Bharat Electronics (500049) Q4 25/26 earnings summary

Executive summary

• Revenue from operations for FY 2025-26 grew 16.15% year-over-year to INR 27,480 crore, with profit after tax up 14.38% to INR 6,048.48 crore and EBITDA margin rising to 30% from 29% last year.

• Order book as of April 1, 2026, stands at INR 73,882 crore, with INR 30,045 crore of new orders acquired in FY 2025-26.

• Profit before tax increased 13.89% year-over-year to INR 8,075.04 crore.

• All previously issued guidance parameters were met for the year.

Financial highlights

• Q4 FY 2025-26 revenue from operations was INR 10,177.17 crore, up from INR 9,119.71 crore in Q4 FY 2024-25.

• Q4 FY 2025-26 PAT was INR 2,203.16 crore, up from INR 2,104.78 crore in Q4 FY 2024-25.

• Standalone EPS for FY 2025-26 was INR 8.27, up from INR 7.23 in FY 2024-25; consolidated EPS was INR 8.29, up from INR 7.28.

• Major projects in the order book include electronic fuses (INR 4,300 crore), LRSAM (INR 3,500 crore), LCA (INR 3,200 crore), BMP II Upgrade (INR 2,800+ crore), Ashwini Radar (INR 2,460 crore), and Mi-17 V5 EW suite (INR 2,200 crore).

• Advances from customers at year-end were INR 12,500 crore.

Outlook and guidance

• Revenue growth guidance for FY 2026-27 is above 15%, with EBITDA margin expected to exceed 28%.

• Order inflow for FY 2026-27 is projected to surpass INR 55,000 crore, including anticipated QRSAM orders.

• R&D investment target is INR 2,200 crore, and CapEx is planned at over INR 1,200 crore, a 20%+ increase.

• Defense to non-defense business ratio is expected to remain around 90:10.

• Board recommended a final dividend of INR 0.55 per equity share for FY 2025-26, subject to shareholder approval, and an interim dividend of INR 1.95 per share was paid in March 2026.