Shares of Astra Microwave Products Limited (AMPL) rose significantly on Friday, December 26, 2025 closing at approximately ₹979.40 a reflection of strong investor confidence following a series of high-value defense orders and a strategic partnership with a national defense giant.
The BEL Strategic Partnership
Astra Microwave has signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL), a premier Navratna PSU. This collaboration is designed to leverage mutual strengths in:
- Electronic Warfare (EW): Designing advanced signal jamming and protection modules.
- Radar Systems: Developing subsystems for next-generation detection and tracking.
- Satellite Technology: Creating high-end electronics for aerospace missions.This partnership is a cornerstone of the “Atmanirbhar Bharat” initiative, aiming to indigenize critical defense technologies and reduce reliance on foreign imports.
Order Book & Business Momentum
The company is currently managing a robust order backlog, which provides high revenue visibility for the next 2-3 years.
- Order Book Value: ₹1,916 crore (Standalone) / ₹2,209 crore (Consolidated) as of September 30, 2025.
- Recent Wins: * ₹124 Crore Order: From JV partner Astra Rafael Comsys for modules, cable assemblies, and antennas for Software Defined Radios (SDR).
- ₹171 Crore Order: Recently secured for Doppler Weather Radars.
- Revenue Mix: 70% of the order book is dominated by Defence and PSUs, followed by Space (12%) and Meteorological (11%) sectors.
Financial Performance (Q2 FY26 Summary)
While the second quarter saw some year-on-year revenue dip due to execution timelines, the overall half-yearly performance remains strong.
| Metric (Consolidated) | H1 FY26 Performance | Change (YoY) |
| Revenue from Operations | ₹414.32 Crore | +7.7% |
| Net Profit (PAT) | ₹40.18 Crore | +23.3% |
| EBITDA Margin | 21.4% | Improved by 240 bps |
Long-term Vision: The Path to $1 Billion
Management has set ambitious targets to scale the business over the next five years:
- FY28 Target: Doubling revenue compared to FY24 levels, driven by the QRSAM project and Uttam Radars for the LCA Tejas.
- FY30 Target: Aiming to become a $1 billion (approx. ₹8,300 crore) company as major defense programs move into full-blown production.
- Margins: Anticipated gross margins of 45%–50% for FY27 and FY28 as product mix shifts toward high-end indigenous systems.
Market Sentiment & Stock Performance
The stock has been a standout performer in 2025, delivering over 25% YTD returns. Analyst sentiment remains overwhelmingly positive, with a 100% “Buy” rating among major tracked analysts and an average target price hovering around ₹1,139.
