Centum Electronics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Centum Electronics Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Centum Electronics reported standalone revenue growth of 11% year-on-year to Rs 205 crores in Q1 FY27, with the quarter impacted by project execution timing in the build-to-spec business. The company completed the restructuring and deconsolidation of its overseas subsidiaries following French court approval, recording a onetime profit on deconsolidation of Rs 94 crores. Management reported a standalone order book of approximately Rs 1,800 crores, up 31% year-on-year, and order inflow for the quarter of about Rs 360 crores, up approximately 70% year-on-year.
Numbers mentioned
Standalone revenue: INR205 crores (Q1 FY27)
p. 4
“During the quarter, stand-alone revenue grew 11% year-on-year to INR205 crores”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
Standalone order book: approximately INR1,800 crores (Q1 FY27)
p. 4
“while we closed the quarter with a stand-alone order book of approximately INR1,800 crores, representing a robust 31% year-on-year growth and providing strong visibility for future growth”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
Standalone EBITDA: INR23 crores (Q1 FY27)
p. 5
“EBITDA for the quarter stood at INR23 crores, which translates into an EBITDA margin of 11.28%.”
Sundararajan P., page 5 of the filed PDF · View the filing
Standalone profit after tax: INR14 crores (Q1 FY27)
p. 5
“Profit before tax stood at INR18 crores, while profit after tax stood at INR14 crores with a PAT margin of 6.59%.”
Sundararajan P., page 5 of the filed PDF · View the filing
Onetime profit on deconsolidation: INR94 crores (Q1 FY27)
p. 6
“the financial statements reflect a onetime profit on deconsolidation of INR94 crores, while the remaining entities are now under liquidation proceedings”
Sundararajan P., page 6 of the filed PDF · View the filing
Consolidated revenue: INR204 crores (Q1 FY27)
p. 6
“Revenue from operations for the quarter stood at INR204 crores, representing a growth of approximately 14% year-on-year.”
Sundararajan P., page 6 of the filed PDF · View the filing
Consolidated EBITDA: INR24 crores (Q1 FY27)
p. 6
“EBITDA stood at INR24 crores with an EBITDA margin of 11.56%.”
Sundararajan P., page 6 of the filed PDF · View the filing
Consolidated profit after tax: INR106 crores (Q1 FY27)
p. 6
“including the onetime gain arising out of the deconsolidation of the overseas subsidiaries, the consolidated profit after tax for the quarter stood at INR106 crores.”
Sundararajan P., page 6 of the filed PDF · View the filing
Order inflow: approximately INR360 crores (Q1 FY27)
p. 6
“strong order inflow for the quarter stood at INR360 crores approximately, that grew by approximately 70% year-on-year”
Sundararajan P., page 6 of the filed PDF · View the filing
BTS order inflow: INR120 crores (Q1 FY27)
p. 6
“which was mainly influenced by BTS registering a robust 150% year-on-year growth at INR120 crores”
Sundararajan P., page 6 of the filed PDF · View the filing
EMS revenue growth: 20% year-on-year (Q1 FY27)
p. 4
“Our Electronic Manufacturing Services or EMS business also continued to perform well with the revenue growing 20% year-on-year and order book expanding 23% year-on-year.”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
Semiconductor equipment revenue: in excess of USD10 million or over INR100 crores (FY26)
p. 7
“our revenue, which was from this segment, which was practically 0 in FY25 was in excess of USD10 million or over INR100 crores of revenue contribution in FY26”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
BTS revenue growth — FY27 and coming years
stated firmly by Nikhil Mallavarapu
p. 6
“With the increased order intake that we've had, we expect to have clear strong revenue growth in the BTS business this year and the coming years also.”
Nikhil Mallavarapu, page 6 of the filed PDF · View the filing
Semiconductor equipment revenue — USD25 million to USD30 million · next 1 to 2 years
stated conditionally by Nikhil Mallavarapu
p. 7
“we expect this to get to in the range of USD25 million to USD30 million in the coming 1 to 2 years”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
EMS EBITDA margin — about 10% EBITDA
stated firmly by Nikhil Mallavarapu
p. 8
“these will be in the range of about 10% EBITDA. They can vary slightly a little bit up and down depending on the customer and segment a little bit.”
Nikhil Mallavarapu, page 8 of the filed PDF · View the filing
India business revenue growth — 25% level · this year
stated firmly by Sundararajan P.
p. 11
“We will reach. We are confident of reaching that 25% level, and we'll maintain that for now.”
Sundararajan P., page 11 of the filed PDF · View the filing
Revenue growth — about 25% · FY27 and FY28
stated conditionally by Sundararajan P.
p. 12
“Yes. So we still maintain the similar trend of about 25% on the revenue growth for this year. And for next year also, that's the visibility that we see as of now.”
Sundararajan P., page 12 of the filed PDF · View the filing
EBITDA margin — above about 13% · FY27, possibly stable or slightly improving next year
stated conditionally by Sundararajan P.
p. 12
“We are aiming to move it up and above about 13%, and that could remain stable or slightly improve in the next year.”
Sundararajan P., page 12 of the filed PDF · View the filing
Export/domestic revenue split — about 50% to 55% or even slightly higher
stated conditionally by Sundararajan P.
p. 12
“I think it will still remain in the order of about 50% to 55% or even slightly higher, given the orders that we see on the growth that we see in EMS, but it could be in the same range also, nothing much expected to change.”
Sundararajan P., page 12 of the filed PDF · View the filing
KIADB Aerospace Park capex — anywhere between INR50 crores and INR70 crores · next fiscal
stated conditionally by Sundararajan P.
p. 14
“On the whole, high-level estimate is about, I can say, anywhere between INR50 crores and INR70 crores, but we'll get to know more as we do the budgeting for the next fiscal.”
Sundararajan P., page 14 of the filed PDF · View the filing
Global BTS/export systems margin profile — beyond BTS margin, targeting around 20-plus percent
stated as an aspiration by Nikhil Mallavarapu
p. 14
“No, I would say probably we're still targeting around that 20-plus percent, kind of, margin profile.”
Nikhil Mallavarapu, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed expectation of strong BTS revenue growth this year and beyond, with quarterly variations due to lumpy contracts.
Answered by Nikhil Mallavarapu
Asked by Shahi Vijay: Can we expect accelerated revenue recognition for the BTS segment given the doubling order book?
p. 7
“Okay. So I was just explaining that we do absolutely expect that there will be a healthy growth of the revenue in BTS segment as a result of the increased order book.”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
CFO said about two-thirds of the advances come from BTS.
Answered by Sundararajan P.
Asked by Shahi Vijay: How much of the advances is coming from the BTS segment?
p. 7
“So, I would say majority of that is coming from the BTS segment only. About two-thirds is coming from the BTS.”
Sundararajan P., page 7 of the filed PDF · View the filing
Management said margins in this cost-plus EMS business are around 10-11% EBITDA with limited variation.
Answered by Nikhil Mallavarapu
Asked by Prateek Shrivastava: What are the margins in the semiconductor equipment EMS business?
p. 8
“10%, 11% is a fairly benchmark EBITDA margin.”
Nikhil Mallavarapu, page 8 of the filed PDF · View the filing
CFO said revenue ramped from zero in FY25 to over Rs 100 crores last year and is expected to double or triple in the next two years.
Answered by Sundararajan P.
Asked by Darshan Gala: When will semiconductor-related revenue start meaningfully contributing?
p. 8
“the contribution of revenue from this business was 0 in FY25 and it ramped up to INR100 crores in last year, more than INR100 crores. We expect this to kind of double or triple in the next 2 years.”
Sundararajan P., page 8 of the filed PDF · View the filing
Management said products are in serial production with steep growth from near-zero base, expected to stabilize into a recurring business in 1-2 years.
Answered by Nikhil Mallavarapu
Asked by Karan Sanwal: Is the semiconductor business growth linear or exponential, and is it already in production?
p. 9
“we expect it to more than double going forward in the coming year and so on. So clearly, a steep growth over these couple of years.”
Nikhil Mallavarapu, page 9 of the filed PDF · View the filing
Management said Centum is the main India supplier in this niche, with main competition based in Southeast Asia, particularly Malaysia.
Answered by Nikhil Mallavarapu
Asked by Karan Sanwal: Who competes with Centum in the semiconductor equipment EMS space?
p. 10
“we are the main supplier in India. We are their first major supplier in India. Our main competition is in Southeast Asia, basically in Malaysia.”
Nikhil Mallavarapu, page 10 of the filed PDF · View the filing
Management said the SBS program is progressing well with orders being booked and a strong order intake expected this year.
Answered by Nikhil Mallavarapu
Asked by Alok Shah: What is the status of the space-based surveillance (SBS) program?
p. 11
“We have started to book some good orders from this program, and we expect in this year that we will have a very strong order intake coming from this program essentially.”
Nikhil Mallavarapu, page 11 of the filed PDF · View the filing
Management said the split may marginally favor BTS but is not expected to change drastically.
Answered by Nikhil Mallavarapu
Asked by Harish Subramanian: Will the BTS/EMS revenue mix shift meaningfully beyond the current 70-30 split?
p. 11
“we may have, instead of 70-30 split, it may marginally be favorable towards the BTS side. But again, not hugely drastically different from a split standpoint.”
Nikhil Mallavarapu, page 11 of the filed PDF · View the filing
Management guided to about 25% revenue growth, margins moving above 13%, and export composition remaining around 50-55%.
Answered by Sundararajan P.
Asked by Deeya Jain: What is the guidance for FY27 and FY28 revenue, margins, and export/domestic split?
p. 12
“Yes. So we still maintain the similar trend of about 25% on the revenue growth for this year.”
Sundararajan P., page 12 of the filed PDF · View the filing
Management said these development programs are progressing well with prototypes expected next year and deliveries beginning early next year.
Answered by Nikhil Mallavarapu
Asked by Vineet Khanna: What is the status of the Virupaksha, helicopter AESA radar, and Garden Reach Shipbuilders initiatives?
p. 12
“So things are moving well, and we expect to have these first prototypes in the next year, successfully demonstrated to the customer and subsequently deliver the order”
Nikhil Mallavarapu, page 12 of the filed PDF · View the filing
Management said it is early stage, targeting around a 20-plus percent margin profile, with export BTS attractive because it is less tender-dependent.
Answered by Nikhil Mallavarapu
Asked by Preet Gopani: How big could the global BTS opportunity become and would it carry higher margins?
p. 14
“I would say probably we're still targeting around that 20-plus percent, kind of, margin profile.”
Nikhil Mallavarapu, page 14 of the filed PDF · View the filing
Management said the design stage is complete, construction will start soon, with capex of Rs 50-70 crores expected to begin toward the end of next fiscal.
Answered by Sundararajan P.
Asked by Alok Shah: What is the status and capex plan for the KIADB Aerospace Park facility?
p. 14
“So this one, the design stage is complete, and we'll be starting the construction soon.”
Sundararajan P., page 14 of the filed PDF · View the filing
Management said Centum is ahead in some areas like space and on par in radar/EW, citing being L1 among more than 10 bidders in the UHM program.
Answered by Nikhil Mallavarapu
Asked by Ashit Kothi: How does Centum compare against competitors like Astra or Data Patterns?
p. 15
“there were more than 10 bidders who were interested to participate, but only 3 shortlisted and of which we were L1.”
Nikhil Mallavarapu, page 15 of the filed PDF · View the filing
Risks flagged
Quarterly variations in project execution and revenue phasing impacted the first quarter's growth and margins versus full-year expectations
p. 3
“This is primarily a function of the quarterly variations in project execution and revenue phasing, particularly in our build-to-spec business.”
Nikhil Mallavarapu, page 3 of the filed PDF · View the filing
Margins were impacted by lower contribution from the BTS business in the quarter
p. 5
“While margins during this quarter were impacted by a relatively lower contribution from the BTS business, we expect the revenue mix to improve as execution on key”
Sundararajan P., page 5 of the filed PDF · View the filing
Semiconductor equipment demand can have variability tied to longer capex cycles in the broader industry
p. 9
“You will have maybe certain variability that comes with longer capex cycles in the broader semiconductor manufacturing industry.”
Nikhil Mallavarapu, page 9 of the filed PDF · View the filing
Test system/export engineering revenue is volatile and not always recurring
p. 11
“They are based on application-specific or they come up from time to time. So it is, I would say, volatile in terms of demand.”
Nikhil Mallavarapu, page 11 of the filed PDF · View the filing
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