Astra Microwave Products shares surged nearly 14% to a record high of ₹1,960 on Friday, marking its strongest single-day rise in over four years after securing a massive ₹2,205.20 crore order from Hindustan Aeronautics Ltd (HAL) for the Uttam Radar programme. As reported by Business Standard, the stock surpassed its previous high of ₹1,873.55 touched on July 6, 2026, with the market value more than doubling or zooming 134% from its 52-week low of ₹835.90 touched on March 30, 2026. The stock was trading 9% higher at ₹1,883.10 as of 12:43 PM, significantly outperforming the BSE Sensex's 0.30% rise. The average trading volume jumped over 10-fold with a combined 4.11 million equity shares changing hands on the NSE and BSE, reflecting heavy investor interest in the aerospace and defence sector.
Astra Microwave Products has secured a ₹2,205.20 crore order from Hindustan Aeronautics Ltd (HAL), a Government of India enterprise under the Ministry of Defence, for the supply of equipment for the Uttam Radar programme. According to Business Standard, the order will be executed over a five-year period and covers the supply of 122 Active Antenna Array Units (AAAU) and 121 Interface Frames for the Uttam Radar programme. For a company that reported annual revenue of around ₹1,163 crore in FY26, the contract is nearly twice its yearly revenue, providing significant long-term revenue visibility. The total contract value stands at ₹2,205.20 crore, inclusive of all applicable taxes and GST, positioning it as a major revenue-generating event for Astra Microwave Products Limited. This confirmed order represents approximately 741% of the company's trailing twelve-month revenue of ₹1,190.10 crore and 184% of its average quarterly revenue of ₹297.52 crore, creating a backlog equivalent to roughly 7.4 quarters of average quarterly revenue. The company has clarified that its promoters and promoter group companies have no interest in HAL with respect to the contract and that the transaction does not qualify as a related-party transaction.
The Uttam Radar is an indigenous Active Electronically Scanned Array (AESA) fighter radar developed by the Defence Research and Development Organisation (DRDO) for Indian Air Force fighter aircraft, including the HAL Tejas Mk1A. As reported by Business Standard, Astra Microwave is one of the key industry partners in the programme and manufactures the Active Antenna Array Unit (AAAU), which forms the core antenna assembly of the AESA radar. The programme is designed to enhance India's indigenous defence capabilities and reduce reliance on foreign technology. The order includes 122 units of AAAU and 121 Interface Frames, essential for the radar's advanced functionality, further strengthening Astra Microwave's defence order book and coming just a few months after another order from HAL. Notably, this single order win is almost equal to the company's entire order book of ₹2,610 crore as of March 31, 2026, significantly boosting investor sentiment and driving the sharp rally in the multibagger defence stock.
Following the latest HAL contract, Astra Microwave's order book is estimated to be at ₹4,600 crore (4x FY26 revenue), providing strong medium-term execution visibility as reported by Business Standard. During its March-quarter earnings call, Astra Microwave guided for 15%-20% revenue growth in FY27, targeting revenue of ₹1,300 crore - ₹1,400 crore. The Management also expects a strong order pipeline of over ₹1,600 crore during FY27 and aims to nearly triple its turnover over the next 4.5 to 5.5 years, supported by major defence programmes including Uttam Radar, QRSAM and Su-30 upgrades. The company's operating profit (EBITDA) rose 36% annually to ₹162 crore as against ₹120 crore in Q4 FY25, with the operating profit margin expanding to 33.2% in contrast to 29.3% on an annual basis. With increasing indigenous content across fighter aircraft programmes, wider deployment of the Uttam AESA Radar and a robust pipeline across radar, electronic warfare and missile electronics, Astra Microwave is well positioned for sustained growth, according to ICICI Securities.
The latest HAL contract comes a few months after another significant order from the defence major. On April 1, 2026, Astra Microwave's joint venture, Astra Rafael Comsys Pvt. Ltd. (ARC), received a ₹250.58 crore order from HAL's Bengaluru division for the supply of Software Defined Radio (SDR) systems. The order is scheduled to be executed over 18 months, as reported by LiveMint. ARC develops military communication systems and software-defined radios for defence applications. The company's market capitalisation stands at ₹18,174.37 crore, with shares trading at ₹1,912.90 apiece on the National Stock Exchange, reflecting strong investor confidence in the company's growth trajectory and its strategic positioning in India's expanding defence manufacturing sector.
Earlier this year, Astra Microwave's board gave in-principle approval to demerge its space, meteorology and hydrology business into a separate entity as part of a broader restructuring plan aimed at improving operational efficiency and management focus. As reported by LiveMint, the company expects to complete the demerger by Q1 FY28. As part of the exercise, Astra Microwave plans to incorporate Astra Space Technologies Private Limited, which will exclusively house its space, meteorology and hydrology businesses. The company stated that the standalone structure would enable the new business to pursue sector-specific growth strategies and capital allocation plans. The restructuring is also expected to broaden the investor base by creating distinct investment opportunities, while reducing organisational complexity and improving transparency, governance and accountability.
