Centum Electronics Ltd — Q3 FY26
Centum Electronics delivered a strong standalone Q3 FY26 with revenue of ₹238 crore (+27% YoY) and EBITDA of ₹26 crore (+27% YoY), driven by robust execution in defense and spac...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Why were standalone Q3 last year numbers restated?
Asked by Ankit Babil, Shupcom Ventures
Management directly clarified that standalone numbers were not restated for subsidiaries.
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Question
why there has been an adjustment of last year Q3 numbers on a standalone basis because whatever restructuring which has happened is all in subsidiaries.
Management (CFO or similar, not named)
standalone numbers have not been restated relating to these two subsidies for prior years. It's only the consolidated financial segment.
Evasive
High priority
What is the value of the radar order where you are L1?
Asked by Ankit Babil, Shupcom Ventures
Management refused to disclose the value, deferring to when the order is received.
deferred disclosureno number given
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Question
what is the value of the radar order which where you are L1 from a defense PSU
Management (CFO or similar, not named)
we will disclose that at the time that we receive it but we expect that to hopefully happen in Q4.
Answered
High priority
Do you expect any realization from divesting French subsidiary?
Asked by Ankit Babil, Shupcom Ventures
Management gave a clear answer that no meaningful realization is expected.
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Question
do you expect any any realization happening any if you succeed in selling or divesting your French subsidiary?
Management (CFO or similar, not named)
based on our assessment today, we don't expect to realize anything meaningful from this divestment.
Answered
High priority
What is the order value and timeline for the radar system?
Asked by Balas Subramanyam, Ahan Capital
Management provided the total program value and timeline.
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Question
what is the approximate order value and execution timeline for this project and generally what kind of margin profile?
Management (CFO or similar, not named)
total value of this program is to the tune of about 700 crores over a five to six year time horizon.
Answered
High priority
What is the total potential value for the air navigation program?
Asked by Balas Subramanyam, Ahan Capital
Management gave a clear estimate of the total opportunity.
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Question
what's the total potential value for this program over the next three to five years?
Management (CFO or similar, not named)
total opportunity here is again to the tune of about 500 crores in a 3 to 5 year kind of time horizon.
Answered
High priority
What margins are expected for these programs?
Asked by Balas Subramanyam, Ahan Capital
Management provided a specific margin range.
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Question
you could elaborate on the margin side for these programs.
Management (CFO or similar, not named)
we expect to be at 20 to 25% the margin and these are more or less in line with that profile.
Partial answer
High priority
How much of the 1000 cr space-based program can be expected in 1-2 years?
Asked by Balas Subramanyam, Ahan Capital
Management gave timing but not a specific amount for the near term.
no specific amount given
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Question
addressable opportunity size nearly 1,000 cr and how much we can expect next one or two years?
Management (CFO or similar, not named)
we expect to book some of this in Q4. Some have been declared L1 and we expect to start receiving orders in Q4 or Q1.
Partial answer
Medium priority
What is the opportunity in T90 tank stabilization system?
Asked by Rupesh Tatya, Long Equity Partners
Management described involvement but did not quantify the opportunity.
no specific opportunity size given
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Question
can you just talk about T90 tank stabilization system? I think there's a big effort to indigenize those systems.
Management (CFO or similar, not named)
we have indigenized several things on tank electronics which were previously Russian designs. We continue to work on a couple of others.
Partial answer
Medium priority
How will the failed PSLV launch impact Centum?
Asked by Rupesh Tatya, Long Equity Partners
Management acknowledged the event but gave no specific impact or order details.
no concrete details
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Question
maybe you can give some idea about how it'll impact us positively or negatively and any subsequent orders?
Management (CFO or similar, not named)
the main payload was from Centum. There is expected to be a repeat mission but we are yet to receive any concrete details.
Answered
Medium priority
Why was BTS execution softer sequentially?
Asked by Sil Jen, Lucky Investments
Management explained the lumpy nature and pointed to YoY growth.
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Question
on the BTS side, the sequential execution seems to be slightly on the softer end. Anything that we should read from that?
Management (CFO or similar, not named)
it's not supposed to be viewed as a quarter-on-quarter business because it's not linear. Year on year it has grown very well.
Evasive
Medium priority
What is the unexecuted order book portion for Ellen systems?
Asked by Sil Jen, Lucky Investments
Management did not provide the requested breakdown.
no number givendeferred
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Question
of the BTS order book how much is the Ellen systems unexecuted bit remaining?
Management (CFO or similar, not named)
we don't have exactly the numbers with us right now but we expect to have a fair amount of billing in Q4.
Partial answer
High priority
What is the ramp-up on semiconductor equipment customer?
Asked by Sil Jen, Lucky Investments
Management gave annual guidance but not quarterly numbers.
no quarterly numbers given
Read the exchange
Question
can you talk a little bit about the ramp up on the semiconductor equipment? any quarterly numbers this quarter?
Management (CFO or similar, not named)
we won't disclose specific quarterly numbers. We expect to do at least 10 million dollars of business this financial year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Margins for these programs expected 20-25% | 25% | 13.54% | Overstated vs filing |
| Semiconductor equipment customer $10M revenue this year | 10 | 237.04 | Understated vs filing |
| Semiconductor equipment customer $30M annual run rate in 2 years | 30 | 237.04 | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.