{"id":183099,"date":"2026-05-15T05:40:34","date_gmt":"2026-05-15T09:40:34","guid":{"rendered":"https:\/\/alphastreet.com\/india\/centum-electronics-ltd-centum-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T05:44:01","modified_gmt":"2026-05-15T09:44:01","slug":"centum-electronics-ltd-centum-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/centum-electronics-ltd-centum-q4-2026-earnings-call-transcript\/","title":{"rendered":"Centum Electronics Ltd (CENTUM) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Centum Electronics Ltd (NSE: CENTUM) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Nikhil Mallavarapu<\/strong> \u2014 Executive Director<\/em><\/p>\n

Sundararajan Parthasarathy<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Harshit Kapadia<\/strong> \u2014 Analyst<\/em><\/p>\n

Jatin Jadhav<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankit Babel<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Centrum Electronics Limited Q4FY26 earnings conference call hosted by Alara Securities India Private Limited. As a reminder, all participant lines will be in the listen only mode and there’ll be an opportunity for you to ask questions after the presentation concludes. Should any assistance during the conference call please signal an operator by pressing star then zero on a touchdown phone. Please note that this conference is being recorded. I now hand conference over to Mr.<\/p>\n

Harshit Kapadia from Ilara Securities. Thank you. And over to you sir.<\/p>\n

Harshit Kapadia<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you Nitesh. Good afternoon everyone. On behalf of Ilara securities we welcome you all for the Q4, FY26 and FY26 conference call of Centum Electronics Ltd. I take this opportunity to welcome the management of center of Electronics represented by Nikhil Malavagpu, Joint Managing Director and Sundarajan Parthasarthi, Chief Financial Officer. We will begin the call with a brief overview by the management followed by Q and A session. I’ll now hand over the call to Nikhil for his opening remarks.<\/p>\n

Over to Nikhil.<\/p>\n

Nikhil Mallavarapu<\/strong> \u2014 Executive Director<\/em><\/p>\n

Thank you Harshit and good afternoon everyone. Welcome to our earnings conference call to discuss the performance for the fourth quarter and full year of FY26. Let me also extend a special thanks to our hosts today at LRR Capital. Now let me start by briefing you on the key performance highlights for the quarter and the year under review after which our CFO Mr. Sundar Rajan Patsati will take you through the financial highlights. This year has been a defining chapter in the company’s journey. One that’s marked by decisive strategic measures, meaningful expansion and strong operational execution at the standalone level.<\/p>\n

And that has further strengthened our long term foundation. We sharpened our focus on our standalone business while deepening our presence across high potential sectors which are defense, aerospace, space, semiconductor equipment and industrial electronics. Through disciplined execution and a clear strategic vision, we we have reinforced our positioning in industries that are expected to shape the future of technology and manufacturing. We ended FY26 on a strong note with continued execution momentum across our core standalone business and the continuing operations during Q4, the company delivered strong growth across both BTS and EMS businesses supported by robust execution, improving operating leverage and continued traction across defense, aerospace, semiconductor, industrial and electrification segments.<\/p>\n

For the full year, our standalone business delivered revenue growth of approximately 25% year on year while profitability also improved meaningfully reflecting a stronger execution, better program mix and operating discipline. At the same time, FY26 was also an important year from the strategic standpoint as we took decisive steps to sharpen our focus around the core India ESG platform. Let me now briefly address the developments relating to the overseas subsidiaries as discussed during the quarter we had Initially during last quarter we had initiated decisive restructuring actions with respect to the underperforming overseas operations with the objective of realigning management focus and capital allocation towards our core India business.<\/p>\n

I’m pleased to share that the restructuring process is progressing broadly in line with our expectations. In Canada, operations were discontinued during Q4 FY26 and the wind up process is under progress. In Europe, the French subsidiary entered the redressment judiciary or the legal restructuring process during March 2026 and we are currently progressing through a court supervised asset sale process. We have already received multiple preliminary bids and with final bids expected very shortly. Subject to the court approval process, we expect the divestment process to be substantially concluded by July 2026.<\/p>\n

Importantly, beginning this quarter, the financials relating to these subsidiaries have already been classified discontinued operations, thereby providing clearer visibility into the performance of the continuing core business. Sundar will be providing more details on this during his remarks. Overall, these actions represent a continuation of the strategy we outlined last quarter and should allow the company to move forward with significantly greater focus, operational clarity and financial discipline.<\/p>\n

Now moving to the operational performance and business highlights during FY26 we continue to see strong execution across both our BTS and EMS businesses resulting in healthy growth in our core standalone operations and a significant strengthening of the overall order book. We closed the year with a standalone order book of approximately 1,645 crores, representing a growth of around 23% year on year and providing strong visibility for the coming years. In our build to specification business, FY26 was a particularly strong year with revenue growth of approximately 37% year on year.<\/p>\n

The growth was primarily driven by strong execution across space based payload programs, radar subsystems, subsystems for land and missile programs and other strategic and defense and aerospace platforms. Alongside execution, we also continue to strengthen our order pipeline and systems level participation. One of the key milestones during the year was securing a marquee AESA radar program from HAL for the UHM platform, representing an important validation of centum’s capabilities in advanced radar systems and indigenous defense electronics.<\/p>\n

The overall opportunity size for this program exceeds 570 crores over the life cycle of the project. We also secured our second complete radar system order for a satellite and space debris tracking application, further strengthening our position in the strategic surveillance and space program in addition, we continue to see healthy traction across electronic warfare, aerospace test systems and other high reliability defense electronics opportunities. Moving to the EMS business We continue to witness strong momentum during the year driven by a successful ramp up with leading semiconductor equipment OEM along with new business wins across industrial electronics, electrification, grid automation and defense export programs.<\/p>\n

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. We remain particularly encouraged by the momentum in the semiconductor equipment segment where customer engagements continue to deepen alongside increasing global semiconductor investments and supply chain diversification towards India. Capability enhancement and customer diversification continue to remain key focus areas for us and during the year we completed more than 80 new product introductions supporting faster customer ramp ups and new business wins.<\/p>\n

We also continued investments towards manufacturing capability expansion including additional manufacturing lines, process automation initiatives and systems integration capabilities to support future growth. Overall, we believe CENTUM is entering the next phase of growth from a significantly stronger operational and strategic position. With the overseas restructuring actions now substantially progressing towards closure, the company is increasing focus on scaling its core ESBM platform supported by strong execution, robust order book and expanding customer engagements and healthy long term opportunity pipeline across both BTS and EMS businesses.<\/p>\n

We remain optimistic about the medium to long term outlook across defense, aerospace, industrial and electrification semiconductors segments where we continue to see strong customer traction and increasing strategic relevance. With that I will now hand over the call to our CFO Mr. Sundarajan Pathasathi to take you through the financial performance in greater detail.<\/p>\n

Sundararajan Parthasarathy<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Mr. Nikhil and good afternoon everyone. Let me now brief on the financial highlights for the fourth quarter and full year of the FY 2026. At the standalone level, our revenue from operations for the quarter stood at rupees 344 crores reflecting a strong growth of 26% year on year. EBITDA for the quarter stood at INR 46 crores which is higher by 5% year on year with an EBITDA margin of 13.22%. Profit before exceptional items and tax for the quarter stood at 43 crores registering a growth of 19% year on year.<\/p>\n

For the whole year standalone revenue stood at record 973 crores registering a strong growth of 25% year on year and EBITDA stood at rupees 121 crores reflecting a growth of 28% year on year translating into a margin of 12.42% profit before exceptional items and taxable periods was at rupees 100 crores reflecting an exceptional growth of 63% year on year during the financial year the profitability was impacted by one time exceptional item amounting to rupees 203 crores relating to provisions and impairments in OCE subsidiaries as discussed earlier.<\/p>\n

Before I explain the consolidated financial performance, let me clarify the accounting positions and disclosures applied in Q4 FY26 financial statements. The net losses incurred by the OSHI subsidies that’s in Canada and Europe have been reported under discontinued operations. Canada itself were moved under discontinued operations in Q3 FY 2026 itself and the results of European subsidiaries are now reported under discontinued operations in Q4 consequent to the commencement of the Coke supervised restructuring process in France.<\/p>\n

The numbers of the previously reported periods have been restated under this section in the Financial Results Statement. The balance sheet items have also been classified as assets held for sale and liabilities directly associated with assets held for sale. As far as the subsidies are concerned, the goodwill and intangible assets including R and D capitalized that were impaired and reported under exceptional items in Q3 FY26 in the consolidated statements have been reclassified under discontinued operations.<\/p>\n

Now coming to the consolidated performance, revenue from operations for the quarter stood at rupees 340 crores registering a growth of 28% year on year. EBITDA for the quarter stood at 49 crores higher by 7% year on year with a margin of 14.31% profit before tax expense from continuing operations at INR 46 crores which is up by 20% year on year for the whole year. FY26 consolidated revenue stood at 953 crore rupees<\/p>\n

Jatin Jadhav<\/strong> \u2014 Analyst<\/em><\/p>\n

Up<\/p>\n

Sundararajan Parthasarathy<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

By 29% year on year and the EBITDA for the period stood at 135 crores reflecting a strong growth of 37% year on year translating to a margin of 14.22% profit before tax from continuing operations at 115 crores reflecting an exceptional growth of 73% year on year and profit after tax from continuing operations was at 101 crores doubling on a year on year basis. The overall performance continues to be driven by both our business segments particularly catering to domestic defense and space customers and our balance sheet also remained healthy with total debt to equity maintained at a comfortable 0.28x and adjusted net working capital base improving to 142 days in FY26 from the previous year’s 159 days driven by better working capital management and the adjusted ROCE also improved significantly to 21.16% from 12.40% reflecting stronger profitability and improved capital efficiency.<\/p>\n

Overall, our performance in FY26 reflects the strength of our core business. Improving operational efficiency and continued execution across high growth strategic segments, positioning us well for sustainable long term growth. With that, we can now open the floor for Q and A session. Thank you,<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you, thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have first question from the line of Mr. Ankit from Subcom Ventures. Please go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Yeah, good afternoon sir and congrats for good set of numbers. Sir, just one concern here. The margins for the full year have been below our guided range of 1415 percent at standalone basis. So it came at around 12.5%. Now the share of BTS has also increased. So what’s the reason for margins in this 12 and a half percent range?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Thanks Ankit for the question. Yeah, it was first of all, I think, you know, 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. We had initially anticipated a slightly better product mix in the last year. Some of this will be executed in the current financial year and with that we should see a better margin from the EMS business in the current year.<\/p>\n

That’s fundamentally the point.<\/p>\n

Ankit Babel<\/strong><\/p>\n

So sir, in FY27, what kind of top line growth and margins we can look at at standalone basis?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

So as we said, you know, from a medium term level we continue to work towards a 25 to 30% growth rate and we feel we are continuing along those lines and we should be, you know, in line with those expectations. And similarly, As I mentioned, 13 to 15% EBITDA band is what we are working towards and we maintain that target.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay. And so since you have already received a bid for your European business, so last time you mentioned that you don’t expect anything to realize by selling those businesses. But is there any change in that? Can we expect some, something, some realization once by selling our European businesses?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

No, that also remains unchanged. We don’t expect to have any realization. As you will probably see in the balance Sheet today there is a significant amount of liabilities that have been held for disposal that you know, has been reported and we don’t expect to receive anything as a result of the asset sale process.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay. On a net basis you don’t expect anything to get released.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

That’s right.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay. So sir, since this, you know, the 25 30% growth targets was there even when we were, you know, running both the businesses, the international one and the domestic one. Now since you are fully focused on the standalone part, I mean your bandwidth will also get released. So can’t we see acceleration in that business going forward?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

No, I think, you know, the 25, 30% was never at the consolidated level but we always maintained it was at the standalone level, whereas the, the subsidiary was relatively flat in terms of performance. So what we are continuing to look at this type of 25, 30% on a medium term basis is what I’m saying. We don’t want to give year on year kind of guidance but broadly considering the industry tailwinds on a multiyear basis, this is our objective. I think we’ve been delivering quite well in terms of the standalone growth and I think on a medium term basis feel we can target that similar level of growth.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay. And so my last question is what was your order inflows at standalone basis in FY26 and what kind of order inflows you are looking at in FY27 and the CapEx? What CapEx you would be doing this?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

You want to take this?<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Yeah. So we think that the BTS business, which is what we focus as order business, so where we booked over 400 crores in the current year and EMS, of course it’s an order come forecast but we report only the firm orders as you know and in terms. So that’s on the order. And while as far as the order book closures you see consistently we’ve been growing in terms of order book as we carry to the next fiscal, it grew by over 2.3 times in the last three years with a Cagraph of 32% in BTS. On the whole about 1.7 times with a CAGR of 20% on a three year basis.<\/p>\n

And that trajectory will continue especially with increased focus on the BTS segment and on the capex. If the question is around what kind of capex we are looking for in the next fiscal year it will be in order of I would say about 40 crores equally more or less 50% or could be slightly higher on the BTS segment in terms of R and D capability. But Otherwise to be 40 to 45 crores you can expect.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay, thank you so much.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Just want to address the previous question that you raised Ankit in terms of can we not accelerate the growth? That would be a question. Yeah. If you look at our business model we don’t have very high volume of book and bill business. Right. Our both are dts. It’s a fairly longer cycle game. Right. From the RFP stage to closure to realizing the revenue. So the management bandwidth that could get focused on the DTF will only yield more results in the near future in terms of order booking for the year or the next year and the further growth on a long term basis.<\/p>\n

Whereas in the EMS again we have fair amount of open sales orders plus demand from the customers which will be executed during the year. So the direct impact and the immediate impact on next year’s revenue you would not see in terms of release of management banking platform. Just want to clarify considering the business model that we operate but it can accelerate two, three years down the line, right? Absolutely. Absolutely. Yeah. Okay. Yeah. Thank you. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question from the line of Sirag Jedhadia from Alliance Global Investors. Please go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Hi. Hello. Good afternoon sir and congratulations on the numbers. My first question is related to. So until the court approves the sale of the Fence subsidiary by July, are there any broader range for any further exceptional losses? We should be expecting a modeling in the coming quarter or two related to this. And the second question was related to the margin profile of the vertical. So especially how do defense and aerospace orders compared to the other sectors such as transport industrial.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Yeah. So on the first question I’ll address and probably second also I’ll try and. Nikhil, you can please join me. As far as the European subsidiaries are concerned, the two major items that were booked in Q3 that continued and as far as the whole process is concerned, the code process will conclude by around June wherein there could be some takers of some part of the businesses and the people and the remaining that is not getting acquired will eventually move into the liquidation state. But at that point in time also as we explained the balance sheet carries much larger liabilities over 100 crores excess of excess over assets.<\/p>\n

So we don’t expect any write down coming in hitting the consolidated goods. Moreover, we will also be evaluating the point in time of recession of control in terms of having the necessity to consolidate. So if that event gets triggered in Q1, in Q1 we would not be consolidating or in Q2 eventually. But we don’t expect any exceptional items or one time losses coming and hitting in the next fiscal year as far as your trends of studies are concerned in the consolidated financials.<\/p>\n

Jatin Jadhav<\/strong><\/p>\n

Okay,<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Does it answer that question? Then I’ll move to margin.<\/p>\n

Jatin Jadhav<\/strong><\/p>\n

Yeah. Yes, I think the margin.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Yes, yes. So in general the BTL segment we carry 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% or in some cases if we get lucky briefly it will be at around 11%. Then it will again get reset due to the price pressure because we operate on costless basis. Right. Largely it’s a contract manufacturing. So on the. So there is no major differentiation, I would say in the EMS between these segments. It could be there on a momentary basis or temporary basis if you are ramping up a particular customer.<\/p>\n

In the industrial segment, initial quarters could be a tighter margin. Then we gradually scale very better yield, better process and better supply chain efficiency. All that will kick in and again it will get normalized. It will not be substantially exceeding in excess of 10%. I would say broadly this is how the industry also operates in the segments that we are in.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Just to add to what Sundar is saying on the EMS side of the business, that’s absolutely true. It hovers somewhere in the range of 10% and 10, 11%. But the BTS segment is a higher margin business and that can tend to be at 20% plus. So you know, for us at the combined level, the mix is one of the drivers. But yes, the way to the way we look at margins at least is more divided by business model of Bintou Spec versus ems, which has a, I would say bigger, you know, difference in margin profile as compared to the different segments within EMS itself.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay, okay, thank you. And finally, just my last question is for all the different segment orders and revenue recognition, are all of them booked under the BDS segment itself or if that is split into the EMS segment as well? Just my own clarity.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yeah. So Defense and aerospace is a segment that we address in both business models. So now in our results, the standalone results, I would say almost all, pretty much all of the BTS numbers are for defense, which is what we’ve been talking about. But there is also a substantial amount of orders and revenues contribution from the defense segment in the EMS numbers also. So basically the Defense and aerospace segment contribution comes from both BTS and ems, but BTS is almost entirely Defense. Defense instance.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay, okay, okay, thank you. That’s all my question. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you next question from the line of Vinay Khatri from Toro. Wealthy managers, please go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Hello sir, good afternoon. My question is with respect to the ENS segment of yours. I mean in the like, globally, the specialized CCL capacities are becoming tight. Right. And I mean from the industry position that you are in, I would just want to like see if you are seeing such supply constraints on the ground. And do you believe that this, this can lead to a bottleneck for the manufacturing that we do in the EMS segment?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yeah. Could you just repeat again the big. The what, what constraints did you refer to?<\/p>\n

Ankit Babel<\/strong><\/p>\n

The CCL capacities? The copper clad laminate.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Copper clad. Okay. Yes, yes. 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 times, but beyond this, I think some of the other impacts that we’ve also seen on specific component categories like memories, where there is also a lot of demand and pull coming in because of the AI data center window that we’re seeing. So we have seen an increase of, of lead time in some of these component categories.<\/p>\n

There are certain proactive measures and actions that the supply chain team has taken and is taking to be able to mitigate these challenges that we are seeing. For now, we are still working on mitigating these, but I think we will. It’s something that we are monitoring very closely and need to keep an eye on as this evolves over the course of this year.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Understood, sir. But sir, specifically for copper clad laminate, I mean the severity has increased in the past few months. If you can give just an indication for that. And like from where do you procure it if you can share?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yeah, with regard to copper cloud laminates, I mean, as I was mentioning, this really goes into the delivery of the pcb, the bare boards. And we procure these boards from multiple different suppliers in different geographies based on which segments we are catering to. It can be from, from China for certain industrial applications, it can be from Europe for military applications, and in certain cases from Indian suppliers, also for some of our defense and space applications. So we procure from different geographies.<\/p>\n

I would say in general we have seen an increase of lead time, but we continue to have supplies coming in as per our requirements. So we basically need to place orders a little bit more in advance to be able to secure it. But it has over the last couple of months. We’ve seen these impacts over the last couple of months and as I mentioned, we need to Monitor how this pans out in the coming months. In the coming months.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Thank you sir, that was really helpful. All the best for the future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. Next question is from the line of project from Asset Management. Please go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Hello sir. It’s great to see business scaling. I had few questions on the semiconductor side. So are we online to doing $30 million annual revenue in the next two, three years and are you any in talks with any other semiconductor client who would require similar kind of equipment from us?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yes, I think we have. We are progressing quite well I would say broadly in line with our expectations for the growth from this, from this customer segment. Yes. 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. The major growth is really coming from the anchor customer.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Got it, got it. So I wanted to understand two new projects if you, if you can, you know, even, even directionally, you know, quantify them. One is the Viru Paksha order and the second one is, I think in the PPT we have mentioned that we have won a second order for radar systems for satellite and space debris. So how big are these contracts are and you know, how long will this order cycle execution last?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yeah, so Viru Paksha is still a development order and so is this phase debris tracking order. Veerupaksha, just to clarify, what we have won is, you know there are broadly seeking four critical subsystems that get integrated into a full radar. We have one, two of the higher value subsystems which is the antenna array and the exciter receiver. And it’s I would say relatively small development contract, less than 10 cores. The second one which is a space debris tracking radar, which is a long range radar, this is about a 30 odd crore order and it’s essentially for one system.<\/p>\n

So this is a pretty large, I would say radar system. And you know, the reason why we feel it’s also a milestone is again it’s a long range high power radar which is different from the other uhm, airborne radar system that we had been awarded and, and which is more for airborne platform. So it’s a, it’s a nice complementarity in terms of our product portfolio in terms of solutions.<\/p>\n

Ankit Babel<\/strong><\/p>\n

That’s great to hear sir. And so one more question I had was when we move from system integration and up the value chain, do you think you we would have any kind of issues because we will be basically competing or bidding against our own customers, current customers.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

It’s it’s, it depends on the program I would say. I mean in many cases our customers, I would say in many cases are basically Hal Drdo and in certain cases with Del. So this is, you know, it’s evolving scenario. There are programs that we are collaborating, there are certain programs where we can compete and I think that’s a natural process of the evolution of the ecosystem in the country and it’s not unique in India. It’s something that is, that is seen world over. So.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Got it. So just one last question. So we basically had some losses on our book historically. So will that basically we have tax benefit for a few years going forward.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Which one specifically are we talking about? Sorry?<\/p>\n

Ankit Babel<\/strong><\/p>\n

The losses on the, on the subsidiary side.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Okay. So the losses incurred in subsidiary, that tax benefit Etro would accrue if someone is acquiring the company that’s holding the tax credits. I don’t think that that’s not going to be the reality. As far as the losses incurred in standalone business is concerned. Where we book 200 crores of exceptional items out of that the investment related impairment, that 153, that will be, that’s a capital loss. So that will be available for us for the future. Any capital gains set off whereas the other items have been used to offset against the profits made during the current year.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Got it sir, Got it. Thank you sir. And so we don’t have any impact of this Middle east war in terms of raw material procurement, right?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

No, we don’t see any, you know, short, we have certain short term impacts at the end of Q4 because of some logistics delays, you know, as a result of the war. But I would say we have not seen any major supply disruptions directly as a result of the Middle east war right now.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Thank you, wishing<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

You all<\/p>\n

Ankit Babel<\/strong><\/p>\n

The best.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Reminder to all the participants that you may press star N1 to ask a question. The next question from the line of Vijay Sarthi from Supkam Ventures. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you gentlemen. Just want to check the order inflow for the standalone BTS has been very low growth, say rather 4%. Right. So close to around 466 crore of order in flow for this fiscal FY26. Any particular reason? And how should we look at this for 27? That’s the first question.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

So the orders that we could close and book on report was only about 470 crores roughly. Whereas because this is mainly driven by as you know, some of these programs do take time to get concluded and then the order is getting released. So there are a good number of orders that are in the pipeline. Some of the them have moved to the current circle. So at least majority of what got spilled over to the current year we hope to book in the first or second quarter. As far as the current year order book, I would say again because of the same reason we can’t point to a particular number, but we do foresee a significant growth in terms of order that we can be booking during this current fiscal.<\/p>\n

Nikhil, you may want to add any specific color to it.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

I think broadly speaking one point just to clarify again is that the BTS piece of the business as previously reported had some contribution also from the subsidiary and with that being eliminated, I think the numbers have been recast essentially to focus only on the BTS business that is within the standalone business and with. So that’s one point. The second is I think you know, even with what we’re seeing, as Sundar said, we did about 250crores of revenue in the BTS business in the standalone business and booked about 400 crores.<\/p>\n

So from a book to bill ratio we still maintain a pretty healthy rate. And I think that continues to give us a pretty strong visibility in terms of what we are going into the new year with, you know, close to I would say 800 odd crores of orders in this segment. And the third point is I think what Sundar also said, which is that we were also expecting another about one month 50 crores of orders to come in which have been pushed to the current fiscal at the end of last year. But those I would say are fairly well secured and we expect to expect those to come in.<\/p>\n

And generally the outlook for the current fiscal year also is fairly strong in the, in the BTS side of the business.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Sorry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sorry, please continue. Yeah,<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

So in general with all of these, we feel fairly confident that we can continue to grow the BTS business also at a pretty healthy date.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Fair to look, fair to assume that there will be 30% revenue growth in the BTA standalone this fiscal which means that if you whatever the spillover of order that comes through would mean that you will have an order inflow growth of minimum of 15, 20% and therefore taking your overall order book growth at the close to be in excess of 30% for BTS. Is that the fair number to look at?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yeah, I don’t want to give specific quarterly or annual guidance with regard to order booking and revenue Vijay, but as we mentioned, you know, medium term outlook of growing it at this rate is something that we feel pretty good about and we have the visibility on pipeline to be able to achieve that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. And this uhm, platform 570 crore order. This 570 crore is the total order for us. And when do we start this? Okay, can you give us a timeline and what is our. What is our scope of work and all that? Yeah.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

So the 570 crore order is basically divided into two phases. This is the first phase is the development phase that accounts for about 66 crores, 67 crores or so. And the second phase is the remainder with about 500 plus crores. This is without tax or anything. So the development phase of this is expected to be done in basically in two years. So we’ve already two years from the date of the order. So that is in progress right now and once it’s successfully demonstrated we expect to have the remaining part of it coming in you know which is to be executed out till basically.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And what is our scope of work in this. Sorry<\/p>\n

Operator<\/strong><\/p>\n

For interrupting. Mr. Vijay Sarthi, please join the queue for a follow up question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

I’ll just maybe in a minute address that because it’s an important development. Our scope of work in in the uhm is again a full turnkey radar system. So we deliver the full radar to HAL and we’ll be working very closely with them in terms of the integration on the platform and so on. So this goes right from development to qualification, certification and the requisite. All the requisite airborne certification requirements and support that goes with a program like this.<\/p>\n

Operator<\/strong><\/p>\n

We have next question from the line of Mahul Panjwani from $0.40 please go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Hello sir. Thank you so much for the opportunity and congratulations on a good set of numbers. Sir, my first question is how quickly can our BTS business scale and the margins can improve. I have joined a call a bit late so I may miss earlier responses.<\/p>\n

Operator<\/strong><\/p>\n

Yeah Mr. Mr. Mel please. This noise coming from your. From. Okay. Can you. Yeah,<\/p>\n

Ankit Babel<\/strong><\/p>\n

Yeah, I’ll go back in a better place. Is it audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes. Yeah it is audible. So you can go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay. Sir, my first question is how quickly can our BTS business scale and our improved margins improve out there?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yeah, so the BTS part of the business as we mentioned we have a pretty healthy pipeline of order book first of all and then a pipeline of opportunities that we’re seeing. So we don’t. We’ve been basically saying that at the combined level between EMS and bts both which are growing pretty healthy rate and probably fairly similar rates, you know, can be in the range of 25 to 30 CAGR. You will have certain years where we’re able to grow a little faster in one segment or the other and but over a medium term that’s a reasonable target which we feel comfortable achieving.<\/p>\n

And so that’s I would say, you know, broad level point but there is significant amount of opportunities and pipelines which we are actively working on the BTS part of the business.<\/p>\n

Ankit Babel<\/strong><\/p>\n

So my second question is with regards to the West Asia crisis, if this crisis were to extend further, would we face challenges in procuring material which we require from our business?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

I think I answered that just a couple of minutes ago. I think the West Asia crisis basically had some short term impact in terms of logistics, but we’re not seeing any major long term impacts as a result of this. Was in terms of supply chain. We do have certain customers and programs that we are engaged with in the region and so there are some opportunities that we’re seeing as a result of the ongoing war. And so we will continue to monitor these as they evolve.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay, sir, thank you so much and wish you the very best. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have next question from the line of Vivek Gotham from GS Investment. Please go ahead.<\/p>\n

Jatin Jadhav<\/strong><\/p>\n

Yeah, sir, any congratulations for good numbers. So a few questions I had. Ours is a very old listed company and what have been the trigger behind the recent improvement in the performance and are they sustainable and how is the opportunity size for us expected growth rate and the differentiators for our company? Sir, thank you.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

I think to speak about the performance of the company, I think fundamentally this is what we’ve been saying is that we’ve had overseas subsidiaries that have been masking the good story that we’ve been having at the standalone core India business which if you look at the numbers over the past four years or so we have been growing at a pretty healthy rate once again at the standalone level. So both in terms of revenue and in terms of margins, the overseas subsidiaries have been dragging us down over these last years.<\/p>\n

And this is where taking this decisive step to put this into restructuring and basically get out of those businesses was a decision that the board has taken that allows us to really capitalize and focus on the opportunities that we have with our India platform for the ESDM business. So I think that’s, that’s one at a higher level specifically with regard to markets and opportunities. I think defense in aerospace clearly has been an area that we’ve been focusing on with both the push for making India as well as the global increased demand.<\/p>\n

Whether it’s in Europe or in the Middle east as a result of the increased budgets from the ongoing wars or even otherwise, those have all been very good tailwinds and we’ve been very well positioned to keep capitalize on those. And beyond that, I think on the EMS side of the business as well, we have been, you know one I would say differentiating point is that from a long time we have been, you know, an export oriented business. And so the levels of quality, reliability, performance and internal systems and processes that we maintain and run at a global standard.<\/p>\n

We’ve seen big global customers that are now looking to indigenize production of their electronics which they were previously importing from outside the country or in certain cases even buying for their global demands from other parts of the world. Choosing India as a key destination and seeing the global standard that we are able to run and operate has given us a strong edge in winning these opportunities with these customers. So I would say combination of our positioning and on the defense and the BTS side of the business, I must also emphasize our strong and deep domain knowledge in the design and IP creation of technologies, many of which are created for the first time in the country.<\/p>\n

I’ve talked about several of these programs whether it’s space based electronic warfare payloads or hyperspectral imaging payloads. Even as I mentioned most recently the major program for an airborne radar platform. All of these are I would say examples of IP that we’re creating and those I think are fairly differentiated from what many other companies can do. Sir.<\/p>\n

Jatin Jadhav<\/strong><\/p>\n

Okay sir, thank you. Keep up the good work Sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have next question from the line of Raman KV from Secret Investment. Please go ahead.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Hi sir, can you hear me?<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Yes,<\/p>\n

Ankit Babel<\/strong><\/p>\n

Yes, yes. So I have, from the, from your presentation I have seen that your order book is now more than 50% of your order book is your BTS segment and currently around BTS segment contributes to around 28%. So can we expect in the coming year as well as in by FY28 can we expect this to move towards more 4060 split between BTS and EMS thereby improving some margins as BTS is a higher margin business?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Yes, maybe answer it in two steps. The first is that there are fundamentally different order execution cycles in BTS versus ems.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

BTS<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Orders or BTS inherently is an order book driven business and the execution period of a typical order is somewhere between two to two and a half years. Whereas on the EMS side of the business it is an annuity business in most of the products that we do. And so what we do what we get from our customers is a firm purchase order for I would say a shorter period of time and maybe a forecast for longer horizon. What we report here is only firm purchase orders that we have, but the visibility is more considering the forecast also.<\/p>\n

But that’s not reported. So the split of order book between EMS and BTS I would say is not an indication by itself of the split of revenues going forward because EMS orders typically may be in the range of nine months or so execution period, so six to nine months depending on the product mix and customers and so on. So this is where I would say we do have pretty good and strong visibility in terms of growth in the EMS side of the business as well. So. But you may see, you know, one or two years where BTS can grow a little bit more than the EMS part of the business like you saw in the FY26.<\/p>\n

But I would say directionally, both businesses are growing quite, quite well. And over a medium term I would say there would be moderately in a similar direction but not significantly different from the current mix. Maybe a little bit more towards the details side. The second part of your question with regard to margins that we do see opportunity for us to improve the margin, as I said, we are targeting to be at 13 to 15% in the next one to two years time horizon and that should be coming basically from some operating leverage also as we see the growth kicking in.<\/p>\n

But yeah, over time, depending on the year, depending on the mix, you may see some improvements beyond that on the margins. But you know, directionally, you know this 13 to 15% for the next two, three years is where we feel.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay sir. So my final question with respect to the disinvestment of your foreign, of our foreign foreign subsidy, how much, how much are we expecting as a quarterly loss from Q1 FY27.<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

So Q1 as you’re speaking, the process has kicked in already and the current years, current first 45 days already over in the quarter. So the losses could be in. We don’t have the 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. So but like I mentioned earlier, there is high possibility that we might lose control because of the process effects based on the court order. We will evaluate again and we might not even consolidate in Q1 if the triggering event takes place in the month of June itself, which will know sometime in June only because we can’t predict it until we see the court order.<\/p>\n

So to tell you it can be in a very similar range of what we’ve been seeing, plus probably some acceleration because of reduction slowdown in general. The May month is a slow month in France. So I would say it could be a rough.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Broadly speaking, you know, just to add the main point here is that it is, it is already a discontinued operation and there is no cash that is, that is going from the standalone entity or parent company to the subsidiaries and there hasn’t been any over the last several quarters in fact. So this will be deconsolidated very shortly and we are looking at whether this will happen at the end of Q1 or I would guess worst case in Q2. So we don’t expect any. Basically to be in our optimized scenario. We should, this should be fully deconsolidated hopefully by Q1, if not by Q2.<\/p>\n

Ankit Babel<\/strong><\/p>\n

So just to put some numbers, we had 33 crores of loss from discontinued operation in Q4. So we can expect somewhere in that range in for Q1, right?<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

No. So no, in Q4 there are several other items also included Right. From Canada and so on. So I think continuing operations is what we should ideally be looking at because Q1 it will only. What do you say? I don’t. In terms of numbers, because it’s the third month of the quarter, we don’t know whether those, some of the segments will be part of us or not.<\/p>\n

Ankit Babel<\/strong><\/p>\n

So not more than what we reported during this quarter.<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

No, it should, yeah, it should not be even, even at that range like, like what we’re saying, there’s a lot of one times and so on that was happening in the, in the current quarter. So we don’t expect that to happen and in all likelihood we will hopefully deconsolidate it completely. And the other point just to note is that if you look at the balance sheet today, if you look at the lines for items held for disposal, the quantum of liabilities held for disposal is, is significantly higher<\/p>\n

Sundararajan Parthasarathy<\/strong><\/p>\n

Than<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

The assets over there. So I think it’s important to keep all of that in the context and really consolidated numbers don’t really mean much from a P and L standpoint anymore. It should really be focused on standalone.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Understood. Sir. Sir, if I can just squeeze a small question with respect to the HAL order. So this is a 570 crores order. So I just want to understand what will be the total addressable market. I mean once you’re done with the development part and if you, and if it, and it’s successful and you go on to do the execution work for the child. Sorry,<\/p>\n

Operator<\/strong><\/p>\n

Sorry. Please rejoin the queue. Please.<\/p>\n

Ankit Babel<\/strong><\/p>\n

Okay,<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, this was the last question I now had. Conference over to Mr. Harshit Kaparia for closing comments.<\/p>\n

Harshit Kapadia<\/strong><\/p>\n

Thank you Nitesh. We would like to thank Nikhil and Sundar Rajan sir for giving us an opportunity to host this call. We also would like to thank all investors and analysts for joining this call. Any closing remarks, Nikhil or Sundarajan sir, you want to share with investors and analysts?<\/p>\n

Nikhil Mallavarapu<\/strong><\/p>\n

Thank you all for participating in our earnings conference call. Hope you were able to answer all your questions satisfactorily and at the same time offer insights into our business. As I would say in a short sentence, I think it’s been a landmark year for us. We have taken the tough decisions of making the strategic calls with regard to underperforming overseas subsidiaries. Standalone performance is strong, order book and visibility is strong. And I think we’re quite well positioned to maintain a very good rate of growth and profitability as we move forward.<\/p>\n

And if you have any other further questions, would like to know more about the company. Please do reach out to our investor relations managers at Panoram. Thank you and look forward to further interaction.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, on behalf of Alara securities that conclude this conference, thank you for joining us and you. Thank you. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Centum Electronics Ltd (NSE: CENTUM) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Nikhil Mallavarapu \u2014 Executive Director Sundararajan Parthasarathy \u2014 Chief Financial Officer Analysts: Harshit Kapadia \u2014 Analyst Jatin Jadhav \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":157191,"url":"https:\/\/alphastreet.com\/india\/centum-electronics-ltd-q2fy24-23-rise-in-revenue\/","url_meta":{"origin":183099,"position":0},"title":"Centum Electronics Ltd Q2FY24; 23% rise in Revenue","author":"Divyansh_Kasana","date":"December 8, 2023","format":false,"excerpt":"Centum Electronics is involved in the design and manufacture of advanced microelectronics modules, frequency control products, printed circuit board assembly and resistor networks catering to the Communications, Military, Aerospace, Transportation and Industrial electronics markets. 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