BHARAT ELECTRONICS Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 7,154 Crs., 24% growth YoY, Total Income is Rs. 7,292 Crs., 22.42% growth YoY, Gross Profit is Rs. 3,329 Crs., 19.36% growth YoY, EBITDA is Rs. 2,266 Crs., 22% growth YoY, EBITDA Margin is 31.67% declined by 49 Basis points YoY, PBT Rs. 2,128 Crs, 22% growth YoY (which includes 16.62 Cr. one-time impact of New Labour Code), PAT Rs. 1,580 Crs, 20.44% growth YoY. On QoQ basis Op. Revenue is up by 23.51%, Total Income is up by 22.64%, Gross Profit is up by 12.72%, EBITDA is up by 22%, PBT is up by 23.17% (which includes 16.62 Cr. one-time impact of New Labour Code), and PAT is also up by 22.735%. Order Book as on 1st January, 2026 is 73,015 Cr., Order intake: INR 18,100 Cr. (till 1 Jan 2026). Management listed key backlog items: Electronic fuses (10-year requirement), LRSAM, BMP-II upgrade, Akash Army, Ashwini radar, Arudhra MPR radar, EW suite for Mi-17 V5. • These “seven projects… constitute around INR 20,000 crores” of the order book (as of 1 Jan 2026). FY26 guardrails: revenue growth >15%, EBITDA margin >27%, order inflow “INR 27,000 cr plus”, R&D investment INR 1,600 cr+ (likely > INR 1,700 cr), CAPEX INR 1,000 cr, and defence:non-defence 90:10. Non-defence growth is being operationalised through defined verticals (rail/metro, aviation/ATC, cyber/data centers) with a quantified data-center revenue target (INR 1,000 cr next year onwards) and a clear government-only customer strategy.