BEML FY26 earnings call: Record ₹15,896 cr order book, margins down on one-time hits

Order Pipeline DisclosedMgmt Guided Margin ImprovementAnalyst Day Multiyear TargetsMgmt Evaded Key QuestionInvestor Communications View source PDF

BEML · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-0.6%1-day move

₹1782.00

prior close

₹1792.40

base price

After-mkt

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AI summary

BEML's FY26 order book hit an all-time high of ₹15,896 cr (currently ₹16,700 cr), including record export orders of $107M. Revenue grew to all-time high, but PAT fell 50% to ₹148 cr and EBITDA dropped 38% to ₹328 cr due to one-time legacy corrections (₹250 cr impact) and gratuity provisions from new labor codes. Management guided sustainable EBITDA margin of ~16% and targets adding ₹15,000-20,000 cr orders in FY27, with ₹40,000 cr opportunity pipeline. R&D at 6.25% of revenue, targeting 7%.

Likely market impact

Order book strength and export wins are positives, but one-time margin hits and heavy Q4 revenue skew raise execution concerns. Watch margin recovery.