Astra Microwave Products reported FY25 revenue of INR1,044 Cr with strong margin expansion—gross profit at 43.9%, EBITDA 25.5%, and PAT margin 13.7% (PAT INR143 Cr), driven by ~90% domestic defense sales. New orders of INR1,098 Cr bolster a consolidated INR2,304 Cr order book, primarily domestic. FY26 targets 20% revenue growth and 18% margin, supported by programs like LCA Mark 2 and Su-30. Management emphasized strengths in defense, space, electronic warfare, and radar, with progressing satellite and anti-drone solutions. Supply chain risks are managed, and working capital remains high but controlled. Outlook is confident, backed by strong order inflows and strategic investments.