Astra Microwave’s Defence Order Book Masks a Transition

Astra Microwave Products (

) reported Q1 FY27 consolidated revenue of ₹177 crore, down 11.5% YoY, while PAT declined 24% to ₹12 crore. EBITDA also fell 19% YoY to ₹33 crore. The more interesting number is not in the income statement. Astra Microwave secured a ₹2,205 crore order from Hindustan Aeronautics Limited in July 2026, taking its consolidated order book to approximately ₹2,849 crore as of June 30. The company is also undergoing a demerger of its Space, Meteorology and Hydrology businesses, with a new managing director scheduled to take over from October 1, 2026. This creates an unusual setup: near-term earnings are under pressure, but the order book remains substantially larger than quarterly revenue. The demerger could also make the individual businesses easier for investors to evaluate.