Bharat Electronics (500049) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue from operations rose 25.97% YoY to INR 12,824 crore; PAT was INR 2,589 crore versus INR 2,255 crore in H1 FY26.

• Order book stood at INR 68,717 crore as of October 1, 2026; FY-to-date orders acquired were INR 7,334 crore.

• FY27 guidance remains revenue growth of 15%+, EBITDA margin of ~28%, and minimum order inflow of INR 25,000 crore excluding QRSAM.

Financial highlights

• Q2 FY27 revenue from operations was INR 7,291 crore versus INR 5,764 crore; PBT was INR 2,064 crore versus INR 1,734 crore.

• Q2 FY27 PAT was INR 1,541 crore versus INR 1,286 crore; H1 FY27 PAT was INR 2,589 crore versus INR 2,255 crore.

• H1 FY27 PBT was INR 3,467 crore versus INR 3,023 crore; revenue from operations was INR 12,824 crore versus INR 10,180 crore.

• Standalone H1 total income was INR 13,182 crore and PBT was INR 3,467 crore, versus INR 10,503 crore and INR 3,024 crore in H1 FY26.

Outlook and guidance

• FY27 revenue growth guidance remains 15%+; H1 growth above 20% reflects more even quarterly production and is not a basis for raising full-year guidance.

• FY27 EBITDA margin guidance is ~28%; minimum order inflow guidance is INR 25,000 crore excluding QRSAM, and INR 50,000 crore including QRSAM at closing remarks versus INR 55,000 crore in Q&A.

• R&D investment guidance is INR 2,200 crore+ and CapEx is ~INR 1,200 crore; defense/non-defense mix is expected at 90:10.

• NGC electronics orders of ~INR 20,000 crore are expected in staggered awards, mostly by FY27-end; execution may take 3.5–4 years.