BEML LIMITED

Manufactures heavy equipment across three core verticals — Rail & Metro, Defence, and Mining & Construction — plus an export channel. The Rail & Metro business builds rolling stock such as Vande Bharat Sleeper coaches and metro cars, and is putting up a new Rs 1,500 crore Bhopal rolling-stock plant (Phase 1 Rs 900 crore) designed to add 300 cars per year, scaling to 800 cars per year at full build. The Defence portfolio covers military vehicles and aggregates that are being progressively indigenised (12x12 HMV, LAMV, 35T electric dumper, gun towing vehicle, trawl). The Mining & Construction line makes heavy earth-moving machinery — rope shovels, dump trucks, motor graders — for both domestic mining customers and overseas infrastructure projects. The order book mix as of Q3 FY26 was 68% Rail & Metro, 25% Defence and 7% M&C, with a record FY26 closing order book of Rs 15,896 crore and an FY27 opportunity pipeline of roughly Rs 40,000 crore. The company is also entering Tunnel Boring Machines and maritime cranes as future verticals. Materials are the largest input at 53.3% of revenue, followed by employees at 19.2% and other opex at 21.6%, with capex running at 7.9% of revenue.