The complex permittivity (ε′–jε″), complex permeability (μ′–jμ″) and microwave absorption properties of ferrite–polymer composites prepared with different ferrite ratios of 50%, 60%, 70% and 80% in polyurethane (PU) matrix have been investigated in X-band (8.2–12.4GHz) frequency range. The M-type hexaferrite composition BaCo⁺²_0.9Fe⁺²_0.05Si⁺⁴_0.95Fe⁺³_10.1O₁₉ was prepared by solid-state reaction technique, whereas commercial PU was used to prepare the composites. At higher GHz frequencies, ferrite's permeabilities are drastically reduced, however, the forced conversion of Fe⁺³ to Fe⁺² ions that involves electron hopping, could have increased the dielectric losses in the chosen composition. We have measured complex permittivity and permeability using a vector network analyzer (HP/Agilent model PNA E8364B) and software module 85071. All the parameters ε′, ε″, μ′ and μ″ are found to increase with increased ferrite contents. Measured values of these parameters were used to determine the reflection loss at various sample thicknesses, based on a model of a single-layered plane wave absorber backed by a perfect conductor. The composite with 80% ferrite content has shown a minimum reflection loss of −24.5dB (>99% power absorption) at 12GHz with the −20dB bandwidth over the extended frequency range of 11–13GHz for an absorber thickness of 1.6mm. The prepared composites can fruitfully be utilized for suppression of electromagnetic interference (EMI) and reduction of radar signatures (stealth technology).