Astra Microwave Products makes high-end RF and microwave subsystems for defence, space and meteorology applications, and its Q2 FY27 print arrives with the defence electronics order pipeline running hot but execution under scrutiny after a soft Q1. The key things the results will speak to are whether the missed Q1 executions were recovered against a tougher Rs. 213 Cr year-ago base, and how margins hold up amid component-cost inflation and a weaker rupee.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 177 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 12 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 18.7% (consolidated, Q1 FY27) |
| Market cap | Rs. 14,790.53 Cr |
| CMP | Rs. 1,557.8 |
The Board of Directors meets on November 12, 2026, to approve the standalone and consolidated un-audited results for Q2 and H1 FY27 ended September 30, 2026. The trading window for designated persons remains closed from October 1 to November 14, 2026, under the Insider Trading Code.
The Q2 FY27 earnings call is scheduled for Friday, November 13, 2026, at 2:00 PM IST. The call will be hosted by Dr. M.V. Reddy and Mr. Atim Kabra.
Separately, the company's 35th AGM on September 18, 2026, passed all 9 resolutions including the final dividend. The AGM notice dated August 22, 2026, detailed a final dividend of Rs. 2.40 per share, with a record date of September 11 and book closure from September 12 to September 18, 2026.
The quarter's central question is execution recovery: Q1 FY27 standalone revenue fell 10.7% YoY to Rs. 176.21 Cr on inspection delays, specification-proving, development-cycle and supply-chain issues, and management promised to "cover it up... in coming quarters," particularly Q3 and Q4.
The demand side reads ahead — the Rs. 2,205 Cr HAL Uttam Radar order landed in July 2026, inside this quarter, taking management's cited order book to a "record INR 4,300 crores" against the standalone book of Rs. 2,156 Cr at June 30, 2026, while DAC approvals worth about Rs. 1.62 lakh crore in July and September 2026 support the order-inflow run-rate.
Margins face converging pressure: copper-clad laminate prices rose 300% in 12 months and low-bromine epoxy resin about 70% over 8-9 months, the rupee broke past 95/USD in September, and Q1 EBITDA margin of 18.83% already sits well below the FY26 standalone 28.0% and the FY27 guide of "similar to last year with a positive delta increase."
The guidance stack itself needs reconciling on this call — revenue of Rs. 1,350 Cr plus or minus Rs. 25 Cr (August 11 call) versus "15-20% topline growth" (May 27 call) versus "10-15% YoY" in the August 10 press release, with Q1's -10.7% print below even the lower band. The demerger of the Space, Meteorology & Hydrology business into Astra Space Technologies also advances this quarter, with BSE and NSE observation letters received October 29, 2026, and a separate listing targeted by April 1, 2027.
Which FY27 growth guidance stands: Three different FY27 framings are currently in circulation and Q2 reporting should force a reconciliation.
Order book post-HAL and the Rs. 1,600 Cr booking target
Margin trajectory vs the 28% FY26 anchor
Demerger, ARC and working capital updates
Uttam Radar execution and near-term order pipeline
Standalone revenue declined 10.7% YoY to Rs. 176.21 Cr due to inspection delays, delays in proving specifications, development-cycle issues and supply-chain problems. Management said the missed executions would be "covered up" in coming quarters, particularly Q3 and Q4.
Management guided FY27 EBITDA margin as "similar to last year with a positive delta increase" against FY26's standalone 28.0%. On gross margins, management advised analysts to "factor in slightly lower numbers for future projections to remain conservative" from current ~55% levels.
Management reiterated about INR 1,600 crores of FY27 order bookings on the Q1 call, saying "We stand by that." The Rs. 2,205 Cr HAL Uttam Radar order received in July 2026 alone exceeds the entire standalone order book of Rs. 2,156 Cr as of June 30, 2026.
BSE ("no adverse observations") and NSE ("no objection") observation letters for the demerger scheme were received on October 29, 2026, valid 6 months for the NCLT filing. The company targets a separate listed entity by April 1, 2027, with first-year revenue of INR 300-plus crores and at least 18-20% PBT margin.
The standalone order book stood at Rs. 2,156 Cr as of June 30, 2026, and the consolidated book at Rs. 2,849.09 Cr. After the Rs. 2,205 Cr HAL order in July 2026, management described the order book as having doubled "to a record INR 4,300 crores."
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.