revenue growth restored operating leverage
Astra Microwave reported consolidated revenue growth of 22.47% YoY and 48.76% QoQ in Q2FY27. Expenses rose only 4.91% YoY and 21.82% QoQ, so operating margin expanded by 11.14 percentage points YoY and 14.72 percentage points QoQ. Operating margin rebounded to 33.44% from 18.72% in Q1FY27, after reaching 33.27% in Q4FY26.
Profit growth was mainly operational, with a tax benefit YoY
The margin recovery drove operating profit up 83.70% YoY and 165.74% QoQ, while interest expense fell 5.20% YoY but rose 18.04% QoQ. The YoY tax rate was 1.54 percentage points lower, which added to net-profit growth; sequentially, the tax rate increased 3.12 percentage points. Other income accounted for 8.08% of pre-tax profit, so it was a secondary but visible contributor to reported earnings.
Q2 orders were led by HAL radar work
The presentation said the company received Q2FY27 orders worth Rs 1,981.7 cr, including a Rs 1,878.8 cr radar development and production order from HAL. Management also said the board had given in-principle approval to demerge the Space, Meteorology and Hydrology businesses into a separate entity. The company said it entered a joint venture with Manjeera Digital Systems, while the presentation said India aims to capture 8% of the global space market by 2033.
Margin recovery stands well above the Industrials median
Astra Microwave's 33.44% operating margin was 21.93 percentage points above the 11.51% median for 230 Industrials companies that had reported the same quarter. Across recent quarters, margin rose from 20.51% in Q1FY26 to 33.27% in Q4FY26, fell to 18.72% in Q1FY27 and then recovered to 33.44%.
Market response is not yet available
The results are too fresh for a post-results market reaction. In the eight most recent result reactions, the stock fell five times and rose three times, with a median absolute move of 4.10%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹263 cr | ₹177 cr | +48.76% | +22.47% |
| Other income | ₹5 cr | ₹5 cr | +2.05% | -32.09% |
| Expenses | ₹175 cr | ₹144 cr | +21.82% | +4.91% |
| Operating profit | ₹88 cr | ₹33 cr | +165.74% | +83.70% |
| Operating margin (%) | 33.44% | 18.72% | — | — |
| Interest | ₹13 cr | ₹11 cr | +18.04% | -5.20% |
| Depreciation | ₹13 cr | ₹12 cr | +7.74% | +27.21% |
| Profit before tax | ₹68 cr | ₹16 cr | +330.96% | +109.36% |
| Tax | ₹17 cr | ₹3 cr | +392.92% | +97.05% |
| Net profit | ₹51 cr | ₹12 cr | +313.60% | +113.72% |
| EPS (₹) | ₹5.38 | ₹1.30 | +313.85% | +113.49% |
Operating margin of 33.44% compares with a Industrials sector median of 11.51% across 230 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- India aims to capture 8% of the global space economy by 2033.
Expansion
- The Board has given in-principle approval to demerge the Space, Meteorology and Hydrology businesses into a separate entity.
New orders
- The company received Q2 FY27 orders worth Rs. 1,981.7 crore.
- HAL placed a radar development and production order worth Rs. 1,878.8 crore.
New initiatives
- The company entered into a joint venture with Manjeera Digital Systems.
What to watch
- Whether operating margin holds above 33.44% after the rebound from 18.72% in Q1FY27.
- Conversion of the Rs 1,981.7 cr Q2 order intake into reported revenue and operating profit.
- Whether other income remains close to 8.08% of pre-tax profit.