Centum Electronics Ltd(CENTUM)

NSE: CENTUMBSE: 517544

₹ 3,991.75+4.24%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 5,893 crWebsite: www.centumelectronics.comUpdated: 27 Oct 2026

About

Centum Electronics Ltd is a Bengaluru-based electronics system design and manufacturing (ESDM) company, founded in 1993, that runs two India businesses: Build-to-Specification (BTS) defence and space electronics, and Electronic Manufacturing Services (EMS). In FY26 it reported revenue of Rs 952.75 crore. Its French engineering R&D subsidiaries were sold and taken off its books from 4 June 2026. The standalone order book stood at about INR 17,972 Mn at the end of Q1 FY27, up 31% YoY.^[1][2][3]

Business segments

EMS revenue was INR 1,482 Mn in Q1 FY27, up 20% YoY, as key customers ramped up.^[3]
BTS revenue was INR 566 Mn in Q1 FY27, or 28% of the revenue mix, a lower share than usual for the segment.^[3]
BTS designs and delivers custom electronics subsystems (radar, space payloads, missile electronics), mainly for domestic defence and space customers. Its revenue grew 37% YoY in FY26.^[4]
EMS is contract manufacturing of electronics for industrial, defence-export and semiconductor-equipment customers. Its revenue grew 21% YoY in FY26.^[4]
Standalone revenue was INR 2,048 Mn in Q1 FY27, up 10.7% YoY.^[3]

Products and programmes

The BTS portfolio covers radar subsystems (AESA, Virupaksha), space payload modules, land and missile programme electronics, and air navigation systems for Indian Navy warships.^[4]
The company is moving from supplying subsystems to supplying full systems. Its programmes include a three-satellite constellation worth about INR 3,500 Mn (Q1 FY27).^[3]
EMS completed 80+ new product introductions in FY26.^[4]
An India team of 30 to 40 engineers delivers metro and rail electronics (Delhi Metro, Chennai Metro, Vande Bharat). This work was previously done by the Canadian subsidiary.^[5]
Delivered about 400 critical modules for ISRO's GSAT-7R (CMS-03) programme in H1 FY26.^[6]
About 80% of the products Centum makes are single-source, meaning it is their only supplier (FY25).^[1]

Order book

Standalone order book: about INR 17,972 Mn at the end of Q1 FY27, up 31% YoY. India accounts for 54% of it.^[3]
BTS order book: INR 9,254 Mn in Q1 FY27, up 40% YoY. It includes continuing ISRO payload orders.^[3]
EMS order book: INR 8,718 Mn in Q1 FY27, up 23% YoY, supported by the global semiconductor ramp-up.^[3]
Standalone order book: INR 13,296 million in FY25, up from INR 11,178 million in FY24, led by BTS order inflows.^[1]

Programmes and pipeline

HAL AESA radar for the Utility Helicopter-Maritime: an INR 660 Mn Phase 1 design and development order, with a possible INR 5,000 Mn Phase 2 production opportunity (Q1 FY27).^[3]
GRSE navigation order of INR 294 Mn (Q1 FY27). Management puts the total opportunity across shipyards (GRSE, GSL, HSL) at about INR 500 Cr over 3 to 5 years.^[3][7]
Virupaksha radar development order from DRDO (about INR 10 Cr). It is aimed at opening up a Su-30 production pipeline of about INR 1,000 Cr.^[5]
Space-Based Surveillance programme: addressable market estimated at about INR 1,000 Cr. Centum was declared lowest bidder (L1) on some programmes.^[7]
New EMS wins in Q1 FY27: orders from existing Electrification customers and a design-led manufacturing opportunity in Industrial. BTS also won an order for test systems.^[3]

Customers and markets

Main Strategic Electronics customers are Defence PSUs, DRDO and ISRO. Other key BTS customers include HAL and BEL.^[1][6]
Signed MoUs with BEL (electronic warfare, radar, military communications) and GRSE (Navy navigation systems) in H1 FY26, and an MoU with HAL on indigenous products for export (FY25).^[6][1]
A large share of EMS is exported, with key customers in Europe, North America, the Middle East and Israel (FY25).^[1]
A major global semiconductor capital-equipment maker began serial production with Centum EMS in Q3 FY26, with 65 part numbers qualified.^[7]
The top 5 customer groups contributed more than 60% of revenue in FY25, compared with more than 62% in FY24.^[1][8]

Operations

The company had more than 1,900 employees, including about 600 designers, as of 31 March 2025. It works with 600+ suppliers.^[1]
Adjusted net working capital days were 141 in FY26.^[3]

Expansion and capex

A new systems-integration facility is being built at KIADB Aerospace Park, Bengaluru. Ground was broken in Q3 FY26; the facility will support platform-level defence programmes.^[7]
Standalone capex of INR 40 to 45 Cr is planned for FY27, with more than 50% going to BTS R&D capabilities.^[4]
Semiconductor EMS is targeted to reach a $30 M annual revenue run rate within 2 to 3 years, up from about $10 M in FY26.^[4]

Recent developments

A French court approved the transfer of the French ER&D businesses on 4 June 2026. The subsidiaries were deconsolidated, producing a INR 943 Mn profit from discontinued operations.^[3]
Operations of the Canadian subsidiaries were discontinued in Q4 FY26, and a wind-up was in progress.^[4]
One-time exceptional items of INR 204 Cr (standalone) and INR 57 Cr (consolidated) were recognised in Q3 FY26 in connection with the subsidiary actions.^[7]
CFO K S Desikan retired on 31 August 2025 and was succeeded by Sundararajan Parthasarathy.^[1]
Raised INR 2,100 mn through a QIP. INR 1,102.34 mn was used to repay borrowings, and INR 897.13 mn was unused as of 31 March 2025.^[1]

Market Cap

₹5,893 Cr

High / Low

₹5,000 / 2,052

Stock P/E

111.9

Price / Book

16.4

Book Value

₹233

EPS

₹-35.1

No. of Shares

1.47 Cr

ROCE

25.9%

ROE

-13.8%

OPM

13.6%

Debt / Equity

0.36

Sales

₹953 Cr

Net Profit

₹-52 Cr

Promoter holding

46.8%

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