Astra Microwave Products Q1 FY27: Order Book Surges to ₹4,300 Crore After ₹2,205 Crore Uttam Radar Order
Astra Microwave Products Limited (Astra Microwave) has entered FY27 with significantly stronger order visibility after securing its largest-ever order from Hindustan Aeronautics Limited (HAL) for critical subsystems for the Uttam Radar programme.
During the company’s Q1 FY27 earnings conference call, management discussed the record order book, upcoming defence programmes, revenue targets, new product opportunities, exports and the proposed demerger of its Space and Weather businesses.
Record ₹4,300 Crore Order Book
Astra Microwave’s standalone order book stood at ₹2,156 crore at the end of Q1 FY27, with around 66% from defence and the remaining 34% from space, metrology and hydrology.
On a consolidated basis, the order book stood at ₹2,849 crore, including around ₹244 crore of service orders, which management said are generally more margin-accretive.
However, the major change came in July when Astra secured a ₹2,205 crore order from HAL for critical subsystems for the Uttam Radar.
Management described it as the single largest order in Astra Microwave’s history and said it effectively doubled the company’s order book.
Following the order, Astra’s total order book had risen to approximately ₹4,300 crore as of the date of the earnings call.
₹2,205 Crore Uttam Radar Order: Five-Year Execution
The Uttam Radar order is expected to be executed over approximately five years.
Management said the first phase involves delivery of 12 units by September 2027, while production is expected to ramp up thereafter. The company expects to execute an average of around 25 units or more annually as production scales up.
Management also indicated that it may be possible to complete the overall quantity by FY31 rather than waiting until FY32.
The order is strategically important because it strengthens Astra’s position in India’s indigenous airborne radar ecosystem.
Astra Becomes L1 for AMCA AAAU Programme
Another major development is Astra Microwave emerging as the lowest bidder (L1) for the Active Antenna Array Unit (AAAU) component of the AMCA programme.
Management expects the contract to potentially be received within approximately a month, subject to the relevant process.
The company explained that the AAAU programme involves development of an Active Antenna Array Unit for the AMCA radar and that Astra and BEL emerged as L1 and L2 in the relevant tender.
₹8,000-9,000 Crore Order Intake Opportunity
Astra management provided an ambitious medium-term outlook for order inflows.
The company expects ₹8,000-9,000 crore of order intake over the next three to four years, which would be executed over approximately five to six years.
The opportunity pipeline discussed by management includes:
- Current order book of approximately ₹4,300 crore
- QRSAM opportunities
- ₹500-750 crore potential orders from Astra Rafael Comsys
- Around ₹3,000 crore potential business from Su-30, Virupaksha and Angad programmes
- Additional opportunities from Tejas, counter-UAV systems, electronic wall solutions, area-denial systems and exports
Management stressed that the ₹8,000-9,000 crore estimate does not include several potential opportunities such as chip sales, counter-UAV products and export business.
FY27 Revenue Target of ₹1,350 Crore
Astra Microwave continues to target revenue of approximately ₹1,350 crore for FY27, with management indicating a range of roughly ₹1,350 crore plus or minus ₹25 crore.
For FY28, management indicated a revenue target of approximately ₹1,600 crore plus or minus ₹50 crore.
The company is targeting more than 15% year-on-year top-line growth for the current financial year.
Q1 FY27 Revenue and New Orders
During Q1 FY27, Astra Microwave booked approximately ₹185 crore of new orders, in line with its guidance.
Quarterly revenue stood at approximately ₹182 crore.
Management said the relatively moderate Q1 performance was partly due to temporary delays in customer approvals, technical issues and some supply-chain constraints. The company expects execution to improve during the remaining quarters.
Astra Rafael Comsys Order Book at ₹836 Crore
Astra’s joint venture, Astra Rafael Comsys (ARC), had an order book of approximately ₹836 crore.
Management expects ARC to book sales of around ₹360 crore during the current financial year.
The company also expects potential ARC-related orders of approximately ₹500-750 crore as part of its medium-term order pipeline.
Defence Programmes Offer Multiple Growth Opportunities
Astra Microwave is participating in several major Indian defence programmes.
Management highlighted opportunities across:
- Uttam Radar
- Tejas
- Su-30
- Virupaksha
- Angad
- AMCA
- QRSAM
- LCH
- BrahMos
- Electronic warfare systems
- Counter-UAV systems
For the Tejas Mk1A programme, Astra has qualified the AATRU subsystem and expects production opportunities after final qualification. Management indicated that this opportunity could potentially add another ₹500-600 crore to the company’s broader order-book projections.
QRSAM, Su-30 and Other Future Orders
Management expects further orders from several programmes.
The company indicated that QRSAM could contribute approximately ₹700-800 crore of additional orders for the first three regiments, while Su-30, Virupaksha and Angad together could provide approximately ₹3,000 crore of potential business.
Astra also expects around ₹100-120 crore of orders from the Shatrughat and Samaghat programmes through its work with BEL and DRDO.
New Counter-Drone and Electronic Warfare Products
Astra is expanding beyond traditional radar and subsystem manufacturing into newer defence solutions.
During July, the company successfully demonstrated two first-of-their-kind products:
- Electromagnetic wall
- Vehicle-mounted anti-drone system
The company said these systems can be customised according to end-user requirements.
Management also said that these new products have not been included in the current order-inflow projections, meaning successful commercialisation could represent additional upside to the company’s stated numbers.
BrahMos Opportunity
Astra Microwave is already part of the supply chain for the BrahMos missile programme.
The company supplies critical RF components for gimbal-based RF seekers and telemetry products. It is also developing a seeker for the next-generation BrahMos missile.
Management said the new proactive development programmes have not been included in the company’s current order-inflow projections, leaving potential upside if these programmes progress successfully.
Space and Weather Business to Be Demerged
A major strategic development is the proposed separation of Astra’s Space and Weather divisions into a separate listed entity.
Management expects the new company to operate independently from April 1, 2027, subject to the relevant processes.
The new entity is expected to replicate the existing shareholding pattern, meaning Astra shareholders would receive shares in the new company corresponding to their existing ownership.
New Space Entity Could Target ₹300+ Crore Revenue
Management indicated that the new Space and Weather entity could target ₹300 crore-plus revenue in its first year, with an expected 18-20% PBT margin.
The company also plans to launch its own satellite within the first six months after the new entity becomes operational as a separate listed business.
Beyond government programmes, Astra sees potential opportunities in:
- Satellite data monetisation
- International supply chains
- LEO satellite programmes
- Global space markets
Meteorology Business Sees Long-Term Demand
Astra said it has supplied more than 45 Doppler weather radars across various frequency bands during the last four years.
The company already has orders that can be executed over the next two financial years and expects additional opportunities under Mission Mausam.
Management expects visibility for production in the meteorology business for the next four to five years.
The company is also working on additional solutions including avalanche radar and weather forecasting applications.
FY27 Execution Pipeline
Management identified several programmes expected to contribute to FY27 execution, including:
- HISAR
- Su-30
- Virupaksha
- AAAU
- QRSAM-related subsystems
- BEL FOPM orders
- Atulya
- Electronic warfare programmes
- Space orders
- Metrology projects
Most of these are production-related programmes, and management said it does not currently see major execution challenges.
Margin Outlook
Management expects margins to remain broadly similar to the previous year, with the possibility of a positive improvement.
However, the company did not provide a specific margin commitment because margins on new solution products can vary depending on pricing, product mix and order size.
Management also expects recurring revenue from maintenance contracts, upgrades and other lifecycle services as more systems enter deployment.
6-7x Revenue Growth Ambition
One of the most significant long-term statements from management was its ambition to achieve approximately 6-7 times the previous year’s annual turnover over the next five years.
Management said this growth expectation is supported by the company’s expanded order book, new defence platforms, engineering capabilities and potential recurring business.
At the same time, management emphasised that execution will become the key priority as the order book expands.
Investor Takeaway
Astra Microwave’s Q1 FY27 conference call points to a significant change in its growth outlook following the ₹2,205 crore Uttam Radar order, which lifted the company’s order book to approximately ₹4,300 crore.
The larger opportunity lies in the pipeline. Management sees ₹8,000-9,000 crore of potential order intake over the next three to four years, excluding several additional opportunities such as new counter-UAV products, exports and some chip business.
The combination of Uttam Radar, AMCA, QRSAM, Tejas, Su-30, Virupaksha, Angad, BrahMos, counter-drone systems and space/metrology opportunities provides multiple potential growth drivers.
For investors, the most important factors to track will be execution of the Uttam Radar order, conversion of the L1 AMCA opportunity into an order, future order inflows, revenue growth, margins, working capital and the proposed Space and Weather demerger.
This article is based on Astra Microwave Products Limited’s Q1 FY27 earnings conference call held on August 11, 2026. Management projections and forward-looking statements involve risks and uncertainties and should not be treated as guaranteed outcomes. This article is for informational purposes only and is not investment advice.