Astra Microwave Products Q4 FY26 Results Analysis: Order Book Surges 53%, EBITDA Margin Expands 260 bps

Astra Microwave Products Ltd's Q4 FY26 numbers came in strong, with revenue of Rs. 1,155.67 Cr (+10.70% YoY) and PAT growth of +24.00% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

ASTRAMICRO delivered a strong Q4 with 88.7% sequential revenue surge and 260 bps EBITDA margin expansion to 28.1%, validating H2 execution recovery. Despite missing the 18-20% revenue growth guidance (10.7% achieved), the company significantly exceeded order book targets (Rs.2,141 Cr vs Rs.1,400 Cr), transformed cash flow from negative to positive, and radically deleveraged its balance sheet. The demerger of the Space business and strong working capital management position the company for improved returns, but FY27 revenue needs to accelerate to ~22% CAGR to meet the quarter-billion-dollar vision.

Key Investment Insights

Key Positives

• Revenue grew 88.7% QoQ (Rs.48,722 Lakh) — Q4 alone contributed 42% of FY revenue, confirming H2 execution recovery
• EBITDA margin expanded 260 bps YoY to 28.1%, exceeding management's 'positive bias' guidance
• Operating cash flow transformed from -Rs.9,894 Lakh (FY25) to +Rs.37,596 Lakh (FY26) — a Rs.47,490 Lakh improvement
• Debt reduced 31.4%, Debt/Equity halved to 0.22x, cash surged 672.6% to Rs.16,457 Lakh
• Order book of Rs.2,141 Cr standalone exceeded management's Rs.1,400 Cr target by 53%

Risk Factors

• FY26 revenue growth of 10.7% missed management's 18-20% guidance by a wide margin, with execution delays in H1
• Other expenses grew 48.8% YoY (FY26 vs FY25), significantly outpacing revenue growth of 10.7%
• Consolidated PAT of Rs.19,297 Lakh includes one-time gains and unrealised forex gains; normalised PAT growth of 19% is closer to the ~18% guidance