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Bharat Electronics (500049) investor relations material
Bharat Electronics Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue from operations for H1 FY26 reached INR 10,180 crore, up 15.92% year-over-year from INR 8,782 crore.
Q2 FY26 revenue grew 25.75% year-over-year to ₹5,763.65 crore.
Profit before tax for H1 FY26 rose 21.51% to INR 3,023 crore, and for Q2 FY26 increased 19.53% to ₹1,734.30 crore.
Profit after tax for H1 FY26 increased 20.77% to INR 2,255 crore, and for Q2 FY26 rose 17.86% to ₹1,286.13 crore.
Order book as of October 1, 2025, stood at INR 74,453 crore, rising to INR 75,600 crore by the date of the call.
Financial highlights
EBITDA margin improved to 30.15% in H1 FY26 from 27.26% in H1 FY25.
Standalone and consolidated EPS for H1 FY26 was INR 3.09, up from INR 2.55 and INR 2.58 in H1 FY25, respectively.
Top seven orders constitute INR 25,000 crore of the order book as of October 1, 2025.
Major executed programs in H1 include LRSM, HIMS Shakti, battle surveillance system, Akash Army, LCA Mark 1 avionics, LINX U2 fire control, and Shakti EW system.
Consolidated revenue for H1 FY26 was ₹10,23,183 lakh, up from ₹8,84,847 lakh in H1 FY25.
Outlook and guidance
Confident of achieving more than 27% EBITDA margin for FY26.
Revenue growth guidance of 15%+ for the year.
Order inflow guidance of INR 27,000 crore (excluding QRCEM); including QRCEM, total order inflow expected at INR 57,000 crore.
R&D investment planned at over INR 1,600 crore and CAPEX over INR 1,000 crore.
Management stated that ongoing conflicts in Israel have no material financial impact as of the reporting date.
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