Centum Electronics (517544) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 consolidated revenue rose 24.2% YoY and 31.1% QoQ; BTS billings and domestic Defence & Space demand drove the rebound.

• FY25 consolidated revenue grew 5.9%; growth was 13% on a gross basis after adding contracts accounted for on a net basis. Consolidated results remained loss-making amid subsidiary weakness.

• Total order book stood at INR 17,364 Mn at March 31, 2025; management expects FY26 growth supported by BTS, EMS and new customer programs.

Financial highlights

• Q4 FY25 consolidated revenue was INR 3,687 Mn, EBITDA INR 417 Mn and PAT INR 215 Mn; diluted EPS was INR 16.92.

• Q4 FY25 standalone revenue was INR 2,695 Mn, EBITDA INR 468 Mn and PAT INR 296 Mn; diluted EPS was INR 22.12.

• FY25 consolidated revenue was INR 11,554 Mn, EBITDA INR 967 Mn and net loss INR 19 Mn; EBITDA rose 12.6% YoY.

• FY25 standalone revenue was INR 7,498 Mn, EBITDA INR 1,020 Mn and PAT INR 528 Mn; revenue grew 18.5% and PAT 45.5% YoY.

• FY25 exceptional items were a net expense of INR 148.32 Mn, including a Q4 reversal of the Ausar provision of INR 44.73 Mn.

Outlook and guidance

• FY26 consolidated revenue growth guidance is 18%-20%; standalone BTS and EMS revenue is targeted to grow 25%-28%, with subsidiaries expected to be roughly flat.

• A consolidated EBITDA margin of 10% in FY26 was described as achievable; the margin goal is ~12% within two years.

• Growth visibility draws on firm orders, customer forecasts and qualification progress; new EMS customers in semiconductor equipment and biometrics may begin firm orders in coming quarters.

• Standalone CapEx of ~INR 40 crore is planned for FY26 to expand BTS and EMS capacity and capabilities.