Slides
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Astra Microwave Products Limited Investor Presentation August 2026 AMP Astra Microwave Products Ltd. On A Winning Wavelength
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Safe Harbour This presentation and the accompanying slides (the โPresentationโ), which have been prepared by Astra Microwave Products Ltd. (the โCompanyโ), have been prepared solely for information purposes and do not constitute any offer,recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever,and no reliance shall be placed on, the truth, accuracy,completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the informationthat you may consider material. Any liability in respect of the contents of,or any omission from, this Presentation is expressly excluded. This presentation contains certain forward-looking statements concerning the Companyโs future business prospects and business profitability,which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statementsmade from time to time by or on behalf of the Company. 2
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Performance Highlights 197 176 1,044 1,156 Q1FY26 Q1FY27 FY25 FY26 -11% +11% 38 33 266 324 Q1FY26 Q1FY27 FY25 FY26 -14% +22% 13 10 143 178 Q1FY26 Q1FY27 FY25 FY26 -24% +24% 200 177 1,051 1,163 Q1FY26 Q1FY27 FY25 FY26 -12% +11% 41 33 269 334 Q1FY26 Q1FY27 FY25 FY26 -19% +24% 16 12 154 193 Q1FY26 Q1FY27 FY25 FY26 -24% +26% Margins 19.5% 18.8% 25.5% 28.0% 6.6% 5.6% 13.7% 15.4% 20.5% 18.7% 25.6% 28.7% 8.1% 7.0% 14.6% 16.6% Revenue (Rs. Cr) EBITDA (Rs. Cr) PAT (Rs. Cr) Standalone Consolidated 3
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Robust Order Book (Standalone) (1/2) 723 550 364 226 172 179 86 191 350 223 205 211 140 234 187 543 745 914 1,504 1,355 1,425 72FY21 51FY22 55FY23 FY24 FY25 FY26 1,561 1,551 1,544 1,956 1,952 2,141 4 Defence / Public Sector DRDO, MOD, IAF, Army, Navy, HAL, BEL Space ISCO, SAC, IMD: DWR, Wind Profiler Meteorological IMD: DWR, Wind Profiler Exports Israel, Singapore, EU OEMs Historical Orderbook (Rs. Cr.) 194 179 31-03-2026 Orders Received Orders Executed 30-06-2026 2,000 2,141 2,156 Orderbook Built-up (Rs. Cr.) Defence / Public Sector Space 71.3% 26.3% Meteorological Exports 0.4% 2.0%
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Robust Order Book (Standalone) (2/2) 5 Major Orders Received in Q1 FY27 Top 10 Orders Received in FY26 Production Development Export AMC/ Service 1,417 Rs. Cr 65.7% 308 Rs. Cr 14.3% 173 Rs. Cr 8.0% 258 Rs. Cr 12.0% Product Customer Order Type Value (Rs. Cr) Radar BEL,Banglore Production 93.6 Space SAC Production 49.3 Missile BDL Production 14.1 Radar BEL,Ghaziabad Production 12.7 Radar ARC Production 2.9 Total 172.6 Product Customer Order Type Value (Rs. Cr) Meteorology IMD Development + Production 145.2 Radar DRDO Production 112.1 Radar BEL Production 79.7 Meteorology IMD Development 52.5 Radar BEL Production 42.5 Radar BEL Production 26.8 Space ISRO Development 22.0 Radar DRDO Development 20.4 EW DRDO Development 17.9 Export ARC Export 138.0 Total FY26 (Top 10) 657.0 Order Book Split By Order Type (As on 30th June 2026)
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Revenue Break-up Revenue Break-up in % Q1FY27 Q4FY26 Q3FY26 Q2FY26 Q1FY26 Defence 80.4% 58.4% 81.8% 77.4% 86.4% Space 7.7% 19.5% 2.6% 2.0% 2.4% Exports including Deemed Exports 5.0% 16.9% 11.5% 14.2% 10.0% Meteorological 4.9% 4.9% 3.4% 5.8% 0.4% Others 2.0% 0.3% 0.7% 0.6% 0.8% 6 Revenue Split By Order Type (Rs. Cr) 51.0% 27.6% 9.4% 11.9% Production Development AMC / Service Export FY26Q1 FY27 Revenue Split By Segment (Rs. Cr) 93.0% 0.0% 2.0% 5.0%
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Industry Leading Customers 7 FY26 Revenue by Customer (Standalone Rs. 1,155 Cr) # Customer / Category % Mix Nature of Business 1 DRDO 28.2% Development + Production 2 BEL & Other DPSUs 22.7% Production 3 IMD / Met Dept 18.0% DWR, Wind Profiler 4 BSF 0.3% Development 5 Exports (via ARC + Aelius) 11.9% Israel, Singapore, EU OEMs 6 ISRO / SAC 6.4% Space 7 Others 9.5% AMC/Services 8 Private Customers 3.0% Private Customers Total Standalone 100.0% 28.2% 22.7%18.0% 11.9% 6.4% 9.4% 0.3% 3.0% DRDO BEL & Other DPSUs IMD / Met Dept BSFs Exports (via ARC + Aelius) ISRO / SAC Others Private Customers
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Working Capital Metrics 157 100 128 203 273 216 FY21 FY22 FY23 FY24 FY25 FY26 Debtors Days 8 180 200 179 204 213 193 FY21 FY22 FY23 FY24 FY25 FY26 Inventory Days 22 26 20 36 27 36 FY21 FY22 FY23 FY24 FY25 FY26 Creditor Days 315 274 287 371 459 374 FY21 FY22 FY23 FY24 FY25 FY26 Cash Conversion Cycle (Days)
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Standalone Profit &Loss 9 PARTICULARS (Rs. In Cr) Q1FY27 Q1FY26 YOY FY26 Revenue from Operations 176 197 -10.7% 1,156 Raw Material Consumption 96 109 588 Gross Profit 80 88 -9.1% 568 Gross Profit Margin 45.3% 44.6% 49.1% Employees Expenses 29 30 154 Other Expenses 18 19 90 EBITDA 33 38 -13.7% 324 EBITDA Margin 18.8% 19.5% 28.0% Other Income 2 3 19 Depreciation 12 9 43 EBIT 24 32 -24.4% 300 EBIT Margin 13.6% 16.1% 25.9% Finance Cost 11 14 55 Profit before Tax 13 17 -23.7% 245 Profit before Tax Margin 7.5% 8.7% 21.2% Tax 3 4 67 PAT 10 13 -24.4% 178 PAT Margin % 5.6% 6.6% 15.4% EPS (in Rs.) 1.04 1.37 18.73
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Consolidated Profit &Loss 10 PARTICULARS (Rs. In Cr) Q1FY27 Q1FY26 YOY FY26 Revenue from Operations 177 200 -11.5% 1,163 Raw Material Consumption 93 106 571 Gross Profit 84 93 -10.4% 592 Gross Profit Margin 47.3% 46.7% 50.9% Employee Expenses 32 33 166 Other Expenses 18 20 92 EBITDA 33 41 -19.3% 334 EBITDA Margin 18.7% 20.5% 28.7% Other Income 2 3 18 Depreciation 12 9 44 EBIT 24 34 -30.9% 309 EBIT Margin 13.3% 17.1% 26.5% Finance Cost 11 15 56 Profit before share of profit/loss from JVs 13 20 -34.7% 253 Share of profits from JVs 3 2 8 Profit before Tax 16 21 -25.3% 261 Profit before tax margin 8.9% 10.6% 22.4% Tax 3 5 68 PAT 12 16 -24.0% 193 PAT Margin % 7.0% 8.1% 16.6% EPS (in Rs.) 1.30 1.71 20.32
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Company Overview
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โฉโฉ Proven track record of making high value-added SYSTEMS, RF and Microwave Super Components and Sub-Systems โฉโฉ Engaged in Indiaโs space program for 25 years, and has developed 35 Radars, 25 Satellites & 15 Strategic Programs till date โฉโฉ Strategic investments over the years, continuous technological adoption, and innovation has ensured its resilience and competitiveness across market cycles โฉโฉ One of the few private sector players in India that has the capability to develop and supply GaN & GaAs MMIC products up to 40 GHz โฉโฉ Participating in multiple MAKE-II programs of IAF & IA for various Radar Systems โฉโฉ Four Manufacturing facilities in Hyderabad, One in R&D facility in Hyderabad and one R&D facility in Bengaluru R&D expenditure is Rs. 58 crores in FY26 as against Rs. 23 crores in FY21 โฉโฉ The joint venture companies are performing exceptionally well, with a steady influx of orders from global markets. The high-end technology systems offered by these JVs hold significant potential and strong growth prospects worldwide โฉโฉ Subsidiaries are equipped with state-of-the-art manufacturing and testing facilities, supported by experienced manpower and advanced processes. Enabling flexibility to custom-package products while meeting global standards Products o Defence o Space o Metrology o Homeland Security o Systems o Antenna o GNSS Solutions o Unmanned Ground Vehicles o RF PCB Production Services o EMI- EMC Testing o NFTR Facility o FFTR Facility o Outdoor Antenna Test Range Infrastructure o Design & Engineering o Functional Testing o Quality Control o Environmental Testing Capabilities o Built to Specifications o Built to Print o Make in India Q1FY27 (Rs. Cr) FY26 (Rs. Cr) 176 33 [18.8%] 10 [5.6%] 1,156 324 [28.0%] 178 [15.4%] Revenues EBITDA PAT Revenues EBITDA PAT Healthy Financial Performance (Standalone) โฉโฉ Delivered more than 10 successive years of revenue growth along with increase in profitability โฉโฉ Healthy Standalone Order Book worth Rs. 2,156 Cr (30th June 2026) โฉโฉ Targets 15% to 20% revenue growth, with higher proportion of revenues to be contributed by complex system fabrication within three to five years, strengthening its revenue growth, margins and capital efficiency Defence & Space Sector company with 30+ years of experience in Radar, EW & Strategic Electronics domain 12
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Astra Refael Comsys (Joint Venture) โฉโฉ India's first private sector military grade Software Defined Radio (SDR) manufacturing facility, spread across an area of 48,000 sq. ft โฉโฉ Engage indigenous development, production and integration of high- end digital communication systems which will include a wide range of technologies and products like SDR, ESM and Cognitive Radio technology. End Markets include Indian Army, IAF, Navy + exports โฉโฉ The plant in Hardware Tech-Park, Hyderabad will produce of high-end state-of-the-art Tactical Radio Communication Systems to include SDR, EW and SIGINT systems in the country. Software Define Radios o Delivering unprecedented network capacity in terms of data rates, number of users and minimal delay o BNET enables all land, sea and air radio units to participate in a single, seamless, scalable mobile ad hoc network (MANET) o Products BNET- HH, BNET-V , BNET โMPS & BNET - A Airborne Electronic Warfare o SKY SHIELD is an all-inclusive, multi-purpose, fully autonomous Electronic Attack and Escort Jamming system o The LITE SHIELD Close-in Self-Protection Jammer o X-GUARD it provides high-value active protection that defeats the most sophisticated radars, dramatically increasing aircraft survivability. Electro - Optics o MicroLite is compact, Lightweight EO ISTAR Solution for Small Aerial Platforms o RecceLite + SAR is Advanced All-Weather, Standoff, SAR- Optimized ISR PO o Litening + SAR is advanced, All-Weather, Standoff, SAR- Optimized Targeting Pod SIGINT Systems o National SOC, PUZZLE Suite, IMILITE, SPECTRUM DOME, SPECTRA SIGINT System 13
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Board of Directors Driving Strategy Through Diverse Expertiseโฆ Mr. S. Gurunatha Reddy1 โข Graduate in Science and Mathematics and Fellow Chartered Accountant. โข Worked in private sector industry and gained over 34 years of experience in accounting, finance, taxation, secretarial etc Managing Director Dr. Maram Venkateshwar Reddy2 โข Graduate in Engineering (Electronics) and a Postgraduate in Business Administration. โข 30 years of experience in handling Marketing and Business operations in the domain of Defense, Space and Telecom segment in India and Overseas Market Joint Managing Director Mr. Atim Kabra โข Founder and Managing Director of Frontline Strategy Funds Pte. Ltd., a Singapore registered & licenced VCFM โข Over 27 years of well rounded "equities exposure" including Portfolio Management, Equity Sales and Equity Research with global institutions like ABN AMRO Bank, ANZ Grindlays Bank Executive Director Strategy & Business Development Mr. P. A. Chitrakar โข Associated with the Defence Electronics Laboratory, Hyderabad, as a scientist for over 22 years before co-founding Astra Microwave โข An MSc (Physics) from Mysore University and an MTech (Advanced Electronics) from JNTU, Hyderabad. Non-Executive Director Head of R&D Dr. Avinash Chander โข Doctorate from JNTU Hyderabad โข Retired Secretary, Defence R&D and Director General DRDO Chairman & Independent Director Mr. Venu Raman Kumar โข Founder and former Chairman/Vice Chairman//CEO of NASDAQ-listed M*Modal Inc. Also, founded Aeries Technology, a company that provides Technology Services and Solutions โข He joined the board of T-Hub, Indiaโs most successful tech incubators and accelerators and was also appointed as a chairman of Global Entrepreneurship Network India during the GES Summit Independent Director Mr. Suresh Somani โข Businessman, investor and philanthropist with a substantial experience of over 40+ years in equity markets โข He is the director of Ratnabali Investment Private Limited Non-Executive Director Mrs. Anuradha Mookerjee โข M.Phil (Defence and Strategic Studies) and a seasoned bureaucrat with over three decades of experience in Indian Revenue Services Joined Government in 1975, after standing first in the combined merit list for IFS / IAS and opting to serve in the IAS โข Mrs. Mookerjee is a topper of the 1986 batch of the Indian Revenue Service Independent Director 141. Mr. S. Gurunatha Reddy will step down from the position of Managing Director of AMPL with effect from 30th September, 2026. He shall continue as Executive Director in AMPL. 2. Dr. M. V. Reddy will assume the role of Managing Director of AMPL with effect from 1st October 2026, subject to the approval of the Board.
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.. Supported by Strong Team to Deliver Innovation and Excellence Key personnels Total workforce (as of June 30th , 2026) โฉโฉ Pravin Mandrupkar VP - R&D Design โฉโฉ B. M. Chandrakanth VP - Marketing Head โฉโฉ C. Vinod Kumar GM โWeather & Telemetry, (Marketing and Sales) โฉโฉ V . Saravana Kumar GM โ R&D Design โฉโฉ GR Shinde Associate VP โ R&D Space โฉโฉ L. G. M. Prakasam Sr. VP โ Technical- Radar System โฉโฉ R. Narasimhan Sr. GM โ Production - Special Products โฉโฉ T. N. Ramesh Sr. GM โ Production โฉโฉ L Sudhakar GM โ Test Facility โฉโฉ Dr. R. Pragasam VP - R&D Design โฉโฉ C. Venkateswara Rao GM - Mech. Systems โฉโฉ Dr. Anil Kumar Singh Head R&D โฉโฉ T. Vikram Kumar GM โ Production โฉโฉ K. Prabhakar GM - Digital โฉโฉ V . Sudhakar Associate VP- R&D Design โฉโฉ Dr. N. N. S. S. R. K Prasad VP- R&D Design โฉโฉ M. Balachary Sr. GM - R&D Antenna Design โฉโฉ Dr. Anandan V .K CTO & Sr. VP - Radar 701 R&D professionals including 96with Masters degree 9 with doctorate degrees 100 with a decade-plus experience 54.0% 8.6% 37.3% Production Support R&D 15 1,878
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A Journey of Advancement 01 1991 Telecom 02 1993 Radar & Strategic Electronics Subsystems 05 2003 Space Electronic Sub- systems 06 2005 Strategic Semi- Conductors (MMIC) 07 2010 Offset Production 08 2015 Entered Radar Systems 09 1st System Delivered to Defence 2018 10 2020 Completed Radar Production Order for Para Military 13 2022 Delivered Phased Array Telemetry System 03 1994 Went Public 04 2000 EW Subsystems 11 2021 Completed DWR production Order fir INDIA MET DEPT. 16 Delivered AAAU For Air-Borne AESA Radar 2023 12 Established Earth Station for INDIA MET DEPT. 2022 14 2022 Delivered T&E Facility For EW Systems 15 2022 7.3 M Telemetry System Commissioned 17 2024 PPTR C-DWR 16
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State of the Art Infrastructure Design & Engineering โข Electronics for Space: Radiation- hardened components, advanced thermal management techniques โข Defence Electronics: Radar and Surveillance Systems, Electronic Warfare and Countermeasures, Command and Control Systems โข Hydro-met applications: Measuring temperature, humidity, wind speed, and direction, monitoring atmospheric pressure, precipitation, solar radiation Functional Testing โข Near Field Test Range (NFTR) โข Digital Signaling โข Function and pulse generators โข Open air antenna test range โข Spectrum Analyzers, Vector Network Analyzer, Signal generator, RF power meter โข Distortion Analyze โข ATE-ATS facility Quality Control โข Stringent Quality Standards (ISO- 9001, ISO-14001, ISO-27001, ISO- 45001 and AS 9100 certifications) โข Supplier Evaluation and Management โข Testing and Inspection โข Quality Control Team Environmental Testing โข HASS/HALT Chambers โข Environment Chambers (-650C to +1750C; 98% RH) โข Scalar and vector network analyzers โข Vibration โข Weiss Chamber State of the Art Infrastructure Hyderabad Unit I Hyderabad Unit II Hyderabad Unit III Hyderabad Unit IV Bengaluru Unit Hyderabad Unit V Land 2.0 Acres 1.13 Acres 9.9 Acres 19.0 Acres 5.0 Acres 0.59 Acres Building 20,000 Sq.Ft 18,000 Sq.Ft 77,000 Sq.Ft 1,80,000 Sq.Ft 1.00,000 Sq.Ft 23,000 Sq.Ft Year 2000 1999 2003 2009 2012 2019 17
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โฉโฉ Defence o Surveillance and reconnaissance o Missile guidance systems o Target detection and tracking โฉโฉ Aerospace o Air traffic control o Weather monitoring o Aircraft navigation and safety Multiple End Use Industries The Indian Radar Market is projected to be ~RS. 12,200 crores by 2033 growing at a CAGR of 20.62% Astra is well positioned to capture the growing opportunity with a total standalone order book of Rs. 2,141 Cr as of March 2026 Government supporting radar electronics through policies like Make in India and defence procurement reforms Expanding through collaboration with Rafael advanced defence systems, exports radar components to Israel, U.S. & Singapore Radar Electronics 18
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โฉโฉ Defence o Threat detection and neutralisation o Secure military communication o Radar jamming and deception Electronic Warfare The Indian EW market is projected to grow to ~Rs. 9,500 Crores by 2033 growing at a CAGR of 4.47% Involved in indigenous EW development in aligning with Indiaโs self reliance goals. India is strengthening EW capabilities through contracts, partnerships with the U.S, Israel and France Collaborations with global defence firms enhance export potential Homeland Security includes Threat detection and neutralization, Secure military communication Radar jamming and deception Multiple End Use Industries 19
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โฉโฉ Defence o Missile testing and evaluation o UA V (Drone) tracking o Satellite communication system โฉโฉ Aerospace o Remote patient monitoring o Telemedicine support system o Medical equipment connectivity Telemetry Indian defence electronics sector (which includes telemetry) is expected to reach Rs. 65,000โ 70,000 crores by 2026-27, growing at 14% CAGR Supplies telemetry subsystems for platforms like the LCA Tejas and IJT aircraft. Indiaโs Rs. 270 crores PLI scheme promotes local manufacturing of semiconductors and PCBs, crucial for telemetry hardware Exports telemetry components to Israel, the U.S. and Singapore and Collaboration with Rafael Advanced Defence Multiple End Use Industries 20
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โฉโฉ Satellite o Rural connectivity expansion o High-speed broadband service o Tele-education and Telemedicine support โฉโฉ Agriculture o Crop health monitoring via satellite imagery o Precision farming support o Yield forecasting โฉโฉ Disaster management o Early warning systems for cyclones & floods o Real-time risk assessment o Post-disaster impact mapping โฉโฉ Urban planning o Geospatial data for infrastructure o Smart city design & expansion o Land use & zoning analysis Space Electronics Indiaโs share is ~Rs. 70,000 crores in global space economy which is valued at Rs. 3,637,290 crores. By 2033, India aims to capture 8% of the global market Trusted supplier to ISRO, providing RF components for satellites and launch vehicles The government allocated Rs. 13,416 Cr (Budget 2025โ26) to the Department of Space Exports space components to international agencies; imports niche materials for high- precision manufacturing Multiple End Use Industries 21 Rs. 110.6 Cr FY26 Revenue Rs. 187.1 Cr Orderbook As on March 2026 Rs. 154.0 Cr Order guidance Board of Directors has given in-principle approval to demerge the Space, Meteorology and Hydrology business undertakings of the Company into a separate entity. โข Enable a focused management attention and operational efficiency by creating an independent company exclusively dedicated to the Space, Meteorology and Hydrology business undertakings. โข Adoption of tailored growth strategies and capital allocation suited to the Space, Meteorology and Hydrology sector. โข Unlocking the value of the Space, Meteorology and Hydrology business undertakings for the shareholders of the Company. The final decision on the proposed demerger, including its structure, share exchange ratio, and other terms, shall be taken by the Board after receipt of requisite reports and opinions from the consultants.
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โฉโฉ Aerospace o Engine part calibration o High-precision component testing o Aviation system reliability assurance โฉโฉ Automotive o Quality control in EV battery production o Precision assembly of EV components o Safety testing for smart mobility solutions โฉโฉ Healthcare o Medical device manufacturing o Compliance with regulatory standards o Precision engineering for diagnostic equipment Meteorology Indiaโs industrial meteorology sector is expanding with the โIndustry 5.0โ push Active in meteorology (Mission Mausam) PLI schemes indirectly benefit meteorology equipment makers Exports meteorology-related RF components to advanced countries Multiple End Use Industries 22
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โฉโฉ Agriculture o Irrigation planning and optimisation o Water resource mapping o Precision water usage monitoring โฉโฉ Energy o Hydroelectric dam management o Reservoir monitoring o Efficiency optimization of water flow systems โฉโฉ Urban infrastructure o Smart water grids o Real-time leakage detection o Automated water distribution systems Hydrology Indiaโs market size is Rs. 1,634 crores (2024), growing to ~Rs. 2,900 crores by 2033 Supplies sensors for hydrological equipment making a significant share Rs. 99,503 Crore was allocated to Jal Shakti Ministry (2025โ26) for water security projects Exports hydrological components to Israel and Singapore Multiple End Use Industries 23
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โข Astra Defence Technologies Pvt Ltd, formerly known as Bhavyabhanu Electronics Pvt Ltd (BEPL) is a fully owned subsidiary of Astra Microwave โข Established with State-of-the-Art manufacturing & test facilities to meet Global Standards. This combined with experienced manpower & stabilized processes ensure that the needs of various Industry Segments can be met easily โข A dependable player with excellent technological capabilities and a long-term commitment to the defense, aerospace, medical and industrial electronics industry โข Products are known for ruggedness and reliability and conform to the latest quality standards. ADTL can handle both high- mix, low/medium volume products as well as high volume production for our customers โข A fabless MMIC Design House, based in Singapore. Aelius Semiconductors develops GaAs and GaN MMIC products based on a robust and reliable design philosophy. These designs are fabricated at leading foundries across the world โข The products are tested and packaged as per customer's requirement utilizing state- of-the-art facilities โข Aelius's unique and wide range of MMIC products are focused primarily on the Defense and Space industries, with competitive time lines and prices. We offer the flexibility to custom-package our products to customer's chosen configuration of die, package, or module โข Astra Space Technologies Private Limited was incorporated on Feb 17, 2024, to provide a deeper thrust to our presence in the sunrise space sector โข Engage in the business of Manufacture and Integration of Satellite Equipments โข It is a 100% wholly owned subsidiary of AMPL โข Astra Microwave Products Ltd and M/s Rafael Advanced Defense Systems Ltd., Israel (RAFAEL) came together to form a Joint Venture Company called Astra Rafael Comsys Private Ltd. (ARC) in Aug-19 โข Focuses on indigenous technology and Atma Nirbhar Bharat programs โข Engages in carrying out production, integration, customization, marketing, sale, life cycle support and additional activities as required in the fields of Tactical Radio Communication systems, Electronic Warfare Systems and Signal Intelligence Systems โข Astra Microwave Products Limited and Manjeera Digital Systems Private Limited, Hyderabad came together to form a Joint Venture on 6th November 2024 โข This JV is formed to manufacture NavIC chip and GNSS products using NavIC Chip โข Shareholding is 50%-50% each Subsidiaries Joint Ventures Astra Space Technologies NA VICTRONICS Pvt Ltd Subsidiaries & JV 24 ility
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L Lean & Learn E Expansion P Products A Accretiveness o Collaborations with Defense PSUs, start-ups, early- stage companies and various academic institutions help to increase IP-driven product capabilities in the shortest possible time o Leverages existing R&D investments and technological strengths to create new, relevant, and IP- driven products quickly for both domestic and exports offerings o Develop products in close association with government research organizations for defence and space o Gol has introduced policy measures promoting Indigenous shipbuilding. o Grow business by producing new and innovative products o Enter commercial end user markets for radars o Explore expansion and adjacenies into high-potential future domains. o Focus areas include anti drone, EW, satellites, SDRs and electro-optics through JVs o Deploy current capabilities in new markets to make meaningful impact and drive global reach. o Signed MOU with Premier Explosives, BEL & BDL and Entered into JV with Manjeera Digital Systems o Centers on enhancing Return on Equity (ROE), profitability, and margin improvement. o Focus on working capital efficiency and free cash flow generation o Emphasis on financial discipline and sustainable value creation for shareholders LEAP Framework for Growth 25 Complements organic growth strategy with an aim to unlock value from the significant IP and technology base built over the pa st three decades, with strong contributions from Defense Labs and PSUs. By leveraging Astraโs reusable technology blocks and extensive in-house product library, LEAP focuses on creating high-tech, Made-in-India solutions for global markets. โข BEPL is a fully owned subsidiary of Astra Microwave
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Short term (2025-2031) Medium Term (2032-2038) Long term (2038-2045) Achieve maximum self โ reliance and indigenisation Become major defence exporter Become a global leader in niche technologies Strategic Vectors Invest in fundamental and applied R&D Build strategic partnership and collaborations Streamline regulatory and procurement processes Strengthen defence production capability and supply chain resilience across the value chain Foster quality talent and skill โ set in fields of technology, engineering and production Enhance infrastructure and accessibility Strategic capabilities required Strategic Vision Atmanirbhar, Agrani, and Atulya Bharat 2047 India envisions becoming a global leader in the defence landscape by achieving self โ reliance, excelling as a prominent exporter, and pioneering advancements in critical niche technologies Defence Industry Set For Expansion Source: KPMG Report 26 2026-27 (B) Defence service revenue (INR lac cr) 3.6 Capital outlay (INR lac cr) 2.2 Defence pension (INR lac cr) 1.7 Civil Defence (INR lac cr) 0.2 Defence budget (INR lac cr) 7.7 Budget Allocation
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Total Addressable Market Major opportunities for AMPL of around Rs 2 4 , 0 0 0- 2 5 , 0 0 0Crs across all sectors till FY28. 27
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Esteemed Clientele Major stake in upcoming Defence Programs L i g h t C o m b a t A i rc r a f t AATRU FOR ASPJ AAAU for U t t a m AESA Radar AAAU for LRMFR L o n gRange Radar TRMs, BSNs, PS AAAU for AEW&CS M e d i u m Power Radar DTRMs 28
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Industry Leading Quality Certifications 29
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Awards & Accolades Recent Event Participation Events Participation In The Past 30 Tripartite MoU for Uttam AESA AAAU for LCA Mk1A ๐ณ๐๐ต ๐๐ป๐๐ฒ๐ฟ๐ป๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐น๐ฒ๐ฐ๐๐ฟ๐ผ๐ป๐ถ๐ฐ ๐ช๐ฎ๐ฟ๐ณ๐ฎ๐ฟ๐ฒ ๐๐ผ๐ป๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ฐ๐ฒ โ ๐๐ป๐ฑ๐ถ๐ฎ ๐ฎ๐ฌ๐ฎ๐ฒ G20 Space Economy Leadership Meet ๐๐ฅ๐๐ข ๐๐ป๐ฑ๐๐๐๐ฟ๐ ๐ฆ๐๐ป๐ฒ๐ฟ๐ด๐ ๐ ๐ฒ๐ฒ๐ Mission Mausam LAToT Ceremony for Counter Drone System Aero India 2025 MAPCON 2025 ๐๐ฒ๐ณ๐ฒ๐ป๐ฐ๐ฒ ๐๐ผ๐ป๐ฐ๐น๐ฎ๐๐ฒ ๐ฎ๐ฌ๐ฎ๐ฒ ๐ฆ๐ฎ๐๐ฒ๐น๐น๐ถ๐๐ฒ ๐ง๐ฒ๐ฐ๐ต๐ป๐ผ๐น๐ผ๐ด๐ ๐๐ฎ๐ FOC ceremony
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CSR 31 Eradicating hunger, poverty and malnutrition Promoting education Promoting gender equality Ensuring environmental sustainability Protection of national heritage Benefit of armed forces veterans Training to promote rural sports Contribution to the PM's National Relief Fund Funds provided to technology incubators Rural development projects Maheshwaram Degree College Boundary Wall E-conference facility room in Osmania University Our Contribution towards the Society
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Historical Financials
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Standalone Profit & Loss PARTICULARS (Rs. In Cr) FY26 FY25 FY24 FY23 FY22 Revenue from Operations 1,156 1,044 904 807 735 Total Raw Material 588 586 551 519 524 Gross Profit 568 458 353 289 211 Gross Profit Margin 49.1% 43.9% 39.1% 35.7% 28.7% Employee Expenses 154 131 104 87 73 Other Expenses 90 60 55 52 51 EBITDA 324 266 194 150 87 EBITDA Margin 28.0% 25.5% 21.4% 18.5% 11.8% Other Income 19 18 12 6 7 Depreciation 43 35 25 23 22 EBIT 300 250 181 132 73 EBIT Margin 25.9% 23.9% 20.0% 16.3% 9.9% Finance Cost 55 56 30 29 20 Profit before Tax 245 193 152 103 53 Profit before tax margin 21.2% 18.5% 16.8% 12.7% 7.2% Tax 67 50 39 26 12 PAT 178 143 113 77 40 PAT Margin % 15.4% 13.7% 12.5% 9.5% 5.5% EPS (Rs.) 18.73 15.10 12.00 8.85 4.65 33
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Standalone Balance Sheet ASSETS (Rs. In Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Non-Current Assets 359 293 249 228 215 Property, plant and equipment 256 221 166 165 158 Right-of-use assets 1 - - - - Capital WIP 9 0 13 2 - Intangible Assets 6 6 3 - - Investment in Associates 1 1 2 2 2 Investmentsin joint ventures 31 21 21 20 20 Investmentsin subsidiaries 17 16 16 15 15 Financial Assets i. Other Investments 0.18 - - - - ii.Other Financial Assets 16 10 9 6 9 Deferred tax assets 11 10 9 8 6 Non-Current Tax Assets 7 0 0 5 3 Other non-current assets 6 8 11 5 3 Current assets 1,601 1,540 1,217 818 743 Inventories 609 608 505 396 402 Financial assets i. Investments - - - - - ii. Trade receivables 687 783 503 282 202 iii. Cash and cash equivalents 165 21 61 49 21 iv. Bank balances other than (iii) above 78 72 65 55 49 Assets Classified as held for sale 1 5 5 - 4 Current tax assets (net) 1 1 1 - 1 Other current assets 62 50 78 36 62 Total assets 1,961 1,833 1,466 1,047 958 EQUITY AND LIABILITIES (Rs. In Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Equity and Liabilities 1,291 1,090 968 653 590 Equity share capital 19 19 19 17 17 Equity attributableto owners of the Company 1,272 1,071 949 636 572 Non-current liabilities 154 108 73 77 47 Financial liabilities i. Borrowings 63 39 15 3 3 ii. Lease Liabilities 0.4 Provisions 18 15 10 6 4 Contract liabilities 72 53 48 68 40 Current liabilities 516 636 424 316 321 Financial liabilities i. Borrowings 224 379 211 166 56 ii. Trade payables 116 76 88 44 53 iii. Other financial liabilities 37 26 21 18 15 iv. Lease liabilities 0.1 Current tax liabilities(net) 8 12 1 4 - Provisions 7 5 4 4 3 Contract liabilities 96 102 75 79 192 Other current liabilities 28 36 24 3 2 Total equity and liabilities 1,961 1,833 1,466 1,047 958 34
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Consolidated Profit & Loss PARTICULARS (Rs. In Cr) FY26 FY25 FY24 FY23 FY22 Revenue from Operations 1,163 1,051 909 816 750 Raw Material Consumption 571 577 546 518 527 Gross Profit 592 474 363 297 223 Gross Profit Margin 50.9% 45.1% 39.9% 36.4% 29.7% Employee Expenses 166 142 114 95 81 Other Expenses 92 63 58 54 53 EBITDA 334 269 192 148 89 EBITDA Margin 28.7% 25.6% 21.1% 18.1% 11.9% Other Income 18 18 12 5 6 Depreciation 44 35 25 24 22 EBIT 309 252 178 129 74 EBIT Margin 26.5% 23.9% 19.6% 15.9% 9.8% Finance Cost 56 57 31 31 21 Profit before share of profit/loss from JVs 253 194 147 99 52 Share of profits from JVs 8 9 12 -3 -2 Profit before Tax 261 204 159 96 50 Profit before tax margin 22.4% 19.4% 17.5% 11.8% 6.7% Tax 68 50 38 26 12 PAT 193 154 121 70 38 PAT Margin % 16.6% 14.6% 13.3% 8.6% 5.0% EPS (in Rs.) 20.32 16.17 12.86 8.06 4.37 35
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Consolidated Balance Sheet ASSETS (Rs. In Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Non-Current Assets 367 294 239 206 197 Property, plant and equipment 261 223 167 166 159 Capital WIP 9 3 13 2 0 Right-of-use assets 1 Investment in Associates 1 1 2 2 2 Investments in joint ventures 49 32 22 9 12 Intangible assets 6 6 3 1 1 Financial Assets i. Other Investments 0.18 ii. Other Financial Assets 16 10 10 7 11 iii. Trade receivables 7 Deferred tax assets 13 11 11 9 7 Non Current Tax Assets 0 0 6 3 Other non-current assets 6 8 11 5 3 Current assets 1,620 1,557 1,235 851 771 Inventories 616 616 515 419 419 Financial assets i. Trade receivables 688 786 505 284 205 ii. Cash and cash equivalents 175 25 66 56 27 iii. Bank balances other than (iii) above 78 73 65 55 50 Other financial assets 0 0 3 Current tax assets (net) 1 1 1 1 Other current assets 62 51 78 37 65 Assets classified as held for sale 1 5 5 - - Total assets 1,988 1,851 1,474 1,057 969 EQUITY AND LIABILITIES (Rs. In Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Equity and Liabilities 1,314 1,098 966 643 586 Equity share capital 19 19 19 17 17 Equity attributable to owners of the Company 1,296 1,079 947 625 568 Non-controlling interest 0 0 0 0 Non-current liabilities 155 108 74 78 47 Financial liabilities i. Borrowings 63 39 15 3 3 ii. Lease Liabilities 0.43 Provisions 19 16 10 7 4 Contract liabilities 72 53 48 68 40 Current liabilities 518 644 434 337 336 Financial liabilities i. Borrowings 224 384 222 182 67 ii. Trade payables 114 77 84 46 55 iii. Other financial liabilities 39 28 22 19 16 iv. Lease Liabilities 0.17 Current tax liabilities (net) 8 12 1 4 0 Provisions 7 5 4 4 4 Contract liabilities 98 103 76 79 192 Other current liabilities 29 36 25 3 2 Total equity and liabilities 1,988 1,851 1,474 1,057 969 36
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Thank You Company: Investor Relations Advisors: Astra Microwave Products Limited CIN No: L293091G1991PLC013203 Mr. T. Anjaneyulu, GM โ Company Secretary Email id: secretarial@astramwp.com Strategic Growth Advisors Pvt Ltd. CIN No: U74140MH2010PTC204285 Shikha Puri / Dharmik Kansara Email id: shikha.puri@sgapl.net / dharmik.k@sgapl.net Tel No: +91 9819282743 / +91 72081 79323