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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Rail & Metro, Defence, Mining & Construction, Exports. Cyclical, capital-intensive heavy engineering with a long order-to-revenue lag and government-linked demand.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,337 | 3,899 | 4,054 | 4,022 | 4,351 |
| EBITDA (ex other income) | 310 | 364 | 442 | 506 | 299 |
| margin % | 7.1 | 9.3 | 10.9 | 12.6 | 6.9 |
| Owners' profit | 129 | 158 | 282 | 293 | 142 |
| EPS, as reported (₹) | 30.88 | 37.91 | 67.66 | 70.24 | 16.97 |
| ROE % · ROCE % | 5.5 · 6.8 | 6.5 · 10.0 | 10.6 · 11.8 | 10.1 · 11.4 | 4.8 · 5.9 |
| Debt / equity (x) | 0.35 | 0.16 | 0.02 | 0.08 | 0.10 |
| Cash from operations | 51 | 563 | 458 | 183 | 118 |
| Capex | (38) | (37) | (97) | (181) | (345) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 860 | 876 | 1,653 | 634 | 839 | 1,083 | 1,794 | 820 |
| Profit before tax | 55 | 30 | 395 | (70) | 50 | (25) | 245 | (34) |
| Net profit | 51 | 24 | 288 | (64) | 48 | (22) | 180 | (27) |
| EPS (₹) | 12.26 | 5.86 | 69.05 | (15.40) | 11.53 | (2.69) | 21.59 | (3.24) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED ◆ | 16,914 | 74.7 | 5.77 | 52.4 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD | 13,470 | 30.8 | 6.70 | 21.8 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED | 6,750 | 29.6 | 4.85 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD | 2,008 | — | 18.08 | 182.7 | (27.7) | (16.4) | 0.6 | 5.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · BEML publishes 62nd AGM notice, e-voting and book closure in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · BEML files 62nd Annual Report for FY 2025-26 with record revenue of Rs 4,351 crore | results | high | — | — |
| 3 Sept 2026 · BEML sets 22-Sep-2026 as record date for dividend and 62nd AGM | corporate actions | high | — | — |
| 3 Sept 2026 · BEML 62nd AGM on Sept 29, 2026; final dividend Rs 12.28 per share proposed | board shareholder meetings | low | — | — |
| 2 Sept 2026 · BEML bags Rs.180.60 cr Vande Bharat Sleeper trainset order from ICF | business updates | high | — | — |
| 31 Aug 2026 · BEML ED Shivakumar HG ceases due to superannuation | management changes | high | — | — |
| 31 Aug 2026 · Director (Finance) Anil Jerath ceases on superannuation; CMD takes additional charge | management changes | high | — | — |
| 31 Aug 2026 · Director (Finance) Shri Anil Jerath ceases on superannuation, effective 31 Aug 2026 | management changes | high | — | — |
| 21 Aug 2026 · BEML appoints three Independent Directors to its Board | management changes | medium | — | — |
| 19 Aug 2026 · Transcript of investor earnings call filed with exchanges | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| INDO FARM EQUIPMENT LTD | 674 | 27.0 | 1.21 | 11.6 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. | 154 | 32.0 | 2.91 | — | 10.5 | 13.4 | — | 8.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 74.7 | 29.6 | 11 of 11 | 0% |
| P/B | 5.8 | 5.2 | 7 of 11 | 40% |
| ROCE | 4.8 | 12.3 | 10 of 11 | 10% |
| ROE | 4.8 | 16.2 | 9 of 11 | 20% |
| Debt / Equity | 0.1 | 0.3 | 5 of 11 | 60% |
| EBITDA margin | 0.4 | 15.2 | 11 of 12 | 9% |
| Revenue growth | 29.3 | 20.1 | 3 of 11 | 80% |
| Profit growth | 57.9 | 7.3 | 2 of 10 | 89% |
| Market cap | 16914 | 8147 | 4 of 12 | 73% |
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| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
