Bharat Electronics Limited has informed the Exchange about Transcript
BEL · price
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BEL reported Q1 FY26 revenue of ₹4,417 crores, up 5.19% YoY, with PAT rising 24.87% to ₹969 crores. EBITDA margin expanded sharply to 29.86% from 22.82% last year, driven by better product mix with more in-house manufactured items, though management maintained full-year EBITDA guidance at 27%. Order book stood at ₹74,859 crores as of July 1, 2025, with an additional ~₹2,600 crores received after that date. Management discussed key pipeline programs: QRSAM received DAC approval on July 3, 2025, with order expected by Q4 FY26; Shatrughat and Samaghat EW programs together worth ₹6,500+ crores; and NGC subsystem orders worth ₹6,000-10,000 crores expected in Q3-Q4. Management guided for sustained revenue growth of 15-17.5% over the medium term, with export share targeted to reach 10% of revenue in 5 years from current 4-5%.
Strong Q1 profitability and a robust defense order pipeline spanning missile systems, radars, and electronic warfare provide good revenue visibility for the next 2-3 years. The muted 5% revenue growth (vs internal 10% target) due to the Israel-Iran conflict is expected to be made up in Q2, so it's a temporary blip rather than a structural concern. Reaffirmed 15-17% growth and 27% margin guidance should support investor confidence.