NSE: CENTUM · BSE: 517544
CENTUM ELECTRONICS LTD
Designs and manufactures electronic systems for India's aerospace, defense, and semiconductor equipment sectors, with 57.20% of standalone revenue from exports to 20 countries. Operates two segments: Build-to-Spec (BTS), which builds custom subsystems including AESA radar, space payloads, radar subsystems, electronic warfare, and missile electronics; and Electronics Manufacturing Services (EMS), which assembles modules for a global semiconductor equipment OEM and defense export customers. FY26 standalone revenue was INR 973 cr (up ~25% YoY); the FY26 order book closed at INR 1,645 cr (up ~23% YoY). Order book includes an INR 570+ cr AESA radar program from HAL for the UHM platform and an INR 30 cr space debris tracking radar order. Materials account for 68.2% of revenue and employee costs 13.8%; FY27 capex is guided at INR 40-45 cr. Wound up Canadian operations in Q4 FY26 and the French subsidiary entered judicial liquidation effective 2 July 2026, booking an INR 203 cr exceptional charge for related provisions and impairments; deconsolidation expected by Q1/Q2 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Build-to-Spec (BTS), Electronics Manufacturing Services (EMS). Electronics design and manufacturing with a dual BTS/EMS structure, exposed to Indian government defense capex and global semiconductor equipment cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 780 | 923 | 1,091 | 1,155 | 953 |
| EBITDA (ex other income) | 14 | 76 | 81 | 82 | 135 |
| margin % | 1.8 | 8.3 | 7.4 | 7.1 | 14.2 |
| Owners' profit | (53) | 11 | 4 | 0 | (52) |
| EPS, as reported (₹) | (23.71) | 7.62 | 1.38 | 1.89 | (31.62) |
| ROE % · ROCE % | (26.9) · (6.3) | 3.3 · 11.6 | (1.4) · 11.9 | (0.5) · 10.2 | (15.9) · 20.7 |
| Debt / equity (x) | 1.37 | 1.29 | 0.88 | 0.37 | 0.38 |
| Cash from operations | 103 | 70 | 214 | (29) | 60 |
| Capex | (19) | (22) | (33) | (19) | (40) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 260 | 281 | 369 | 273 | 291 | 331 | 340 | 204 |
| Profit before tax | 3 | (16) | 30 | 10 | 9 | (39) | 46 | 16 |
| Net profit | (0) | (19) | 22 | 4 | 4 | (62) | 2 | 106 |
| EPS (₹) | (0.26) | (12.79) | 16.92 | 3.95 | 2.96 | (41.56) | 3.35 | 71.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 110.0 | 69.8 | 17 of 23 | 27% |
| P/B | 18.1 | 9.6 | 22 of 23 | 5% |
| ROCE | 18.0 | 13.6 | 8 of 26 | 72% |
| ROE | (15.9) | 10.9 | 23 of 23 | 0% |
| Debt / Equity | 0.4 | 0.0 | 20 of 23 | 14% |
| EBITDA margin | 12.7 | 22.3 | 18 of 23 | 23% |
| Revenue growth | (25.3) | 24.9 | 21 of 23 | 9% |
| Profit growth | 2257.0 | 14.9 | 1 of 21 | 100% |
| Market cap | 5882 | 6504 | 15 of 26 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Centum Electronics to discuss Q2 and H1 FY27 results on November 5 | results | low | — | — |
| 28 Oct 2026 · Centum Electronics to approve Q2 and H1 FY27 results | results | low | — | — |
| 8 Oct 2026 · Centum Electronics to host Non-Deal Roadshow in Mumbai on Oct 14, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · RTA compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from Oct 1 for Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Centum Electronics to hold Non-Deal Roadshow in Singapore on Sep 24-25 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · CARE Ratings upgrades Centum Electronics to BBB+ Stable | credit debt | medium | — | — |
| 17 Sept 2026 · CARE Ratings upgrades Centum Electronics credit rating | credit debt | medium | — | — |
| 2 Sept 2026 · Centum Electronics to meet analysts and institutional investors on Sept 9 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Centum Electronics wins USD 3.22M export order from Global OEM for electronic systems | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.