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Revenue
₹9,150 Cr
verified against source
Revenue YoY
16.17%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided revenue growth of around 15% for FY26, consistent with the 15-17.5% medium-term target.
- Management guided EBITDA margin of around 27% for FY26, down from 29.39% in FY25 but still healthy.
- Excluding QRSAM, management expects order inflow of more than INR 27,000 crore in FY26.
- Management plans to invest more than INR 1,000 crore annually in capex, including new factories.
Risks flagged
- The INR 30,000 crore QRSAM order may slip to Q1 FY27 due to procedural delays, impacting order inflow guidance.
- Faster execution of emergency procurement could pressure margins, though management expects indigenization to offset.
- Operating cash flow dropped sharply to INR 586 crore in FY25 from INR 4,600 crore in FY24, partly due to order spillover.
- Export leads from recent conflict may take 1-2 years to convert into orders, delaying revenue recognition.
Key quotes
- We want to not only meet your expectation, we want to exceed your expectation.
- The thing is we are working for at least 20-25 years on all these technologies... First time it has been used in a war-like situation.
- We do not see technology as a threat, we see a new technology always as an opportunity.
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