Q2 FY27 results analysis · November 12, 2026

Astra Microwave Products Q2 FY27 Results Analysis: PAT Surges 114%, Order Book Doubles (ASTRAMICRO)

+113.7%PAT year on year, Rs. 51.08 Cr

Cofacto ResearchPublished November 12, 20265 min readPositive read

Quick summary

Astra Microwave Products Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 262.80 Cr (+22.47% YoY) and PAT growth of +113.70% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 12, 2026
Revenue (Q2)	Rs. 262.80 Cr (+22.47% YoY)
PAT (Q2)	Rs. 51.08 Cr (+113.70% YoY)
EBITDA margin	33.44% (+1114 bps YoY)
EPS (Q2)	Rs. 5.38 (+113.49% YoY)

Quarter Snapshot

Q2 FY27 delivered a sharp execution recovery: revenue +22.47% YoY, EBITDA margin of 33.44% (best in six quarters), and PAT +113.70% YoY, while the order book more than doubled to Rs.4,707.59 Cr on the Rs.2,205 Cr HAL Uttam-radar order and H1 bookings already exceeded the FY27 target. The offset is cash quality: H1 CFO was −Rs.147.85 Cr with net debt up Rs.245.20 Cr on a Rs.190.50 Cr inventory build, and the FY27 revenue target of Rs.1,350 Cr requires +21.65% H2 growth. Margin guidance (FY26-with-delta) remains achievable but H1 is still ~120 bps short of the FY26 anchor.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"in-line-to-recovering if the promised catch-up materialized"; behind if Q1 slippage carried	+22.47% YoY / +48.76% QoQ — recovery branch	Played out
EBITDA margin	"compressing vs the 28% guided floor unless the development-to-production mix shifted favorably"	Q2 33.44% (vs Q1 18.72%) — favorably (mix/leverage shifted	Contradicted
Component/FX margin hit	headwind building through the window	Q2 margin expanded sharply; no cost-shock disclosed	Not observable in the Q2 print
Order-book disclosure post-HAL	updated book vs the "Rs.4,300 crores" claim	Rs.4,707.59 Cr consolidated	Played out
FY27 booking target	"looks better supported" (HAL alone)	H1 bookings Rs.2,647.34 Cr vs ~Rs.1,600 Cr target	Played out
Working capital	pressure builds in Q3/Q4	CFO −Rs.147.85 Cr in H1 — early	Played out
AMCA AAAU finalization	due "within a month" of Aug 11, 2026 call	not addressed in the filing — open for the call	Not observable
DRDO space orders ~Rs.100 Cr slated for Q2	execution this quarter	not separately disclosed — open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 order booking ~Rs.1,600 Cr ("We stand by that")	Q1 FY27 earnings call (Aug 11, 2026)	H1 consolidated bookings Rs.2,647.34 Cr (Rs.2,205 Cr HAL order included)	Met
FY27 revenue Rs.1,350 Cr ± Rs.25 Cr	Q1 FY27 earnings call (Aug 11, 2026)	H1 Rs.439.47 Cr; requires Rs.910.53 Cr in H2 (+21.65% vs H2 FY26 base Rs.748.49 Cr)	Stretch
FY27 EBITDA margin "similar to last year with a positive delta" (FY26: 28.70%)	Q1 FY27 earnings call (Aug 11, 2026)	Q2 33.44%; H1 27.52% — H1 still below the anchor	Too Early
FY27 topline growth 15–20% (May 27, 2026 call) vs 10–15% (Aug 10, 2026 press release)	Q4 FY26 call / press release	H1 revenue +6.07% YoY — guidance stack unreconciled in the filing	Too Early
Capex Rs.40–50 Cr each year	Q4 FY26 earnings call (May 27, 2026)	Rs.67.36 Cr in H1 alone — spending above the guided band	Missed
Finance cost "more or less similar to FY26" (FY26: Rs.55.56 Cr)	Q4 FY26 earnings call (May 27, 2026)	H1 Rs.23.58 Cr vs Rs.28.05 Cr in H1 FY26	On Track
Space & Weather demerger listed by April 1, 2027	Board approval (June 10, 2026); exchange letters Oct 29, 2026	NCLT filing pending; no effect in results	On Track
"We expect to cover it up… in coming quarters" (Q1 execution misses)	Q1 FY27 earnings call (Aug 11, 2026)	Q2 revenue +48.76% QoQ, +22.47% YoY; EBITDA +165.76% QoQ	Confirmed
"Margins are going to be similar to last year. You can expect a delta increase"	Q1 FY27 earnings call (Aug 11, 2026)	Q2 33.44% vs FY26 28.70% — delta delivered in Q2; H1 27.52% still slightly below	Too Early

Key Numbers, Quarter by Quarter

Metric	Mar 31, 2026	Jun 30, 2026	Sep 30, 2026
Standalone order book (Rs. Cr)	2,141	2,156	3,937.00
Consolidated order book (Rs. Cr)	2,600	2,849.09	4,707.59

Key Investment Insights

Key Positives

Revenue grew 22.47% YoY and 48.76% QoQ to Rs.262.80 Cr, recovering from Q1 execution delays
EBITDA grew 83.68% YoY to Rs.87.88 Cr with margin of 33.44%, best of the last six quarters and 1,100+ bps above Q2 FY26
PAT grew 113.70% YoY to Rs.51.08 Cr; basic EPS Rs.5.38 vs Rs.2.52
Consolidated order book more than doubled to Rs.4,707.59 Cr on the Rs.2,205 Cr HAL Uttam-radar order booked in July 2026
H1 order bookings of Rs.2,647.34 Cr already exceeded the FY27 booking target of ~Rs.1,600 Cr
All major cost lines grew slower than revenue (materials +9.87%, employee +17.94%, other expenses −18.24%)
Finance costs fell 5.16% YoY, on track with guidance to be similar to FY26

Risk Factors

H1 operating cash flow was negative at −Rs.147.85 Cr vs +Rs.237.92 Cr in H1 FY26; FCF −Rs.215.20 Cr
Net debt rose from Rs.34.21 Cr to Rs.279.41 Cr in six months; current borrowings rose to Rs.412.09 Cr from Rs.223.84 Cr
Inventories built Rs.190.50 Cr in H1, with the flagged Q3/Q4 working-capital pressure arriving a quarter early
H1 revenue of Rs.439.47 Cr requires Rs.910.53 Cr in H2 (+21.65% YoY) to meet the FY27 revenue target of Rs.1,350 Cr ± Rs.25 Cr — a stretch
H1 EBITDA margin of 27.52% remains ~120 bps below the FY26 anchor of 28.70%
H1 capex of Rs.67.36 Cr exceeded the guided Rs.40–50 Cr annual band

Ask about this

Ask Cofacto a question about this result. Answers cite filings and company data.

Companies on this page

Astra Microwave Products LtdASTRAMICRO

Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.