Astra Microwave Products Limited has disclosed receiving a communication from the Securities and Exchange Board of India (SEBI) regarding information sought in relation to its annual financial results announcement. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

SEBI Communication Details

The company received an email communication from SEBI on 2 March 2026, seeking specific information related to the annual financial results announcement made on 24 May 2024. The regulatory inquiry covers the period from 22 March 2024 to 31 May 2024, specifically for the financial year 2023-24.

Information Requested by SEBI

SEBI has sought comprehensive information from Astra Microwave Products Limited including:

• Chronology of events related to the annual financial results announcement
• Details of insiders during the specified period
• Information about Designated Persons
• Extract of the Structured Digital Database (SDD)
• Other related information from the commencement of the event until the information became public

Company's Response and Impact

Astra Microwave Products Limited submitted its reply to SEBI on 6 March 2026, addressing the information requested by the regulatory authority. The company has clarified that there is no material impact on its financial operations at this stage.

Regulatory Compliance

The disclosure was made in compliance with amended SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated 30th January, 2026 and SEBI Circular No. SEBI/HO/CFD/CFD-PoD/2/P/CIR/2025/25 dated 25th February 2025. The company has confirmed that no aberrations, non-compliances, penalties, restrictions, or sanctions have been identified or imposed pursuant to this communication.

Astra Microwave Products Limited has received in-principle board approval for a comprehensive demerger of its space, meteorology, and hydrology business undertakings into a separate listed entity. The board meeting held on February 27, 2026, formally approved the strategic separation plan under Regulation 30 of SEBI regulations, with the company targeting completion by Q1 of FY28.

Demerger Structure and New Entity Formation

The proposed restructuring will create two independent listed companies with distinct operational focus. Astra Microwave Products Limited will continue as a pure-play Defence and Aerospace company, while the new entity Astra Space Technologies Private Limited (ASTPL) will house the Space, Meteorology and Hydrology businesses as an independently listed entity on BSE and NSE.

Strategic Rationale and Value Creation

The demerger aims to unlock shareholder value through enhanced strategic focus across business verticals. The company expects the transaction to be value accretive over the medium to long term by enabling clearer capital allocation strategies and improved operational efficiencies. The separation will allow management teams to pursue sector-specific growth strategies while improving oversight, governance, and accountability.

The Space and Weather business represents a scaled-up, profitable, high-growth opportunity driven by expanding demand for satellite design and assembly, as well as satellite data applications in both domestic and international markets. However, the business is capital-intensive and execution-dependent, requiring focused management attention to realise its significant growth prospects.

Business Heritage and Market Position

Astra's space business has executed orders worth over ₹750.00 crore cumulatively for ISRO over two decades, with an additional ₹250.00 crore in orders to be executed by FY28. The company has participated in major programs including GSAT, RISAT, CARTOSAT, GI SAT, IRNSS, and NISAR satellites since ISRO opened private sector participation in 2001.

In the Meteorology and Hydrology segment, Astra has supplied Automatic Weather Stations, Agro-meteorological stations, various meteorological sensors, Doppler Weather Radars, Wind Profiler Radars and Avalanche Radars for government missions. The company has also established presence in international markets, supplying AWS systems to Nepal, Bangladesh and Bhutan.

Implementation Framework and Approvals

The board has authorized management to consult with subject experts for consideration by the Audit Committee and Board. The Audit Committee will appoint a Registered Valuer to determine the share exchange ratio for the proposed demerger and finalize the structure, including identification of assets, liabilities, contracts, employees, and other matters forming part of the business undertakings.

The transaction will be implemented through a Scheme of Arrangement under applicable provisions of the Companies Act and SEBI regulations. The company has clarified that this represents an in-principle approval, with the final decision on the proposed demerger structure, share exchange ratio, and terms to be determined after receiving requisite reports and expert opinions.

During the transition period, there will be no interruption to business operations, and no impact is anticipated for employees, customers, or partners. The Space, Meteorology and Hydrology business will be transferred to ASTPL on a going-concern basis, ensuring operational continuity.

Source: None/Company/INE386C01029/71413f53-d9e8-4eff-b9bc-6f3a6a502c8c.pdf