Bharat Electronics (500049) Q2 25/26 earnings summary

Executive summary

• Revenue from operations for H1 FY26 rose 15.92% year-over-year to INR 10,180 crore, with profit before tax up 21.51% and profit after tax up 20.77%.

• Q2 FY26 revenue grew 25.75% year-over-year to ₹5,763.65 crore, with profit before tax up 19.53% and profit after tax up 17.86%.

• Order book as of October 2025 stands at INR 75,600 crore, with INR 14,750 crore in new orders acquired so far in FY26.

Financial highlights

• Standalone revenue for H1 FY26 was ₹10,18,048 lakh, up from ₹8,78,218 lakh in H1 FY25.

• Standalone profit before tax for H1 FY26 was ₹3,02,354 lakh, up from ₹2,48,822 lakh in H1 FY25.

• Standalone profit after tax for H1 FY26 was ₹2,25,526 lakh, up from ₹1,86,741 lakh in H1 FY25.

• EBITDA margin improved to 30.15% from 27.26% year-over-year.

• EPS for H1 FY26 was INR 3.09, up from INR 2.55 in H1 FY25.

Outlook and guidance

• Confident of sustaining EBITDA margin above 27% for FY26.

• Revenue growth guidance of 15%+ for FY26.

• Order inflow guidance (excluding QRSAM): INR 27,000 crore; including QRSAM: INR 57,000 crore.

• R&D investment planned above INR 1,600 crore; CapEx above INR 1,000 crore.

• Management stated ongoing conflicts in Israel have no material financial impact as of the reporting date.