Bharat Electronics (500049) Q4 24/25 earnings summary

Executive summary

• Turnover for FY25 rose 16.17% year-over-year to INR 23,024 crore, with profit after tax up 31.55% to INR 5,288 crore.

• Order book as of April 1, 2025, stands at INR 71,650 crore.

• Board recommended a final dividend of ₹0.90 per equity share, subject to shareholder approval.

• Significant involvement in emergency procurement and frontline defense applications, with technology deployed in recent operations.

Financial highlights

• Revenue grew 16.17% year-over-year to INR 23,024 crore.

• Profit before tax increased 32.91% to INR 7,090 crore; profit after tax up 31.55% to INR 5,288 crore.

• EBITDA margin improved to 29.39% from 25.22% last year.

• EPS increased to INR 7.23 from INR 5.50.

• Auditors issued unmodified opinions on both standalone and consolidated financial statements.

Outlook and guidance

• FY26 revenue growth guidance is around 15%, with EBITDA margin expected at 27%.

• Order inflow guidance for FY26 is more than INR 27,000 crore, excluding the QRSAM order.

• R&D investment planned at INR 1,600 crore+, CapEx over INR 1,000 crore.

• Defense to non-defense business ratio expected at 90:10.

• No material financial impact from ongoing conflicts in Israel as of the reporting date.