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Revenue
₹340.43 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
₹46 Cr
latest reported figure
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record provenance
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What the record says.
Centum Electronics reported a strong Q4 FY26 with standalone revenue of ₹344 crore (+26% YoY) and EBITDA of ₹46 crore (+5% YoY, margin 13.22%). Full-year standalone revenue hit a record ₹973 crore (+25% YoY) with EBITDA of ₹121 crore (+28% YoY, margin 12.42%). Growth was driven by robust execution in BTS (+37% YoY) and EMS (+21% YoY), supported by a record order book of ₹1,645 crore (+23% YoY). Key wins include a ₹570 crore AESA radar program from HAL and a second radar system order. Management guided for 25-30% medium-term revenue growth and 13-15% EBITDA margins, with overseas restructuring on track for deconsolidation by Q2 FY27. Risk: supply chain constraints on copper clad laminates and memory components could pressure EMS margins.
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Guidance to track
- Management targets 25-30% revenue growth on a medium-term basis at standalone level, driven by defense, aerospace, and semiconductor tailwinds.
- Management expects EBITDA margins to improve to 13-15% over the next 1-2 years, aided by better product mix and operating leverage.
- Capital expenditure for FY27 is expected to be in the range of ₹40-45 crore, with ~50% allocated to BTS R&D capabilities.
- Management expects the French subsidiary to be deconsolidated by Q1 or Q2 FY27, with no further exceptional losses expected.
Risks flagged
- Copper clad laminate and memory component lead times are increasing due to global demand, potentially impacting EMS execution.
- FY26 EBITDA margin of 12.42% was below the guided 13-15% range due to unfavorable EMS product mix; improvement depends on mix shift.
- BTS order inflow in FY26 was only ~₹470 crore (low growth), with some orders slipping to FY27; execution visibility depends on timely closures.
- Management confirmed no expected realization from the French asset sale; liabilities exceed assets by over ₹100 crore.
Key quotes
- We closed the year with a standalone order book of approximately 1,645 crores representing a growth of around 23% year-on-year and providing strong visibility for the coming years.
- One of the key milestones during the year was securing a marquee AESA radar program from HAL for the UHM platform representing an important validation of Centum's capabilities in advanced radar systems and indigenous defense electronics.
- We don't expect to have any realization. The balance sheet carries much larger liabilities over 100 crores excess of assets.
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