Astra Microwave Products (532493) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 financial performance, with standalone revenue of INR 1,044 crore and consolidated revenue of INR 1,051 crore, driven by robust domestic demand and a strong order book.

• Gross profit margin improved to 43.9% (standalone) and 45.1% (consolidated), with EBITDA and PAT margins expanding due to favorable product mix and strong domestic defense execution.

• Domestic business contributed up to 90% of revenue, reflecting a strategic focus on defense and indigenous technologies.

• The company benefits from sectoral tailwinds, including increased Indian defense spending and government initiatives promoting indigenization.

• Audited financials for FY25 and Q4 FY25 approved, with unmodified audit opinions.

Financial highlights

• FY25 consolidated revenue rose 15.7% year-over-year to Rs. 1,051 Cr; standalone revenue up 15.5% to Rs. 1,044 Cr.

• PAT for FY25 was Rs. 154 Cr (consolidated) and Rs. 143 Cr (standalone), with PAT margin at 14.6% and 13.7% respectively.

• EBITDA margin reached 25.5% (standalone) and 25.6% (consolidated).

• EPS (consolidated) increased to Rs. 16.17 from Rs. 12.86 in FY24.

• Dividend increased to Rs. 2.20 per share, pending AGM approval.

Outlook and guidance

• Order book as of March 31, 2025, stands at Rs. 2,304 crore (consolidated), providing strong revenue visibility.

• Targeting 20% top-line growth and an order book of Rs. 1,400 crore for FY26.

• AMPL aims for a 70% domestic and 30% export revenue mix over the next 2–3 years, with domestic business carrying higher gross margins.

• Confident of maintaining PBT margin around 18% for the coming year.

• Expecting strong order pipeline, especially in defense and space, with robust demand for indigenous technologies.