This article first appeared on GuruFocus .
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Stand-alone Revenue (Q4 FY26):INR 344 crores, 26% growth year-on-year.
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Stand-alone EBITDA (Q4 FY26):INR 46 crores, 5% growth year-on-year, with a margin of 13.22%.
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Profit Before Exceptional Items and Tax (Q4 FY26):INR 43 crores, 19% growth year-on-year.
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Stand-alone Revenue (FY26):INR 973 crores, 25% growth year-on-year.
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Stand-alone EBITDA (FY26):INR 121 crores, 28% growth year-on-year, with a margin of 12.42%.
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Profit Before Exceptional Items and Tax (FY26):INR 100 crores, 63% growth year-on-year.
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Consolidated Revenue (Q4 FY26):INR 340 crores, 28% growth year-on-year.
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Consolidated EBITDA (Q4 FY26):INR 49 crores, 7% growth year-on-year, with a margin of 14.31%.
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Profit Before Tax from Continuing Operations (Q4 FY26):INR 46 crores, 20% growth year-on-year.
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Consolidated Revenue (FY26):INR 953 crores, 29% growth year-on-year.
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Consolidated EBITDA (FY26):INR 135 crores, 37% growth year-on-year, with a margin of 14.22%.
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Profit Before Tax from Continuing Operations (FY26):INR 115 crores, 73% growth year-on-year.
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Profit After Tax from Continuing Operations (FY26):INR 101 crores, doubled year-on-year.
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Order Book (FY26):Approximately INR 1,645 crores, 23% growth year-on-year.
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Debt-to-Equity Ratio:0.28x.
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Adjusted Net Working Capital Days (FY26):Improved to 142 days from 159 days in the previous year.
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Adjusted ROCE (FY26):Improved to 21.16% from 12.40%.
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Warning! GuruFocus has detected 6 Warning Signs with BOM:517544.
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Release Date: May 15, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Centum Electronics Ltd ( BOM:517544 ) reported a strong revenue growth of 25% year-on-year for its standalone business, indicating robust performance.
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The company has successfully focused on high-potential sectors such as defense, aerospace, space, semiconductor equipment, and industrial electronics, reinforcing its strategic positioning.
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The EMS business delivered a revenue growth of approximately 21% year-on-year, driven by successful ramp-ups with leading semiconductor equipment OEMs and new business wins.
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Centum Electronics Ltd ( BOM:517544 ) has a strong standalone order book of approximately 1,645 crores, representing a growth of around 23% year-on-year, providing strong visibility for future growth.
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The company has taken decisive steps to restructure underperforming overseas operations, allowing for greater focus on its core India business and improving financial discipline.
Negative Points
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The company's full-year EBITDA margin was below the guided range, coming in at around 12.5% due to an unfavorable product mix in the EMS business.
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Centum Electronics Ltd ( BOM:517544 ) does not expect any financial realization from the sale of its European business, indicating potential financial losses.
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The restructuring of overseas subsidiaries has led to significant liabilities being reported, impacting the company's financials.
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Supply chain bottlenecks, particularly in copper-clad laminates and specific component categories, pose challenges for the EMS segment.
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The company faces potential competition with its own customers as it moves up the value chain in system integration, which could impact future business relationships.
Q & A Highlights
Q: The margins for the full year were below the guided range of 14-15% on a standalone basis. What caused the margins to be around 12.5%? A: Nikhil Mallavarapu, Executive Director: The margins were slightly below the target due to the product mix in the EMS business. We anticipated a better product mix last year, which will be executed in the current financial year, leading to improved margins.
Q: What kind of top-line growth and margins can we expect for FY '27 on a standalone basis? A: Nikhil Mallavarapu, Executive Director: We are targeting a 25% to 30% growth rate and aim to maintain a 13% to 15% EBITDA margin.
Q: Can we expect any realization from selling the European businesses? A: Nikhil Mallavarapu, Executive Director: No, we do not expect any realization from the asset sale process due to significant liabilities held for disposal.
Q: What was the order inflow on a standalone basis in FY26, and what are the expectations for FY27? A: Sundararajan Parthasarathy, CFO: We booked over 400 crores in the BTS segment. For FY27, we expect significant growth in order bookings, with a CapEx of about INR40 to 45 crores.
Q: Are there any further exceptional losses expected related to the European subsidiary sale? A: Sundararajan Parthasarathy, CFO: We do not expect any further exceptional items or one-time losses in the next fiscal year as the liabilities exceed the assets.
Q: How do defense and aerospace orders compare to other sectors in terms of margin profile? A: Sundararajan Parthasarathy, CFO: The BTS segment carries a margin profile of around 20%, while the EMS segment margins range between 9% and 11%.
Q: Are there supply constraints in the EMS segment due to tight CCL capacities? A: Nikhil Mallavarapu, Executive Director: Yes, supply chain bottlenecks are emerging, particularly affecting PCB lead times. We are taking proactive measures to mitigate these challenges.
Q: What is the scope and timeline for the UHM platform order worth 570 crores? A: Nikhil Mallavarapu, Executive Director: The order is divided into a development phase of about 66 crores and a subsequent phase of 500+ crores, expected to be executed by FY 2031.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
