Astra Micr owave Q1 FY27: consol. PAT down 24% YoY, revenue -11.5% as margins compress
PAT -24.12% YoY · revenue -11.55% · margins compressing · miss vs street
₹176.66 Cr
-11.55% YoY
₹12.35 Cr
-24.12% YoY
6.9%
-1.2pp YoY
₹1.3
Astra Microwave's Q1 FY27 (quarter ended June 30, 2026) consolidated revenue came in at ₹176.66 Cr, down 11.5% year-on-year from ₹199.73 Cr in Q1 FY26, while consolidated PAT fell 24.1% YoY to ₹12.35 Cr from ₹16.27 Cr — a materially weaker print than the ~19% FY27 revenue growth analysts had penciled in (Trendlyne consensus), and a sharp step down from the seasonally heavy Q4 FY26 quarter (revenue ₹488.24 Cr, PAT ₹105.98 Cr), where revenue fell 63.8% and PAT fell 88.3% sequentially. Standalone tells the same story — PAT of ₹9.82 Cr, down 24.4% YoY — so the weakness is not a consolidation or subsidiary artifact.
Q1 FY-2027 vs prior quarters
The YoY decline sits on both lines: operating margin (EBITDA/revenue) compressed to 18.72% from 20.51% a year ago, and net margin to 6.90% from 8.05%, even as the cost-of-materials ratio held roughly steady — the compression looks like lower revenue failing to absorb largely fixed employee and depreciation costs, rather than a specific cost blowout. Sequentially margins compressed far more (OPM 33.27% and NPM 21.40% in Q4 FY26) — a normal pattern for this business, where government/defense order execution and billing are back-loaded into the fiscal year-end quarter, so the QoQ drop overstates the deterioration; the YoY read is the cleaner signal and it still shows contraction.
The stock went into the print at ₹1,689, down 6.4% over the past month of trading.
Management reaffirms FY26 guidance of ~10% revenue growth to INR 1,150 crores with an order inflow of INR 1,300-1,400 crores. For FY27, the company is on track for ~15% revenue growth with an order book target of over INR 1,500 crores. Looking long-term, management is very optimistic, projecting to more than double tur
— This quarter: missed
Management's own FY27 guidance, reaffirmed on the Q3 FY26 concall (February 2026), calls for ~15% revenue growth and an order book above ₹1,500 Cr — Q1 revenue running -11.5% YoY is off to a weak start against that target, though one quarter is not conclusive given the seasonal skew toward H2. The consolidated order book stood at ₹2,849.09 Cr as of June 30, 2026, already well above the ₹1,500 Cr target, with ₹431.91 Cr of fresh inflow booked in the quarter; subsequent to quarter-end the company won a ₹2,205 Cr order from HAL for the Uttam Radar programme (July 30, 2026) — a large win that will show up in execution from Q2 FY27 onward rather than in this quarter's numbers. No separate management press release was available in this filing beyond the regulatory cover letter, so there is no additional company framing of the print to reconcile against the reported figures.
W1
Pace of revenue recognition from the ₹2,205 Cr HAL Uttam Radar order starting Q2/H2 FY27
W2
Whether H2 FY27 execution can close the gap to management's ~15% full-year revenue growth guidance after a -11.5% YoY Q1
W3
Continuity of strategy/guidance commentary at the Aug 11, 2026 earnings call under the incoming MD (Dr. M.V. Reddy, effective Oct 1, 2026) alongside demerger progress
Unaudited, limited-review; consolidated PBT (₹15.73 Cr) includes ₹2.98 Cr share of JV/associate profit added to standalone-equivalent group PBT of ₹12.75 Cr; one unreviewed subsidiary/JV/associate contributed immaterial net loss per auditor; standalone and consolidated both converted from ₹ Lakh to ₹ Cr; no exceptional items in either period so no adjusted-growth figure needed.