Astra Microwave Products Limited (NSE: ASTRAMICRO) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
S Gurunatha Reddy — Managing Director
Maram Venkateshwar Reddy — Joint Managing Director
Atim Kabra — Whole Time Director – Strategy and Business Development
Analysts:
Unidentified Participant
Amit Dixit — Analyst
Vikash Singh — Analyst
Prerit Jain — Analyst
Ketan Gandhi — Analyst
Jyoti Gupta — Analyst
Keyurkumar Vadaliya — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the astra Microwave Products Limited K Q3FY26 earnings conference call. 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 date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 this presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded.
I would now like to hand the conference over to Mr. S.G. reddy, the managing Director for the opening remarks. Thank you. And over to you sir.
S Gurunatha Reddy — Managing Director
Thank you. Good morning everyone. A warm welcome to all the participants. The post results call of our company. I am with my colleagues Mr. M.V. reddy and Atim Kabra and SGA, our investor relations advisors. The results and investors presentation for Q3 and nine months of FY26 are already uploaded on our company website and stock exchanges. I hope you had a chance to look at it in Q3FY26 the company delivered its best ever performance supported by margin improvement primarily due to favorable revenue mix and strong order execution. Our standalone numbers for Q3 is at 258 crores with EBIT at 80 crores corresponding with the margin expansion.
The EBITDA margin stood at 30.9% while profit after tax is close to about 39 crores. These results underscore the strength and the resilience of our operational capabilities on a standalone basis. Nine months revenue surged to 668 crores with the EBIT test at 165 crores with a healthy margin of 25% and PAT has seen a growth of 6.3% year on year with a margin of 10.9%. Our standalone order book has crossed the 2000 crore mark and stands at 2,226 crores as of December 2025 providing strong visibility for the upcoming quarters. This include orders of 1477 crores from defense PSS and DRDO labs, 249 crores from space sector, 369 crores from metrology and hydrology sector and 130 crores from exports and Team Resources.
We continue to focus and execute modules and subsystems with critical and complex applications in the area of electronic warfare, radar systems, space based platforms to mention a few. We have delivered Athleisure and Rohini modules, X band, dwr, aitru telemetry products and some more products for QRSAM and SSPA during the quarter. To strengthen our relationship and be a partner in making India make in India programs, we signed MOU with Bharat Electronics to work together on design, development and manufacturing of advanced systems with the shared objective of strengthening indigenous design and production capabilities in key defense technologies.
On the order flow front, we received 450plus crores of orders during the year which has a mix of defence and other segments. We are on the way to achieve our order guidance for the year. More details about the same will be shared by JMD. Our joint venture Astar Waffle Compass has bagged two prestigious orders worth 300 plus crores during the quarter and is poised to do well in the coming years. From a strategic standpoint, we continue to take steady steps towards becoming an integrated player in advanced electronic modules, subsystems and complete systems for defense, electronics and space applications.
More business related updates and future plans will be shared by my other two colleagues. Quick Industry Updates when we look at the broader industrial landscape, it is evident that the defence sector has undergone a structural shift. It is very encouraging that the government is working towards improvising the earlier L1 formula under which the lowest technically compliant bidder was selected, which is now changing by incorporating additional technical parameters as well as indigenous design. The Indian government now chooses to prioritize the Indian companies that focus on research and development and invest in owning IPR rather than just obtaining technology transfers.
Looking ahead, the Union Budget 2627 provides a strong thrust towards indigenous manufacturing and reduced import dependence, positioning domestic defence industries including private sector players as key beneficiaries. The government’s continued focus on defence modernization, make in India and self reliance is clearly reflected in the budget, with allocation towards defence increasing by 15%. Within the aerospace ecosystem, the space segment is witnessing accelerated momentum supported by raising investments, expanding capabilities and strong policy backing. The Union Budget 2026 underscores this trend by healthy allocation to the space sector, highlighting government’s intent to strengthen India’s space capabilities and support long term ecosystem development.
Currently our order visibility across the industry is strong and backlogs are no longer a constraint. The focus has therefore moved to execution, specifically the ability to meet delivery milestones while protecting margins and maintaining balance sheet supply. Additionally, a further support from various global trade engagements is expected to enhance export potential Together these developments act as a strong tailwind for all defense PSEs as well as private sector companies like Astra. From a near term perspective we reaffirm our growth targets for FY26 comprising approximately 10% growth in top line with a healthy PBT level and order inflows in the range of 1300 crores to 1400 crores.
Here I would like to assure all of you. Though we have achieved about 600 plus crores revenue as of Q3, we are confident to reach our target of 1150 crores as a top 10 for the year. Further, as previously guided, we are on track to deliver revenue growth around 15% for FY27 and an order book of around 1,500 plus crores with a healthy bottom line. Further, when we look at the long term prospects of the company, we are sure that company is likely to grow much faster from the financial year 2829 onwards and I am sure all of you will be very happy with the performance of the company.
With this I thank you very much. Now I hand over to MV Reddy and later on to Mr. Athin Kaukra. Thank you.
Maram Venkateshwar Reddy — Joint Managing Director
Thank you Azure. Good morning to all and thank you for joining us. I am pleased to report that our company continues to demonstrate strong operational resilience, disciplined execution and moving with the clear strategic direction to achieve its goals. As we close the third quarter FY26, our performance remains aligned with the guidance we shared at the start of the year reflecting both the strength of our execution engine and the trust our customers and partners place in us. As of December 25th our order book remains in line with the guidance. As my colleague just now had mentioned, we have booked about 476 crores orders in Q3 and overall standalone order book stands at 2,226 crores.
We have also concluded price negotiations for the contracts worth of approximately 550 to 600 crores which are likely to convert into firm orders by end of this quarter. With the visibility, we remain firmly on track to achieve our FY26 order book guidance of 1400 to 1450 crores. Our delivery pipelines are stable, execution across program is disciplined and our revenue trajectory continues to be healthy. The third quarter has been particularly encouraging with high value wins in critical defense and weather segments totaling around 300 crores. This includes the upper weather radars and software defense radios reinforcing our leadership in advanced RF and microwave systems.
We also secured strategically significant wins such as DCPP for EW suite for SU30 platform and also few other subsystems strengthening our role in complex subsystem integration and deepening our participation in mission critical national programs. Looking ahead, we are even more energized by the strategic opportunities before us. We are strongly positioned in the major programs which our DPSU customers are expecting contracts in next couple of quarters where our competitive edge lies in key subsystems and in house critical MMIC capabilities. At the same time, as we had mentioned earlier, we are expanding our presence in space domain which we see as a major long term growth driver.
We partnered with a couple of startup companies to participate meaningfully in the evolving space ecosystem, combining our RF and microwave strength with advanced propulsion and satellite technologies to capture opportunities in both domestic and global markets. We continue to invest in future ready technologies aligned with evolving Ministry of Defence requirements and growing export opportunities. Our JVC ARC overall performance is exceptionally well and executed US$18.19 million in Q3 with order book of $80 million and with the visibility of opportunities which we have today, we are confident of maintaining sustainable growth for the ARC next five to six years.
In summary, Astra Micro is delivering exactly as committed. We are meeting our guidance, strengthening our order book with the high quality programs and executing with discipline and confidence. More importantly, we are building a technology roadmap aligned with the market needs and global trends. The future ahead is not only promising and strategically secure through sustained investment in technology partnerships and execution excellence. That’s all from my side. I would like to be happy to answer your questions now.
I hand over to Mr. Atim Kruba Karl Khabra, Executive Director.
Atim Kabra — Whole Time Director – Strategy and Business Development
Thank you MV&SJ for a quick summary. As always and like you both, I too can sense that Indian defense and aerospace sector is pregnant with multiple opportunities. It has been five plus years and only five plus years since DAP 2020 and the vision laid out by the government at that time has led to the bloom of this sector and now we have the revised version almost in place. However, I continue to believe that private sector defense is still in its infancy and even though all the companies here are expecting a flurry of orders, we all still face an execution challenge which if handled efficiently will take the sector and the constituents of the sector to newer heights.
So on the back of these developments last quarter for the first time we were confident enough to mention that three to four years from now we are expecting to more than double double our turnover. Firm timelines are hazy as the entire ecosystem has to come together for the price negotiations to happen, orders to be placed, supply chain activated, flawless execution to happen and then at the end for the end client to accept and take delivery of the product. So today I want to briefly touch upon the criticality of adequate financing and how that is a lubricant which keeps the working the system moving in an efficient manner.
So as you are aware, defense is a highly working capital intensive industry. The government does release the orders to the defence PSUs and increasingly of course direct orders are being from the users are being placed with folks like us and in turn DPS use orders to their vendors. While they may obtain adequate financing for execution, more often than not they are not inclined to pass on similar working capital benefits to the supply chain. It’s not a complaint, this is just business. But that’s the nature of the beast. So when I look at my hour receivables, our inventory levels, etc.
And I look at the other industries, of course taken in isolation these numbers seem scary high. But that’s only mitigated by the fact that Our receivables are Grade 1 government of India Credit which banks are more than happy to discount. I must tell you that even with increasing numbers of receivables and inventory, we have had a credit rating improvement. You would have read about it. And one of our banks has already, prime banks has already reduced the interest rate which has been charged to us. Can you put it on mute for others because there’s a lot of disturbance.
So as far as the. Okay, as far as the availability of financing is an issue for us, it is actually not that big an issue. But as you know, balance sheets for efficiently for them to efficiently function, especially when our sales volumes are projected to go significantly higher, we need to be creative as well as ensure that enough financing is there so that our NCNC projects, the products being developed and the large blue sky thinking driven projects do not suffer due to inadequate financing. So watch the space. There are few very interesting options as they crystallize, we’ll be letting you know.
So the way we look at why is the inventory high? The way we look at it, our high inventory is a function of the long gestation product cycles and the lengthy time spans between the quotations we make to the placement of orders and the price negotiations before that. And finally the lengthy delivery schedules over which the contracted products have to be delivered. On contracted pricing, the foreign content is fairly high in quite a few orders and with a fluctuating exchange rate like ours, if our margins have to be protected, then orders need to be placed and your components and subcomponents acquired much ahead of the delivery schedule.
And I Must compliment our team here that despite the rupee gyrating all over and going down, I think we have done fairly well and actually have a small profit on the foreign exchange side. So moving ahead and often in the supply chain, the quantity which needs to be ordered is defined upfront. Supply chain partners are designated plus there is a minimum economic order quantity concept which comes into the play at times which requires us to order in significant inventory which is utilized over a period of time. But of course we carry the risk of obsolescence in this.
So combined, all these items create a significantly high inventory. And you have to appreciate the fact that we have been around for three decades plus. So the numbers you see are a combined number of which has accumulated over close to three decades. It is, it does not necessarily directly pertain to the ongoing production levels. So why do these numbers look manageable to us, guys? We receive advances from the customers also. But the numbers you see reported our gross receivables without being adjusted for these advances. And that’s a very significant thing which we are sharing with you that the numbers we report are gross receivables, not adjusted for the advances which we have received.
So we look at our numbers as inventory plus gross number of days receivable minus the customer advances. So advances, if I look at the numbers for December 25, advances for customers accounted for nearly 25% of the gross receivables. So our net receivables are accordingly reduced and that brings the number down to fairly significant level. And remember that these are sovereign receivables. So as long as the banks have an interest in funding sovereign receivables, we should have no problems in funding the business. And even for these receivables, the way we can look at it is also that the incremental receivables over the normal receivable cycles, let’s say if it doubles up from the normal receivable cycle of let’s say 90 days or 100 days, which exists then at the current rate of interest is costing me probably 2% in incremental out of my margins to take care of the business, which is a very, very, very manageable number.
And we are fairly comfortable. Lastly, please note that these numbers are as of the balance sheet on 31st of March. And the nature of business is such that most of the or a significant amount of orders come in in the last quarter of the year. So this amount will always, 31 March number will always be significantly high. Given the nature of the business and the fact that there’s a normal receivable cycle. Even if it is a normal receivable cycle, it will show us as a gross receivable being very high. So while the cash flow is spread out over the years.
So these two things I think when you look at the inventory numbers and the receivable numbers, I think once you start looking at it from our perspective, it is fairly manageable. And I want to end this conversation with a note on how we view our business. We view our business in blocks of three to four years, not on a quarterly basis, not on an annual basis as there is a significant step up which happens in terms of our technical capabilities, in terms of our R and D and in terms of the overall tech scenario as well as our capabilities which are continuously being upgraded.
So we expect right now that the fruits of the last three to five years of RD and mind you, we are very, very horizontal in terms of our product breadth. Probably one of the best horizontal planes which you will get in terms of the tech breadth in the industry. So we expect that this will translate into multiple large scale programs which even if I look at just four year scenario, MP Ready and Azure AD are very confident of giving us a number of around 8 to 10,000 crores worth of new order booking and concurrent sales happening to the tune of about 7,500 plus over the next four years themselves.
If you do the math, we have already given you a guidance of 1400, 1370, 1400 crores for the next year plus minus 25. We are talking about 16, 50, 1700 plus minus 25 to 15, 20% over there because the visibility is very high. And if you subtract these numbers from the 7,500 odd crores which I’m talking about, you will see that FY29 and FY30 is where we again go into a completely different orbit. And our margin profile has been, I guess, slightly on the upward trend only. And if I look at the overall operating leverage which comes in and the accumulative PBT numbers over the next four to five years, I think it will help us very clearly achieve our cherished target of being a free cash flow generating company towards which we have been working. So it’s looking good, focus is on execution and I’m sure our team will deliver
with this. I hand you back for question and answers. Thank you.
Questions and Answers:
operator
Thank you sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their Touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Our first question comes from the line of Amit Dixit from Goldman Sach. Please go ahead.
Amit Dixit
Hi, good morning everyone and thanks for the opportunity. Congratulations for a good performance and very healthy margins. Couple of questions and more from medium term view. First one is we have executed MOU with Bel and as we all know BEL is one of the consortiums for amca. While your name directly doesn’t figure in, you know, as a part of consortium, unlike some of your peers. But just wanted to understand the opportunities that we see in AMCA platform very broadly. You can highlight what kind because we have been involved in SEO, we have been involved in Tejas.
So I just wanted to understand the broader range of opportunities in AMCA both in terms of products as well as if you can highlight some, you know, financial part as well.
S Gurunatha Reddy
Yeah, Amit, as far as the AMCA program is concerned, you know the basically, you know our core expertise in basically radar and EWCs and these are the major systems sensors I would say which we have the core expertise in AMCA and these sensors are being dealt by DRDO separately. They are not in the scope of the EOI what being released. So it is the most of more of like mechanical and the avionics part of it and the official of course some equipment, avionics, electronics is there but where we don’t have expertise.
So to be frank, we don’t have direct contribution in that particular scope what being given in that evoi. But we are there in the radar and EWC that is which is being dealt by the RDO separately that anyway we are working on that.
Amit Dixit
And is it fair fair to assume that since we have a, you know, historical, I would say precedent of being in Tejas being and now being in Sukhoi and congratulations for that. So it is, you know, we would have an edge over others possibly in AMCA as well.
S Gurunatha Reddy
Yeah, we will be once we complete the development and then once we made the product system we will become the part of whosoever is wins the consortium. Today the consortium basically more focus on the building the aircraft and the other sensors and all. So we will be supplier to those consortium whichever wins the bid.
Amit Dixit
Okay. The second question is essentially on the export opportunities. Now with the EU India FTA in place and US India trade deal also in place. There was DAC approval for record AON yesterday. What kind of export opportunities we see particularly when global OEMs are keen on dovetailing into Indian suppliers for their global supply chains.
S Gurunatha Reddy
Yeah, actually this has opened up. Although we have been working with a couple of European companies for last year few years especially in radar and EW components and subsystems. We have now the discussions whatever we had in the past. Now we are again reinitiated and there is, we have seen a lot of positive response in last couple of like, you know, weeks soon after this deal is over. But in fact it is too early to say that how much we can get these opportunities and all. But definitely there is good number of opportunities are there to work together to address the global market and as well as the Indian market. We have been discussing renowned European players who are all working in this our domain.
Amit Dixit
Okay, sir, thank you so much and all the best.
S Gurunatha Reddy
Thank you.
operator
Thank you. A reminder to all participants. You may press star N1 to ask a question. The next question comes from the line of Varun Bal from Plutos Investment. Please go ahead.
Unidentified Participant
Thank you for the opportunity and well done on the margin side, sir. Frankly speaking, the execution lethargy of management is slightly worrying. Even with such clear order visibility, a 10% revenue growth in the current year and only a 15% revenue growth next year is underwhelming in this period of extreme tailwinds for the ecosystem. Why can’t we have bigger goals? Thank you.
S Gurunatha Reddy
Well, see as far as the execution capability, we have built this capability but you know, most of these programs what we are executing are R and D nature and also the, you know, and domestic for a market. And in this kind of a market where we have many other like, you know, this thing like you know, entrances like inspection delay and in sometime like, you know, there is a delay in approvals. So all these things are leading to some sort of a project delays. That is one of the reason and the as far as R and D projects like, you know, since we have taken up very complex R and D projects, few of the projects have gone for iteration.
And because of that few projects which we have planned to execute in last quarter or last before. But as I said, you know, we are fairly, you know, whatever we worked out in the beginning of the year, we are almost in line with the, you know, guidance being given to you. So yeah, for the percentage and all we can probably we can increase like you know, the moment when we get high bulk, you know, production orders like which we are anticipating now in the next quarter or so for the programs we have already developed. The moment when we get these orders, I think, you know Our production execution will improve drastically and you can see the better percentage in terms of both in revenue as well as bottom line.
Unidentified Participant
Thank you. So this is a very common feature post getting the order and starting of execution. The. The planning stage is where we are seeing these delays. Is that correct?
S Gurunatha Reddy
No, I didn’t get you or can you repeat?
Maram Venkateshwar Reddy
Yeah.
Unidentified Participant
Okay. Post receiving the order and. And starting of execution. The plans are redrawn and in this phase is where we see the delays is that.
S Gurunatha Reddy
Post receiving? Actually it’s not that you know we redrawn the implement execution see what has. What will happen is in majority of the development contracts sometime like you know the after execution, after the receipt of the order during PDR that is, you know, design review stage. There are many issues will get sorted out by the user or customer. I would say keeping in view of the complete total system requirement that time like you know, some decisions we don’t get as the committees and all have to sit and go through all the details. So there are some delays in this kind of a process and this we have been seeing for many years.
But you know, since we are now executing a major like you know, complex systems now this kind of a delays especially in the approvals and all are there. That is the reason I think some of the projects got delayed. But otherwise we. We are planning much ahead like you know, especially the proprietary case. The moment when we come across the demand from the customer and all we have been planning and for the competitive tenders is of course though we made the designs and everything ready. But the procurement and all will start only once we conclude the pnc.
So that planning will start from the date of conclusion of the PNC. And we always plan to execute within. The schedule
Maram Venkateshwar Reddy
with all your
Unidentified Participant
appreciated sir.
S Gurunatha Reddy
Yeah.
operator
Thank you. Reminder to all participants, please press star and one to ask a question. Our next question comes from the line of Vikas Singh from ICICI Securities. Please go ahead Vikas.
Vikash Singh
Good morning sir and thank you for the opportunity. So my first question is regarding the 114 Rafael deal. We have a JV with the same. So for the Rafael which are going to make in India, just wanted to understand the opportunity size for us. And thus we are adding this also in the next five year doubling of revenue capability targets.
Maram Venkateshwar Reddy
Yeah, I would like to clarify our JV is with Rafael Defense Systems Israel, not with the Rafael of France.
Vikash Singh
Notice. But then those 114. What I really meant that those 114 Rafael which are going to manufacture in India. So in the 50 or 60% component provider by specifically so radars we can supply. Right. So what could be the time size for that?
Maram Venkateshwar Reddy
Actually as of today, in fact we are not being the supply chain to be frank. But yes, some discussions are happening. We are discussing to indigenous few components and subsystems in that. But it is too early to comment on the business size of this particular deal.
Atim Kabra
Mbr, let me just come in for a second here to add on to the previous gentleman’s question. I thought that was a very derogatory way of putting in the efforts of nearly 2,000 people who are working to deliver the numbers and a target which has been given, you being a gentleman have addressed it very nicely. But guys, we are not here. We have explained it multiple times. We are not here for a quarterly review. This business, we take a three to four year view and if you want to use, you know, fairly harsh words, you know, which I, I think this is not the right company, you know, it’s your prerogative of course.
But you must understand that this business is a long term business which you have to look at it from a three to four year perspective. So I find it quite offensive when somebody, you know, looks at a quarterly number and pulls down the efforts of the company and the 2,000 people who work there and we are just reiterated that we will meet the targets for the year, you know, and I’m actually will take a liberty to say we’ll be more or less close to the numbers and we have given you a guidance for the next year.
This is a multi pronged effort where multiple things have to come together to deliver the numbers. And you must appreciate this and we have given you a fairly sizable growth which has happened and which will happen in the next three to four years. Just wanted to put this across very clearly for the benefit of everybody.
Vikash Singh
Can I go ahead?
S Gurunatha Reddy
Yeah,
Vikash Singh
yeah. The second question pertains to our target of double the revenue at the same time like you previously remarked, working capital is going to be very high. So just wanted to understand would because the working capital investment comes much earlier, would that mean that we would need some capital infusion or our debt would go up in the next couple of years before we started dipping the benefits. So how should we look at that? Your capital requirements?
Maram Venkateshwar Reddy
Yeah, I don’t think we have to raise any equity capital as such to meet this working capital requirements. I am sure that the bankers and other stakeholders will be more than happy to support the company. So we won’t be raising any equity capital for support of the working capital. Yes, the working capital borrowings will go up as the top line grows. But at the end of the day it is going to be very profitable business what we are doing.
Vikash Singh
And since just one clarification. On an average what percentage we are getting as advance in the order book.
Maram Venkateshwar Reddy
Generally for the development orders we get an advance anywhere ranging from about 20 to 25%. Export orders we get about 30% advance. Whereas the for the production orders we don’t get any advance. Again the the orders from the space application center and metrology sectors again there we get advance in the range of 20 to 25%.
Vikash Singh
Thank you. And all the best.
Maram Venkateshwar Reddy
Yeah,
operator
thank you. Our next question comes from the line of Karthik from Suyan Advisors. Please go ahead.
Unidentified Participant
Sir, good morning. Just wanted to understand the order backlog. And revenue targets for the January 25. For 26 and 27.
Maram Venkateshwar Reddy
Yeah. Order book
S Gurunatha Reddy
JV.
Maram Venkateshwar Reddy
For the JV we have close to 80 million dollar as on date, right?
Unidentified Participant
Yes sir.
Maram Venkateshwar Reddy
And what does he want
Unidentified Participant
revenues for. This year and next year? Possible revenues based on execution plans.
Maram Venkateshwar Reddy
Yeah, for this year I think it is likely to do about 350plus crores of top line. And probably for the next year it should be close to about 400 plus here but it should be in the range of 400 plus.
Unidentified Participant
And how is the profitability shaping up there? Sir,
Maram Venkateshwar Reddy
at PBT level they aren’t close to about 10 to 12%.
Unidentified Participant
Okay, okay, okay. And. And the 1400 crore does not include any contribution from this right side is not consolidated. So this is only the non JV revenues. Right. When you talk about.
Maram Venkateshwar Reddy
And the profit from consolidation of revenues at the consolidated level. But it is only a share of profit from the JV is taken.
Unidentified Participant
Sure, sure. Thanks for answering and very best wishes.
Maram Venkateshwar Reddy
Thank you.
operator
The next question comes from the line of Kur Kumar Badalia from Nivashay. Please go ahead, stay on the line. We’ll move on to the next participant. That is Prith Jain from Motilal Oswal Financial Services. Please go ahead.
Prerit Jain
Yes, thank you for the opportunity. I have two questions. One is the order book order inflow guidance for this year and next year which is 1300 crore and 1500 crore. So what are the key orders that we expecting say like in next 12 to 15 months and if you can help with the quantum as well.
Maram Venkateshwar Reddy
Yeah. What’s your next one? Hello, what is your next question?
Prerit Jain
Yes, so the next one is like you mentioned that the current projects which are being executed most of them like quite a few of them are in R D phase and still we are able to maintain such good Margins. So going forward when these get into like a mass production or execution phase like higher quantity, will the margins improve or these levels will be maintained?
S Gurunatha Reddy
Okay. Firstly regarding order book. Yeah. See order book for this current quarter that is in Q4 we are expecting as I said around close to 550 to 600 crores. In that majority will come from radar and EW. So the from the defense overall we are expecting about 450 crores. And from metrology around 120 crores. This is the split of order book plan for this current quarter. So with this I think we would be in position to achieve 14 and 1450 around that for the current financial year. For the next year for FY27 we have a clear visibility to book order close to 1500, 1600 crores around that.
And in that majority programs which as I mentioned like you know orders will come from public sector customers like BEL and all. Where the programs which they are expecting orders for the first quarter like QRSAM and the other programs like in from drdo we are participating few R and D programs. Then the production orders which we already got qualified like in EW systems like the Nayan, Medhas, Samudrika, Dara Shakti. These are all programs where our customers are getting orders. And in that we will be getting subsystems. Then export front we are expecting orders worth of 100 to 125 crores.
And in mid segment around 50 crores. So this is a broad split of order book for the next year. All in all I would say around 1500-1600 crores. We are confident of booking the orders.
Maram Venkateshwar Reddy
Yeah. The second question regarding profitability, I must tell you that RD is also a profit profit center to us even today. Therefore either low R and D or larger R and D contribution is not going to affect the profitability. But as we grow the top line I am sure that there will be an improvement in the margins. But how much it is going to be and all probably we have to wait to see. But definitely it is going to be a positive one from now onwards in terms of the profitability.
Prerit Jain
Okay, and if I can squeeze in one more question. So yesterday around 3.6 trillion of events were recorded. So what are. What is the potential time for Astra in this?
S Gurunatha Reddy
Actually we are working some of the advanced version of few projects which we are working in there. But yes, some components and subsystems are there in few programs and all. But we will come back to you maybe little later of the exit potential of the business. What we can get it from the Estrades player approved project.
Prerit Jain
Okay, that’s all from my side. Thank you so much.
S Gurunatha Reddy
Thank you.
operator
A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Ketan Gandhi from Gandhi Securities. Please go ahead.
Ketan Gandhi
Yes, sir. Congratulations on very good outlook for the next three to four years and wish you all the best for the same. I have only one question or clarification. Can you share any update on main portable sdr? I think trial was over and any color on the timeline of I voting the contract?
Maram Venkateshwar Reddy
Yeah, actually the trials more or less are getting over now. But in the final stages I think will get concluded maybe in a month time from now.
Ketan Gandhi
No. So trial will be concluded or they will be come out with the result. Also
Maram Venkateshwar Reddy
no trials will be concluded and hopefully by March I think they may open the bids. This is what we are expecting.
Ketan Gandhi
Okay, thank you so much and all the best. Thank you.
Atim Kabra
But Ketan, in that it’s not one shot awarding of the contract. It’s going to happen over a period of time in multiple lots.
Ketan Gandhi
Sure. Understand that, sir. Thank you.
operator
Thank you. The next question comes from the line of Jyoti Gupta from Nirmal Bang Securities. Please go ahead. I’m sorry to interrupt, ma’. Am. You’re not. You’re not audible. Your line is not clear.
Jyoti Gupta
Am I audible?
operator
No, ma’, am, your voice is breaking. Could you please change your location and use your phone on handset mode?
Jyoti Gupta
Yes, I am doing that. Can you hear me now?
operator
Yes, yes, please.
Jyoti Gupta
Yeah. Thank you so much for the opportunity and great set of numbers. I have two questions. One is in terms of the exports, I’ve seen the contribution of exports have gone down sequentially. Is there any specific reason? Second, the margins are great. Any particular order that has led to it and would that be sustainable? And third question is on the pseudo satellite, you know, which has recently come where Nile and Open Research Institute from Bangalore. There are in the in fact a lot of international. In fact lot of country international countries. Are we also looking at pseudo satellites? Stratospheric satellites?
S Gurunatha Reddy
Yeah. Your first question is the exports front. As being mentioned in last few ning calls. We are slowly moved away from the BTP business now more or less except you know, serving our joint venture where in fact we have a fairly reasonable good margin. And as we have, we do have a value addition in those products. So we are getting better margin and we are continuing to do that deemed export business and also few export which we have good margin. But the past we used to take orders which have low margin of high value. But now we came out of that line as we.
We wanted to focus more on the high margin products and where our value addition is more. And that is the reason there is a dip in the revenue as far as the exports are concerned in the last two years. But going forward as we are focusing more on contracts which we have contributing in terms of design and all future we are expecting some production orders with our designs that I think maybe down the line after couple of years we will definitely with this export will pick it up. So till that time we have enough domestic market to capture and to work on that.
So we are focusing on this now the second question is the margin. The percentage of margin has been increased. In fact this has increased. Like you know, we have been addressing only the domestic market and as well as export where we have a decent margins because of the product mix and the composite of the, you know, the products line. What we have taken it up. I have got a reasonably good margin as compared to the previous years. Hence the margin has been increased.
Then third question about the pseudo satellites. And also we. We have some plans but we are still in the very initial stages. I don’t think I can answer this particular question straight as probably maybe down the line after some time only I can come back to you on this
Jyoti Gupta
one last question. The advances that you’re getting is it because you are now in some platforms you are in Tier 1 category or is it like now that private companies are entitled to these advances for contracts?
S Gurunatha Reddy
Actually in GRDO is the contracts all we have been getting these advances for many years and it has been continuing especially in the development contracts and the other even other institutions like ISRO and all they have been giving advances. And of course in PSUs most of these production orders we don’t get as their the guidance are different for taking advance and we feel without advance we can, you know the roll out the execution much faster and also the realization can happen faster than this thing.
Then other one is the for EMBOD contracts. Yes. Now since we started participating and the advance is there and the private companies can be treated at par with the PSU for giving advances to the industry for development.
Jyoti Gupta
Okay, great. Thank you so much and all the best.
S Gurunatha Reddy
Thank you.
operator
Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Rupesh Tatia from Long Equity Partners. Please go ahead.
Unidentified Participant
Yeah, hello sir. Thank you. Thank you for the opportunity. My first question sir is the LCA mark 1 a second batch of 97 when can we see some orders for UTTAM Radar components? Any timelines you can give.
S Gurunatha Reddy
We have RFP on hand and we have responded RFPs and the negotiations process is on so I can share up to this information as and when contracts gets finalized I will come back to you on. This
Unidentified Participant
and delivery will start after some gap of let’s say one year or it will start right away in staggered. Manner obviously but
S Gurunatha Reddy
actually customer is the agile is expecting these deliveries to happen in this staggered manner initially for few numbers to get stabilize these indigenous sensors in the platform and all thereafter I think they would like to give bulk production clearance for the larger quantity so hence the execution happens in this staggered. Manner
Unidentified Participant
and and where are we on the qualification of UTAM plus ASPJ pod.
S Gurunatha Reddy
We have completed qualification for both AAA U of UAM Radar and also the AATRU of the part jammer both QT.
Unidentified Participant
Not from our side for overall overall. Final products
S Gurunatha Reddy
also like UTTAM Radar as far as the qualification like it’s been completed and there are few observations that also have been addressed and said and the after once we HAL gets these proto units from the all vendors and they integrate then probably probably the same like I think you know they can again step in to see what are the issues that we’ve been there to see and then thereafter they can give production clearance for the bulk production but otherwise on the qualification print I think more or less it has been through.
Unidentified Participant
So final product I mean you feel in next six months will be certified.
S Gurunatha Reddy
That I cannot say because they know it’s a DRDO is the you know the agency to inform about the timeless but yes we are hopeful of completing that this thing in within that particular.
Unidentified Participant
Okay okay and this second any question is more of a clarification so you said QRFAM orders you expecting in Q1.
S Gurunatha Reddy
I didn’t say that our customers are expecting in Q1 in fact although they they are hopeful of getting by March but in case if they still lower but I think maybe in Q1 they’ll get order for us it may take another three months or four months to get orders for the subsystems.
Unidentified Participant
Okay and on SDR man portable SDR can you give some idea about competitive landscape and what kind of market share do we expect to win or retain in this segment and also opportunity size you you can give maybe some year by year picture total opportunity and year by year picture.
S Gurunatha Reddy
Yeah actually this particular quantity which the RFP was released and where the trials are going on is only I would say Some I think 10% of the quantity what being projected by the Indian army. And they I think you can estimate roughly around 10 times to this particular quantity. So over a period of five to six years, they would like to induct these SDRs in that in the network. So the opportunity size is too large. And yes, this is now as mentioned earlier also there are about three players. Once only the price bids are open, we can, we will know who will be the successful bidder.
Unidentified Participant
Okay, so you, you, you still
operator
I. Would request you to rejoin the queue. Thank you. The next question comes from the line of Kur Kumar Wadalia from Nivisha. Please go ahead. Hello.
Keyurkumar Vadaliya
Thank you for the opportunity. Yeah. Am I audible?
S Gurunatha Reddy
Yeah.
Keyurkumar Vadaliya
So my question is regarding the this vertical one. We have a 249k orders. Like how this order is split. Like is it related? Hello. So is this orders are related to payloads or payload subsystems or related to launch vehicle, Sir. And if you can give us a direction with how we are looking forward to get the order in this vertical on which directions? Payloads or the vehicles?
S Gurunatha Reddy
Yeah, whatever orders we have in this space as in today, it is all related to the satellite payload, electronics and some small portion. I would say only 5% or 6% of the overall order. What we have is related to the launch vehicle, electronics, otherwise the most of them, most of these are part of the payload which ISRO is trying to build this payload for strategic applications. And going forward we do have good visibility to get repeat orders, you know, in the same, you know configuration and up maybe in next two to three years. I think we should have a similar size of order book.
And apart from that, as we mentioned, we are trying to build our own satellite with the payload for future. So that I think will take another two years to launch the satellite. And then we are also we’re trying to address the end market.
Keyurkumar Vadaliya
Okay. And last con call means you have mentioned like project. So like means how far this opportunity is right now.
S Gurunatha Reddy
You are referring to that Indian Meteorological department.
Keyurkumar Vadaliya
Yes.
Maram Venkateshwar Reddy
Yeah, we have. We have. Yeah, yeah. We are mission Mossam. We are, we are there. We got a couple of calls contracts recent past and the we are in execution phase.
Keyurkumar Vadaliya
So I will be very specific. Actually we mentioned that it was a very big opportunity. Right. So I’m expecting like when this big opportunity can be translated in order book and then the delivery time frame. Like
Maram Venkateshwar Reddy
actually this is a series like you know, all these radars will be in the procured in a phased manner. We are expecting at least around four to Five tenders to come to cover the overall requirement of weather radars and other systems like wind profile radars, even weather stations and all. So these tenders will cover overall mission motion requirement. And this may take at least couple of years to finalize these orders. And as execution front also may take a three to four years time frame.
Keyurkumar Vadaliya
Okay, thank you always for the future.
Maram Venkateshwar Reddy
Thank you.
operator
The next question comes from the line of Shivam Parak from Value wise wealth management. Please go ahead.
Unidentified Participant
Yeah. Good morning sir. Thanks for the opportunity. As mentioned in the investor presentation there was m of around 24 to 25,000 crore for extra till financial year 28. So how much is actually serviceable by us based on capabilities currently and any expansion to be done ahead in the next two years or so. Some light on the same would be greatly appreciated. Thanks.
Maram Venkateshwar Reddy
Yeah. As far as the, you know the investor presentation when we made as a maybe mentioned and also ATIM mentioned, you know in the opening this thing we do have the time time that is total accessible market of 25 to 30,000 crores. But you know this what we are expected few contracts what year two years back are getting shifted to a year or so. But overall what we could see clearly an opportunity as of around 30,000 crores in next four years time frame. And in that as we mentioned we can, we are confident of a bagging or maybe around 8000 crores for the execution in this particular front.
Because in that many of the programs which are we are single or only approved qualified, you know, company for future few programs taking all those things and also taking about 20 to 25% weighted average for the competition. This is the figure what we have arrived.
Unidentified Participant
The 30,000 crore addressable market is for the entire players in the ecosystem. Right?
Maram Venkateshwar Reddy
Yeah.
Unidentified Participant
Okay. Thank you so much.
Maram Venkateshwar Reddy
Thank you.
operator
Thank you. Ladies and gentlemen, due to time constraints we will take that as the last question for today. I would now like to hand the conference over to the management for the closing remarks.
Maram Venkateshwar Reddy
Yeah. Thank you all of you for your active participation. I hope we are able to address your questions to your satisfaction. And very happy to meet you again at the end of Q4 and at the end of the financial. Thank you.
operator
Thank you, sir. Ladies and gentlemen, on behalf of Astra Microwave Products, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines.