ASTRAMICRO

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ASTRA MICROWAVE PRODUCTS LIMITED

Capital GoodsAerospace & DefenseSmall capModerate edge

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The storyUttam Radar order

The Uttam Radar order is the whole ballgame—its ramp-up defines the next few years, and Q1's print has just cooled from prior highs.

Overall read

5.8/10

Peaking

Riding themesDefence order inflows

The three reads · this quarter

The standing reads · change less often

Moat

Moderate edge

Real but narrow moat from 30+ yrs of trusted relationships & tech IP, constrained by sub-scale ROIC.

Key variables

2 tracked

lead: Order conversion rate (pipeline to firm orders)

Conversion rates have shown variability but improved in H2FY25, consistent with management's rear-ended growth pattern. The ability to convert price negotiations (INR550-600 Cr in Q3FY26) into firm orders is critical for medium-term revenue visibility. The imp

Walk the talk

2 guidance items tracked · grade pending

ASTRAMICRO

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ASTRA MICROWAVE PRODUCTS LIMITED

Capital GoodsAerospace & DefenseSmall cap

Track this name

The storyUttam Radar order

The Uttam Radar order is the whole ballgame—its ramp-up defines the next few years, and Q1's print has just cooled from prior highs.

Overall read

5.8/10

Peaking

The three reads · this quarter

ASTRAMICRO

Track this name

ASTRA MICROWAVE PRODUCTS LIMITED

Capital GoodsAerospace & DefenseSmall capModerate edge

Track this name

The storyUttam Radar order

The Uttam Radar order is the whole ballgame—its ramp-up defines the next few years, and Q1's print has just cooled from prior highs.

Overall read

5.8/10

Peaking

Where it sits

#118/146BELOW LINE

Where it sits

The three reads · this quarter

Moat

Moderate edge

Real but narrow moat from 30+ yrs of trusted relationships & tech IP, constrained by sub-scale ROIC.

Key variables

2 tracked

lead: Order conversion rate (pipeline to firm orders)

Walk the talk

2 guidance items tracked · grade pending

Growth readSoftbase 15-20%

Record order book of INR4,300 crores provides strong multi-year visibility.

bear <15%base 15-20%bull >20%

1.3RICH

Valuation readRichly pricedpriced 2 days ago

Expensive on its own multiples, and the price banks on growth above anything it has delivered.

P/E vs own history · expensiveEV/EBITDA vs own history · expensive