Transcript of the Conference Call with Investors / Analysts held on 20.05.2026.
BEL · price
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BEL reported FY26 revenue of INR 27,480 crores (up 16% YoY), PAT of INR 6,048 crores (up 14%), and EBITDA margin expanded to 30% from 29% prior year. The order book stands at INR 73,882 crores with INR 30,045 crores orders acquired during the year. Management expects the QRSAM contract to be signed by June end (worst case: July) with first production model within 18 months of signing. Key pipeline projects include P-75I submarine (BEL to get 50-60% of electronics content), NGC program, HAMMER, and Shakti Phase IV. Management guided for sustained 15%+ growth over the next 5 years driven by big-ticket orders expected every 3-4 years. Indigenization levels are at 80-85%, which management credits as the key driver for margin expansion. Non-defense revenue target is 15-20% (from current 8-10%) and exports target >10% (from current 4-5%) over 4-5 years.
BEL's margin expansion trajectory and robust order book visibility support continued earnings growth. The imminent QRSAM order and multiple pipeline projects (P-75I, NGC, AMCA RFP expected soon) provide multi-year revenue visibility. However, investors should note the flat order book growth as order inflows roughly match revenue execution rate.