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Bharat Electronics Margin Trend — Quarter by Quarter

Bharat Electronics's EBITDA margin moved from 22.0% in Q1 FY25 to 30.0% in Q3 FY26 across 7 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2630.0%+200 bps
Q2 FY2629.0%+289 bps
Q1 FY2629.9%+704 bps
Q4 FY2531.0%+417 bps
Q3 FY2529.0%+440 bps
Q2 FY2530.0%+460 bps
Q1 FY2522.0%+354 bps

What management said about ebitda margin

G

Q3 FY26 · EBITDA margin at least 27% for FY26

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

G

Q2 FY26 · FY26 EBITDA Margin of 27%+

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

G

Q1 FY26 · EBITDA margin >27% for FY26

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

G

Q4 FY25 · EBITDA margin of ~27% in FY26

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

G

Q3 FY25 · FY25 EBITDA margin 23-25%

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

G

Q2 FY25 · EBITDA margin guidance of 23%-25% for FY25

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

G

Q1 FY25 · EBITDA margin of 23-25% for FY25

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