Astra Microwave Products has scheduled its 35th Annual General Meeting for September 18, 2026. The meeting will address key corporate governance changes, including leadership redesignations and significant related-party transaction approvals.

The Board of Directors has recommended a final dividend of ₹2.40 per equity share for FY26, subject to shareholder approval. The record date for determining dividend entitlement is set for September 11, 2026. Shareholders on record by this date will be eligible to receive the payout, which will be paid after deducting applicable taxes at source.

Leadership Restructuring

A central focus of the AGM is the proposed redesignation of Dr. M. V. Reddy from Joint Managing Director to Managing Director. This change is effective from October 1, 2026, for the remainder of his tenure until April 29, 2028.

The resolution outlines a revised remuneration structure for Dr. Reddy, featuring a basic salary of ₹6 lakh per month. His performance bonus is capped at ₹3.2 crore, linked to revenue (30% weightage), EBITDA (30%), and strategic initiatives including ESG and human capital management.

Additionally, the Board seeks approval to revise the remuneration of Whole-time Director Mr. Atim Kabra. Effective October 1, 2026, his basic salary will increase to ₹5.42 lakh per month, with a performance bonus ceiling of ₹80 lakh. Both appointments aim to align executive compensation with the company’s expanding operations in Defence, Space, and Meteorology sectors.

Related Party Transactions

Shareholders will vote on an omnibus approval for material related-party transactions with Astra Rafael Comsys Private Limited (ARC), a joint venture in which Astra Microwave holds a 50% stake. The proposed aggregate value for FY27 is ₹200 crore.

This figure represents approximately 16.93% of the company’s consolidated turnover for FY26. In the preceding financial year (FY26), transactions with ARC totaled ₹160.09 crore. The approval covers the sale and purchase of materials, equipment, corporate guarantees, and miscellaneous services, all intended to be conducted on an arm’s length basis.

Exit Compensation and Director Re-appointments

The AGM will also approve a cash compensation payment of ₹1.35 crore to outgoing Managing Director Mr. S. Gurunatha Reddy. He ceased holding office on September 30, 2026. The compensation covers the unexpired portion of his tenure, calculated based on his average remuneration over the last three financial years.

Furthermore, Non-Executive Director Mr. P. A. Chitrakar and Executive Director Mr. Atim Kabra retire by rotation and offer themselves for re-appointment. Both directors attended all seven board meetings during FY26.

What the Numbers Show

The scale of operations with joint venture ARC is substantial relative to the parent company’s size. With proposed FY27 transactions capped at ₹200 crore against a total turnover base that makes this 16.93%, the JV represents a critical channel for Astra Microwave’s business flow. The fact that actual FY26 transactions reached ₹160.09 crore suggests the new ₹200 crore limit is a modest increase, indicating stable rather than rapidly expanding inter-company trade volumes.

Astra Microwave Products Limited announced that its wholly owned subsidiary, Astra Space Technologies Private Limited, has received regulatory approval to convert into a public limited company. The conversion was approved by the Registrar of Companies under the Ministry of Corporate Affairs, allowing the subsidiary to restructure its legal status while maintaining its operational focus.

The name of the subsidiary has been officially changed from Astra Space Technologies Private Limited to Astra Space Technologies Limited (ASTL), effective August 19, 2026. This corporate action aligns the subsidiary’s structure with broader regulatory frameworks often required for entities engaged in specialized sectors such as aerospace and defense technology.

Regulatory Compliance and Ownership

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Astra Microwave confirmed that the conversion does not alter the existing ownership structure. ASTL remains a wholly owned subsidiary of Astra Microwave Products Limited, with no change in the parent company’s shareholding percentage.

T. Anjaneyulu, Company Secretary and Compliance Officer at Astra Microwave, signed the intimation sent to both the Bombay Stock Exchange and the National Stock Exchange of India Limited. The move is administrative in nature, ensuring compliance with corporate governance standards as the subsidiary scales its operations.