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Key Conference Call Highlights

Order Book and Execution

* The standalone order book stands at INR 2,141 Cr, with the consolidated order book reaching INR 2,600 Cr as of March 31, 2026

* Secured fresh orders worth approximately INR 530 Cr in Q4 alone, with an additional INR 300 Cr expected in a few months

FY27E Guidance and Long-term Outlook

* The management projects an FY27E topline growth of 15–20%, targeting sales between INR 1,300 and 1,400 Cr

* Clear visibility to secure over INR 1,600 Cr in new orders for FY27, with the mix expected to be 25% from R&D and 75% from production

* Margin Expectation: Current gross margin peaked at ~55% due to favourable revenue mix, though management guidance remains conservative, going forward

* Expected segment revenue mix for FY27: Radar (~45%), Electronic Warfare and Missiles (~25%) and Space & Meteorology (~25%), with a 75:25 split between production and R&D

* Strategically targeting to triple revenue in the next five years (by FY31), driven purely by visibility from 5–6 major existing programmes, without factoring in potential new proprietary IP-led products

* Capex Requirements: The goal of tripling revenue will not require significant new capex. The company plans to maintain its current annual capex run-rate of INR 40–50 Cr. Additionally, increased volume will be managed within current working capital limits

Strategic Evolution and Restructuring

* Successfully evolving from a Tier-II component supplier to an integrated, IP-driven Tier-I systems manufacturer and a Development-cumProduction Partner (DcPP) for national programmes

* Exited the low-margin Build-to-Print (BTP) export business to focus on high value-add, co-developed IP exports, which commands gross margin of ~40%.

* Planning to launch proprietary, Astra-branded IP products and solutions for both Indian and global markets before November 2026, with the first ‘No Cost No Commitment’ demo planned for Q1 FY27

* Received in-principle Board approval to demerge the Space, Meteorology and Hydrology business to enhance operational focus, corporate structure and capital allocation

Joint Venture Performance (Astra Rafael Comsys - ARC)

* ARC closed FY26 with an order book of ~INR 625 Cr, order bookings of INR 546 Cr, and sales of INR 360 Cr

* FY26 profitability was temporarily affected by forex provision

* Guided for FY27 growth of minimum 50% in order bookings, targeting over INR 600 Cr in top line and expecting to achieve 18–20% EBITDA margin (minimum INR 20 Cr share of profit)

Key Defence & Space Program Updates

* Successfully delivered critical subsystems for defence space programmes and handed over the strategic Shipborne Radar to DRDO for final testing

* Su-30 Upgrade: For the Virupaksha radar program, development of the Active Antenna Array Unit (AAAU) is slated to complete in a few months. Additionally, development and qualification of the Electronic Warfare (EW) Pod jammer, where Astra serves as a DcPP, are expected in the next year

* Uttam Radar: Commercial negotiations with HNAL for the Uttam radar are in advanced stages, with orders expected in Q2 or Q3 FY27

* QRSAM: First-of-Production Model (FOPM) orders are being executed, with the main production contract expected in 3–4 months following BHE's prime contract

* Actively investing in futuristic radar technologies, having recently developed photonics radar and digital array radar subsystems, while also advancing a ground-penetrating radar

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