Bharat Electronics Management Guidance Tracker

Management reaffirmed 15% revenue growth guidance for the full year, despite Q1 growth of 19.1%.

Management reiterated revenue growth guidance of 15% for FY25, with H1 revenue of ₹8,530 crore implying ~₹14,500 crore in H2.

Management reaffirmed guidance of revenue growth exceeding 15% for FY25, confident based on 9M performance.

Management guided revenue growth of around 15% for FY26, consistent with the 15-17.5% medium-term target.

Management reiterated revenue growth guidance of more than 15% for FY26, despite Q1 shortfall due to supply chain issues.

Management reiterated guidance of 15%+ revenue growth for FY26, driven by strong execution of existing order book and expected new orders.

Management reiterated guidance of >15% revenue growth for FY26, confident of achieving or exceeding.

EBITDA margin guidance maintained at 23-25% for the full year, with gross margin expected at 40-42%.

Management maintained EBITDA margin guidance of 23%-25% for FY25, despite H1 margin of 27.26% due to product mix.

EBITDA margin guidance maintained at 23-25%, with potential to touch 25% based on Q3 performance.

Management guided EBITDA margin of around 27% for FY26, down from 29.39% in FY25 but still healthy.

Management maintained EBITDA margin guidance of more than 27% for the full year, with Q1 margin at 29.86%.

EBITDA margin guidance of 27%+ for FY26, supported by cost optimization and indigenization efforts.

Management maintained EBITDA margin guidance of 27% for FY26, despite 9M margin of 30%.

Order inflow guidance maintained at INR 25,000 crore for the current fiscal year.

QRSAM order expected to be >INR 25,000 crore, likely in Q1 FY26.

Management confident of achieving ₹25,000 crore order inflow, with major orders expected in H2 including Ashwini Radar (₹2,500 crore), Akash (₹2,000 crore), and others.

Management confident of achieving order inflow target of ₹25,000 crore for FY25, with several large orders in final stages.

QRSAM program (₹25,000-30,000 crore) expected to be awarded before March 2026, with 90% confidence.

Excluding QRSAM, management expects order inflow of more than INR 27,000 crore in FY26.

Order inflow target of INR 27,000+ crore for FY26, excluding QRSAM; if QRSAM comes in Q4, total could exceed INR 30,000 crore.

Order inflow target of INR 27,000 crore for FY26 excluding QRSAM; including QRSAM, total expected at INR 57,000 crore.

Management confident of crossing INR 27,000 crore order inflow for FY26, with potential upside.

Management guided CapEx of ₹800 crore for FY25, with new facilities in Hyderabad and Nagpur expected to become operational in FY26-27.

Management plans to invest more than INR 1,000 crore annually in capex, including new factories.

Capital expenditure guidance of INR 1,000+ crore for FY26, driven by expansion and new test equipment.

Capex guidance of INR 1,000 crore+ for FY26, including investment in DSIC facility in Andhra Pradesh (INR 1,400 crore over 3-4 years).

R&D spend target for FY26; management expects to cross INR 1,700 crore.