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Swing Capital

Astra Microwave Products Ltd

NSE: ASTRAMICRO BSE: 532493Telecom

Astra Microwave Products is engaged in the business of design, development and manufacture of sub-systems for Radio Frequency and microwave systems used in defense, space, meteorology and telecommunication.

₹1,082
52W: ₹836 — ₹1196
PE 69.6 · Book ₹121 · +794% vs book
Market Cap₹10,277 Cr
Stock P/E69.6Price to Earnings
ROCE18%Return on Capital
ROE13.5%Return on Equity
Div. Yield0.2%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 25.0% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 8.87 times its book value
  • −Promoter holding is low: 6.54%
  • −Company has a low return on equity of 13.4% over last 3 years.
  • −Company has high debtors of 274 days.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters6.54%
FIIs7.56%
DIIs15.42%
Public70.49%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters6.54%6.54%6.54%6.54%6.54%6.54%6.54%6.54%
FIIs4.67%5.69%▲1.05.19%▼0.55.3%▲0.16.47%▲1.26.47%6.26%▼0.27.56%▲1.3
DIIs13.57%14.98%▲1.415.36%▲0.415.3%▼0.114.36%▼0.914.55%▲0.214.75%▲0.215.42%▲0.7
Public75.22%72.79%▼2.472.9%▲0.172.86%▼0.072.62%▼0.272.44%▼0.272.44%70.49%▼2.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales189230353154229257405197213258
Expenses147163272131180182285159167178
Operating Profit426780234975120384680
OPM %22%29%23%15%21%29%30%19%22%31%
Net Profit2542505243975132139
EPS ₹2.624.435.310.552.584.077.911.372.184.1

AI Insights

Revenue Trend

TTM revenue at ₹1,073Cr, up 2.8% YoY. OPM at 26%.

Debt Position

Borrowings at ₹273Cr. Debt-to-equity ratio: 0.24x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 15.42% (+5.56pp change). FIIs: 7.56% (+4.53pp change). Promoters hold 6.54%.

Margin & Efficiency

ROCE declining from 30% (Mar 2014) to 18% (Mar 2025). Working capital days: 284.

Valuation

PE 69.6x with 18% ROCE. Price is 794% above book value of ₹121. Dividend yield: 0.2%.

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