Centum Electronics (517544) Q2 26/27 earnings summary

Executive summary

• Q2 standalone revenue was Rs 3,118.19 million, up 52% YoY; EBITDA rose 63% to Rs 396 million and PAT rose 77% to Rs 228.12 million.

• Order book reached Rs 19.5 billion at September 30, 2026, up 38% YoY; adjusted ROCE was 21% in H1 FY27.

• H1 consolidated PAT of Rs 1,284.77 million included discontinued-operation earnings and an Rs 812.33 million deconsolidation gain; continuing-operations PAT was Rs 341.58 million.

• Proposed increase in borrowing limits from Rs 500 crore to Rs 1,000 crore is subject to shareholder approval.

Financial highlights

• H1 standalone revenue was Rs 5,159.18 million; PAT was Rs 363.45 million, up 32% and 28% YoY, respectively.

• Q2 standalone EBITDA margin was 12.69%, up 87 bps YoY; PAT margin was 7.31%, up 103 bps.

• H1 standalone EBITDA margin was 12.11%, down 72 bps YoY; PAT margin was 7.02%, down 25 bps.

• H1 consolidated revenue rose 37.5% to Rs 5,162 million; EBITDA grew 15.8% to Rs 632 million, with margin down 231 bps to 12.24%.

Outlook and guidance

• Medium-term revenue growth objective remains 25%-30%; management expressed confidence, with growth potentially closer to 30%, but gave no specific short-term guidance.

• Combined margin range is 12.5%-13%; targets are 13% next year and 14%-15% over three to four years.

• BTS margins are expected at 20%-22%; management expects stronger BTS execution in H2 than H1, while noting quarterly variation.

• Semiconductor EMS opportunity is expected to reach $45-$50 million annually within ~two years, exceeding the earlier $25-$30 million estimate and led mainly by the anchor customer.