Bharat Electronics
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Bharat Electronics (500049) investor relations material

Bharat Electronics Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary28 Jan, 2026

Executive summary

  • Revenue from operations up to Q3 FY26 reached INR 17,302 crore, a 19% year-over-year increase, with profit before tax at INR 5,171 crore (up 22%) and profit after tax at INR 3,845 crore (up 21%).

  • Q3 FY 2025-26 revenue grew 23.73% year-over-year to ₹7,121.98 crore, with profit before tax at ₹2,147.68 crore (up 22.43%) and profit after tax at ₹1,590.06 crore (up 20.82%).

  • Order book as of late January 2026 stands at INR 73,450 crore, with order inflows of INR 19,300 crore so far in FY26.

  • EBITDA margin improved to 30% up to Q3, compared to 28% last year, and EPS rose to INR 5.26 from INR 4.36.

Financial highlights

  • Standalone revenue from operations for nine months: ₹17,30,246 lakh; profit before tax: ₹5,17,122 lakh; profit after tax: ₹3,84,532 lakh.

  • Consolidated revenue from operations for nine months: ₹17,38,568 lakh; consolidated profit after tax: ₹3,83,591 lakh.

  • Cumulative other expenses for nine months increased, mainly due to higher provisions for doubtful debts (INR 709 crore vs. INR 598 crore last year).

  • Provision write-backs in the quarter totaled INR 256 crore.

  • Other income declined 16% year-over-year, primarily due to lower interest income and absence of forex gains.

  • Cash and bank balance at the end of Q3 FY26 is over INR 7,000 crore.

Outlook and guidance

  • Management maintains FY26 guidance: revenue growth above 15%, EBITDA margin at 27%, and order inflow exceeding INR 27,000 crore.

  • Guidance includes partial NGC order inflow (INR 3,000–4,000 crore in FY26, remainder in H1 FY27).

  • Margin guidance remains at 27% for FY26, despite higher YTD margins, due to expected product mix changes in Q4.

  • Order pipeline supports 15%+ annual growth for the next 3–4 years, with several large projects expected.

  • R&D investment target for FY26 is INR 1,700+ crore, with 20%+ annual growth planned.

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Q4 25/2619 May, 2026
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