Astra Microwave Products Limited (ASTRAMICRO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-94.6%

₹81.67

vs ₹1,526.20 price

Levered DCF

-₹141.98

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	42.11×	42.48×	48.82×	27.88×	51.48×	38.93×	10.22×	88.98×
P/B	6.18×	5.94×	6.12×	3.03×	3.33×	2.01×	0.83×	1.74×
P/S	6.99×	6.2×	6.51×	2.39×	2.59×	1.74×	0.96×	2.86×
EV / EBITDA	22.88×	25.67×	31.68×	14.05×	21.28×	13.23×	5.98×	21.94×
Gross margin	32.9%	43.3%	38.0%	34.5%	27.7%	29.0%	41.5%	43.3%
Operating margin	24.9%	25.3%	21.1%	19.2%	13.4%	14.3%	21.1%	15.3%
Net margin	16.6%	14.6%	13.3%	8.6%	5.0%	4.5%	9.4%	3.2%
Current ratio	3.13×	2.42×	2.85×	2.53×	2.3×	1.98×	1.96×	3.8×
Debt / equity	0.22×	0.39×	0.25×	0.29×	0.12×	0.22×	0.11×	0.03×
Interest coverage	5.22×	4.64×	6.03×	5.06×	5.69×	4.91×	6.69×	5.51×
Dividend yield	0.3%	0.3%	0.3%	0.6%	0.5%	0.9%	0.6%	1.2%
Payout ratio	10.8%	12.4%	12.7%	17.5%	27.5%	36.0%	5.9%	106.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.7%	14.0%	12.5%	10.9%	6.5%	5.2%	8.2%	2.0%
Return on invested capital	12.7%	12.6%	12.3%	13.9%	15.0%	10.1%	18.8%	7.2%
Return on assets	9.7%	8.3%	8.2%	6.6%	3.9%	3.1%	4.9%	1.6%
Free cash flow yield	3.4%	-2.5%	-3.8%	-3.1%	4.5%	-2.7%	-11.3%	-1.7%
Earnings yield	2.4%	2.4%	2.0%	3.6%	1.9%	2.6%	9.8%	1.1%
Enterprise value	₹82.4B	₹69.2B	₹60.8B	₹20.8B	₹19.9B	₹12.3B	₹5B	₹8.8B
Net debt / EBITDA	0.31×	1.48×	0.89×	0.88×	0.46×	1.12×	0.6×	0.17×
Cash conversion cycle (days)	451	603	482	382	345	386	492	474