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Bharat Electronics Limited — Q4 FY25
Bharat Electronics reported a strong FY25 with revenue of INR 23,024 crore (+16.17% YoY) and PAT of INR 5,288 crore (+31.55% YoY).
bullish
high
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Bharat Electronics reported a strong FY25 with revenue of INR 23,024 crore (+16.17% YoY) and PAT of INR 5,288 crore (+31.55% YoY). EBITDA margin expanded to 29.39% (+417 bps YoY) driven by scale and indigenization. Order book stands at INR 71,650 crore. Management guided FY26 revenue growth of ~15%, EBITDA margin of ~27%, and order inflow of >INR 27,000 crore (excluding QRSAM). Key growth drivers include emergency procurement post-border skirmishes, large programs like QRSAM (INR 30,000 crore), NGC (INR 6,000-10,000 crore), and export traction. Risks include potential order slippages due to procedural delays and margin pressure from faster execution.
भारत इलेक्ट्रॉनिक्स ने वित्त वर्ष 2025 में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 23,024 करोड़ रुपये रही, जो पिछले साल से 16.17% ज्यादा है। मुनाफा 5,288 करोड़ रुपये हुआ, जो 31.55% बढ़ा। कंपनी की कमाई और खर्च के बीच का अंतर (EBITDA मार्जिन) 29.39% हो गया, जो पिछले साल से 4.17% ज्यादा है। इसकी वजह है ज्यादा उत्पादन और देश में ही चीजें बनाना। कंपनी के पास ऑर्डर 71,650 करोड़ रुपये का है। अगले साल कमाई 15% बढ़ने, मार्जिन 27% रहने और 27,000 करोड़ से ज्यादा के नए ऑर्डर मिलने का अनुमान है। बड़े प्रोजेक्ट्स जैसे QRSAM (30,000 करोड़) और NGC (6,000-10,000 करोड़) से ग्रोथ होगी। लेकिन ऑर्डर में देरी और तेज काम से मार्जिन पर दबाव पड़ सकता है।
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QRSAM order slippage
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Order Book
INR 71,650 crore
+16.2% YoY
Order book as of April 1, 2025, up from INR 61,650 crore a year ago.
QRSAM Order Size
INR 30,000 crore
New order
Expected first combined order for Army and Air Force, likely in FY26.
Export Revenue
$100 million
+15% YoY
Export revenue for FY25; FY26 target is $120 million.
SDR Opportunity (Army)
40,000-50,000 units
New opportunity
Expected requirement for software-defined radios for the Army over the next few years.
What Changed vs Last Quarter
NEW
Capex >INR 1,000 crore per year
Management plans to invest more than INR 1,000 crore annually in capex, including new factories.
UPDATED
Revenue growth of ~15% in FY26
Management guided revenue growth of around 15% for FY26, consistent with the 15-17.5% medium-term target.
UPDATED
EBITDA margin of ~27% in FY26
Management guided EBITDA margin of around 27% for FY26, down from 29.39% in FY25 but still healthy.
UPDATED
Order inflow >INR 27,000 crore in FY26
Excluding QRSAM, management expects order inflow of more than INR 27,000 crore in FY26.
DROPPED
QRSAM order expected in FY26
QRSAM program (₹25,000-30,000 crore) expected to be awarded before March 2026, with 90% confidence.
NEW RISK
QRSAM order slippage
The INR 30,000 crore QRSAM order may slip to Q1 FY27 due to procedural delays, impacting order inflow guidance.
NEW RISK
Margin pressure from faster execution
Faster execution of emergency procurement could pressure margins, though management expects indigenization to offset.
NEW RISK
Working capital deterioration
Operating cash flow dropped sharply to INR 586 crore in FY25 from INR 4,600 crore in FY24, partly due to order spillover.
NEW RISK
Export conversion delays
Export leads from recent conflict may take 1-2 years to convert into orders, delaying revenue recognition.
RISK GONE
Order inflow delays
Large orders like QRSAM and MRSAM may slip beyond FY26, impacting order book growth and revenue visibility.
RISK GONE
Employee cost increase from pay revision
Eighth pay commission due from January 2027 could increase employee costs, though management expects minimal impact on cost-to-turnover ratio.
RISK GONE
Competition in anti-drone systems
Emerging competition from startups and MSMEs in smaller anti-drone systems could erode market share.
RISK GONE
Provision for liquidated damages
A provision of ~₹600 crore was made for liquidated damages due to supply delays, indicating execution risks.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q3 FY25
A provision of ~₹600 crore was made for liquidated damages due to supply delays, indicating execution risks.
Mentioned in Q1 FY25, Q2 FY25
While major items are streamlined, small subsystems from Israel still face challenges, potentially affecting deliveries to other DPSUs.
Fast read
Guidance and risk preview
Management guided revenue growth of around 15% for FY26, consistent with the 15-17.5% medium-term target.
The INR 30,000 crore QRSAM order may slip to Q1 FY27 due to procedural delays, impacting order inflow guidance.
View Risks →