Ladies and gentlemen, good day, and welcome to the Astra Microwave Products Limited Q3 FY 2026 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after this presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star, then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. S. G. Reddy, the Managing Director, for the opening remarks. Thank you, and over to you, sir. Thank you, and good morning, everyone. A warm welcome to all the participants to the post-results call of our company. I'm with my colleagues, Mr. M. V. Reddy and Atim Kabra, and HEA, our investor relations advisors. The results and investors presentation for Q3 and nine months of FY 2026 are already uploaded on our company website and stock exchanges. I hope you had a chance to look at it. In Q3 FY 2026, the company delivered its best-ever performance, supported by margin improvement, primarily due to favorable revenue mix and a strong order execution. Our standalone numbers for Q3 is at INR 258 crore, with the EBIT at INR 80 crore. Corresponding with the margin expansion, the EBITDA margins stood at 30.9%, while profit after tax is close about INR 39 crore. These results underscore the strength and the resilience of our operational capabilities. On a standalone basis, nine months revenue subject to INR 668 crore, with the EBIT at 165 crore, with a healthy margin of 25%. PAT has earned a growth of 6.3% year-on-year, with a margin of 10.9%. Our standalone order book has crossed the INR 2,000 crore mark and stands at 2,226 crore as of December 2025, providing strong visibility for the upcoming quarters. This include orders of 1,477 crore from defense PSUs and DRDO labs, 249 crore from the space sector, 369 crore from meteorology and hydrology sector, and 130 crore from exports and regional. We continue to focus and execute the modules and subsystems with the critical and complex applications in the area of electronic warfare, radar systems, space-based data platforms. To mention a few, we have delivered Aslesha and Rohini modules, X-Band DWR, AATRU, telemetric products, and some more products for QR-SAM and FSAPJ during the quarter. To strengthen our relationship and be a partner in making India, Make in India programs, we signed a MOU with Bharat Electronics to work together on design, development, and manufacturing of advanced systems, with a shared objective of strengthening indigenous design and the production capabilities in key defense technologies. On the order flow front, we received INR 450+ crores of orders during the year, which has a mix of defense and other segments. We are on the way to achieve our order guidance for the year. More details about the same will be shared by JMD. Our joint venture, Astra Rafale Comsys, has bagged two prestigious orders worth INR 300+ crores during the quarter, and is poised to do well in the coming years. From a strategic standpoint, we continue to take steady steps towards becoming an integral, integrated player in advanced electronic modules, subsystems, and complete systems for defense, electronics, and space applications. More business-related updates and future plans will be shared by my other two colleagues. Quick industry updates. When we look at the broader industry landscape, it is evident that the defense sector has undergone a structural shift. It is very encouraging that the government is working towards improvising the earlier L1 formula, under which the lowest technically compliant bidder was selected, which is now changing by incorporating additional technical parameters as well as indigenous design. The Indian government now chooses to prioritize the Indian companies that focus on research and development, and invest in owning IPR rather than just obtaining technology transfers. Looking ahead, the Union Budget 2026-2027 provides a strong thrust towards indigenous manufacturing and reduced import dependence, positioning domestic defense industries, including private sector players, as key beneficiaries. The government's continued focus on defense modernization, Make in India, and self-reliance is clearly reflected in the budget, with allocation towards defense increasing by 15%. Within the aerospace ecosystem, the space segment is witnessing accelerated momentum, supported by raising investments, expanding capabilities, and a strong policy backing. The Union Budget 2026 underscores this trend by healthy allocation to the space sector, highlighting government's intent to strengthen India's space capabilities and support long-term ecosystem development. Currently, our order visibility across the industry is strong and backlogs are no longer a constraint. The focus has therefore moved to execution, specifically the ability to meet delivery milestones while protecting margins and maintaining balance sheet discipline. Additionally, a further support from various global trade engagements is expected to enhance export potential. Together, these developments act as a strong tailwind for all defense PSUs as well as private sector companies like Astra. From a near-term perspective, we reaffirm our growth targets for FY 2026, comprising approximately 10% growth in top line, with a healthy PBT level and order inflows in the range of INR 1,300 crores-INR 1,400 crores. Here, I would like to assure all of you, though we have achieved about INR 600+ crores revenue as of Q3, we are confident to reach our target of INR 1,150 crores as a top line for the year. Further, as previously guided, we are on track to deliver revenue growth around 15% for FY 2027, and an order book of around INR 1,500+ crores with a healthy bottom line. Further, when we look at the long-term perspectives of the company, we are sure that company is likely to grow much faster from the financial year 2028, 2029 onwards, and I am sure all of you will be very happy with the performance of the company. With this, I thank you very much. Now, I hand over to M. V. Reddy and later on to Mr. Atim Kabra. Thank you. Thank you, SG. Good morning to all, and thank you for joining us. I am pleased to report that our company continues to demonstrate a strong operational resilience, the discipline, the execution, and moving with a clear strategic direction to achieve its goals. As we close the third quarter FY 2026, our performance remains aligned with the guidance we shared at the start of the year, reflecting both the strength of our execution engine and the trust our customers and partners place in us. As of December 25, our order book remains in line with the guidance. As my colleague just now had mentioned, we have booked about INR 476 crores orders in Q3, and overall standalone order book stands at INR 2,226 crores. We also concluded price negotiations for the contracts worth of approximately INR 550-INR 600 crores, which are likely to convert into firm orders by end of this quarter. With the visibility, we remain firmly on track to achieve our FY 2026 order book guidance of INR 1,400-INR 1,450 crores. Our delivery pipelines are stable, execution across program is disciplined, and our revenue trajectory continues to be healthy. The third quarter has been particularly encouraging, with high-value wins in critical defense and weather segments totaling around INR 300 crores. This includes Doppler weather radars and software-defined radios, reinforcing our leadership in advanced RF and microwave systems. We also secured strategically significant wins, such as DcPP for EW suite for Su-30 platform, and also a few other subsystems, strengthening our role in complex subsystem integration and deepening our participation in mission-critical national programs. Looking ahead, we are even more energized by the strategic opportunities before us. We are strongly positioned in the major programs which our DPSU customers are expecting contracts in next couple of quarters, where our competitive edge lies in key subsystems and in-house critical MMIC capabilities. At the same time, as we had mentioned earlier, we are expanding our presence in space domain, which we see as a major long-term growth driver. We partnered with a couple of startup companies to participate meaningfully in the evolving space ecosystem, combining our RF and microwave strength with advanced propulsion and satellite technologies to capture opportunities in both domestic and global markets. We continue to invest in future-ready technologies aligned with evolving Ministry of Defense requirements and growing export opportunities. Our JVC, ARC, overall performance is exceptionally well and executed $18.19 million in Q3. With order book of $80 million, and with the visibility of opportunities which we have today, we are confident of maintaining sustainable growth for the ARC next 5-6 years. In summary, Astra Microwave is delivering exactly as committed. We are meeting our guidance, strengthening our order book with high-quality programs, and executing with discipline and confidence. More importantly, we are building a technology roadmap aligned with the market needs and global trends. The future ahead is not only promising and strategically secured through sustained investment in technology, partnerships, and execution excellence. That's all from my side. I would like to be happy to answer your questions. Now, I hand over to Mr. Atim Kabra, Executive Director. ... Thank you, MV and SJ, for a quick summary as always. Like you both, I too can sense that Indian defense and aerospace sector is pregnant with multiple opportunities. It has been five-plus years, and only five-plus years since DAP 2020, and the vision laid out by the government at that time has led to the blooming of this sector. Now we all have the revised version almost in place. However, I continue to believe that private sector defense is still in its infancy, and even though all the companies here are expecting a flurry of orders, we all still face an execution challenge, which, if handled efficiently, will take the sector and the constituents of the sector to newer heights. So on the back of these developments, last quarter, for the first time, we were confident enough to mention that three to four years from now, we are expecting to more than double our, double our turnover. All timelines are hazy, as the entire ecosystem has to come together for the price negotiations to happen, orders to be placed, supply chain activated, flawless execution to happen, and then at the end, for the end client to accept and take delivery of the product. So today, I want to briefly touch upon the criticality of adequate financing and how that is a lubricant which keeps the working, the system moving in an efficient manner. So, as you're aware, defense is a highly working capital-intensive industry. The government does release the orders to the defense prime PSUs, and increasingly, of course, direct orders are being from the users are being placed with folks like us. And in turn, DPSUs place orders to their vendors. While they may obtain adequate financing for execution, more often than not, they are not inclined to pass on similar working capital benefits to the supply chain. It's not a complaint, this is just business, but that's the nature of the beast. So when I look at our receivables, our inventory levels, et cetera, you know, and I look at the other industries, of course, taken in isolation, these numbers seem scary high. But that's only mitigated by the fact that our receivables are grade one, Government of India credit, which banks are more than happy to discount. I must tell you that even with increasing numbers of receivables and inventory, we have had a credit rating improvement. You would have read about it. One of our prime banks has already reduced the interest rate, which has been charged to us. Hey, can you put it on mute for others? Because there's a lot of disturbance here. So as far as the- Okay. As far as the availability of financing is an issue, for us, it is actually not that big an issue. But as you know, balance sheets for efficiently, for them to efficiently function, especially when our sales volumes are projected to go significantly higher, we need to be creative as well as, ensure that there is enough financing is there, so that our NCNC projects, the products being developed, and the large blue-sky thinking-driven projects do not suffer due to inadequate financing. So watch this space. There are a few very interesting options, as the next slide will be letting you know. So the way we look at why is the inventory high? The way we look at it, our high inventory is a function of the long gestation product cycles and the lengthy time spans between the quotations we make to the placement of orders and the price negotiations before that. And finally, the lengthy delivery schedules over which the contracted products have to be delivered on contracted pricing. The foreign content is fairly high in quite a few orders, and with a fluctuating exchange rate like ours, if our margins have to be protected, then orders need to be placed, and your components and subcomponents acquired much ahead of the delivery schedule. And I must compliment our team here, that despite the rupee, you know, gyrating all over and going down, I think, we have done fairly well, and actually have a small profit on the foreign exchange side. So moving ahead, and often in the supply chain, the quantity which needs to be ordered is defined upfront. Supply chain partners are designated. Plus, there is a minimum economic order quantity concept, which comes into the play at times, which requires us to order in significant inventory, which is utilized over a period of time. But of course, we carry the risk of obsolescence in this. So combined, all these items create a significantly high inventory, and you have to appreciate the fact that we have been around for three decades plus. So the numbers you see are a combined number of which has accumulated over close to three decades. It is, it does not necessarily directly pertain to the ongoing production levels. So why do these numbers look manageable to us, guys? We receive advances from the customers also. The numbers you see reported are gross receivables without being adjusted for these advances. That's a very significant thing which we are sharing with you, that the numbers we report are gross receivables, not adjusted for the advances which we have received. We look at our numbers as inventory, plus gross number of days receivable, minus the customer advances. Advances, if I look at the numbers for December 25, advances for customers accounted for nearly 25% of the gross receivables. Our net receivables are accordingly reduced, and that brings the number down to a fairly significant level. Remember that these are sovereign receivables, so as long as the banks have an interest in funding sovereign receivables, we should have no problems in funding the business. Even for these receivables, the way we can look at it is also that the incremental receivables over the normal receivable cycles, let's say, if it doubles up from the normal receivable cycle of, let's say, 90, 90 days or 100 days, which exists, then at the current cost rate of interest, it's costing me probably 2% in incremental out of my margins to take care of the business. Which is a very, very, very manageable number, and we are fairly comfortable. Lastly, please note that these numbers are as of the balance sheet on March 31, and the nature of business is such that most of the or a significant amount of orders come in in the last quarter of the years. So this amount will always, the 31st March number will always be significantly high, given the nature of the business and the fact that there's a normal receivable cycle. Even if it is a normal receivable cycle, it will show us as a gross receivable being very high. So while the cash flow is spread out over the years. So these two things, I think, when you look at the inventory numbers and the receivable numbers, I think once you start looking at it from our perspective, it is fairly manageable. And I want to end this conversation with a note on how we view our business. We view our business in blocks of three to four years, not on a quarterly basis, not on an annual basis, as there is a significant step up which happens in terms of our technical capabilities, in terms of our R&D, and in terms of overall tech scenario, as well as our capabilities, which are continuously being upgraded. So we expect right now that the fruits of the last three to five years of R&D, and mind you, we are very, very horizontal in terms of our product breadth. Probably one of the best horizontal planes which you will get, in terms of the tech breadth, in the industry. So we expect that this will translate into multiple large-scale programs, which even if I look at just four years scenario, MV and SG are very confident of giving us a number of around INR 8,000-INR 10,000 crore worth of new order booking and concurrent sales happening to the tune of about INR 7,500+ crore over the next four years themselves. If you do the math, we have already given you a guidance of INR 1,400 crore, INR 1,370-INR 1,400 crore for the next year, ±25. We are talking about INR 1,650, INR 1,700, ±25 to 15%-20% over there, because the visibility is very high. If you subtract these numbers from the INR 7,500-odd crores, which I'm talking about, you will see that FY 2029 and FY 2030 is where we are again going to a completely different orbit. Our margin profile has been, I guess, slightly on the upward trend only. If I look at the overall operating leverage which comes in, and the accumulative PBT numbers over the next four to five years, I think it will help us very clearly achieve our cherished target of being a free cash flow generating company, towards which we have been working. So it's looking good. Focus is on execution, and I'm sure our team will deliver. With this, I hand you back for question and answers. Thank you. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Amit Dixit from Goldman Sachs. Please go ahead. Yeah. Hi, good morning, everyone, and thanks for the opportunity. Congratulations for a good performance and, very healthy margins. Couple of questions and more from a medium-term view. First one is, we have executed MOU with the BL, and as we all know, BL is, one of the-- in one of the consortium for AMCA. While your name directly doesn't figure in, you know, as a part of consortium, unlike your, some of your peers. But just wanted to understand the opportunities that we see in AMCA platform. If very broadly, you can highlight, what kind-- Because we have been involved in SCU, we have been involved in, Tejas. Just wanted to understand the broad range of opportunities in AMCA, both in terms of products as well as, if you can highlight some, you know, your financial part as well. Yeah, Amit, as well as the AMCA program is concerned, you know, the basically, you know, our core expertise in this, in radar and the EW suites. And these are the major systems and sensors, I would say, which we have the core expertise in AMCA, and these sensors are being dealt by DRDO separately. They are not in the scope of the EOI, what being released. So it is the most of, more of like mechanical and, the avionics part of it. And, of course, some avionics, electronics is there, but there we don't have expertise. So, to be frank, we don't have direct contribution in that particular scope, what being, given in that EOI. But we are there in the radar and EW suite, that is, which is being dealt by DRDO separately. That, anyway, we are working on that. Is it fair to assume that since we have a you know historical I would say precedent of being in Tejas being and now being in Sukhoi and contributions for that so it is you know we would have an edge over others possibly in AMCA as well? Yeah, we will be, once we complete the development, and then, once we made the product system, we will become, the part of, whosoever is wins the consortium. Today, the consortium basically more focused on the building the aircraft and, the other, sensors and all. So we will be a supplier to those, consortium, whichever wins the bid. Okay. The second question is essentially on the export opportunities now with the EU-India FTA in place and U.S.-India trade deal also in place, there was a, I mean, DAC approval for recent AON yesterday. What kind of export opportunities we see, particularly when, you know, of global OEMs are keen on dovetailing into Indian suppliers for their global supply chains? Yeah, actually, this has opened up, although, you know, we have been working with a couple of European companies for last few years, especially in radar and EW components and subsystems. We have now the discussions, whatever we had in the past, now we are again reinitiated, and there is. We have seen a lot of positive response in last couple of, like, you know, weeks, you know, soon after this deal is over. But, in fact, it is too early to say that how much, you know, we can get these opportunities and all. But yes, definitely, there is good number of, you know, opportunities are there to work together to address the global market and as well as the Indian market. We have been discussing renowned European players who are all working in this, our domain. Okay, sir. Thank you so much, and all the best. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Varun Bahl from Plutus Investment. Please go ahead. Thank you for the opportunity, and, well done on the margin side. Sir, frankly speaking, the execution lethargy of management is slightly worrying. Even with such clear order visibility, a 10% revenue growth in the current year and only a 15% revenue growth next year is underwhelming. In this period of extreme tailwind for the ecosystem, why can't we have bigger goals? Thank you. Well, see, as far as the execution capability, we have built this capability, but, you know, most of these programs what we are executing are R&D in nature, and also the domestic market. And then this kind of a market where we have many other, like, you know, this thing like, you know, instances, like inspection delay, and then sometimes, like, you know, there is a delay in approvals. So all these things are leading to some sort of a project delays. That is one of the reasons. And as far as R&D projects, like, you know, since we have taken up very complex R&D projects, few of the projects have gone for iteration. Because of that, few projects which we have planned to execute in last quarter or last before got slipped away. But as I said, you know, we are fairly, you know, whatever we worked out in the beginning of the year, we are almost in line with the, you know, guidance being given to you. So yeah, for the percentage and all, we can probably, we can increase, like, you know, the moment when we get a high bulk, you know, production orders, like which we are anticipating now in the next quarter or so for the programs we have already developed. The moment when we'll get these orders, I think, you know, our production, our execution, will improve drastically, and you can see the better percentage in terms of both in revenue as well as bottom line. Thank you. Sir, so this is a very common feature. Post getting the order and starting of execution, the, the planning stage is, where we are seeing these delays. Is that correct? No, I didn't get you. Can you repeat? Sir, the- Yeah. Post receiving the order and starting of execution, the plans are redrawn, and in this phase is where we see the delays. Is that correct? Post receiving, actually, it's not that, you know, we've redrawn the implement execution. See, what has, what will happen is, in the majority of the development contracts, sometime like, you know, the after execution—after the receipt of the order, during PDR, that is, you know, design review stage, there are many issues will get sorted out, by the user or customer, I would say, keeping in view of the complete total system requirement. That time, like, you know, some decisions we don't, we don't get, as the committees and all have to sit and go through all the details. So there are some delays in this kind of a process, and this we have been seeing for many years. But, you know, since we are now executing a major, like, you know, complex systems, now this kind of a delays, especially in the approvals and all, are there. That is the reason I think, some of the projects got delayed. But otherwise, we are planning much ahead, like, you know, for especially the proprietary case, the moment when we come across the, demand from the customer and all, we have been planning. And, for the competitive tenders, yes, of course, though we made the designs and everything ready, but the procurement and all will start only once we conclude the PNCs. So that the planning will start from the date of, conclusion of the PNC, and, we always, you know, plan to execute within the schedule. Vidal, you're in fact- Thank you for the explanation. I appreciate it, sir. Yeah. Thank you. A reminder to all participants, please press star and one to ask a question. Our next question comes from the line of Vikas Singh from ICICI Securities. Please go ahead, Vikas. Good morning, sir, and thank you for the opportunity. Sir, my first question is regarding the 114 Rafale deal. We have a JV with the same. So for the Rafale, which are going to make in India, just wanted to understand the opportunity size for us, and does we are adding this also in our the next five-year doubling of revenue capability targets? Yeah, I would like to clarify. Our JV is with Rafale Advanced Defense Systems, Israel, not with Rafale of France. Noted, sir. But then those 114, what I really meant that the those 114 Rafale, which are going to manufacture in India, so in the 50% or 60% component provided by basically, so radars we can supply, right? So what could be the time size for that? Actually, as of today, in fact, we are not, we are in the supply chain, to be frank, but yes, some discussions are happening. We are discussing to indigenize a few components and subsystems in that, but it is too early to comment on the business size of this particular deal. Let me just come in for a second here to add on to the previous gentleman's question. You know, I thought that was a very derogatory way of putting in the efforts of nearly 2,000 people who are working to deliver the numbers and a target which has been given. You know, you, being a gentleman, have addressed it very nicely. But, guys, we are not here. We have explained it multiple times. We are not here for a quarterly review. This business, we take a three to fouyear view. And if you want to use, you know, fairly harsh words, you know, which I think this is not the right company. You know, it's your prerogative, of course, but you must understand that this business is a long-term business, which you have to look at it from a three to four year perspective. So I find it quite offensive when somebody, you know, looks at a quarterly number and pulls down the efforts of the company and the 2,000 people who work there. And we are just reiterated that we will meet the targets for the year, you know, and I'm actually will take a liberty to say we'll be more or less close to the numbers, and we have given you a guidance for the next year. This is a multipronged effort where multiple things have to come together to deliver the numbers, and you must appreciate this. We have given you a fairly sizable growth, which has happened and which will happen in the next three to four years. ... So, just wanted to put this across very clearly for the benefit of everybody. Can I go ahead? Yeah, please. Yeah. The second question pertains to our target of double the revenue. At the same time, like you previously remarked, sir, just, working capital is going to be very high. So just wanted to understand, would the—because the working capital investment comes, much earlier, would that mean that we would need some capital infusion or our debt would go up in the next couple of years before we started reaping the benefits? So how should we look at that, your capital requirements? Yeah, I don't think we have to raise any equity capital as such to meet these working capital requirements. I'm sure that the bankers and other stakeholders will be more than happy to support the company. So we won't be raising any equity capital for the support of the working capital. Yes, the working capital borrowings will go up as the top line grows, but at the end of the day, it is going to be very profitable business, what we are doing. Sir, just one clarification. On an average, what percentage we are getting as advance in the order book? Generally, for the development orders, we get an advance, anywhere ranging from about 20-25%. Export orders, we get about, 30% advance. Whereas the, for the production orders, we don't get any advance. Again, the, the orders from the Space Application Centre and Meteorology sectors, again, there we get the advance in the range of 20%-25%. No, thank you, and all the best for you. Yeah. Thank you. Our next question comes from the line of Karthi Keyan from Suyash Advisors. Please go ahead. Sir, good morning. Just wanted to understand the order backlog and revenue targets for the joint venture, sir, Astra Rafale JV. For 2026 and 2027. Yeah, yeah. Order book, JV. For the JV, we have close to $80 million as on date. Right? Yes, sir. What else you want? Revenue, sir, for this year and next year, possible revenues based on execution plans. Yeah, for this year, I think it is likely to about INR 350+ crore of top line. Mm. Probably for the next year, it should be close to about INR 400+. And, and, and- Here, but it should be in the range of INR 400+. How is the profitability shaping up there, sir? At PBT level, they earn close to about 10%-12%. Okay. Okay. Okay, and, and the INR 1,400 crore does not include any contribution from this, right, sir? This is not consolidated, so this is only the non-JV revenues, right? So when you talk about- Yeah, yeah. Yes. It is a standalone, and the profit from consolidation of revenues at the consolidated level, but it is only a share of profit from the JV is taken. Sure, sure. Thanks for answering, and very best wishes, sir. Thank you. The next question comes from the line of Keyurk umar Vadalia from Niveshaay. Please go ahead. We'll move on to the next participant. That is Prerit Jain from Motilal Oswal Financial Services. Please go ahead. Yes, thank you for the opportunity. I have two questions. One is the order book, order inflow guidance for this year and next year, which is INR 1,300 crore and INR 1,500 crore. So what are the key orders that we are expecting, say, like in next 12 to 15 months? And if you can help with the quantum as well. Yeah, what's your next one? Hello, what is your next question? Yes, so the next one is, like you mentioned, that the current projects which are being executed, most of them, like quite a few of them, are in R&D phase, and still we are able to maintain such good margins. So going forward, when these get into, like, a mass production or execution phase, like higher quantity, will the margins improve, or these levels will be maintained? Okay. Firstly, regarding order book, yeah. See, order book for this current quarter, that is in Q4, we are expecting, as I said, around close to INR 550-INR 600 crores. In that, majority will come from radar and EW. So the, from the defense overall, we are expecting about INR 450 crores and, from meteorology, around INR 120 crores. Mm-hmm. This is the split of order book plan for the current quarter. So with this, I think we would be in position to achieve INR 1,400 and INR 1,450 around that for the current financial year. For the next year, for FY 2027, we have a clear visibility to book order close to INR 1,500-INR 1,600 crores, around that. And in that, the majority programs which I've as I mentioned, like, you know, orders will come from public sector customers, like BEL and all, where the programs which they are expecting orders for the first quarter, like QR-SAM and ... The other programs, like in from DRDO, we are participating few R&D programs. Then the production orders which we have already got qualified, like in EW systems, like the Nayan, MeDAS, Samudrika, Dhara Shakti. These are all programs where our customers are getting orders, and in that we will be getting subsystems. Then export front, we are expecting orders worth of hundred to one twenty-five crores, and in mid-segment, around fifty crores. So this is a broad split of order book for the next year. All in all, I would say around fifteen hundred to sixteen hundred crores we are confident of booking the orders. Yeah, the second question regarding profitability, I would—I must tell you that R&D is also a profit center to us even today. Therefore, either low R&D or larger R&D contribution is not going to affect the profitability. But as we grow the top line, I am sure that there will be an improvement in the margins. But how much it is going to be and all, probably we have to wait and see. But definitely it is going to be a positive one from now onwards in terms of the profitability. Okay. If I can squeeze in one more question. Yesterday, around INR 3.6 trillion of AONs were accorded. What are, what is the potential TAM for Astra in this? Actually, we are working some of the advanced version of few projects which we are working in there. But yes, some components and subsystems are there in few programs and all, but we will come back to you maybe little later of the exact potential of the business, what we can get it from the yesterday's cleared approved project. Okay. That's all from my side. Thank you so much. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Ketan Gandhi from Gandhi Securities. Please go ahead. Yeah, sir. Congratulations on a very good outlook for the next three to four years, and wish you all the best for the same. I have only one question or clarification. Sir, can you share any update on man-portable SDR? I think trial was over, and any color on the timeline of awarding the contract? Oh, it is in the plan. Yeah, actually, the trials, more or less, are getting over now, but in the final stages. I think, we'll get concluded maybe in a month time, from now. No, trial will be concluded, or they will come out with the result also? No, trials will be concluded, and, hopefully by March, I think they may open the bids. This is what we are expecting. Okay. Thank you so much, and all the best. Thank you. But, Ketan, in that, it's not one shot awarding of the contract. It's gonna happen over a period of time in multiple lots. Sure. I understand that, sir. Thank you. Thank you. The next question comes from the line of Jyoti Gupta from Nirmal Bang Securities. Please go ahead. I'm sorry to interrupt, ma'am. You're not, you're not audible. Your line is not clear. Am I audible now? No, ma'am, your voice is breaking. All right. Could you please change your location and use your phone on handset mode? Yes, I am doing that. Yes. Can you hear me now? Yes, yes, please go ahead. Yeah. Thank you so much for the opportunity and great set of numbers. I have two questions. One is, in terms of, the exports. I've seen the contribution of, exports have gone down sequentially. Is there any specific reason? Second, the margins are great. Any, particular order that has led to it, and would that be sustainable? And third question is on the, pseudo satellite, you know, which has recently come by NAL and, Open Research Institute from Bangalore. They are, in there. In fact, a lot of international bank-- In fact, a lot of, country, international countries are entered. Are you also looking at pseudo satellites, stratospheric satellites? Yeah, your first question is the exports front. As we mentioned in the last few earnings calls, we are slowly moving, moved away from the BTP business. Now, more or less, except, you know, serving our joint venture, where, in fact, we have a fairly reasonable good margin, and as we have a-- we do have a value addition in those products. So we are getting better margin, and we are continuing to do that deemed export business, and also few export, which we have good margin. But, in the past, we used to take orders which have low margin of high volume, but now we came out of that line as we wanted to focus more on the high-margin products and where our value addition is more. And that is the reason there is a dip in the revenue as well as the exports are concerned in the last two years. Going forward, as we are focusing more on contracts which we have our, you know, contributing in terms of design and all. In the future, we are expecting some production orders with our designs. That, I think, maybe down the line, after a couple of years, we will definitely with this export will pick it up. So till that time, we have a enough domestic market to capture and to work on that, so we are focusing on this. Now, the second question is the margin, your the percentage of margin has been increased. Yeah. In fact, this is answer, like, you know, we have been addressing only the domestic market and as well as export, where we have a decent margins. Because of the product mix and the composite of the, you know, the systems products line, what we have taken it up, I have got a reasonably good margin as compared to the previous, years. Hence, the margin has been increased. Then third question about the pseudo satellites and all. So we, we have some plans, but we are in these, still in the very initial stages. I don't, I think, I can answer your, this good particular question straight. As probably, maybe down the line, after some time only I can come back to you on this. Okay. One last question. The advances that you're getting, is it because you are now in some platforms, you are in tier one category? Or is it like now the private companies are entitled to these advances for contracts? Actually, see, in DRDO the contracts all go. We have been getting these advances for many years, and it has been continuing, especially in the development contracts. The other, even other institutions like ISRO, and all, they have been giving advances. Of course, with PSUs, most of these production orders we don't get as their guidelines are different for taking advance. We feel, without advance, we can, you know, they roll out the execution much faster, and also the realization can happen faster than this thing. Then the other one is for MOD contracts. Yes, now since we started participating and so the advance is there, and the private companies can be treated at par with the PSUs for giving advances to the industry for development. Okay, great. Thank you so much, sir, and all the best. Thank you. Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Rupesh Tatiya from Long Equity Partners. Please go ahead. Yeah. Hello, sir. Thank you. Thank you for the opportunity. My first question, sir, is the LCA Mark 1A, second batch of 97, when, when can we see some orders for Uttam Radar, AAAU, EW components? Any timelines you can give? We have RFP on hand, and we have responded RFPs, and, the negotiations process is on. So I can share up to this information. As and when contracts gets finalized, we'll, I will come back to you on this. Delivery will start after some gap of, let's say, one year, or it will start right away in a staggered manner, obviously, but? Actually, the customer is, the HAL is expecting these deliveries to happen in a staggered manner. Initially for few numbers, to get stabilized these, indigenous sensors in the platform and all. Thereafter, I think, they would like to give bulk production clearance for the large quantity. So hence, the- Yeah. execution happens in a staggered manner. And where are we on the qualification of Uttam Radar plus ASPJ pod, Shyamak Rakakapatra pod? We have completed qualification for both AAAU of the Uttam Radar and also the AATRU of the pod jammer, both UTAP. No, no, no. Not, not from our side, sir. Overall, overall, final products. Overall, also, like Uttam Radar, as far as the qualification, like it's been completed, and there are a few observations that also have been addressed and said. After once we, HAL gets these proto units from all vendors and they integrate, then, probably they are similar, like I think, you know, they can again step in to see what the issues that would have been there to see are, and then thereafter they can give production clearance for the bulk production clearance. But otherwise, on the qualification front, I think it more or less, it has been through. So, final product, I mean, you feel in next six months will be certified? That I cannot say because, you know, it is DRDO is the, you know, is the agency to inform about the timelines. But yes, we are hopeful of completing that, this thing in between that particular time period. Okay, okay. And just, second, and question is more of a clarification. So you said QR-SAM orders you're expecting in Q1? I didn't say that. Our customers are expecting in Q1. In fact, although they are hopeful of getting by March, but in case it just delays over, but I think maybe in Q1, they'll get order. For us, it may take another 3 months or 4 months to get orders from the subsystems. Okay, okay. And on SDR, Non-Portable SDR- ... Can you give some idea about competitive landscape, and what kind of market share do we expect to win or retain in this segment? And also opportunity size, you can give maybe some year-by-year picture, total opportunity and year-by-year picture. Yeah, actually, this particular quantity which the RFP was released and where the trials are going on is only, I would say, some, I think, 10% of the quantity what being projected by the Indian Army. And, I think you can estimate roughly around 10 times to this particular quantity. So over a period of five to six years, they would like to induct these SDRs in that, in the network. So the opportunity size is too large. And, yes, this is now, as mentioned, earlier also, there are about 3 players. Once only the price bids are open, we'll know who will be the successful bidder. Okay. So you still, I mean- I would request you to rejoin the queue. Thank you. The next question comes from the line of Keyurk umar Vadaliya from Niveshaay. Please go ahead. Hello. Thank you for the opportunity. Go ahead, Keyur. Yeah. Yeah. Am I audible? Yeah. My question regarding to the space vertical one. We have a INR 249 crore orders, like, how this order is split? Like, is it related... Hello? Please go ahead, Keyur. So, these orders are related to payloads or payloads of systems or related to launch vehicles, sir? And if you can give us a direction, like, how we are looking forward to get the order in this vertical, on which directions, payloads or the vehicles? Yeah, whatever orders we have of us in this space, as at today, it is all related to the satellite payload electronics, and some small portion, I would say only 5% or 6% of the overall order what we have is related to the launch vehicle electronics. Otherwise, the most of them, most of these are part of the payload which ISRO is trying to build this payload for strategic applications. And going forward, we do have a good visibility to get repeat orders, you know, in the same you know configuration and all. Maybe in next two to three years, I think we should have a similar size of order book. Apart from that, as we mentioned, we are trying to build our own satellite with the payload for the future. So that, I think, will take another two years to launch the satellite, and then we are also, we're trying to address the end market. Okay. And the last con call, when you mentioned, like, project Mausam. So like, means, how far this opportunity is right now? Oh, you are referring to that, India Meteorological Department, no? Yes. Mausam. Mausam. Yeah, we are, we are getting order. Yeah, yeah, we are, Mission Mausam. We are, we are there. We got a couple of contracts recent past, and we are in execution phase. So, I will be very specific, right? Actually, we mentioned that it was a very big opportunity, right? So I'm expecting, like, when this big opportunity can be translated in order book and then the delivery time frame, like? Actually, this is serious. Like, you know, all these radars will be procured in a phased manner. We are expecting at least around 4-5 tenders to come to cover the overall requirement of weather radars and other systems like Wind Profiler Radars, even weather stations and all. So these tenders will cover overall Mission Mausam requirement, and this may take at least a couple of years to finalize these orders. And on the execution front also, may take a three to four years time frame. Okay, sir. Thank you. All the best for the future. Thank you. The next question comes from the line of Shivam Parekh from ValueWise Wealth Management. Please go ahead. Good morning, sir. Thanks for the opportunity. As mentioned in the investor presentation, there was time of around INR 24,000 crore-INR 25,000 crore for extra till financial year 2028. So how much is actually serviceable by us based on capabilities currently, and any expansion to be done ahead in the next two years or so? Some light on the same would be greatly appreciated. Thanks, sir. Yeah, as far as the, you know, the investor presentation when we made, we mentioned, and also, Atim mentioned, you know, in the opening, this thing, we do have the TAM, that is total addressable market, of INR 25,000 crore-INR 30,000 crore. But you know, this, what we expected few contracts, about one year, two years back, are getting shifted to one year or so. But, overall, what we could see clearly an opportunity size of around INR 30,000 crore in next five years, time frame. And in that, as we mentioned, we can... We are confident of, bagging or maybe around INR 8,000 crore, for the execution in this, particular, front. Because in that, many of the programs which are, we are, single, or only approved, qualified, you know, company for a few programs, taking all those things and also, taking about 20%-25% weighted average for the competition, this is the figure what we have arrived at. The INR 30,000 crore addressable market is for the entire players in the ecosystem, right? Yeah. Okay, sir. Got it, sir. Thank you so much. Thank you. Thank you. Ladies and gentlemen, due to time constraints, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks. Yeah, thank you, all of you, for your active participation. I hope we are able to address your questions to your satisfaction. And very happy to meet you again at the end of Q4 and at the end of the financial year. Thank you. Thank you, sir. Ladies and gentlemen, on behalf of Astra Microwave Products, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.