India · Delayed Price · Currency is INR Bharat Electronics Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 16% year-over-year with strong profit and margin expansion, driven by robust order inflows and high indigenization. FY 2026-27 guidance targets over 15% revenue growth, >28% EBITDA margin, and INR 55,000 crore+ order inflow, with continued focus on R&D and CapEx.
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Revenue grew 19% year-over-year to INR 17,302 crore up to Q3 FY26, with profit after tax up 21% and EBITDA margin at 30%. Management maintains FY26 guidance for 15%+ revenue growth, 27% EBITDA margin, and INR 27,000+ crore order inflow, supported by a strong pipeline and robust order book.
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Revenue and profit grew strongly in H1 FY26, with EBITDA margin above 30% and a robust order book of INR 75,600 crore. Guidance for FY26 includes 15%+ revenue growth, 27%+ EBITDA margin, and INR 27,000 crore in new orders (excluding QRSAM).
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Q1 FY2026 saw revenue rise 5.2% and profit after tax jump 24.9% year-over-year, with EBITDA margin at 29.9%. Order book reached INR 74,859 crore, and guidance for FY2026 includes 15%+ revenue growth, 27%+ EBITDA margin, and INR 1,600+ crore R&D investment.
Fiscal Year 2025
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FY25 saw 16% revenue growth and 32% profit before tax growth, with EBITDA margin rising to 29.4%. The order book stands at INR 71,650 crore, and FY26 guidance targets 15% revenue growth, 27% EBITDA margin, and over INR 27,000 crore in new orders.
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Turnover and profit saw strong double-digit growth in the first nine months of FY25, with EBITDA margin rising to 28.07%. Order inflow guidance is maintained at INR 25,000 crore, with large pipeline orders expected in FY26. Non-defense revenue share is targeted to increase.
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Q2 FY25 saw 15.8% revenue growth and 39% PAT growth year-over-year, with EBITDA margin at 27.26% and a robust order book of INR 74,595 crore. Management reaffirmed FY25 guidance for 15% revenue growth, INR 25,000 crore order inflow, and 23%-25% EBITDA margin, with strong visibility for future growth and expanding export targets.
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Q1 FY25 saw 19% revenue growth and a 47% rise in profit before tax, with strong order inflows and a robust order book of INR 76,705 crore. Guidance for FY25 is maintained at 15% revenue growth and 23%-25% EBITDA margin, with significant new orders and CAPEX plans supporting future growth.