Motilal Oswal Bets Big on Astra Microwave: Up to 60% Upside Predicted

• Motilal Oswal initiated 'Buy' on Astra Microwave Products Ltd., setting a target of ₹1,100 (24% upside) and a bull case of ₹1,430 (60% upside).
• The brokerage sees strong long-term growth in defense electronics, driven by significant orders from the Ministry of Defense and PSUs.
• Astra Microwave is transitioning from a sub-system player to a complete system solutions provider, eyeing opportunities in AESA radars, counter-drone systems, etc.
• The company boasts an order book of ₹2,200 crore (Sep 2025) and improved EBITDA margins from 12.3% to 25.6% in FY25.
• Motilal Oswal projects 18% revenue CAGR and 23% PAT CAGR for Astra Microwave between FY25-FY28.

Why It Matters: Motilal Oswal recommends Astra Microwave, citing strong defense sector growth and up to 60% upside potential.