Centum Electronics (517544) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 standalone revenue was INR 2,048 Mn, up 10.7% YoY; the order book stood at INR 17,972 Mn, up 31% YoY.

• Uneven project execution and BTS revenue phasing weighed on Q1 growth and margins; management expects stronger execution in later quarters.

Financial highlights

• Standalone EBITDA was INR 231 Mn at an 11.28% margin; PAT was INR 135 Mn at a 6.59% margin. PBT was INR 183 Mn, down 13.7% YoY; PBT excluding exceptional items was INR 155 Mn, down 26.9%.

• Consolidated revenue was INR 2,041 Mn, up 14.3% YoY; continuing-operations revenue was INR 2,034.66 Mn. Continuing-operations PAT was INR 112.31 Mn, versus INR 177.86 Mn in Q1 FY26.

• Total profit was INR 1,055 Mn, including INR 942.69 Mn profit from discontinued operations; continuing-operations diluted EPS was INR 7.61.

• Quarterly order inflows were ~INR 360 crore, up ~70% YoY; BTS inflows were INR 120 crore, up 100% YoY.

Outlook and guidance

• Management reiterated ~25% revenue growth for FY27 and FY28, citing order-book visibility and expected stronger execution after a muted Q1.

• The margin target is above ~17%, versus ~12.5% last year; next-year margins are expected to be stable or slightly higher, subject to order mix.

• Exports are expected to remain ~50%-55% of revenue or higher, supported by EMS growth.

• Semiconductor-equipment revenue exceeded INR 100 crore in FY26 and is expected to more than double, with strong demand visibility for 2-3 years.