Financial Performance (Standalone - Q2 FY27)

  • Revenue from Operations: ₹261 Cr, up 22.5% YoY (Q2 FY26: ₹213 Cr)
  • Gross Profit: ₹145 Cr; Gross Profit Margin: 55.7% (vs. 49.0% in Q2 FY26)
  • EBITDA: ₹87 Cr; EBITDA Margin: 33.2% (vs. 21.7% in Q2 FY26)
  • Profit Before Tax (PBT): ₹63 Cr, up 120.5% YoY; PBT Margin: 24.2%
  • Profit After Tax (PAT): ₹47 Cr, up 126.5% YoY; PAT Margin: 18.0%
  • EPS: ₹4.94 (vs. ₹2.18 in Q2 FY26)

Financial Performance (Standalone - H1 FY27)

  • Revenue from Operations: ₹437 Cr, up 6.6% YoY (H1 FY26: ₹410 Cr)
  • EBITDA: ₹120 Cr; EBITDA Margin: 27.4%
  • PAT: ₹57 Cr, up 68.3% YoY; PAT Margin: 13.0%
  • EPS: ₹5.97

Order Book (Standalone as on September 30, 2026)

  • Total Order Book: ₹3,937 Cr
  • Breakup by Order Type:
  • Production: ₹3,230 Cr (82.0%)
  • Development: ₹287 Cr (7.3%)
  • Export: ₹169 Cr (4.3%)
  • AMC/Service: ₹251 Cr (6.4%)

Major Orders Received in Q2 FY27

Orders worth a total of ₹1,981.7 Cr were received, including:

  • Radar order from HAL: ₹1,878.8 Cr (Production)
  • Radar order from BEL, Ghaziabad: ₹70.9 Cr (Production)
  • Space order from SAC: ₹11.0 Cr (Production)
  • Missile order from RCI: ₹7.1 Cr (Production)

Revenue Breakup (Q2 FY27)

  • Defence: 82.7%
  • Space: 4.8%
  • Exports including Deemed Exports: 6.2%
  • Meteorological: 5.8%
  • Others: 0.5%

Customer Concentration (FY26 Standalone Revenue: ₹1,155 Cr)

  • DRDO: 28.2%
  • BEL & Other DPSUs: 22.7%
  • IMD / Met Dept: 18.0%
  • Exports (via ARC + Aelius): 11.9%
  • ISRO / SAC: 6.4%
  • Others: 13.0%

Balance Sheet (Standalone as on September 30, 2026)

  • Total Assets: ₹2,171 Cr (Mar-26: ₹1,960 Cr)
  • Inventories: ₹793 Cr (Mar-26: ₹609 Cr)
  • Trade Receivables: ₹675 Cr (Mar-26: ₹687 Cr)
  • Cash & Cash Equivalents: ₹122 Cr
  • Bank Balances (other): ₹83 Cr
  • Total Borrowings: ₹484 Cr (Mar-26: ₹287 Cr)
  • Non-Current Borrowings: ₹73 Cr
  • Current Borrowings: ₹411 Cr
  • Contract Liabilities: ₹171 Cr (Non-Current: ₹55 Cr, Current: ₹116 Cr)

Cash Flow (Standalone - H1 FY27)

  • Net Cash from Operating Activities: -₹146 Cr
  • Net Cash from Investing Activities: -₹57 Cr
  • Net Cash from Financing Activities: ₹114 Cr
  • Net Change in Cash: -₹89 Cr

Consolidated Financial Performance

  • Q2 FY27 Revenue: ₹263 Cr, up 22.6% YoY
  • Q2 FY27 PAT: ₹52 Cr, up 117.5% YoY; PAT Margin: 19.8%
  • H1 FY27 Revenue: ₹440 Cr, up 6.1% YoY
  • H1 FY27 PAT: ₹64 Cr, up 60.2% YoY; PAT Margin: 14.6%
  • H1 FY27 EPS: ₹6.68

Strategic Business Update

  • Demerger: The Board has given in-principle approval to demerge the Space, Meteorology, and Hydrology business into a separate entity. The final decision on structure and share exchange ratio is pending consultant reports.
  • Rationale: Focused management, operational efficiency, tailored growth strategies, and unlocking shareholder value.
  • R&D Expenditure: ₹58 Cr in FY26 (vs. ₹23 Cr in FY21).
  • Manufacturing Facilities: Four in Hyderabad, one R&D facility in Hyderabad, and one R&D facility in Bengaluru.

Joint Ventures & Subsidiaries

  • Astra Rafael Comsys (JV): Focuses on indigenous Software Defined Radio (SDR), EW, and SIGINT systems for Indian defence and exports.
  • Astra Defence Technologies Pvt Ltd (Subsidiary): State-of-the-art manufacturing for defence, aerospace, medical, and industrial electronics.
  • Aelius Semiconductors (Subsidiary): Fabless MMIC Design House in Singapore developing GaAs and GaN products for Defence and Space.
  • Astra Space Technologies (Subsidiary): Wholly-owned subsidiary for manufacture and integration of satellite equipment.
  • Navictronics Pvt Ltd (JV): 50:50 JV formed in November 2024 to manufacture NavIC chip and GNSS products.

Outlook and Targets

The company targets 15% to 20% revenue growth, with a higher proportion of revenues to be contributed by complex system fabrication within three to five years.