What’s new

• Board approved demerging the space, meteorology and hydrology unit into Astra Space Technologies.
• Shareholders will receive one share in the new entity for every share held in the parent.
• The new company plans to list on the BSE and NSE, pending regulatory approvals.

Why it matters

The move creates two listed companies from one, letting investors value the space and defence business separately. The 1:1 swap ratio is the first concrete number for valuing the pieces. For a unit that is 13.58% of group revenue, the demerger is material.

What we’re watching

• NCLT and regulatory approvals, which will set the final timeline.
• How the market values both entities once they are separate.
• Whether the new space-focused entity draws specialist investor interest.

The full read

Astra Microwave is splitting itself in two. Its board has approved a scheme to move the space, meteorology and hydrology business into a new subsidiary, Astra Space Technologies, which will list on the BSE and NSE. Shareholders get one share in the new entity for every share they hold in the parent. The demerged unit generated ₹157 crore in revenue last year, or 13.58% of the group total. The swap ratio gives the market a starting point for valuing the two pieces. This formalises an in-principle call from May, but the scheme details and the 1:1 exchange are new. The listing is still some way off, pending NCLT and regulator clearance.

Primary source: BSE · NSE

What’s new

• Revenue guidance lowered from the previous ₹1,400-1,500 crore range.
• Su-30 radar upgrade production orders now pushed out to after FY31.
• Board approved the in-principle demerger of space, meteorology, and hydrology units.

Why it matters

The guidance cut and the multi-year delay on the Su-30 program suggest that execution hurdles are mounting. While Q4 margins hit a strong 33.3%, management's warning of normalization indicates that profitability is likely to soften from here.

What we’re watching

• The launch of Astra-branded IP products scheduled for before Diwali.
• Specific timelines for the proposed business demerger.
• Whether order book visibility offsets the slower execution pace.

The full read

Astra Microwave is tempering expectations. Management lowered its revenue guidance for the current year to ₹1,300-1,400 crore, a 7% reduction at the midpoint from its previous ₹1,400-1,500 crore projection. The shift stems from a more cautious view on execution, which is further evidenced by the 2-3 year delay in the Su-30 radar upgrade program, now pushed to after FY31. While the company delivered a strong 33.3% EBITDA margin in Q4, management warned that this performance is unlikely to persist. Investors are now looking to the company's plan to launch its first Astra-branded IP products before Diwali and the board's in-principle approval to demerge its space, meteorology, and hydrology divisions. The combination of lower guidance and delayed project timelines suggests that the company's near-term growth path is becoming more difficult to navigate.

Primary source: BSE · NSE

What’s new

• Q4 revenue rose 20% to ₹487 crore; net profit jumped 40% to ₹105 crore.
• Full-year EBITDA margin expanded 250 bps to 28.0%; dividend raised to ₹2.40/share.
• Board gave in-principle approval to demerge its space, meteorology, and hydrology operations.

Why it matters

The demerger is the real move here. It separates the high-growth, investor-friendly space business from the core defence-electronics operation, giving shareholders two distinct bets and management two clearer mandates. Coming on the back of a strong earnings year, it signals confidence in both units' standalone viability.

What we’re watching

• Timeline and structure of the demerger — in-principle approval is just the first step.
• How the ₹2,610 cr order book translates into execution in FY27.
• Whether the separate space entity attracts different investor interest than the parent.

The full read

Astra Microwave's FY26 results were strong: profit climbed 24% to ₹178 crore on 11% revenue growth to ₹1,156 crore, with margins expanding 250 bps to 28.0%. Q4 was even better, with profit up 40% to ₹105 crore. But the headline is the board's call to split the company. The space, meteorology, and hydrology business will be demerged into a separate entity, a move that gives investors two pure-play stories and management sharper operational mandates. The consolidated order book stands at ₹2,610 crore, supporting management's guidance of 10-15% topline growth for FY27. The dividend is up to ₹2.40 a share. The demerger is still at in-principle stage, but it is the first material strategic move from a management team now running a cleaner, faster-growing business.

Primary source: BSE · NSE

What’s new

• Annual revenue rose 10.7% to ₹1,156 crore.
• Q4 profit surged 40% to ₹105 crore.
• Order book stands at ₹2,141 crore after booking ₹1,336 crore in new orders.

Why it matters

The company finished the year with a final quarter that outpaced its annual growth rates. A growing order book and higher dividend payout show management is confident in current demand.

What we’re watching

• Sustainability of Q4 profit growth in the coming fiscal year.
• Execution timelines for the ₹2,141 crore order book.
• Whether new order inflows maintain the pace set in FY26.

The full read

Astra Microwave Products ended FY26 with a strong finish. Annual revenue climbed 10.7% to ₹1,156 crore, while net profit rose 24% to ₹178 crore.

The momentum accelerated in the final quarter, where revenue grew 20% to ₹487 crore and profit jumped 40% to ₹105 crore. This performance supported a dividend hike to ₹2.40 per share, up from ₹2.20 last year. The company enters the new fiscal year with an order book of ₹2,141 crore, after adding ₹1,336 crore in new orders during the year.

It is a clear trajectory. The next test is whether the company can maintain this Q4 pace as it works through its existing order backlog.

Primary source: BSE · NSE