Astra Microwave - Year ends on a good note; Order inflow continues to be a monitorable in FY18: CRISIL

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26 Aug, 2025 12:21

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CRISIL's research report on Astra Microwave

 
Astra Microwave Products Ltd’s (Astra’s) Q4FY17 standalone results were in line CRISIL Research’s expectations. Revenue increased 25.3% y-o-y and 29.3% q-o-q to Rs 1,499 mn. For FY17, standalone revenue remained flat y-o-y at Rs 4,067 mn. Strong revenue growth and increased share of high-margin domestic orders lead to increase in EBITDA of 48.4% y-o-y and 69.8 q-o-q to Rs 426 mn in Q4FY17. Expansion in EBITDA led to 57.5% y-o-y and 132.7% q-o-q increase in the adjusted PAT to Rs 300 mn. The order inflow picked up in Q4FY17, increasing 82% y-o-y and 389% q-o-q to Rs 2.0 bn. The order book stood at Rs 5.2 bn at the end of FY17 – providing revenue visibility of 12-15 months. We remain positive on Astra’s long-term prospects, considering strong growth potential of defence spending and the company’s R&D initiatives. We maintain the fundamental grade of 4/5.

We maintain our earnings estimates for FY18-19E and continue to value Astra using a P/E multiple of 14x on FY19E EPS. We also value the FY17 investments of the company at book value. Relatively lower than expected investments have caused a slight variance in the fair value. As the variance is not significant, we maintain our fair value at Rs 157 per share. At the current market price of Rs 144, the valuation grade is 3/5.

 Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report.  The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.

CRISIL Limited. All Rights Reserved. Published under permission from CRISIL"

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