Ladies and gentlemen, good day and welcome to the Astra Microwave Products Limited Q1 FY 2027 earnings conference call. 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 the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. 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 the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. S. G. Reddy, Managing Director. Thank you, and over to you, sir. Thank you, and good morning, everyone. A warm welcome to all the participants joining the post-results earning call of our company. I am joined by Mr. M.V. Reddy, Joint Managing Director, and Atim Kabra, Strategy and Development Director, and SGA, our Investor Relations Advisors. The results and the investors presentation for Q1 have already been uploaded on company website and stock exchanges. I hope you had a chance to review them. In terms of the performance, the quarter performance is on the expected lines. The revenue and profitability were moderate, modest I should say, primarily due to temporary delays in customer approvals and closing some of the last technical issues, which are expected to normalize in the coming quarters. Overall, India's defense industry is increasingly moving towards indigenous design, development, and manufacture of advanced subsystems and systems with total solutions. We believe companies with proven engineering capabilities and experience in these areas are well-positioned to benefit from this transition, and Astra being one such company. In terms of the opportunities, our standalone order book as of quarter end stands at INR 2,156 crore, providing strong visibility for the upcoming period. Around 66% of this order book is from defense, and the rest, that is 34%, is from space, meteorology, and hydrology sectors. Our consolidated order book stands at INR 2,849 crore, which includes service orders of about INR 244 crore, which are typically more accretive to margins. Staying in the order book, would like to highlight that in the month of July, we secured a significant order worth about INR 2,205 crore from Hindustan Aeronautics Limited for procurement of critical subsystems for Uttam Radar. As you know, this is a landmark achievement for our company and reflects the longstanding trust placed in our capabilities, technology, and execution track record in the defense sector. My colleague, M.V. Reddy, will throw more insight into this order, its execution cycle, et c. Looking ahead, we continue to see healthy progress through our key programs and remain confident in our growth trajectory. We are targeting a top-line growth of more than 15% year-on-year, resulting in about INR 1,350 crore for this financial year, maintaining a healthy bottom line. With the addition of these significant new orders, we see substantial long-term opportunities ahead and remain focused on leveraging our capabilities, strengthening our execution, and delivering sustainable multi-year growth over the long term. I now hand over to Mr. M.V. Reddy and later on Atim Kabra, who will provide more insight into new product developments, the business outlook for the near and long term, and the strategies adopted to take the company to the next level of growth cycle. I request M.V. to take it over. Thank you, S.G. Good morning, everyone. Extend a warm welcome to all investors, analysts, and stakeholders joining us today's earning call. I am pleased to present our key business updates. First, as S.G. mentioned, we have achieved a remarkable and significant milestone at the end of July 26 with the receipt of long-awaited strategic order. As on date, this is the single largest order in the history of Astra, and it is a direct result of a decade of continuous efforts, the landmark of Uttam Radar, which I was talking about, which has effectively doubled our entire order book. With this major win, our total order book sales to a record-breaking of INR 4,300 crore as on date. I am also pleased to announce that we have emerged as the lowest bidder of AMCA program. This is news of a few days back, and probably in a month's time, we will be able to get this particular contract. Alongside this major milestone, the daily operations remaining strong. We booked new orders worth INR 195 crore in Q1, matching our performing guidance exactly. Revenue for the quarter stood at INR 182 crore, given the robust operational execution and steady demand for our advanced technology. Similarly, our joint venture, Astra Rafael Comsys, performed well both in terms of order book and also the execution is going within the guided figure. As on date, ARC, that is Astra Rafael Comsys, has order book of INR 836 crore, and the current year, we are planning to book a sales of INR 360 crore. We continue to strengthen our positioning across the defense, space, and semiconductor segments. During this quarter, we secured one good order from Bharat Electronics, about INR 45 crore worth of contract for all MMIC chipsets, proving our strong capabilities in radar core components. We also won significant contracts from key defense and space entities, including the BDL and Space Applications Centre. Our production lines demonstrated timely execution and robust delivery capabilities. We successfully build and deliver wide profile of high technology systems like CAR 5G, isolation ROE modules, MPR modules, and also in AW segment, we have delivered the Shakti-9 and other programs. Beyond manufacturing, we are also making great steps in innovation. I am pleased to inform that in the month of July, we conducted successful technology demonstrations in Jalandhar for two unique, first-of-their-kind products, the electromagnetic wall and the vehicle-mounted anti-drone system, which we were discussing with you for a few months. These are all initial based first-of-kind versions that can be fully customized in months to come to meet specific end-user requirements. To support this rapidly growing volume and complexity of work, we have invested steadily in automated process engineering workflows and advanced infrastructure. Our production lines and our team are fully ready in all aspects for seamless large-scale execution. Future is exceptionally bright and armed with INR 4,300 crore order book, as I mentioned, and also a healthy pipeline in coming quarters, scaling technical capabilities. We are confident in our ability to deliver consistent growth and long-term value. Our core focus remain on executing our current order book efficiently and while aggressively pursuing new opportunities in both domestic defense and global export markets. Thank you. I wanted to hand over to Mr. Atim Kabra, who is our Director of Business Development and Strategy. Over to you, Atim. Yeah. Thanks, guys. Hi, everybody, and congratulations to you and M.V. for a fantastic order win. I think it cements our role in the overall aero defense ecosystem, and we are very, very grateful to our DPSU partners like HAL and BEL for their trust and faith in our abilities. Besides the fact that Astra has grown under the tutelage of various defense labs and DRDO. So from a bottom of my heart, I think our hearts, a sincere, heartfelt thanks to everybody who has been our partner. But with these kind of orders comes a very heavy execution responsibility. After attending one of our review meetings recently, I think it is not an understatement to define how proud we are of our colleagues who have worked and are working relentlessly in a focused manner to further the cause of defense ecosystem in India. We often talk of orders, strategy, vision, but fail to highlight that we are defined by our human resources. Infrastructure and capital can be sourced by many, but it is our human resources, cultivated over decades, that define us. We are very fortunate to have created an ecosystem of colleagues who are now increasingly coming together and collaborating across their domains, sharing their knowledge towards creating systems. I was playing the game of Jenga recently, and I realized that as we move up to greater heights, we are only as strong as our base. While everybody has a critical role to play in the ecosystem, we can build a tall pyramidical structure only if the base is strong enough and wide enough to support the growth. I think that is where the strength of Astra lies. Analogically speaking, the base has to be wide, multi-skilled, sustaining, and it has to be recurring. It has to have a steady, defensible margin. On top is what I call the next-gen solutions, wherein will lie the future as it unfolds. There we might have higher margins right now, but as more solutions emerge, what is at the top comes into the middle level and becomes more sustainable margin-wise and more mainstream. But all this is possible only if you have multi-talented, multifaceted teams that are unified by a common vision. As I was thinking about our conversation today, I looked back and I realized that in the last 18 months or so, we have inducted many new leaders into our company to supplement the continuous influx at the middle levels. New resources as well as replacements for folks who have moved on. Resource rejuvenation has become the order of the day. Just to elaborate, we have had a new CTO, a new Head of HR and Admin, a new Quality Head. We strengthened our purchase department with a new Head. Besides, new Domain Heads who have joined our R&D team. This is not to miss our new Head of Sales and Marketing. It is these veterans combined, who bring into the company new, varied experiences and the knowledge that lays the foundation for higher sustainable growth. We are very confident and comfortable with our order book. The obvious focus shifts to execution, and that is what ought to be keeping us awake at night. Just to put things in perspective, in the next five years or so, we are expecting to do at least 6x-7x our last year's annual turnover. Let me pause for a second to have that sink in. Every single year, we will do more than what Astra achieved in the last 33- odd years, and that is no mean order by any means. Thankfully, Astra has worked on this scale before during our offset business times, and we have the experience of driving significant business volumes through laser-focused execution. We are beefing up our purchase departments and other departments as the risk, which I also want to highlight, is that stretched supply chains across the border, across every country, because everybody is restocking on their armaments inventory. We have got to make sure that our supply chains remain intact and stuff comes in within the defined timelines. What makes us fairly confident about our future order book? I think, and we alluded to it, Astra is emerging as a significant player in the airborne segment. There are various airborne platforms which are in the works, and Astra happens to be a key part of many of these, be it Tejas, where Uttam Radar is Astra's, and the recent INR 2,200 crore order. Actually, it is around INR 1,870 without GST, so we have to keep that distinction in mind. Or the AEW&C Mk- II, where we are part of the supply chain. Or the supply chain for Mk-I, where we will have, I think, at least 25%, if not more, of the designated supply chain. Or the Su-30MKI upgrades, be it on the radar side or be it on the EW side, where we are Tier 1 and Tier 2 respectively. Or be it AMCA. We are already, we and BEL. We are L1, L2 for the four units of AMCA. We are prototyping, which is going to be done. That is huge, guys. We are there across every platform. What does it mean in terms of numbers? We are confirmed that we will see at least INR 1,600 crore being added this year, and we may improve that number, by the way, over the next few quarters. The way we look at it, over the next few years visibility. When we did our QIP, we made a commitment, and Astra has more or less delivered on its commitment. Again, that is another thing which we need to highlight. We had said that we are looking at somewhere between INR 8,000- INR 10,000 crore worth of orders coming in over the next five years. Of this, and we just confirmed, INR 4,300 crore is already in the bag. INR 5,700 crore if we are looking at the higher end of those order books, or just INR 3,700 crore to be added to make up that commitment. But I am glad to say that we are upping our visibility for the next four to five years. Our order intake over the next three to four years, I think, should be in the region of at least INR 8,000 crore- INR 9,000 crore to be executed over the next five to six years. How are we coming at these numbers? INR 4,300 crore is our current order book. This includes, by the way, a little bit from the QRSAM, which we are expecting will come to us partly before this year ends. So that will leave at least INR 700 crore-INR 800 crore worth of orders to be added for QRSAM for the first three regiments only, at least for now. We are looking at at least INR 500 crore- INR 750 crore orders from our ARC, Astra Rafael Comsys, our joint venture. And at least INR 3,000 crore worth of business coming in from Su-30, Virupaksha as well as ANGAD. This, if you add it up, is INR 8,000 crore- INR 9,000 crore worth of business alone coming in order intakes. So this does not include, by the way, chip sales, which may happen at a scale which is better than imagined. It does not include anything from counter UAV solutions electromagnetic wall, which we are building. It does not include more products, like the area denial systems which we are making. And it does not include anything from exports to other countries, where we are already fielding a couple of inquiries, serious inquiries. So guys, that is the kind of order prospects and business which we are looking at. I would seriously insist that we look at our ability to deliver our year-end revenue targets to you, INR 1,350 crore for the current year, ± 25. Next year, we are looking at about INR 1,600 crore ± 50. And it is expected thereafter that we will be in a different trajectory as production orders will play out for both Uttam and QRSAM. Completely different trajectory from 2029 onwards. I will wind up with a note on space and weather divisions being spun off as a separate listed company, replicating exactly the same shareholding pattern as Astra Microwave Products. You own 5%, you will get 5% in the new company. But the positive spin over there is that S.G.R., S.G. Reddy, has graciously accepted the mandate to groom this new company and establish the same rigorous methodologies and standards as AMPL, with almost utmost undivided attention. We will be discussing and sharing with you the detailed plans and introducing the new leadership teams in the next few quarters as we go along. But the company shall operate as an independent entity from April 1, 2027, is our expectation. We hope that our shareholders will experience tremendous value growth in the new company also, like Astra Microwave Products. We continue to work on unlocking further value for our esteemed shareholders. So with this, I will open the session for question and answers, please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the 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. The first question is from the line of Amit Ashok Thawani from Clear Blue Capital Advisors. Please go ahead. Thank you for taking my question. My first question is, the press release says that we are targeting a top-line growth of 10%-15%, but the presentation says that our target is 15%-20%. As a matter of fact, the same was the case even in the last quarter. Can you please explain which is the correct number? Yeah, in excess of 15%, that is 15%-20% growth is the right one. Okay. My second question is, what is the target year-end order book, both on standalone and consolidated? See, apart from the Uttam order, we have guided to have an order book of about, a booking of order book of worth about INR 1,600 crore for the entire financial year. We stand by that. Thank you. Thank you, sir. Yeah. Thank you. The next question is from the line of Amit Dixit from Goldman Sachs. Please go ahead. Yeah. Hi. Good morning, everyone, and thanks for the opportunity. The first question is around the order inflow. You mentioned in the great level of details platform wise where we are expecting order inflow. Just wanted to understand if we have some play in the EW systems, ASPJ pods for Tejas, for Su-30MKI, et c. Also, if we have some participation in LCH program of HAL. Yeah. Mr. Amit, as far as the EW is concerned for Tejas, yes, we are there as a part of pod jammer. We have one of the major subsystem, AATRU, which has been already qualified for the Tejas LCA Mk1A platform. As you are aware, that particular EW suite is under the final phase of qualification. Once it gets qualified, then with the HAL, it will be inducted in the production program. So we will have the production orders also for that. Similarly, for Su-30, as Mr. Atim had mentioned, we are the DCPP for development of EW suite for Su-30, that is called ANGAD program. We are one of the consortium partner which has taken it up. It is going steadily, and we are expecting this program will be completed within the timelines. So we are there both in Tejas and as well as the Virupaksha platforms in EW. LCH? LCH also, we have been delivering some subsystems. If we take these three opportunities, these were probably not covered in the overall order inflow guidance that you gave. How much will be these opportunities? I mean, if I add all these three, let us say. Actually, whatever we have mentioned about next four years order book projections, in that we considered ANGAD for few numbers and also a few numbers of the subsystems from LCH and all. But of course, this Tejas Mk1A is something which recently we have taken it up. Then I think probably another, let's say, INR 500 crore- INR 600 crore may add up in the overall business, in the order book projections. Great, sir. Thank you. The second question is essentially on, you mentioned two very interesting products, EM Wall and vehicle-mounted counter-drone system. Congratulations for conducting the tests on both of these. Just wanted to understand the opportunity size. A very rough number will do. Also, in the last call, you mentioned that by Diwali, we will be having some five IP products or with our own IP. Are these two part of that particular group? Actually, let me take that. We had mentioned three products at least. EM Wall, if you break it up, is itself two products. You have the counter, you have the vehicle-mounted complete soft kill and hard kill program. EM Wall itself is an extension with possible additional layers of interceptors, et c., being thrown in. We are very well on track for Diwali, somewhere around Diwali, actually, for at least two complete radars of our own and one drone-mounted electronic intelligence product. We should have them. Sir, recently- These are the solutions. Not even a penny from these is included in our numbers which we give you. That is all upside. If it happens, when it happens. If it does not happen, it was not there in the numbers. So that is all upside. My guess is it will be more than pennies. It will be rather in pounds. But anyway. That's possible. The question is, sir, BEL has indicated few very interesting orders in their Concall, Shatrughat, Samaghat, orders for P-75(I). I am sure we will have some play over there also. So very broadly speaking, if you could highlight the opportunity size for us in these three platforms. Yeah, we do have some subsystems for Shatrughat and Samaghat. We are there in the part of the development program with DRDO, and we do expect production orders from BEL as and when they get orders. Approximately around INR 100 crore- INR 120 crore worth of orders we expect for these two programs put together. Okay. Sir, the last question, if I can squeeze, is on the interest cost, which we saw was down substantially in this quarter. Is it due to the lower working capital commitment we have or something else? Yeah, if you recall, at the end of last financial year, there was significant amount of positive cash available in the books of accounts. Because of that, the utilization of the overdraft during Q1 is very minimal. That is one of the significant reasons why the overall interest cost is down compared to the previous period. Great, sir. Thank you so much, and all the best. Thank you. Thank you. Thank you. The next question is from the line of Bhavya Gandhi from Bajaj Alternate Investment Management. Please go ahead. Yeah. Hi, sir. Thanks for taking my question. Sir, first question is regarding the Uttam Radar order. What is the average execution timeline, and what is the revenue booking that we can see over next two to three years? Yes, that is correct. Yeah. The overall execution period is about five years, as we have mentioned in the press release. Before FY 2032, we must complete the total order. The first Phase one, the 12 numbers, which we are supposed to complete by September 2027, exactly about 14 months from the date of order. Thereafter, almost every year, on the average of 25 numbers plus, we should execute. As we ramp up the production, we are even thinking of executing the overall total quantity by FY 2031 itself. Got it. Sir, you alluded earlier on the margin front saying that margin is a key metric. Just wanted to understand what could be the margin range going forward, because you will be introducing a couple of new products as well. On a longer-term basis, if you can provide some guidance on the margin? Let me take that. Product pricing will be a function of the market. I think the feedback from global markets which we have received, actually from not markets, one global market, is that we are fairly competitive, and that's at a very nice margin. That gives us the confidence that we should be able to maintain more or less our current margin trajectory. But we don't want to commit to you on the margins because there are a lot of factors which will come into play from incremental products, number one. Number two, I think what we are pitching for, what we are looking at is, as we go into more and more systems and DCPPs, you will actually have a long tail building in of business. You will have AMCs, et c., which will kick in, upgrade cycles which will kick in. We have to look at the profitability across the product lives rather than the initial margin. There might be a trade-off between the order size and initial margin, but overall, we expect it to be healthier, if not as healthy as our current business. At least that's how we would like to address it. Got it, sir. Thank you so much. That's it from me. Thank you. Thanks. Thank you. The next question is from the line of Akash Singh from ICICI Securities. Please go ahead. Good morning, sir, and thank you for the opportunity. Sir, your five to six -year guidance, if I just chalk out the revenue plan, then we would cumulatively execute somewhere around INR 17,000 crore- INR 18,000 crore. While on the order booking perspective, we have given INR 8,000 crore- INR 9,000 crore kind of the roadmap visibility. Could you give us any other bigger orders chunk, which you are expecting to receive in FY 2028 to 2029, which would get executed in 2030 to 2031? If you could give us some idea about the same. Because I think there is some confusion there. I do not think we are executing INR 18,000 crore- INR 19,000 crore. The order book which we are talking about, which builds up over the next three to four years, is to be executed over the next five to six years. So around INR 9,000 crore- INR 10,000 crore, INR 8,000 crore- INR 10,000 crore if you take a range, is what we are looking to execute. The idea is that when we, let us say, do not hold me to the years, ±1. Let us say if you are talking of FY 2031, right? And let us say we are doing a revenue of $350 million- $400 million, okay? At that point in time, we need to make sure that we have enough irons in the fire to do $600 million- $1 billion. That path has to be chalked out by that time. We are fairly optimistic, honestly, guys, that given the kind of depth of engineering talent we have, and the ability now to work with others and create solutions building on our core capabilities, we should be in a position to aim much higher. But in terms of even when we broke up the order visibility, we just gave you the current order book, okay? And obviously, we did not add in over there the annual incremental orders, which we will get from our regular business. And we added three more programs, QRSAM, ARC, and Su-30s to reach the number of INR 8,000 crore- INR 9,000 crore-INR 10,000 crore, okay? Obviously, we are expecting much more. The regular business which we do, that also should be kicking in. But from an estimates point of view, Astra would rather be conservative. As it unfolds, let it be a positive surprise for you. But those are the kind of numbers we are comfortable sharing at this point in time. Noted, sir. My calculations are basically coming from that our guidance was INR 1,350 crore this year, then INR 1,600 and reaching by FY 2032, if we wanted to have even a 5x growth would have been INR 5,500 + crore. So cumulative execution, it is not about the single year. Cumulative execution would have been to the tune of INR 18,000 crore, out of which 4+ another INR 5,000-INR 6,000 crore guidance we have. So just to add back in this, what is the average annual repeat orders, which you just said that you would continue to receive from the existing customer? Any numbers you can assign there? M.V., you want to take that? No, I think there is some confusion. Yeah. I am not still getting the INR 17,000, but whatever. Probably what we can do is maybe, I think, we will give you more clarity when one-to-one. I do not know how you arrived at that particular figure of cumulative INR 17,000. Even if we add all these things, it will not cross more than INR 10,000 crore. Anyway, I think probably we will give you more clarity in one-to-one discussions. Yeah. Noted, sir. Sir, second aspect to the exports. You just said that you have pointed out that you are fairly competitive vs global players. Our export segment had not been growing. Any light you want to throw? Yeah. We did not have any solutions to export. It is only now that we have built products which can stand in the market neck to neck with others. As and when they play out, that is an incremental revenue stream and order stream which will add to our business. What did we have as a complete solution? We did offset business, so-called exports, which was not really exports. It was deemed exports. And sir, execution of this HAL order will start from? Sorry, M.V., what are you saying? Yeah. Actually, let me just clarify on the export front. As you know, we started our export only on the BTP front, fulfilling the offset obligation, that over a period of last about a few years. Then subsequently, since offset guidelines have been changed and also our business model, we have changed and we came out of that BTP business. We focus more on the BTS. So we have couple of orders on the BTS front from couple of players, which we have executed also and given some prototypes for qualification and all, which take time. Apart from that, on the MMICs, that is on the components front, yes, we have been pursuing it aggressively now, and we are getting good leads from U.S. and other European countries. Probably, it may take at least another couple of years to get sizable orders for our components, which we have been doing it. So these are some of the things which we have been focusing on. Apart from that, as Atim had mentioned, the solutions what we worked out, the complete solutions, which we wanted to prove it for the Indian defense first, and thereafter we will start looking at the export. As and when we approach many OEMs and also services in the foreign countries, they've been asking us to provide a comprehensive solution which includes other sensors apart from the radar, what we have been doing it. So that is the reason we have been focusing on the overall solution, so that we can go to the customer with a complete solution. So that may take about a year or two to reach that particular stage. Noted. That's all from my side. Thank you. Ladies and gentlemen, in order to ask a question, you may press star and one at this time. The next question is from the line of Prerit Jain from Motilal Oswal. Please go ahead. Yes. Hi, am I audible? Yeah. Yeah. Thank you for the opportunity, sir. You have painted a very clear picture on the defense side, like what the opportunities are going ahead and what kind of execution we're expecting. Can you shed some more light on basically your satellite business and also your meteorology business? Because meteorology, the Mission Mausam is going on, and what kind of Doppler weather radars are we expecting there? Also on the satellite part, we were building our own satellite. So any updates on that part as well? We like to do this in a structured manner over the next few quarters, if you will allow us that luxury. But suffice to say that we are building our own satellite, which should be launched within the first six months of the new entity being listed. It is focused not on optics but on some other use cases. We will be launching. It's a part of a constellation of satellites which Astra will be launching. There are multiple product lines which are being looked at, including being part of global supply chains for LEO satellites. But we would like to shed more light on it in a structured manner as we go along. Please. On the weather front- On weather also. We'll combine it together. Anyway. Yeah. Actually- Unless you want to give an overview. Yeah, please go ahead. Yeah. Let me throw some light on Doppler weather radar, which he was asking. As you know, we are the first Indian company to develop this Doppler weather radar in India to be supplied to IMD and having got it commissioned. We have supplied more than 45 numbers of Doppler weather radars in various frequency band. Almost we have covered in every frequency band in the last four years, and we have been supplying. We have orders on hand, which have to be executable for the next two financial years. Apart from that, under Mission Mausam, we expect more orders in the current financial year, which probably we may go for execution another three to four years. We have a visibility to continue this particular production for next four to five years. To make sure that we will maintain that leadership, we set up the good infrastructure and as well as the resources. As Mr. Atim had mentioned, we wanted to go for a special focus entity as such, so that we will have more focus to develop new products in this particular segment. Our focus is on the meteorology and as well as in the hydrology segment, and we are coming out with the new products very soon. Got it, sir. Thank you so much. I hope I clarified your- Yes. Very helpful, sir. One more question on the UAV part that we are building up. What is the scope of work that will be built in-house by Astra? I know for the soft kill, we have the inbuilt capabilities, but for the hard kill, like the artillery or the laser system, will that be procured or supplied by the customer itself? Yes. We are looking at two parts to it. One is the guns. We are not in the guns business, so we will leave it to the client to mount whatever guns they want onto the system, number one. Number two, there is an interceptor drone capability which is being built in. We are working on it actually as we speak. It will be a dual kind of a thing. But the whole structure is modular, which means primarily that my radars and detectors should be able to give you the direction, the speed of the incoming, the velocity, the latitude, longitude, and align the counter kill measure in the direction for the decision to be made to deploy it. So be it a directed energy weapon, we are not making one, by the way. It is a lean, if you remember our LEAP strategy, lean and learn. We will be procuring a few countermeasures. If the client wants directed energy weapon, we take that and we put it out there. But we will give the client the ability to mount whatever kill solution they want on that. Got it, sir. One more question, if I can squeeze in. What are the key projects that we are expecting to execute in FY 2027? Yeah. Few contracts what we have in development contracts, like in radar segment, HEISAR and Su-30, Virupaksha to be used. There are a few other subsystems. Also some of the subsystems for BEL, especially the FoPM orders, whatever we have received in the last quarter, we are planning to execute before March for the QRSAM. Apart from that, there are other subsystems like Athulya and all. Those are all will be executed. So most of them are in production in nature. We don't see any major challenges to execute this. In EW front also, we have few orders for the existing programs of BEL, Hyderabad. All those orders also can be executed in this current financial year. In space, we have a plan to execute around INR 100 crore, which we have orders from DRDO a few years back. That will be executed in the next quarter. Similarly, meteorology, we have Doppler weather radars on hand. This order also, few numbers will be executed before March. These are all few projects which we can complete before March 2027. Got it. Sorry, one last question. What can the working capital cycle be like? We saw it coming down sequentially in this quarter. For the full year, since most of the orders which are being executed can be on the FoPM side, can we expect working capital to moderate even, like come down even a bit more than FY 2026? I don't think so. I think normally, the Q1 and part of Q2, generally, the working capital cycle looks much better, because of the comfort being derived from the execution made in the previous financial year. As we move forward in Q3 and Q4, again, the pressure builds up on working capital. Therefore, I'm not expecting any significant change in the working capital position as compared with the previous year. More or less, we may be in the same position. Let us wait and see. Probably on end of Q3, we should be able to give more clear update on that. Got it, sir. Thank you so much, sir, for your- But, guys, I would like an opportunity to reiterate our fundamentals which are driving us. A few things. Till we have accretive non-organic opportunities, we will not dilute for working capital. We are fairly comfortable on that part. Which goes on to increase our return on equity, which already has moved up substantially, and as executions happen, will move up even better. And more importantly, the positive operating cash flow, which was our focus and has been achieved. As we scale up, you will see nice numbers kicking in on our operating cash flow basis. So I think this is sovereign debt. We don't believe that we should be diluting for any working capital requirements. Just answering a few questions which we have received from others also. So we believe equity is to be respected and is a very expensive form of capital. Got it, sir. Thank you. Thank you so much for the opportunity, and all the very best for the future. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Dipen Vakil from PhillipCapital. Please go ahead. Thank you for the opportunity, sir, and congratulations on recent execution and margin. My first question is on the lines of your current order book. You mentioned that your current order book is close to around INR 2,850 crore. What would be the likely cyclicity of the order book in terms of how much are the short cycle orders in it, which are executable in next one to two years and longer than that? The follow-up to that would be that what would be the tune of short cycle order inflows that you expect annually over next one to two years? Yeah. See, we have given the guidance for the current year, as mentioned, about INR 1,350 crore. Then we are expecting another 15%- 18% growth for the next year. The orders, whatever we have in order book today, I think more or less, they are executable next two financial years, except the one which in fact we got that Uttam, which to be executed in four to five years. Otherwise, most of the orders, whatever we have, they basically will come for execution in next two years. Got it, sir. Any annually short cycle orders that you expect, say, something on a regular nature, maybe it is on the services side, something on annual quantum? Generally, for us, the short cycle orders are very limited. It is very difficult to know, quantify how much of that is going to be. But it all depends. Got it. Our second question is if you can give us a slightly elongated comment on your L1 for AAAU for AMCA program as to what would be the quantum of it and what kind of opportunity can we expect in the AMCA program? Yeah. This is basically a development program, as probably you are aware that ADA, they have given this development of radar to DRDO's Electronics and Radar Development Establishment. In that, the AAAU portion of that came out of tender. We and the other company, both of us, we emerged as L1 and L2, and we will be getting this order for. Like the way we got the order for Uttam AAAU, similar the same way we have participated for development of active antenna array unit for AMCA order. As far as the size is concerned, as you know, the numbers are already available in the site, whatever the number of AMCA quantity which government is looking for. That anyway, as a lead system integrator, DCPP, this RFP is already out. I think they have shortlisted three consortium partners. Whosoever wins the particular bid, they will be taking this radar from the Radar Designated Production Agency. We will be part of this supply chain. We don't know the numbers, guys. We don't know the numbers. That you have to ask ADA and AMCA guys. Noted, sir. Thank you so much, and all the best for quarter. Thank you. Thank you. The next question is from the line of Mithun Aswath from Kivah Advisors. Please go ahead. Yeah. Hi, sir. Just wanted to understand any guidance on the full year EBITDA margins. Do you expect to maintain what you did last fiscal? Also wanted to understand, secondly, on the space sort of the business, out of the INR 1,350 crore, how much would come from that sector? Actually, we did not get you the first part of your question. The second part I can answer. Out of INR 1,350 crore of projected sale for this financial year, I would say close to about INR 120- INR 150 crore is going to be from the space sector. All right. My question was more on the EBITDA margin guidance. Would your margins be similar to last year, or is there any room for improvement? Yeah, definitely. Definitely, the margins are going to be similar to last year. You can expect a delta increase in that, a positive increase in that margins. Got it. Just wanted to understand, since the space business will be demerged, what sort of plans do we see in that part of the business and opportunities which will come up, which maybe you did not have so far? Space, we will detail it out over the next few quarters in terms of what specific areas we will be looking at. Our intention is to create substantial value addition for our shareholders from space and weather division combined as a separate entity. You will be getting in at absolutely rock bottom, in my opinion era for a sector which is looking quite promising. Okay? Suffice to say, we are not going to be banking on domestic business alone, but we will be looking at participating on a slightly larger scale, global scales. As and when they are finalized, we will share it with you. Still six to nine months away. That business will have a run rate above INR 150 crore as we speak, right? Possibly. More than that. Combined. More than that. I think I'm on record, so no harm in repeating it. Our first-year guidance for the space business should be in the range of INR 300. Space entity as a standalone entity, space and weather, should be in the range of INR 300 + crore with at least an 18%-20% PBT margin. It will be a profitable entity right on day one, with its own cash flows and everything. But we'll detail it out, please, in the next few quarters. A lot of things are being finalized as we speak. Our focus is right now on the personnel. As I said, people are the most important assets in Astra Microwave Products. Right now, I hope you understand and appreciate how difficult a task it is with all of us here to kind of make sure that everything happens in the smoothest possible manner. The facilities are being demerged, standalone. The people have been identified, put across into different segments, different buckets. Accounting, and as here has ensured that accounting has been happening on a standalone basis right from the beginning of the year. For us, it is extremely simple now. We've just completed migration to SAP HANA, and congratulations, [Izzy], for that successfully. To do all these things without disruption to the existing business is a fairly dedicated task. We focus on that, and then subsequently, everything else will flow. But we hope that this business itself will be as value-creating for Astra Microwave Products shareholders as Astra Microwave Products has been. Sir, just last one. You said 1350. Sorry to interrupt, Mr. Mithun. May we request you return to the question queue for a follow-up question? Thank you. The next question is from the line of Abhijeet Singh from Systematix Group. Please go ahead. Hello, am I audible? Yes, please. Sir, first question is, what is our capabilities and product offerings in the BrahMos program? There has been significant interest coming in from exports, from different geographies in the Southeast. I understand that we have been developing seekers, the RF seekers from the BrahMos program. So apart from that, apart from seekers, in totality, if you can answer in terms of both development and production, where are we in that? What all do we supply? Going forward, what is the plan on that program? Yeah. The existing BrahMos missiles, we are there as a part of supply chain for the gimbal-based RF seekers. In that, we are supplying a critical RF component to the OEM. Apart from that, we also supply telemetry products to BrahMos missiles. Also, we have taken up a proactive development for BrahMos-NG missile. There, I think that, seeker, whatever we have taken it up, it is in the development stage. It may take another few months for us to complete that and then go for testing and qualification. This is what we have been focusing as far as the BrahMos missile is concerned. Understood, sir. Sir, have you factored in the BrahMos, whatever development we are doing in the order info that we have projected? Only existing orders that, whatever the development we have completed in which we have been producing, those numbers only we have factored. Otherwise, the new program which we are working out on the NSE, maybe on the proactive development, those numbers we have not taken into account. Right. Sir, is there a possibility of an upward surprise on this? Because that program promises to be significant, possibly. Yes. There's a possibility, is it. Right. Sir, lastly, revenue declined this quarter. Logically, I would assume that there could be some kind of shipping issues at the end of the quarter, and we might be sitting on a larger finished good inventory. Is there a deferred revenue situation in Q1? If it is, yes, how much is the quantum? As we mentioned in the opening remarks, there are a few programs which we planned to book sales in the first quarter, but because of some inspection issues, and there was a delay from our side in the sense to prove the specifications. There were few issues in the development cycle, and also there were some supply chain issues. Coupled with all this, we missed out to execute these few programs in the first quarter, but we will be able to cover it up, I think, in coming quarters. Mostly, like in Q3 and Q4, we will have a good execution, as we have almost received all the material for those two quarters. Also the development projects are in the final stage of clearance. I think next coming quarters will be promising. Overall, whatever the guidance we are given in the beginning of the year, I think we are confident to meet that. Gentlemen, I must add here that our quarterly numbers are our internal numbers, which we are constantly fine-tuning. Since we do not even break them out, and we only give you the yearly numbers. Whatever estimate you feel like, please make the estimates, but we know what we have to achieve at the end of the year. That is the guidance we are working on. Like other companies which have told everybody, which have very clearly spelled out, this business is not a quarterly-driven business. There are so many things which lead into this particular program, which leads to revenue realization. That yearly targets are the ones which we focus on. Okay? I do not know what is the basis, but at the end of the year, we will deliver what we say we are looking to deliver. That is what drives us. Very helpful, sir. Will get back in queue. Thank you very much. Thank you. Thank you. The next question is from the line of Ansh Kapoor from Jefferies. Please go ahead. Hi, sir. Thanks for the opportunity. My question is on some of the guidance that you have given for the next five years, talking about 6x- 7x revenues vs FY 2026. Apologies if I might have missed this earlier, but is this purely on the defense side? Are you guiding for this ex of the space and meteorology business that is going to be spun off? Just want to understand the guidance that you are giving going ahead, even on all the orders and a few quarters back, you had given some guidance on what the sales could be in FY 2029 and 2030 as well of INR 2,000 crore-INR 2,200 crore. Is that all purely going to be in the defense company? Does that include your space business as well? Actually, we broke it up into constituent parts of the same thing. Barring the next two years, there is nothing from space. The space portion is only reflected in the existing INR 4,300 crore that we spoke about, the current order book, and the recurring business which will come in, but which we did not take into account here in this calculation of INR 8,000- INR 10,000. Mostly it is defense side that we are talking about. Space we will address as and when we get along, separate it out. Right. That is 6x- 7x in the next five years. That will be 6x- 7x of your FY 2026 defense sales. Is that understanding broadly correct? See, right now, when we talk of Astra Microwave Products, we are talking of Astra Microwave Products as a unified company. The separation has still not happened. Till the time it happens, we are talking of a combined business. When we talk about, let us say, INR 1,057, which was the revenue last year, that is both the companies combined. When we are talking of an order book to the tune of INR 8,000 crore- INR 10,000 crore order intake over three to four years, we are talking of multiples of the combined INR 1057 entity. Similarly, execution is based on the historical number of INR 1057, which took 33 years in the making. Now this is the growth phase which we are expecting. Right, sir. That's clear. Secondly, to ask about your space and meteorology business. Would it be fair to look at the business as a function of the kind of capital investments that the government is making in the space and meteorology? Or are there any opportunities beyond government programs that we are looking at in this business? Just want to understand currently as well from a future point of view. Our current business is focused solely on the Government of India programs. Going forward, as I said, within the first six months of the space business coming on its own, we would be launching our own satellite, which will be a part of a consortium of satellites. There is a data monetization business, which is substantial. If you think about it, when we talk of data being the new gold or all the so-called talk which used to happen, it has been so far confined to our personal databases, financial sector, et c. It is now space where the inflection point has come, where space will be able to get industrial grade, industrial sized databases and ability to process that into tangible, defined outcomes. We hope to play on that. Thirdly, we desire to be a part of the international supply chain. We will detail all these things out probably two quarters down the line, as we finalize our numbers and are much more certain of what we are doing. We hope to come to you with something real tangible. When we speak to you, we try and keep our conversations to what is actually in the bag and highly visible, with limited scope for error. That's exactly what we want to do for space also. All these multiple strategies shall tie in together, but it's going to be much beyond Government of India programs, hopefully. Understood, sir. If I could just squeeze in on your meteorology business. Of course, the last couple of years we've seen a sharp scale up even on the government end with Mission Mausam coming through. There's been a ramp up in the budget as well for FY 2027 driven by Mission Mausam. How long do we expect this to continue? Are we going to sort of see FY 2028 onwards that kind of start to trend downwards again? Or is this a sustainable program where this level of CapEx by the government could sustain for the next few years and drive the opportunity- You ask us about our opinion, and we actually were discussing amongst a few of our directors the other day. One of our Directors drove down from Haridwar. The kind of situation which exists on the roads, where people are cut off because of landslides, because of extreme weather and extreme rains and climate change. You have to be a believer in that if we are believers. Given all these things combined, I think there should be and there ought to be, and from indications are, there will be a sustained focus on meteorological budgets. We hope to capitalize on that. Just to add to what he had mentioned is, basically, apart from Doppler weather radar, we also are trying to develop new radars in this particular segment, like avalanche radar. The weather forecasting applications we are trying to enhance as to provide a complete solution. Our journey is on, and while addressing this requirement of IMD, we are trying to provide a complete solution on the weather platform. That probably we will get ready by next year or two years. Got it. Thank you, sir. That way the demand will be there for next eight to 10 years. Understood, sir. Thank you so much, and all the best. Thank you. Thank you. Thank you. Ladies and gentlemen, due to time constraints, we take that as the last question of the day. Now I would like to hand over the conference to the management for closing comments. Yeah, thank you. Thank you all for being part of the discussions. I also would like to share with all of you, this is my last interaction with you as a Managing Director of the company. I am passing on the baton to Mr. M.V. Reddy and Atim, who are more energetic and young. I am sure that they will be able to deliver much more than what has happened in the last couple of years. S.G., you have created a legacy. I think you leave us with a very strong footing, and we hope to live up to your expectation. Seriously, thank you for everything. Thank you. Thank you. Thank you. Thank you. On behalf of Astra Microwave Products Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.