3 Microwave Systems, Electronic Sub-Systems and Electronics Manufacturing Stocks With a Strong Future Roadmap: Astra Microwave Products, Centum Electronics and Syrma SGS Technology
- October 22, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Astra Microwave Products, Centum Electronics and Syrma SGS Technology: ROE of 11.1% to 29.3% and FY22 to FY26 revenue CAGR of 5.3% to 39.4%. Prices as of 21 Oct 2026.
Quick Answer
The three defence electronics component stocks to watch are Astra Microwave Products, Centum Electronics and Syrma SGS Technology. Their return on equity ranges from 11.1% to 29.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.3% to 39.4%. Centum Electronics has the highest return on equity at 29.3%, while Syrma SGS Technology has the fastest revenue growth at 39.4% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Defence electronics component stocks let investors follow companies that build the electronic parts inside radars, missiles and satellites. Astra Microwave Products, Centum Electronics and Syrma SGS Technology cover microwave systems, electronic sub-systems and electronics manufacturing services.
This list covers three defence electronics component stocks with complete current figures: Astra Microwave Products, Centum Electronics and Syrma SGS Technology. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Defence Electronics Component Stocks?
Defence electronics component stocks are listed companies that design and make microwave components, electronic systems and circuit boards for defence, space and industrial customers. Their earnings depend on order books, execution speed and technology depth.
Defence Electronics Component Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Astra Microwave Products | 1,554.7 | 15,358 | 81.2 | 48.1 | 14.7 | 0.22 |
| Centum Electronics | 3,904.7 | 5,883 | 119.3 | 48.1 | 29.3 | 0.36 |
| Syrma SGS Technology | 1,473.1 | 29,841 | 74.3 | 73.6 | 11.1 | 0.14 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing defence electronics component stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Defence Electronics Component Stocks Have a Strong Roadmap in India?
Defence electronics component stocks have a strong roadmap in India because rising defence and space spending and the policy push for local electronics are giving private suppliers long order pipelines.
- Local production push. Government policy favours Indian-made electronics.
- Radar and missile programmes. Long programmes give visibility to component makers.
- Electronics demand. More vehicles and devices use locally made boards.
Why Astra Microwave Products Features Among These Defence Electronics Component Stocks
Among the defence electronics component stocks on this list, Astra Microwave Products is a Hyderabad-based maker of microwave and radio frequency components, sub-systems and systems used in radars, missiles, electronic warfare and satellite communication.
Revenue rose from Rs 757 crore in FY22 to Rs 1,181 crore in FY26, a compound annual growth rate of 11.8%. Net profit grew from Rs 37.9 crore in FY22 to Rs 193 crore in FY26, which works out to a compound annual growth rate of 50.2%.
The company has a return on equity of 14.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 15,358 crore. The stock trades at a P/E of 81.2, above the industry P/E of 48.1.
Roadmap: The company supplies sub-systems to major defence and space programmes and is moving up from components to complete systems. Its design strength in radio frequency and microwave electronics suits the shift to indigenous radars and missile programmes.
What to watch: Check the timing of large order execution, since quarterly revenue in defence electronics can move with delivery schedules.
Why Centum Electronics Features Among These Defence Electronics Component Stocks
Among the microwave and RF component shares on this list, Centum Electronics is a Bengaluru-based maker of electronic systems and sub-systems for defence, aerospace, space, industrial and medical customers, with design and manufacturing capability in India and overseas.
The company has a return on equity of 29.3%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,883 crore. The stock trades at a P/E of 119.3, above the industry P/E of 48.1.
Revenue rose from Rs 788 crore in FY22 to Rs 969 crore in FY26, a compound annual growth rate of 5.3%. Net profit grew from Rs 50.4 crore in FY25 to Rs 101 crore in FY26, a rise of 99.7%. In the June 2026 quarter, revenue grew 13.7% year on year to Rs 206 crore.
Roadmap: The company designs electronics for demanding uses where reliability is critical and wins long-term programmes with global and Indian customers. Higher defence and space spending in India supports its order flow.
What to watch: Monitor order inflow in defence and aerospace and execution of long-term programmes.
Why Syrma SGS Technology Features Among These Defence Electronics Component Stocks
Among the three companies on this list, Syrma SGS Technology is an electronics manufacturing services company that makes printed circuit boards, box builds and electronic products for industrial, automotive, healthcare and consumer customers.
Revenue rose from Rs 1,284 crore in FY22 to Rs 4,857 crore in FY26, a compound annual growth rate of 39.4%. Net profit grew from Rs 76.4 crore in FY22 to Rs 346 crore in FY26, which works out to a compound annual growth rate of 45.8%.
The company has a return on equity of 11.1%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 29,841 crore. The stock trades at a P/E of 74.3, above the industry P/E of 73.6.
Roadmap: The company benefits from the shift of electronics manufacturing to India, supported by government incentives. It is adding capacity and new capabilities in areas such as RFID, magnetics and printed circuit boards.
What to watch: Check order inflow from new customers and the ramp-up of new manufacturing lines.
Astra Microwave Products vs Centum Electronics vs Syrma SGS Technology on Key Financials
The table below sets the three defence electronics component stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Astra Microwave Products | 757 | 1,181 | 11.8% | 193 | 16.3% |
| Centum Electronics | 788 | 969 | 5.3% | 101 | 10.4% |
| Syrma SGS Technology | 1,284 | 4,857 | 39.4% | 346 | 7.1% |
Centum Electronics posts the highest return on equity in this group at 29.3%. Syrma SGS Technology combines the largest FY26 revenue at Rs 4,857 crore with the fastest revenue growth, a 39.4% compound annual rate.
Key Risks to Check Before Investing in Defence Electronics Component Stocks
Every theme carries risks that deserve a check before any decision. For these defence electronics component stocks, the main points are:
- Order timing. Defence contracts can be lumpy and may shift between quarters.
- Execution demands. Programmes need strict delivery and quality schedules.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter defence electronics component stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Defence Electronics Component Stocks
Defence electronics component stocks reward investors who follow order books, deliveries and margins together. Astra Microwave Products, Centum Electronics and Syrma SGS Technology each play a different part in the electronics chain. Based on the 21 October 2026 close, Astra Microwave Products trades at Rs 1,554.7, Centum Electronics at Rs 3,904.7 and Syrma SGS Technology at Rs 1,473.1.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are defence electronics component stocks?
Ans. Defence electronics component stocks are listed companies that design and make microwave components, electronic systems and circuit boards for defence, space and industrial customers. Their earnings depend on order books, execution speed and technology depth. This list looks at three of them, Astra Microwave Products, Centum Electronics and Syrma SGS Technology, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which defence electronics component stocks are covered in this list?
Ans. This list covers Astra Microwave Products, Centum Electronics and Syrma SGS Technology. Based on the 21 October 2026 close, Astra Microwave Products traded at Rs 1,554.7, Centum Electronics at Rs 3,904.7 and Syrma SGS Technology at Rs 1,473.1. Their return on equity ranges from 11.1% to 29.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.3% to 39.4%.
Why do defence electronics component stocks have a strong future roadmap in India?
Ans. Defence electronics component stocks have a strong roadmap in India because rising defence and space spending and the policy push for local electronics are giving private suppliers long order pipelines. The main drivers are as follows. Local production push. Government policy favours Indian-made electronics. Radar and missile programmes. Long programmes give visibility to component makers. Electronics demand. More vehicles and devices use locally made boards. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Astra Microwave Products performed financially?
Ans. Revenue rose from Rs 757 crore in FY22 to Rs 1,181 crore in FY26, a compound annual growth rate of 11.8%. Net profit grew from Rs 37.9 crore in FY22 to Rs 193 crore in FY26, which works out to a compound annual growth rate of 50.2%. The company has a return on equity of 14.7%, a debt to equity ratio of 0.22 and a market capitalisation of Rs 15,358 crore. The stock trades at a P/E of 81.2, above the industry P/E of 48.1. Looking ahead, the company supplies sub-systems to major defence and space programmes and is moving up from components to complete systems. Its design strength in radio frequency and microwave electronics suits the shift to indigenous radars and missile programmes.
How has Centum Electronics performed financially?
Ans. Revenue rose from Rs 788 crore in FY22 to Rs 969 crore in FY26, a compound annual growth rate of 5.3%. Net profit grew from Rs 50.4 crore in FY25 to Rs 101 crore in FY26, a rise of 99.7%. In the June 2026 quarter, revenue grew 13.7% year on year to Rs 206 crore. The company has a return on equity of 29.3%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,883 crore. The stock trades at a P/E of 119.3, above the industry P/E of 48.1. Looking ahead, the company designs electronics for demanding uses where reliability is critical and wins long-term programmes with global and Indian customers. Higher defence and space spending in India supports its order flow.
How has Syrma SGS Technology performed financially?
Ans. Revenue rose from Rs 1,284 crore in FY22 to Rs 4,857 crore in FY26, a compound annual growth rate of 39.4%. Net profit grew from Rs 76.4 crore in FY22 to Rs 346 crore in FY26, which works out to a compound annual growth rate of 45.8%. The company has a return on equity of 11.1%, a debt to equity ratio of 0.14 and a market capitalisation of Rs 29,841 crore. The stock trades at a P/E of 74.3, above the industry P/E of 73.6. Looking ahead, the company benefits from the shift of electronics manufacturing to India, supported by government incentives. It is adding capacity and new capabilities in areas such as RFID, magnetics and printed circuit boards.
What risks should investors check before buying defence electronics component stocks?
Ans. Investors should check a few risks before buying defence electronics component stocks. Order timing. Defence contracts can be lumpy and may shift between quarters. Execution demands. Programmes need strict delivery and quality schedules. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of defence electronics component stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.