NSE: BEML · BSE: 500048
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. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED ◆ | 16,575 | 73.2 | 5.65 | 51.4 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD | 12,324 | 28.2 | 6.13 | 20.0 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED | 6,241 | 27.4 | 4.48 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD | 1,612 | — | 14.52 | 152.2 | (27.7) | (16.4) | 0.6 | 5.9 |
| INDO FARM EQUIPMENT LTD | 568 | 22.8 | 1.02 | 10.0 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. | 124 | 25.8 | 2.34 | — | 10.5 | 13.4 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 73.2 | 27.4 | 11 of 11 | 0% |
| P/B | 5.7 | 4.5 | 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 | 16575 | 6563 | 4 of 12 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · BEML files quarterly Depository certificate for Sep 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · BEML secures export order worth about 75.58 crore rupees for Southeast Asia | business updates | high | — | — |
| 1 Oct 2026 · BEML launches India's first indigenous 60-ton electric dump truck BH60-EV | business updates | high | — | — |
| 30 Sept 2026 · BEML 62nd AGM voting results - all 12 resolutions passed | compliance | minimal | — | — |
| 30 Sept 2026 · BEML CGM-SBU Head Armoured Business ceases due to superannuation | management changes | medium | — | — |
| 30 Sept 2026 · BEML Director Sanjay Som retires; Rajeev Gupta gets additional charge | management changes | high | — | — |
| 29 Sept 2026 · BEML 62nd AGM: Rs 12.28 final dividend approved, new directors appointed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · BEML trading window closed for insiders from Oct 1, 2026 | compliance | minimal | — | — |
| 22 Sept 2026 · BEML: CAG appoints Vaithisvaran and Co as statutory auditor for FY27 | management changes | medium | — | — |
| 22 Sept 2026 · BEML gets new statutory auditor for FY2026-27 from CAG appointment | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | 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 |
Sources, method and disclosures
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.