Financials (FY25)
• Revenue ₹30,105 cr (+7%).
• PBT ₹10,820 cr (35% margin).
• Operational EBITDA ~31%; total EBITDA 38–39%.
• Other income strong at ₹2,566 cr.
• Inventory high due to long WIP cycles.
• Provisions ₹2,500 cr.
Programs
• LCA Mk1A: Engine issues resolved; 12 aircraft in CY25; ramp to 30/yr by FY28.
• LCA Mk2: First flight Q1 FY26; production FY30–31.
• Sukhoi: 240 engines over 8 yrs; ₹60,000 cr upgrade program; 12 new aircraft FY27–29.
• Helicopters:
• LCH: 156 units, deliveries FY28 onward @ 30/yr.
• ALH: Grounding fix by Jul’25.
• LUH: Order expected FY26.
• Dornier: Pending 10 + 40 upgrades.
Capex & Manufacturing
• ₹14,000–15,000 cr capex over 5 yrs.
• Strong private sector sourcing (L&T, VEM, TASL).
• Airbus A320 MRO to start FY26.
ROH/MRO
• Steady ₹20,000 cr/year inflow; “will only grow.”
• First LCA overhaul in 2026.
Guidance
• FY26 growth 8–10%; double-digit from FY27.
• Margins stable (31% operational EBITDA).
Order Book
• Massive ₹1.89 lakh cr; pipeline ₹1 lakh cr more.
Outlook
• Confident ramp-up; supply chain issues resolved; long-term growth visibility strong.
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