Thank you. Good morning, everyone.

A warm welcome to all the participants to the post-results call of our company. I am with my colleagues 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 Q3 FY26, 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 the EBITDA at ₹80 crores.

Corresponding with margin expansion, the EBITDA margin stood at 30.9%, while profit after tax is closed about ₹39 crores. These results underscore the strength and resilience of our operational capabilities.

On a standalone basis, nine-month revenue surged to ₹668 crores, with the EBITDA at ₹165 crores, with a healthy margin of 25%, and PAT has shown a growth of 6.3% year-on-year, with a margin of 10.9%. Our standalone order book has crossed ₹2,000 crore mark and stands at ₹2,226 crores as of December 2025, providing strong visibility for the upcoming quarters.

This include orders of ₹1,477 crores from defense PSUs and DRDO labs, ₹249 crores from space sector, ₹369 crores from meteorology and hydrology sector, and ₹130 crores from exports and [others?] .

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 Ashlesha and Rohini modules, X-band DWR, AATRU, telemetry products, and some more products for QRSAM and ASPJ during the quarter.

To strengthen our relationship and be a partner in Make in India programs, we signed a MoU with Bharat Electronics to work together on design, development, and manufacturing of advanced systems with a shared objective of strengthening indigenous design and production capabilities in key defense technologies. On the order flow front, we received 450-plus crores of orders during the year, which has a mix of defense 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 Astra Rafael Comsys 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 defense 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 2026-2027 provides a strong thrust towards indigenous manufacturing and reduced import dependence, positioning domestic defense industries, including private sector players, as key beneficiaries. The government's continued focus on defense modernization, Make in India, and self-reliance is clearly reflected in the budget, with allocation towards defense increasing by 15%.

Within the aerospace ecosystem, the space segment is witnessing accelerated momentum supported by rising 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 discipline.

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 PSUs 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 ₹1,300 crores to ₹1,400 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 ₹1,150 crores as a top line 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 2028-2029 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 M.V.

Reddy and later on to Mr. Atim Kabra.

Thank you.

Thank you, S.G. Good morning to all, and thank you for joining us.

I'm pleased to report that our company continues to demonstrate a strong operational resilience, disciplined execution, and moving with 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 '25, our order book remains in line with the guidance. As my colleague just now 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 1,400 to 1,450 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 Doppler weather radars and software-defined radios, reinforcing our leadership in advanced RF and microwave systems. We also secured strategically significant wins such as DCP for EW suite for Su-30 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're expanding our presence in space domain, which we see as a major long-term growth driver. We partner with 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 Defense requirements and growing export opportunities. Our JVC ARC overall performance is exceptionally well and executed 18.19 million US dollars in Q3 with order book of $80 million, and with the visibility of opportunities which we have today, we're confident of maintaining sustainable growth for the ARC in next five to six years.

In summary, Astra Microwave is delivering exactly as committed. We are meeting our guidance, strengthening our order book with 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 secured through sustained investment in technology, partnerships, and execution excellence.

That's all from my side. Would like to be happy to answer your questions.

Now I hand over to Mr. Atim Kabra, Executive Director.

Thank you, M.V. and S.G., for a quick summary, as always.

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 blooming of this sector.

Now, we have the revised version almost in place. However, I continue to believe that private sector defense is still in its infancy.

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 this sector to newer heights. On the back of these developments, last quarter, for the first time, we were confident enough to mention that 3 to 4 years from now, we are expecting to more than 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. Today, I want to briefly touch upon the criticality of adequate financing and how that is a lubricant which keeps the system moving in an efficient manner.

As you are aware, defense is a highly working capital-intensive industry. The government does release the orders to the defense prime PSUs, and increasingly, of course, direct orders from the users are being placed with folks like us.

In turn, DPSUs place 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. That's the nature of the beast.

When I look at our receivables, our inventory levels, etc., and I look at the other industries, of course, taken in isolation, these numbers seem scary high. 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 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 here? As far as the availability of financing is an issue, for us, it is actually not that big an issue.

As balance sheets 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 the enough financing is there so that our NC-NC projects, the products being developed, and the large blue-sky thinking driven projects do not suffer due to inadequate financing. Watch the space, there are a few very interesting options, as they crystallize, we'll be letting you know.

The way we look at it, our high inventory is a function of the long-gestation product cycles and the lengthy timespans 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.

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. I must complement 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.

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.

Of course, we carry the risk of obsolescence in this. Combined, all these items create a significantly high inventory.

You have to appreciate the fact that we have been around for three decades plus. The numbers you see are a combined number of which has accumulated over close to three decades.

It does not necessarily directly pertain to the ongoing production levels. Why do these numbers look manageable to us, guys?

We receive advances from the customers, also. The numbers you see reported are gross receivables without being adjusted for these advances.

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. We look at our numbers as inventory plus gross number of days receivable minus the customer advances.

Advances, if I look at the numbers for December '25, advances for customers accounted for nearly 25% of the gross receivables. Our net receivables are accordingly reduced.

That brings the number down to fairly significant level. 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.

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 90 days or 100 days, which exists, then at the current cost rate of interest, it's 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 a significant amount of orders come in in the last quarter of the years.

The 31st 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.

While the cash flow is spread out over the years. 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.

I want to end this conversation with a note on how we view our business. We view our business in blocks of 3 to 4 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&D, and in terms of the overall tech scenario, as well as our capabilities, which are continuously being upgraded. We expect right now that the fruits of the last 3 to 5 years of R&D—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.

We expect that this will translate into multiple large-scale programs, which even if I look at just four-years scenario, M.V. Reddy and S.G.

Reddy are very confident of giving us a number of around 8,000 to ₹10,000 crores worth of new order booking and concurrent sales happening to the tune of about 7,500-plus over the next 4 years themselves. If you do the maths, we have already given you a guidance of ₹1,400, 13 57 1,400 crores for the next year, plus minus 25.

We are talking about 16 50, 1,700, plus minus 25, to 15, 20% over there because the visibility is very high. 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 are again going to a completely different orbit.

Our margin profile has been, I guess, slightly on the upward trend only. If I look at the overall operating leverage which comes in and the accumulative PBT numbers over the next 4 to 5 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.

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.

Hi. Good morning, everyone, and thanks for the opportunity.

Congratulations for a good performance and very healthy margins. A couple of questions, and more from a medium-term view.

First one is we have executed MoU with BEL, and as we all know, BEL is in one of the consortiums for AMCA. While your name directly doesn't figure in as a part of consortium unlike some of your peers, but just wanted to understand the opportunity that we see in AMCA platform, if very broadly you can highlight because we have been involved in Su, we have been involved in Tejas.

Just wanted to understand the broad range of opportunities in AMCA, both in terms of products as well as if you can highlight some financial part as well.

Amit. As far as the AMCA program is concerned, basically, our core expertise in radar and the EW suites, and these are the major systems and sensors, I would say, which we have the core expertise in AMCA.

These sensors are being dealt by DRDO separately. They are not in the scope of the EOI what being released.

It is more of mechanical and the avionics part of it, and of course some avionics electronics is there, but there we don't have expertise. To be frank, we don't have direct contribution in that particular scope what being given in that EOI.

We are there in the radar and EW suite which is being dealt by DRDO separately. That anyway, we are working on that.

Is it fair to assume that since we have a historical, I would say, precedent of being in Tejas and now being in Sukhoi, and congratulations for that, we would have an edge over others possibly in AMCA as well?

Once we complete the development and then once we made the product system, we will become the part of who soever wins the consortium. Today, the consortium basically more focus on the building the aircraft and the other sensors and all.

We will be a supplier to those consortium, whichever wins the bid.

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 a 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?

Actually, this has opened up although we have been working with couple of European companies for last few years, especially in radar and EW components and subsystems. The discussions, whatever we had in the past, now we are again reinitiated, and we have seen a lot of positive response in last couple of weeks soon after this deal is over.

In fact, it is too early to say that how much we can get these opportunities and all, but yes, definitely, there are 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 our domain.

Sir. Thank you so much and all the best.

Thank you.

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.

See, as far as the execution capability, we have built this capability. Most of these programs, what we are executing, are R&D in nature and also domestic for market.

In this kind of a market where we have many other hindrances like inspection delay, and in some time there is a delay in approvals, all these things are leading to some sort of a project delays. That is the one of the reason.

As far as R&D projects, since we have taken up very complex R&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 got slipped away. As I said, whatever we worked out in the beginning of the year, we are almost in line with the guidance being given to you.

For the percentage and all, we can probably increase the moment when we get high bulk production orders 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 our execution will improve drastically, and you can see the better percentage in terms of both in revenue as well as bottom line.

Thank you, sir. This is a very common feature.

Post getting the order and starting off execution, the planning stage is where we are seeing these delays. Is that correct?

No, I didn't get you. Can you repeat?

What is

Yeah. Okay.

Post receiving the order and starting off execution, the plans are redrawn, and in this phase is where we see the delay. Is that correct?

Post-receiving actually, it's not that we redrawn the execution. See, what will happen is in majority of the development contracts, sometime after the receipt of the order, during PDR, that is 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 some decisions we don't get as the committees and all have to sit and go through all the details. There are some delays in this kind of a process.

This we have been seeing for many years, but since we are now executing complex systems, now this kind of a delays, specially in the approvals and all, are there. That is the reason, I think, some of the projects got delayed.

Otherwise, we are planning much ahead for especially the proprietary case, the moment when we come across the demand from the customer and all, we have been planning. For the competitive tenders, yes, of course, though we made the designs and everything ready, but the procurement and all will start only once we conclude the PNCs, so that planning will start from the date of conclusion of the PNC, and we always planned to execute within the schedule.

Varun, you're in time to find

Thank you for the explanation. Appreciate it, sir.

Yeah.

Good morning, sir, and thank you for the opportunity. Sir, my first question is regarding the 114 Rafale deal.

We have a JV with the same. For the Rafales which are going to make in India, just wanted to understand the opportunity size for us and does we are adding this also in our next five-year doubling of revenue capability targets?

I would like to clarify, our JV is with Rafael Advanced Defense Systems Israel, not with the Dassault of France.

Noted, sir. Then those 114 what I really meant that the those 114 Rafale which are going to manufacture in India, in the 50 or 60% component provider by is basically, radars we can supply, right?

What could be the TAM size for that?

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 indigenize a few components and subsystems in that, but it is too early to comment on the business size of this particular deal.

MVR,

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 have explained it multiple times. We are not here for a quarterly review.

This business, we take a 3 to 4-year view. If you want to use fairly harsh words, which I think this is not the right company.

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 3 to 4-year perspective. I find it quite offensive when somebody looks at a quarterly number and pulls down the efforts of the company and the 2,000 people who work there.

MVR has just reiterated that we will meet the targets for the year. 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. You must appreciate this.

We have given you a fairly sizeable growth which has happened and which will happen in the next 3 to 4 years. Just wanted to put this across very clearly for the benefit of everybody.

Can I go ahead?

Please.

Yeah. Sir, second questions pertains to our target of double the revenue.

At the same time, like you previously remarked that your working capital is going to be very high. Just wanted to understand 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 reaping the benefits?

How should we look at that your capital requirements?

I don't think we have to raise any equity capital as such to meet this working capital requirements. I'm sure that the bankers and other stakeholders will be more than happy to support the company.

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.

At the end of the day, it is going to very profitable business what we are doing.

Sir, just one clarification. On an average, what percentage we are getting as advance in the order book?

Generally, for the development orders, we get an advance anywhere ranging from about 20 to 25%. Export orders, we get about 30% advance.

Whereas for the production orders, we don't get any advance. Again, the orders from the Space Applications Centre and meteorology sectors, again there we get advance in the range of 20

to 25%. Noted, sir.

Thank you and all the best for future.

Yeah.

Sir, good morning. Just wanted to understand the order backlog and revenue targets for the joint venture, sir.

Astra Rafael JV. For '26 and '27.

Yeah. Order book for the JV, we have close to $80 million as on date.

Right?

Yes, sir.

What else you want?

Revenue, sir, for this year and next year, possible revenues based on execution plans?

For this year, I think it is likely to tune about 350-plus crores of top line. Probably for the next year, it should be close to about 400-plus.

It should be in the range of 400-plus.

How is the profitability shaping up there, sir?

At PBT level, they are close to about 10 to 12%.

Okay. Okay.

Okay. The 1,400 crore does not include any contribution from this, right, sir?

This is not consolidated. This is only the non-JV revenues, right?

Standalone. This is standalone order book.

The profit from consolidation of revenues at the consolidated level, but it is only a share of profit from the JV is taken.

Sure. Sure.

Thanks for answering and very best wishes, sir.

Thank you.

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 1,300 crore and 1,500 crore. What are the key orders that we are expecting say in next 12 to 15 months?

If you can help with the quantum as well?

Next one? Hello?

What is your next question?

Yes, the next one is like you mentioned that the current projects which are being executed, quite a few of them are in R&D phase and still we are able to maintain such good margins. Going forward, when these get into a mass production or execution phase, higher quantity, will the margins improve or these levels will be maintained?

Okay. Firstly, regarding order book, MV.

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. From the defense overall, we are expecting about 450 crores and from meteorology around 120 crores.

This is the split of order book plan for the current quarter. With this, I think we would be in a position to achieve 14 1,450 around that for the current financial year.

For the next year, for FY27, we have a clear visibility to book order close to 1,500, 1,600 crores around that. In that, majority programs which I have, as I mentioned, 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.

The other programs like from DRDO, we are participating few R&D programs. Then the production orders which we already got qualified like in EW systems like the Nayan, Medha, Samudrika, Dharashakti, 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 met segment around 50 crores. This is a broad split of order book for the next year.

All in all, I would say around 1,500 to 1,600 crores, we are confident of booking the orders.

The second question regarding profitability, I must tell you that R&D is also a profit center to us even today. Therefore, either low R&D or my larger R&D contribution is not going to affect the profitability.

As we grow the top line, I am sure that there will be an improvement in the margins. How much it is going to be and all, probably we have to wait and see.

Definitely, it is going to be a positive one from now onwards in terms of the profitability.

Okay. If I can squeeze in one more question.

Yesterday around 3.6 trillion of AoNs were accorded. What is the potential TAM for Astra in this?

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. We will come back to you maybe little latter of the exact potential of the business what we can get it from the yesterday's cleared approved project.

That's all from my side. Thank you so much.

Thank you.

Sir. Congratulations on very good outlook for the next 3 to 4 years, and wish you all the best for the same.

I have only one question or clarification, sir. Can you share any update on man-portable SDR?

I think trial was over, and any color on the timeline of awarding the contract?

Actually, the trials more or less are getting over now, but in the final stages. I think we'll get concluded maybe in a month time from now.

No, trial will be concluded, or they will become out with the result also?

No, trials will be concluded, and hopefully by March, I think they may open the bids. This is what we are expecting.

Okay. Thank you so much and all the best.

Thank you.

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.

Sure. Understand that, sir.

Thank you.

Am I audible now?

Yes, I am doing that. Can you hear me now?

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 that 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?

Third question is on the pseudo-satellite, which has recently come where NAL and Open Research Institute from Bangalore, in fact, a lot of international countries are into it. Are we also looking at pseudo-satellites, stratospheric satellites?

Your first question is the exports front. As been mentioned in last few earning calls, we are slowly moved away from the BTP business.

Now more or less, except serving our joint venture, where, in fact, we have a fairly reasonable good margin, and as we do have a value addition in those products, we're getting better margin, and we're continuing to do that deemed export business. Also few export which we have good margins.

The past we used to take the orders which have low margins of high volume, but now we came out of that lines as we wanted to focus more on the high-margin products and where our value addition is more. That is the reason there is a dip in the revenue as far as the exports are concerned in the last 2 years.

Going forward, as we are focusing more on contracts which we have our 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.

Till that time, we have a enough domestic market to capture and to work on that, we are focusing on this. Now the second question is the margin, the percentage of margin has been increased.

In fact, this is answered 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 products line what we have taken it up has 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 all, we have some plans, but we are still in the very initial stages.

I don't think you can answer this particular question straight as probably maybe down the line after some time only I can come back to you on this.

Okay. One last question.

The advances that you're getting, is it because you are now in some platforms you're in Tier 1 category, or is it like now the private companies are entitled to these advances for contracts?

Actually, see, in DRDO, the contracts all we have been getting these advances for many years, and it is been continuing, specially in the development contracts. The other even other institutions like ISRO and all, they've been giving advances.

Of course, in PSUs, most of these production orders we don't get as the guidelines are different for taking advance, and we feel without advance, we can roll out the execution much faster and also the realization can happen faster than this thing. Then other one is the for MOD contracts, yes, now since we started participating, and the advance is there, and the private companies can be treated at par with the PSUs for giving advances to the industry for development.

Okay. Great.

Thank you so much, sir, and all the best.

Thank you.

Hi. Good morning, and thank you for the opportunity.

My first question, sir, is LCA Mark 1A second batch of 97, when can we see some orders for Uttam radar, AAAU, EW components? Any timelines you can give?

We have RFP on hand, and we have responded RFPs, and the negotiations process is on. I can share up to this information.

As and when contracts gets finalized, I will come back to you on this.

Delivery will start after some gap of, let's say, 1 year, or it will start right away in a staggered manner, obviously, but

Actually, HAL is expecting this delivery to happen in a staggered manner, initially for few numbers to get stabilize this indigenous sensors in the platform and all. Thereafter, I think they would like to give bulk production clearance for the large quantity.

Hence, the execution happens in a staggered manner.

Where are we on the qualification of Uttam radar plus ASPJ pod, self-protection jammer pod?

We have completed qualification for both AAAU of Uttam radar and also the AATRU of the pod jammer, both QTRs.

No. Not from our side, sir.

Overall final products.

Overall also Uttam radar as far as the qualification it's been completed, and there are few observations, that also have been addressed and stand, and once HAL gets this proto units from the all vendors and they integrate, then probably the R&D, I think, they can again step in to see what are the issues that have been there to see, and then thereafter, they can give bulk production clearance. Otherwise, on the qualification front, I think it's more or less it has been through.

Final product, you feel in next 6 months will be certified?

That I cannot say because DRDO is the agency to inform about the timelines, but, yes, we are hopeful of completing this thing within that particular time period.

Okay. Just second question is more of a clarification.

You said QRSAM orders you're expecting in Q1?

I didn't say that. Our customers are expecting in Q1.

In fact, although they are hopeful of getting by March, but in case it's delayed over, but I think maybe in Q1 they'll get order. For us, it may take another 3 months or 4 months to get orders for the subsystems.

Okay. 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?

Also opportunity size, you can give maybe some year-by-year picture, total opportunity and year-by-year picture.

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 I think you can estimate roughly around 10 times to this particular quantity. Over a period of 5 to 6 years, they would like to inject these SDRs in the network.

The opportunity size is too large. Yes, now, as mentioned earlier also, there are about three players.

Once only the price bids are open, we'll know who will be the successful bidder.

Okay. You'd still Rupesh,

Hello. Please

Am I audible?

Yeah.

My question regarding to the space vertical one. We have a 249 crore order, how this order is split?

Is it related Hello?

These orders are related to payloads or payload subsystems or related to launch vehicle, sir? If you can give us a direction how we are looking forward to get the order in this vertical on which direction, payloads or the vehicles?

Whatever orders we have on the space, as on 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, most of these are part of the payload, which ISRO is trying to build this payload for strategic applications.

Going forward, we do have a good visibility to get repeat orders in the same configuration and all. Maybe in the next 2 to 3 years, I think we should have a similar size of order book.

Apart from that, as we mentioned, we are trying to build our own satellite with the payload for our future. That, I think, will take another 2 years to launch the satellite, and then we're trying to address the end market.

Okay. Sir, in last con-call, you have mentioned Project Mausam.

How far this opportunity is right now, sir?

Oh, you are referring to that Indian Meteorological Department, no? Mausam project.

Mausam, no? We have been getting orders.

We are Mission Mausam. We are there.

We got a couple of contracts in recent past, and we are in execution phase.

Actually, we mentioned that it was a very big opportunity, right? I'm expecting when this big opportunity can be translated in order book and then the delivery time frame?

Actually, all these radars will be procured in a phased manner. They're expecting at least around 4 to 5 tenders to come to cover the overall requirement of weather radars and other systems like wind profile radars, even weather stations and all.

These tenders will cover overall Mission Mausam requirement, and this may take at least couple of years to finalize these orders. On the execution front also may take a 3 to 4 years timeframe.

Sir. Thank you.

All the best for the future.

Thank you.

Good morning, sir. Thanks for the opportunity.

As mentioned in the investor presentation, there was TAM of around 24 to ₹25,000 crores for Astra till financial year '28. How much is actually serviceable by us based on capabilities currently and any expansion to be done ahead in the next 2 years or so?

Some light on the same would be greatly appreciated. Thanks, sir.

As far as the investor presentation when we made, as we mentioned and also Atim mentioned in the opening this thing, we do have the TAM, that is total accessible market, of 25 to ₹30,000 crores. What we are expected few contracts about year 2 years back are getting shifted to a year or so.

Overall, what we could see clearly an opportunity size of around ₹30,000 crores in next 4 years timeframe. In that, as we mentioned, we are confident of bagging or maybe around ₹8,000 crores for the execution in this particular front because, in that, many of the programs which we are a single or only approved qualified company for 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. That

30,000 crore addressable market is for the entire players in the ecosystem, right?

Yeah.

Sir. Got your point.

Thank you so much.

Thank you.

Thank you all of you for active participation. I hope we are able to address your questions to your satisfaction.

Very happy to meet you again at the end of Q4 and at the end of the financial year. Thank you.