Centum Electronics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Centum Electronics Ltd filed with BSE on 21 May 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 approximately 25% for FY26, with EBITDA growing 28% year-on-year to a margin of 12.42%. The company restructured its overseas subsidiaries in Canada and France, classifying them as discontinued operations, and the standalone order book grew approximately 23% year-on-year to around INR 1,645 crores. Management discussed new order wins including an AESA radar program from HAL and a second radar system order for satellite and space debris tracking.
Numbers mentioned
Standalone revenue: INR 344 crores (Q4 FY26)
p. 5
“At the standalone level, our revenue from operations for the quarter stood at INR 344 crores, reflecting a strong growth of 26% year-on-year.”
Sundararajan P., page 5 of the filed PDF · View the filing
Standalone EBITDA margin: 13.22% (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR 46 crores, which is higher by 5% yearon-year with an EBITDA margin of 13.22%.”
Sundararajan P., page 5 of the filed PDF · View the filing
Standalone revenue: INR 973 crores (FY26)
p. 5
“For the whole year, standalone revenue stood at a record INR 973 crores, reaching a strong growth of 25% year-on-year.”
Sundararajan P., page 5 of the filed PDF · View the filing
Standalone EBITDA: INR 121 crores (FY26)
p. 5
“And EBITDA stood at INR 121 crores, reflecting a growth of 28% year-on-year, translating into a margin of 12.42%.”
Sundararajan P., page 5 of the filed PDF · View the filing
Profit before exceptional items and tax: INR 100 crores (FY26)
p. 5
“Profit before exceptional items and tax for the period was at INR 100 crores reflecting an exceptional growth of 63% year-on-year.”
Sundararajan P., page 5 of the filed PDF · View the filing
Consolidated revenue: INR 953 crores (FY26)
p. 6
“For the whole year, FY26, consolidated revenue stood at INR 953 crores, up by 29% year-onyear”
Sundararajan P., page 6 of the filed PDF · View the filing
Consolidated EBITDA: INR 135 crores (FY26)
p. 6
“EBITDA for the period stood at INR 135 crores, reflecting a strong growth of 37% year-on-year, translating to a margin of 14.22%.”
Sundararajan P., page 6 of the filed PDF · View the filing
Profit after tax from continuing operations: INR 101 crores (FY26)
p. 6
“profit after tax from continuing operations was at INR 101 crores doubling on a year-on-year basis.”
Sundararajan P., page 6 of the filed PDF · View the filing
Total debt to equity: 0.28x (FY26)
p. 6
“our balance sheet also remained healthy with total debt to equity maintained at a comfortable 0.28x”
Sundararajan P., page 6 of the filed PDF · View the filing
Adjusted net working capital days: 142 days (FY26)
p. 6
“adjusted net working capital days improving to 142 days in FY26 from the previous year's 159 days”
Sundararajan P., page 6 of the filed PDF · View the filing
Adjusted ROCE: 21.16% (FY26)
p. 6
“the adjusted ROCE also improved significantly to 21.16% from 12.40%, reflecting stronger profitability and improved capital efficiency.”
Sundararajan P., page 6 of the filed PDF · View the filing
Standalone order book: approximately INR 1,645 crores (FY26)
p. 4
“We closed the year with a standalone order book of approximately INR 1,645 crores, representing a growth of around 23% year-on-year”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
BTS revenue growth: approximately 37% year-on-year (FY26)
p. 4
“In our build-to-specification business, FY26 was a particularly strong year with revenue growth of approximately 37% year-on-year.”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
EMS revenue growth: approximately 21% year-on-year (FY26)
p. 5
“The EMS business delivered revenue growth of approximately 21% year-on-year supported by strong customer ramp-ups, healthy order inflows and continued diversification across strategic end markets.”
Nikhil Mallavarapu, page 5 of the filed PDF · View the filing
HAL AESA radar program opportunity size: exceeds INR 570 crores (life cycle of the project)
p. 4
“The overall opportunity size for this program exceeds INR 570 crores over the life cycle of the project.”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
BTS order inflow: over INR 400 crores (FY26)
p. 8
“So there, we booked over INR 400 crores in the current year.”
Sundararajan P., page 8 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.
Combined EBITDA margin — 13% to 15% · medium-term
stated firmly by Nikhil Mallavarapu
p. 7
“we're targeting to be in the range of 13% to 15% at a combined level and we are slightly below that for the full year, basically because of the product mix in the EMS business.”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
Standalone revenue growth — 25% to 30% · medium-term
stated as an aspiration by Nikhil Mallavarapu
p. 7
“we -- in the medium-term, we continue to work towards a 25% to 30% growth rate. And we feel we are continuing along those lines, and we should be in line with those expectations.”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
French subsidiary divestment completion — substantially concluded · by July 2026
stated conditionally by Nikhil Mallavarapu
p. 4
“Subject to the court approval process, we expect the divestment process to be substantially concluded by July 2026.”
Nikhil Mallavarapu, page 4 of the filed PDF · View the filing
Capex — INR 40 crores to INR 45 crores · next fiscal year
stated firmly by Sundararajan P.
p. 8
“it will be INR 40 crores to INR 45 crores you can expect.”
Sundararajan P., page 8 of the filed PDF · View the filing
Combined EBITDA margin — 13% to 15% · next 2 to 3 years
stated firmly by Nikhil Mallavarapu
p. 16
“this 13% to 15% for the next 2, 3 years is where we feel we'll be.”
Nikhil Mallavarapu, page 16 of the filed PDF · View the filing
Deconsolidation of European subsidiary — fully deconsolidated · by Q1 FY27, worst case Q2
stated conditionally by Nikhil Mallavarapu
p. 16
“we are looking at whether this will happen at the end of Q1 or I would guess worst case in Q2.”
Nikhil Mallavarapu, page 16 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 attributed the shortfall to product mix in the EMS business and expects better margins this year.
Answered by Nikhil Mallavarapu
Asked by Ankit Babel: Why did full-year margins come in below the guided 14-15% range despite higher BTS share?
p. 7
“it was -- first of all, I think just in terms of our broad guidance, we're targeting to be in the range of 13% to 15% at a combined level and we are slightly below that for the full year, basically because of the product mix in the EMS business.”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
Management said no realization is expected and significant liabilities have been classified as held for disposal.
Answered by Nikhil Mallavarapu
Asked by Ankit Babel: Will the company realize any proceeds from selling the European business?
p. 7
“No, no, that also remains unchanged. We don't expect to have any realization.”
Nikhil Mallavarapu, page 7 of the filed PDF · View the filing
Management said no exceptional items are expected to hit the consolidated books given liabilities already exceed assets.
Answered by Sundararajan P.
Asked by Chirag Jethalia: Are further exceptional losses expected from the European subsidiary process before court approval concludes?
p. 9
“we don't expect any write-down coming in hitting the consolidated books.”
Sundararajan P., page 9 of the filed PDF · View the filing
Management said EMS margins are broadly similar across verticals at 9-11%, with BTS carrying a higher margin around 20%.
Answered by Sundararajan P.
Asked by Chirag Jethalia: How do defense and aerospace margins compare with other EMS verticals like transport, industrial and healthcare?
p. 9
“the BTS segment, we carry a margin profile of around 20% at EBITDA level, whereas the EMS segment across industries, I would say it is fairly pegged at between 9% and 10%”
Sundararajan P., page 9 of the filed PDF · View the filing
Management confirmed emerging supply chain bottlenecks, including CCL and memory components, and described mitigation efforts.
Answered by Nikhil Mallavarapu
Asked by Vineet Khatri: Are copper-clad laminate and other supply constraints affecting EMS manufacturing?
p. 10
“supply chain bottlenecks are clearly an emerging theme in the EMS part of the business”
Nikhil Mallavarapu, page 10 of the filed PDF · View the filing
Management said growth is progressing in line with expectations, largely driven by one anchor customer, with discussions underway with others at a preliminary stage.
Answered by Nikhil Mallavarapu
Asked by Raj Agrawal: Is Centum on track for USD 30 million annual semiconductor revenue and are new semiconductor clients being pursued?
p. 11
“today is largely driven by a key anchor customer in this segment. And we have begun discussions with a couple of other customers here. But I would say it's still in preliminary stages.”
Nikhil Mallavarapu, page 11 of the filed PDF · View the filing
Management described Virupaksha as a development order under INR 10 crores and the space debris tracking order as around INR 30 crores.
Answered by Nikhil Mallavarapu
Asked by Raj Agrawal: How large are the Virupaksha and space debris tracking radar orders?
p. 11
“it's, I would say relatively small development contract less than INR 10 crores.”
Nikhil Mallavarapu, page 11 of the filed PDF · View the filing
Management said some orders spilled over to the current fiscal and expect significant order growth in FY27, citing a healthy book-to-bill ratio.
Answered by Nikhil Mallavarapu
Asked by Vijay Sarthy: Why was standalone BTS order inflow growth low in FY26 and what is the outlook for FY27?
p. 12
“we did about INR 250 crores of revenue in the BTS business in the standalone business and booked about INR 400 crores.”
Nikhil Mallavarapu, page 12 of the filed PDF · View the filing
Management said there is no precise forecast given uncertainty over the court process and control triggers, but indicated losses could be similar to or less than the prior quarter.
Answered by Sundararajan P.
Asked by Raman KV: How much quarterly loss should be expected from discontinued operations in Q1 FY27?
p. 16
“we don't have a precise forecast, because we are not even sure in terms of what happens in the month of June, which business segment will move out and so on.”
Sundararajan P., page 16 of the filed PDF · View the filing
Risks flagged
Supply chain bottlenecks in copper-clad laminate and component categories like memories
p. 10
“supply chain bottlenecks are clearly an emerging theme in the EMS part of the business I think it's not only the copper clad laminate, which essentially affects the PCB lead times.”
Nikhil Mallavarapu, page 10 of the filed PDF · View the filing
Short-term logistics delays from the Middle East war
p. 12
“we had certain short-term impacts at the end of Q4 because of some logistics delays as a result of the war.”
Nikhil Mallavarapu, page 12 of the filed PDF · View the filing
Liabilities of European subsidiary exceed assets, held for disposal
p. 9
“the balance sheet carries much larger liabilities, over INR 100 crores excess over assets.”
Sundararajan P., page 9 of the filed PDF · View the filing
Uncertainty over timing and outcome of French court-supervised restructuring process
p. 16
“we are not even sure in terms of what happens in the month of June, which business segment will move out and so on.”
Sundararajan P., page 16 of the filed PDF · View the filing
EMS margins subject to price pressure due to cost-plus contract manufacturing model
p. 9
“it will again get reset due to the price pressure because we operate on a cost-plus basis, right, largely, it's a contract manufacturing.”
Sundararajan P., page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.