Astra Microwave Products Limited (NSE: ASTRAMICRO) Q1 2026 Earnings Call dated Aug. 14, 2025
Corporate Participants:
Unidentified Speaker
S Gurunatha Reddy — Managing Director
Maram Venkateshwar Reddy — Joint Managing Director
Atim Kabra — Director of Strategy and Business Development
Analysts:
Unidentified Participant
Amit Dixit — Analyst
Niraj Mansingka — Analyst
Rupesh Tatiya — Analyst
Parag Bhatia — Analyst
Ajit Sethi — Analyst
Keyur Kumar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the astra Microwave Products Limited Q1FY26 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 the conference call, please signal an operator by pressing Star then zero on your Touchstone 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 Ready, Managing Director of Estra Microwave Products Ltd. Thank you and over to you sir.
S Gurunatha Reddy — Managing Director
Thank you and good evening everyone. A warm welcome to the participants to the post results call of our Q1. I am with my colleagues Mr. M.V. reddy, Joint Managing Director and Tim Kabra, Director, Strategy and Business Development and Investor Relations Advisors. The results and investor presentation for the Q1 FY26 are already uploaded on the company website and stock exchanges. I hope you had a chance to look at it. I am pleased to report that we. Had a strong start to FY26 for the first quarter on a standalone basis, we saw a solid increase in our top line at 197 crores, growing by about 28.1% year on year. Our other profit margins have also gone up, so these numbers highlight the strength of our core business. When we look at our industry today, it is clear that the Indian defence sector is going through a significant transformation. The Government of India has taken several progressive steps in recent years to strengthen the domestic defense manufacturing ecosystem, including liberalizing foreign direct investment limits, promoting indigenous design and development, introducing the defense Testing Infrastructure screen and giving priority to domestic procurement.
These initiatives reflect a clear and determined commitment to build a self reliant, globally competitive defense industrial base. The results of these efforts are already visible. The increase in India’s defence budget clearly demonstrates government intent to rapidly build a national capability. This policy direction has also opened new opportunities for private sector players enabling us to set up investments, scale up innovation and participate more meaningfully in critical national programs. Our standalone order book now stands at 1891 crores, giving us strong visibility for the coming quarters. Most of these orders are built to spec in nature, which means value add is higher as compared to build to print.
Also, we are making significant steps and investments to get into radar systems not only for defense but also into weather applications. We are a significant player in competing for business opportunity in Mahosam program of Government of India which requires deployment of these radars across the country in a phased manner. This initiative is expected to generate recurring orders in the coming years. Apart from weather radar, over the medium term we see opportunities particularly in lightweight low level radars, anti tone radars and ground penetration radars. In Q2 we received an important order worth 135 crores at a gross value from the Defense Research and development organization in August 2025.
This project involves upgradation of ground based radar system. Further, we remain committed to advancing indigenous innovation across the defense, space and meteorological sectors. Backed by a strong order book and significant order booking opportunities in the near term and a deep focus on execution, we are confident in our ability to sustain growth and create long term value in the quarters to come. In the last few years we have made conscious and strategic investments to diversify both in terms of technology and sectors where we are in.
S Gurunatha Reddy — Managing Director
We are also now building a strong. And credible presence in the space sector. Our standalone order book includes about 239 crores of the orders from the space sector. These comprise high quality complex components and subsystems that require Christian engineering reliability and a deep technical know how areas where Astra has consistently delivered. As you are aware we have incorporated a wholly owned subsidy by name Astra Space Technologies Private Limited recently to focus in space business in a bigger way and have already taken steps to recruit skilled manpower and to establish clean and assembly rules for assembly and integration of small size satellites. These operations will be carried out from our Bangalore facility with support from Hyderabad Space Division which has more than 20 plus years of experience in supplying under BTS and BTP mode various electronic components and subsystems required for ground and onboard applications.
In terms of group companies performance our wholly owned subsidiaries are doing well though they are largely serving our capital consumption needs. Our joint venture company astra Rafal Compsys Private Limited 2 has done well during the quarter and its prospect looks bright for the coming years. It has an order book of 400 plus crores as of today and is expected to do about 350 plus crores of top line with a PBT of around 10% for the year. It has potential to back close orders. It has potential to back close to about 800 plus crores of orders during the rest of the year.
With this now I hand over to Mr. M.V. reddy Joint MD and later on to Mr. Asim Khabra who will give more insight into new initiatives, product development, business outlook in the near and long term and the strategies adopted by the company to take this to next level of growth cycle. Mr. Amvirade
Maram Venkateshwar Reddy — Joint Managing Director
Thank you Azure Good evening ladies and gentlemen. As Azeer mentioned we started FY26 with a decent performance in the first quarter as we have almost on track towards reaching out the projected orders inflow and as well as sales for this quarter. I will be sharing few key achievements and business updates of this quarter. Regarding order book as we mentioned we are at 1891 crores as on the 30th of June and we have received worth of 150 crores in July also we have concluded negotiations of 150 crores more worth of orders and 100 crores more orders are in pipeline and all these orders are expected to be received in Q2.
In Q1 we have booked a significant development contract like Active Antennae unit for Viru Paksha from DRDO and all other orders are production in nature from domestic market in Radar, EW and Metallurgy domain. With regard to sales we are at par with our target and we don’t see any major challenge meeting out targets of current financial year. During the quarter we have built major products including Ashlesh and Rohini modules for BEL and medium range stacking target radar for DRDO RF modules for Defense satellite and for ISRO X band Doppler Depressor radar for Metrology and few other defense communication products for DPSUs underscoring our timely execution and delivery capabilities.
I’m also happy to share few other key achievements of the last quarter which includes successful completion of site acceptance test of first ever developed Photonics radar by DRDO which has maximum contribution from our company. Also we got technology from deal. This is basically for this is called the CTCS which is Compact Trans origin communication system which our team is working on that Our JVC ARC started this financial year with a marginal profits made in Q1 as the majority of sales were shifted to the current quarter due to few supply chain issues and a delay in customer acceptance.
However, we are confident of meeting yearly guidance of order inflow being projected in the beginning of the year and also sales we would be achieving as per the guidance. ARC is actively pursuing more opportunities in the domain of tactical communication and electro optics as we being informed in the previous calls and expect it to grow in a rapid pace with initiatives being taken to strengthen it in all aspects. As Mr. SJI had mentioned, we are expecting close to $100 million worth of orders before March 26th. With a strong order inflow, healthy pipeline and strengthened technology capabilities, we are confident of delivering consistent growth and creating long term value for our stakeholders.
Our focus remains on executing existing strategic important contracts which we backed from DRDO like for AAAU, for LCA, Mark 2 and also for Virupaksha. These are all very critical orders and we will be focusing to execute efficiently by leveraging new opportunities in defense, aerospace, satellite and metrology market segments. That’s all from my side. I would be happy to answer your questions now. I’ll hand over to Mr. Atim Khopra. Thank you.
Atim Kabra — Director of Strategy and Business Development
Thank you Azia and thank you MVR and good afternoon everybody. Things are looking good and I have often spoken about our vision and what we intend doing to ensure that we thrive and grow and deliver value and create value over the next multiple decades. But as you know to gaze into the future and to move forward we have to understand where we are and how we have evolved into what we are today. The vision of the directors of Astra has been to create an extremely well diversified, multi revenue, multi tech driven deep tech companies that has created today the foundation for I would say a multi decadal growth opportunity and at a pace that should be welcomed by all of you.
So what has been created by the original founders of Astra and hats off to them and built upon by the current board and managements is nothing short of a prime example of how tech trends need to be captured in time and concerted action taken to capitalize on the opportunities that present themselves. You know I’ll delve a little bit on the various product lines which we have to define for you very clearly that how Astra is an extremely well diversified company which is critical from a risk management perspective and from the point of view of capturing multiple revenue streams which will come in from many areas as we progress.
So did you know that Astra moved into MMIC chips more than two decades back and these are the basic building blocks of TR modules that are the backbone for most of our core products. We have today a portfolio of more than 40 chips and we are focusing on building them up and upgrading quite a few of them to compete in the global markets where potential exists to sell chips in excess of $50 million or more over the next five years or so from this portfolio alone. And you’ve already seen the global relationships which we are trying to put together, Teledyne etc to enable these sales on a global basis.
You know EFSA set up its space business which was spoken about by se right now in excess of 225, 30, 30 crores is our order book. But we set up the space business more than a decade back and that is the foresight which the management had and credit is due to the management team for doing so. Then in the space sector hardware supply chain, ASTRA has a very spread out presence across the spectrum. We make critical components, have extensive test facilities to ensure the space worthiness of our products. We critical subsystems, we contribute significantly to multiple payloads be they in the communication area or be they SAR enabled payloads.
Astra has been beefing up its supply, sorry satellite bus design capabilities and we have a clean room which as you mentioned, to assemble small satellites in our Bangalore unit near Reddick. We have made a conscious decision for now not to go in for launch vehicles. But we already have a presence in the ground station capability in the ground station segment. So as you know, what I’m trying to paint is that we have a capability which exists across the entire spectrum of satellite hardware. And we intend building up significant capabilities in data monetization space too to provide a complete satellite based data ecosystem.
And it was in recognition, I must mention of our capabilities that one of the leading defense PSUs recently had formed a SPV with us to bid for a specific space tender. And we hope that we’ll collaborate with them and others in our space related endeavors going forward. So our order book as you mentioned is in excess of 230 crores over there. And given where companies with very limited indigenous Capab, you might find that our space business is actually very very valuable. Similarly, when we talk of our diversified order book and product portfolio, it would be very necessary to highlight our capabilities in meteorological and hydrological sector.
We just heard about Project Mossam with an allocation of more than 2000 crores. And at this point in time we can correct me, but I think out of 14 Doppler weather radars which are installed in India, 13 are from Astra, many more are in the offing and we make wind profilers. We have more than 2,000 installs of automatic weather stations. And we build our ground station capabilities on the back of this data overhaul backbone which allows us to collate the data from remote locations and download them into the servers of imd. But we are not resting on our laurels here.
We are refining our weather products continuously. We are building indigenous software capabilities to interpret these signals which are captured. And in the end we want to offer not just hardware, but complete weather as a service, data as a service to the rest of the world for the benefit of all, it is a nice sizable scalable business. We expect that in the next two years we should have an order book in excess of 400, 500 crores from this segment, these segments alone. And that is the strength of ASRA’s capabilities across the board. Our first AI initiative is almost ready where we intend using AI to help predict the weather with a fairly high predictive accuracy.
And that makes for a complete solution from Astra Stable. So if you notice I have been spelling out order potential from our non defense businesses which on its own is probably in excess of twice our current turnover. And if this business will flow in, we are, we are successful, very, very successful over the next four to five years. So the strength of Astra, I’ll repeat, lies in being a very well diversified company which provides an insulation layer to the main aerospace and defense segment which can, where the timelines can go a little bit this side or that side.
We spoke about ARC our JV with Rafael Israel in SDRs. You know there are not too many successful joint ventures of the nature which are scaling up nicely and contribute to our consolidated bottom line consistently. You know this is a testament to the fact that we don’t even, we don’t have not. We have not only the required capabilities but we are able to source tech and indigenize it to a certain extent for creating value. It is expected in my opinion and again, I mean as you can chip in on this, that we will have an order book in excess of $100 million in this from, from the JV alone pretty soon.
So please watch this case fairly carefully as this is a profitable diversification for our shareholders. So in our core business, if I talk about that now for a second, we are now creating platform capabilities on the back of a deeply backward integrated capabilities set which has been built up over decades. We make the MMICs, we make the TR modules, we make the radars. Be there for ground forces, be there for airborne platforms and be there for the Navy. We have, and this is not just us. ASA has proved itself repeatedly with complex projects completed in collaboration with our defense labs.
We have successfully delivered what we have just mentioned, Skip Bond radars over the last 12 months and much has been spoken about UTTAM radars to be deployed in Tejas where we compete amongst, competed amongst the best and dare I say in almost all parameters we did well and proudly made in India. Radars have performed very well thanks to the efforts of our scientists and research labs. So there is a need to promote, I would say domestic tech in the Face of competition which is global. But at the same time a very fine delicate balance needs to be maintained between the needs of the armed forces and timely and successful deliveries of multiple platforms as we will all agree.
So these planes, you know, but it’s not just India. The planes need to be upgraded across the world and we are very seriously looking at how do we go into that segment. Now building on the platforms which we have insight and have completed on the totally 100% Astra radars, I am laying much hopes on the promise of our R and D team that they will deliver at least three new radars which this year which have a massive market both globally as well as within India over the next 12 months. That is the delivery timeline. This adds to our product portfolio significantly as 100 extra products right from the PCBs, the software to the RDP to the software which integrates at all.
Everything will be through our own supply chain which we shall create for our own products. And that is when we hit the globe and market our solutions. Guys, this is an extremely fast developing market where the efforts of scientists, DPSUs, DRDOs are now coming up with products which are world class, second to none and 100% Indian. And I think in a multipolar world which demands supply chain resilience, self reliance is the key as we all know. But we are not focusing only on indigenous tech where we need to collaborate with partners as we demonstrated in the case of ARC with Israelis Israel Rafael we are focused on collaboration from partners in product lines where we don’t have a presence, significant presence, but there’s a timely need for the products to be delivered.
But our focus will be on commercialization of indigenously developed technology. As of it would be incomplete to not speak about the latest anti drone systems which Astra is developing. We are focused on long range jamming detection and multi directional jamming which should hold us in good stead. I can safely say that we have at this point in time there are more than three dozen programs in which Astra is participating in various anti drone Systems, you know, RFIs, et cetera, et cetera. And we see this both as a domestic and exports market. So you know, if I gaze into the future, what are we talking about? You know, this has been I think established the fact that we are a very well diversified company with significant and sizable business in our non core business.
If I may say, if I define them as non core though I think they are as integrated with us as possible. You know, MMIC chips, that’s where you know as we move into the semiconductor space, as miniaturization takes hold, digital takes hold, MMIC will play a very, very important role and we have already signed one equity participation linked transaction with a semi with a chip development company and another one should be closing very soon. And that’s the kind of a leap strategy, lean and learn and collaborate thing which we have always spoken about. So over three decades the base which we have created and the basic building blocks which have been put in place over the years are now being utilized to create complete platforms where Astra is extremely well positioned.
You know we spoke about Virupak and I think we have scored some very positive moves over there which can itself result in a business which is more than twice our entire turnover when productization commences. I let that sink in for a second. You know these are the kind of order book orders which are going to be coming in now. So in a very well diversified multiple platform company with four building blocks, you know, which are already in place I think we are in a fairly decent position and I have a feeling that the businesses, I have not calculated it exactly but what I have spoken about today itself adds up to a potential in excess of 4000, 5000 crores over the next 5, 6 years.
And this is by the way besides our regular revenue lines. So the future indeed looks bright. That’s a sizable growth if I’m talking about over the next five years. So our focus remains on breaking up the massive potential into executable pieces and a razor eye focus on delivering the numbers. Without fail let the numbers speak for themselves and single out the leading players in the industry. We are carving a niche, a space of our own alongside the large, much larger defence PSUs and the defence labs which are our esteemed partners. We would prefer to deliver more than talk.
And with that let’s open the field for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question press star and one on the Touchstone 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 Dixit from Goldman Sachs. Please go ahead.
Amit Dixit
Yeah, hi, good evening everyone and thanks for the opportunity. Congratulations for a good set of numbers at the start of the year. My first question is around the order inflow. In the prepared remarks you mentioned a number of 800 crores just wanted to understand whether it is the residual order inflow that you are mentioning or is it the total order inflow. Also if you could, if you could break it up in different. In different. Segments like radar, EW systems that would be great. That is the first question. The second question is on UTTAM radar have we received the order for this for the system that we were trying to, that we was going to supply and if not then you know when do we expect to receive it and what could be the quantum of this order in this year?
S Gurunatha Reddy
Yeah Amit, regarding this order book of 800 crores this we have referred in case of a joint venture company and this is just to clarify it is expected to book additional 800 crores of orders during this financial year. Yeah this regarding UTTAM radar as we understand Hal, you know they are increasing the order quantity on imported systems in view of delay in few tests of drdo. The reason what being quoted but we have been pursuing it at every level and they’ve been saying that in the first phase itself at least some quantity can be definitely inducted. So only thing is that today we are not in a position to tell when and how much quantity can be inducted. In the phase one we are expecting at least 10 to 12 numbers for which LSP has been given by semi lag.
So at least that quantity DRDO I think they are trying with the, you know HAL and all but it is too early to mention about that. So otherwise the second phase 97 numbers definitely. I think DRDO is very confident that you know this particular radar can be injected in the LCA mark 1. So we are hoping to see that particular time. So we cannot inform like you know exactly how when this can be inducted and what is the quantity. And also only time can tell maybe next three to four months. I think we’ll be in a position to inform you exactly on the utham.
Amit Dixit
Just to clarify what, what would be the order inflow that we expect this year for the main company?
S Gurunatha Reddy
Yeah for Astra actually we are given guidance of around 1300-1400 crores out of which we have booked as on date. That is up to now we have booked around 260 crores including 137 crores of Q1 plus additional order. What we booked is in July as I mentioned about 115 crores plus another 2030 crores. So total we have I think booked around 260 crores as undate in this financial year. And we are, we are quite confident to book another 1100 or so by March 26th.
Amit Dixit
Got it, sir. Thank you so much and all the best.
S Gurunatha Reddy
Thank you.
operator
Thank you. A reminder to the participants, please press star and one to ask a question. The next question is from the line of Niraj Mansingha from White Pine Investment Management. Please go ahead.
Niraj Mansingka
Yeah, you said about receiving Virupaksha order in the orders. So what was the value of the order for Virupaksha?
S Gurunatha Reddy
So value I cannot mention in the open discussion, but we have received two numbers of aaau. Actually V and Bel shared the quantity. So we received this contract and we started execution.
Niraj Mansingka
You received two and Bel received two or it’s one. One each.
S Gurunatha Reddy
Two and BL received one.
Niraj Mansingka
Okay. And. And so what does it imply? This is more like transfer technology. Check the product or is it just which stage is it like this is more like a testing phase for the.
S Gurunatha Reddy
Product is a development contract. So we have been. Yeah, so this is that we are developing a. You in collaborating with DRDO.
Niraj Mansingka
And on the. I think the. The. Can you also share something about the NP drone? I think you’ve talked about three dozen programs that you have participated. Can you tell us slightly longer period, what can be the potential opportunity in that programs combined?
Atim Kabra
I mean, shall I attempt that?
Maram Venkateshwar Reddy
Yeah, yeah.
Atim Kabra
Guys. I think the very paradigm of warfare has changed and drones are now at the forefront. Okay. So as we speak, probably every army in the world is trying to figure out how to incorporate drones as a key part of their warfare and as a corollary, how to incorporate anti drone systems both on the civilian side as well as on the military side to prevent drones from causing havoc. So we expect there are multiple reports I have seen in terms of estimates of the total potential business, but probably this is one of the massive. And, and they’re all over the.
In terms of numbers, right? But it is probably one of the most critical developments in the field of military which has happened. So we decided instead of drones which have a full range, right from some of them are commoditized, some of them are highly specialized, we would focus on anti drone systems which are capable of taking down the cheap commercially available drones which come in in regular frequencies to drones which come on non standard frequencies. And I must tell you that we are one of the few companies, we have the capability to create jamming solutions in non standard frequencies over a long range quota range.
There are fair amount of competition, but I think the winners will be distinguished between the range and where you can accomplish what bands you can block, etc. Etc. So it’s massive. We don’t Know who will get what kind of an orders. Okay. I think the fact that in six months we have participated in more than three dozen RFIs itself speaks volumes about the kind of potential which exists not only here but globally also.
Niraj Mansingka
Thank you. Thank you. I think the reason I asked was because it’s quite a large wide guess actually I thought I’ll wreck your.
Atim Kabra
It is honestly. It is. We are very excited. We are very excited about this.
Niraj Mansingka
And can you, can you just give us some more color on the two programs? One, you talked about ground penetration and second on the ship based radar. So what I thought was very few companies can make.
Atim Kabra
Yeah, yeah, that’s a cool thing. Yeah.
Maram Venkateshwar Reddy
Yeah. As well as shipbound radar. The development contract which we have received from drdo which is almost in the final stage of execution and by December 2025 we are likely to complete our part of you know, testing and make acceptance and all. And navi, I understand NAVI is showing interest in getting more similar shipbound radar, but these are all in discussion stage. I think it is too early to comment on the quantity and as well as the business how much business we can get follow on business on this particular project. So regarding ground penetrating radar.
Yes, we have developed handheld ground penetrating radar and we are now. We have made a prototype and now we are developing engineering model which is likely to get completed in next couple of months. We are participating in few RFPs now. I think probably, probably we will start giving them demo from this September October onwards so that you know, we are likely to book a few orders at least by March 26th.
Niraj Mansingka
Oh wonderful. Last one small question on the the S band ship based how much, how. Many TR would be there?
Maram Venkateshwar Reddy
It all depends on the configuration. So we can’t say that this is particular TR model because even particular ship the range it all decided by the range and the ship on which they wanted to mount it and the size of the radar. So all that there are so many other parameters to be looked into for to decide on the number of TR modules.
Niraj Mansingka
Okay. Okay. If the larger sets fit by 6, please pardon my ignorance. There’s other 6ft by 6ft also you would. You would still be participating considering that you have made a smaller version of the switch as we are. Is it the right understanding?
Maram Venkateshwar Reddy
Yeah, yeah. We can. We can participate in a larger program.
Niraj Mansingka
That’s a large opportunity. Okay, thank you.
operator
Thank you. A reminder to the participants, please press star and one to ask a question. The next question is from the line of Rupesh Tatia from Sri Rama Managers PMS Please go ahead.
Rupesh Tatiya
Thank you. Thank you for the opportunity sir. And good, good set of numbers. I think my first humble submission sir is a one hour call. I think management is taking 30 minutes. If we can find a way to shorten that and leave more time for questions, that would be very helpful. So that is my first humble suggestion. My first question sir is in one of the slide presentation you have said that you are working or supplied developed some Acer X band seeker. So can you just give some idea about is it for the missile? Which, which missile is it at what stage that program is, is it in like development stage? And then when that program is likely to commercialize, how many missile requirement is there with the forces?
S Gurunatha Reddy
Yeah, the expand seeker we have already delivered to DRDO and it is successfully mounted, qualified, tested and we got a follow on order also which is under execution. Unfortunately I cannot give you the names of missile programs because of the confidential in nature. But the potential is huge. In fact the discussions what we are we are having it at least we are expecting more than 50 to 60 numbers in next two to three years time frame.
Rupesh Tatiya
Okay. Okay sir, that is helpful. The other second question S I think in the Kusha program you have said that you supply components for the radar, but how about missile? Do you supply some components to missile first?
Maram Venkateshwar Reddy
No. And for Kusha we don’t have any subsystems for the missile segment but for the radar we have subsystems.
Rupesh Tatiya
And how where is that program in your view? When will the commercial production of that program likely to start? In your view?
Maram Venkateshwar Reddy
It’s in development stage. In all the probability I think in next couple of years we should drdo, BEL and BDL should be in a position to complete that proto maybe next couple of years. But this is in development stage as of now I cannot comment exactly and timeless because we are not the prime party to execute the system order. We are only supplying subsystems to that program.
Rupesh Tatiya
Okay, okay, that is helpful. Sir. The other question sir, is it. Look, I mean obviously Virupaksha is a larger opportunity compared to Uttam radar given there are 260PMs. But it also looks like there is there is also competition at integrated radar level. And also I feel at least whatever tenders I have seen it looks like there is competition at the TRM or TILES level also. So can you give some some view about competition? And I mean other than that you have done it for uttam. What is our right to win? How can we make sure that we get lion shared in Virupaksha radar?
Maram Venkateshwar Reddy
Yeah, actually if you look at the Virupaksha radar there are many subsystems are there? Like one is the AAA U that is Active antenna array unit. This is the tile version which as I mentioned we and Bel have received the contract in a competitive tender. Apart from that we are also developing the AAA U in Planck version also that based on the Utham technology. In fact both are going in parallel. So they are trying to explore which whichever the technology gets into that. So that will be make productionized. So we are there into both the versions.
Apart from that of course there are other subsystems like in ew. Sorry, yeah, EW suit and then other, you know components, few components like multi channel Exciter receiver which the other companies have won. But you know we are going to bid for some more subsystems which is like RPU and there are a few other subsystems. Are there? So like there are many subsystems but AAA is a major subsystem which is almost like I would say 55 to 65% of the entire the radar.
Rupesh Tatiya
So which I mean at least from. Technology point of view is Planck based. Radar better or is files based radar better?
Maram Venkateshwar Reddy
Actually as the technology is concerned, DRDO is like, you know they’re exploring to utilize the style version. So so it all we need to work out and based on the, you know, the specifications, what we can get and the technology can evolve. I think the DRDO can take a decision. But mostly like is the time version only as on today.
Rupesh Tatiya
Okay, okay. So other questions. Recently Bharat Bell Bell won a 2,000 crore contract for Air Defense Fire Control radar. So it is for which platform and at least given how strong we are in the radars, are we involved in that program and what kind of contribution can we expect in this Air Defense fire control radar 2000 crore contract?
Maram Venkateshwar Reddy
Yeah, in fact, in fact I wanted to give you a pleasant surprise by quoting this but I missed out in my opening remarks. Yes, we are there in this program and we are part of this program where we supplied almost 50 to 60% of subsystems like Dr. Modules in this program. So we are likely to get you know, orders very soon by you know, next couple of quarters.
Rupesh Tatiya
But this is for which, which application, which platform? Any color around
Maram Venkateshwar Reddy
the version of, you know, Fire control Radar CR and this is a lightweight radar being used by army. Anyway, Bel I think is the system supplier. Probably Bill can give more information about the radar.
Atim Kabra
Chance also to ask questions. You are most welcome to contact us. And as far as your opening thing is concerned, I’ve received four SMS. WhatsApps right now that they expect us to talk more about our strategy rather than limit ourselves because this is probably the chance for everybody to understand the vision.
Rupesh Tatiya
Maybe you should extend the time of the call, sir then. Yeah, I think then maybe we should extend. Keep the 90 minutes call, sir. Yeah.
Amit Dixit
We will request you to contact us for more answers individually. Let’s give others a chance also please.
Rupesh Tatiya
Okay.
Amit Dixit
Thank you.
operator
Thank you. Thank you. A reminder to the participants, please press RN1 to ask a question. The next question is from the line of Parag Bhatia from Sukrit Investments Private Limited. Please go ahead.
Parag Bhatia
Hello. Hi sir. Thank you for the opportunity and congratulations for a great set of numbers. I just wanted to touch upon two things. One, we believe that the SDR trial for our JV ARC has come out with flying colors. So could you provide any more clarity as to when would we win the bid or are we bidding for that and like. For that is the first question. And the second is are we participating in the Myanmar government? I mean with the Myanmar government for radar technology that Myanmar military would be using especially I think for drifty low level lightweight radar. So if you could just please throw some light on that. Thank you.
S Gurunatha Reddy
The first question. Yes, ARC is qualified in the initial trials. The final trials are going to happen soon and yes, we are confident of getting through this final trials also and we will be in competition for the price bid opening. So that is the first answer, the answer to your first question. And as far as the second question, the other member is bit of confidential. I do not want to give anything now at this stage. Maybe I think we may have to see for next at least four to five months. And I’ve been in position to answer your question on this.
Parag Bhatia
Okay.
S Gurunatha Reddy
That’s also subject to the regime.
Maram Venkateshwar Reddy
There are so many other aspects to that. So that’s the reason I said we have to wait for some more time to clarify.
Parag Bhatia
Yeah, I completely understand.
Maram Venkateshwar Reddy
Yeah.
Parag Bhatia
Thank you. And just for the. Just for clarity for the SDR radars. So could you give us a timeline as to by when could we expect or.
Maram Venkateshwar Reddy
Yeah, actually as in opening. As we mentioned in the opening remarks this year before March 26th I think we should have three major contract should be in play place and 3 of contracts put together is closed approximately is around $100 million. So all three and we are not considered actually the make to program which is likely to complete because we have a competition over there. So these three programs what we have mentioned hundred million dollars is on a single party like you know on tenders so this we are going to get with 100% probability.
Parag Bhatia
Okay, thank you. Thank you so much.
Maram Venkateshwar Reddy
Thank you.
operator
Thank you. Participants, please limit your questions to two per participant. Should you have a follow up question, we would request you to rejoin the queue. The next question is from the line of Ajit Sethi from Echo Quantum Solutions. Please go ahead.
Ajit Sethi
Thanks for the opportunity as we have a good order book in our hand and we have a great market opportunity for our products going bad. So what kind of revenue growth we are targeting for F1 for next two years and what kind of profitability margin we can expect?
Maram Venkateshwar Reddy
Yeah, we are expecting growth of around 18 to 20% year on year and profitability also we are trying to maintain this same profit whatever we have given the guidance, guidance of the current year because since we are focusing more on to the domestic business and we are almost cutting down the BTP business, hence our profit margins will still remain comfortable.
Ajit Sethi
So this 20% of EBITDA margin we are expecting.
S Gurunatha Reddy
Yeah, most, most of the profit margins. Whatever we have earned as of last financial year, I think we should be able to maintain and rather I would say that now there will be slight improvement.
Ajit Sethi
Okay, thank you sir.
operator
Thank you. The next question is from the line of Kur Kumar from Nibeshai. Please go ahead.
Keyur Kumar
Yeah, congratulations on good sets of numbers. My question is first of all related the space vertical like you mentioned there is a law means a big opportunity ahead of time. So can you tell us more about like how many ground stations would be working out on that aspects and your weather is a service at the other power portions. So that means that would increase a lot of potential on the revenue. So like our CAGR on the longer term be increased or how you are evaluating on this front?
Maram Venkateshwar Reddy
Yeah, we are trying to focus on both ground stations and as well as NJ satellite building. And we are initially we have started the building the you know, small satellites from the LEO orbit for particular application and that in fact it is already on. And in future we are also trying to, you know, take up few constellations with the consortium partners whom we already have.
operator
Hello.
Maram Venkateshwar Reddy
Hello.
Keyur Kumar
Hello.
Maram Venkateshwar Reddy
Yeah, I think somebody else.
Keyur Kumar
Yeah, yeah. And the next question would be on the MMIC you have mentions that we have approval on the number. So I actually I resort the numbers. Can you repeat that opportunity? And is there any long term contract we are planning with the foundries and all?
Maram Venkateshwar Reddy
Yeah, actually we have long term contracts with the foundries both in Taiwan and as well as in France. Right now we are working on the Gallium arsenate and Gallium nitrate technology. And soon we will start working you know in CMOS and Bismos technology also. Wherein you know we are to trying, trying to develop a few chips with the partnering with a few companies who have got experience in that particular domain. But most of these components like you know we are basically developing for capital consumption. And apart from that, yes we do have a direct market to the OEMs across the globe.
But our focus more on building the subsystem based on out of the technology what we develop so that we’ll become more competitive and technically to make sure that you know we can beat a competition in the entire system. That is what our strategy is for as far as MMS is concerned.
Keyur Kumar
Okay, and my last question is in last con call you have mentioned that we are developing on three to four seeker and X band has already been approved. So is there any further development on the other Seekers? And can you show the light on the Navitronics GV.
Maram Venkateshwar Reddy
Other Seeker in other band? Yes, it is also come. We have completed the qualification of RF Head and the complete Seeker DRDO is planning to have the trials in sometime in September, October I think probably by December that seeker also should get qualified. So in this year end I think you know we should be in a position to inform you that about the potential for the that other seeker also. Now as far as the Navitronics JV is concerned. Yeah we the development part of that particular module is almost you know completed and it is in the final stage of acceptance.
And very soon we are going to come out with the products for the end user and once we finalize the total market and that and we will be able to inform you.
Keyur Kumar
Okay, thank you. And all the best for the future sir.
Maram Venkateshwar Reddy
Thank you.
operator
Thank you. The next follow up question is from the line of Rupesh Tatia from Sri Rama Managers pms. Please go ahead.
Rupesh Tatiya
Yeah, thank you. Thank you for the follow up opportunity. Sir, one one question S is on this. Sorry. Sir. On LLTR Ashini I think it’s been a while that BL has received the contract. So where. Where is the hold up? By by when are we likely to receive the order for
Maram Venkateshwar Reddy
LLTR Ashin As being informed Bel got the contract in that there are one of these subsystems. We do have subsystems and inquiries are on and probably in next few months I think they will finalize the contracts on subsystems.
Rupesh Tatiya
Okay. Okay, thank you sir. And then this GPR ground penetrating radar what is. Can you give some idea of the opportunity size? How many radars are Required and then how will they be failed? Is the program fully funded? Some idea around that would be very helpful. And also the competitive landscape.
Maram Venkateshwar Reddy
Here, basically we have developed in house and this particular version, what we have developed is we targeted the paramilitary forces is our main client for this. And as I mentioned, we are now completed prototype and then we launched the engineering model and in few months we’ll complete this. And so as the business potential is concerned, yes actually countries importing these kind of rudders from Russia and even other countries, European countries now I think in India, only one or two companies have tried out in developing this. But to a large extent these rudders were imported. Now we are going to replace with this rudder once we complete the engineering model and qualify technically.
Rupesh Tatiya
But how many radars are imported?
Maram Venkateshwar Reddy
We are expecting roughly around, you know, 100 numbers minimum. What we can we are targeting every year. This is a handheld based, ground based ground penetrating radar.
Rupesh Tatiya
That’s helpful, sir. The other, other question sir is in tank active tank protection system in tanks. I think we have develop some pearls Doppler radar. So can you, can you talk about that? Where, where is that program and when are we likely to receive the order for that?
Maram Venkateshwar Reddy
Yeah, in this particular contract which we have received from drdo, we have made prototype and there are few observations and that we are trying to address in the second, second model that also which is being launched. We are expecting this order to get completed by March 26th and soon after that I think DRDO may take another year or so to come out with the complete system for the trials. So in all probability I think maybe we can see some production orders from FY 2728 onwards.
Rupesh Tatiya
Okay, that’s, that’s clear. Sir, the other question for it, this shipborne data.
operator
May I request you to rejoin the queue for follow up question?
Rupesh Tatiya
Yeah, sure.
operator
Thank you. Ladies and gentlemen, as there are no further questions, I now hand the confidence over to the management for closing comments.
S Gurunatha Reddy
Yeah, thank you and thank you for your participation.
Maram Venkateshwar Reddy
That question, there was a question which he was asking. Right, let’s just finish.
S Gurunatha Reddy
Yeah.
operator
Do you want me to promote him?
Maram Venkateshwar Reddy
Yes, please. Can you? Yeah, we just told him to.
operator
Yes, yes, sure.
Maram Venkateshwar Reddy
Since there are no other questions. Yeah, let’s answer his questions.
operator
Okay. Mr. Rupesh, you can.
Rupesh Tatiya
Yeah, thank you. Thank you for the opportunity. Sir. My. My question is what is the end application of this radar? This is. It goes where it goes into destroyers or frigates or corvettes or submarines and I mean currently are these radar imported and is this like an indigenization effort? Some some color around that will be very helpful.
Maram Venkateshwar Reddy
Yeah. Actually this is basically substitute to the imported radar. And the first time is indigenizing this particular scale of radar for the Shapeboard application and beyond that exactly like in the usage of this radar is again is a highly confidential. We cannot discuss those parts in this open discussion.
Rupesh Tatiya
But. But when. When the commercialization is likely.
Maram Venkateshwar Reddy
Yeah. Actually repeat orders can be followed like as I mentioned, you know NAVI is interested after seeing the technology being developed by drdo understand NAVI is showing interest to get more numbers. So exact quantity and all timelines and probably in next few months we will will add this information.
Rupesh Tatiya
Okay. Okay. Thank you. Thank you for answering my question, sir. I have lot more. Maybe I’ll reach out offline.
Maram Venkateshwar Reddy
Okay, thank you.
operator
Thank you ladies and gentlemen. As there are no further questions I now hand the confidence over to the management for closing comments.
S Gurunatha Reddy
Yeah. Thank you. And thank you for your participation and your presence. I hope we are able to answer your queries and we’ll be joining you after Q2. See you again.
Maram Venkateshwar Reddy
Thank you very much.
Atim Kabra
Thank you. Thanks Abril.
operator
Thank you. Ladies and gentlemen, on behalf of Astra Microwave Products Limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.