New Delhi, Dec. 17 -- Astra Microwave Products, which has provided multibagger returns to shareholders in recent years, is expected to sustain strong performance in the coming years, according to projections by domestic brokerage firm Motilal Oswal.

The brokerage, in its latest note, has initiated coverage on the stock with a 'Buy' rating and set a target price of Rs.1,100 apiece, indicating an upside potential of 25% from the stock's latest closing price. This values the stock at around 38x its December 2027 estimates.

It considers Astra Microwave Products a long-term investment opportunity in defence electronics, and its valuation reflects a 15% discount to the target multiple of larger defence PSUs, owing to the company's relatively ...