Astra Microwave Products has scheduled a board meeting on June 10, 2026, to consider a scheme of arrangement for the demerger of its Space, Meteorology and Hydrology business undertakings into its wholly-owned subsidiary, Astra Space Technologies Private Limited. The proposed restructuring will be conducted under Sections 230 to 232 of the Companies Act, 2013, and is subject to necessary approvals. This meeting follows the company's earlier in-principle approval granted on May 26, 2026, for the demerger, aimed at streamlining business operations.

Financial Performance

The company recently reported audited consolidated financial results for the year ended March 31, 2026. Net profit rose 25.7% to ₹193 crore compared to ₹154 crore in the previous year. Revenue from operations for FY26 stood at ₹1,163 crore, up from ₹1,051 crore in FY25, driven by sustained business momentum and a favorable revenue mix. The Board has recommended a dividend of ₹2.40 per equity share for the financial year, subject to shareholder approval.

The following table summarizes the key consolidated financial metrics for FY26:

Operational Highlights

Operating performance improved during the year, with consolidated EBITDA rising 24.1% to ₹334 crore. The EBITDA margin expanded to 28.7% in FY26 from 25.6% in FY25. Earnings per share (EPS) increased to ₹20.32 from ₹16.17 in the previous year. The consolidated order book remains strong at ₹2,610 crore as of March 31, 2026, which includes ₹231 crore pertaining to service orders.

The statutory auditors, M/s. Price Waterhouse Chartered Accountants LLP, issued an audit report with an unmodified opinion. Astra Microwave Products continues to focus on its core segment of Radio Frequency & Microwave products, with no other business segments reported. The company has reaffirmed its topline growth target of 10% to 15% for FY27.

Astra Microwave Products has received a continued vote of confidence from Goldman Sachs, which has maintained its Buy rating on the stock with a target price of ₹1455. The brokerage highlighted in-line performance as the key driver behind its sustained positive stance on the company.

Key Highlights from Goldman Sachs' Assessment

Goldman Sachs pointed to several factors underpinning its Buy recommendation, reflecting broad-based operational strength across the company's business verticals.

Operational Strengths Across Key Segments

The brokerage's assessment underscored robust execution across multiple high-priority segments. The following areas were specifically noted as contributors to the company's performance:

• Defence: Continued strong execution within the defence vertical
• Exports: Healthy performance in export-oriented business
• Space: Robust activity and delivery within the space segment

Margin Expansion and Financial Discipline

Goldman Sachs specifically called out strong margin expansion as a notable positive, alongside improvements in both cash flows and working capital. These financial metrics reflect disciplined operational management and are central to the brokerage's constructive view on Astra Microwave Products.

The combination of in-line financial performance, strengthening margins, and solid execution across defence, exports, and space segments forms the basis of Goldman Sachs' maintained Buy rating and ₹1455 target price on the stock.