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Bharat Electronics Q2 FY27 results: net profit up 19.7% to ₹1,540 crore, revenue up 26.5%
Bharat Electronics Limited reported consolidated Q2 FY27 revenue of ₹7,328 crore, up 26.5% from Q2 FY26, and a net profit of ₹1,540 crore, up 19.7%. EBITDA rose to ₹2,041 crore, while the margin declined to 27.9% from 29.4% in the year-ago quarter.
Key points
- Consolidated Q2 FY27 revenue was ₹7,328 crore, up 26.5% from ₹5,792 crore in Q2 FY26.
- EBITDA was ₹2,041 crore, up 19.9%, while the margin was 27.9%, down 1.5 percentage points year on year.
- Net profit was ₹1,540 crore, up 19.7%, and basic EPS was ₹2.11, up from ₹1.76.
- Against Q1 FY27, revenue rose 32.1% and net profit rose 46.1%, while the EBITDA margin increased 2.9 percentage points.
- Management maintained FY27 revenue growth guidance of 15–20% and an EBITDA margin of around 28%.
How did Bharat Electronics perform in Q2 FY27?
Bharat Electronics reported consolidated revenue of ₹7,328 crore for Q2 FY27, up 26.5% from ₹5,792 crore in Q2 FY26. EBITDA rose 19.9% to ₹2,041 crore, but the margin fell 1.5 percentage points to 27.9%. Net profit increased 19.7% to ₹1,540 crore, and basic EPS rose 19.9% to ₹2.11 from ₹1.76.
Compared with Q1 FY27, consolidated revenue rose 32.1% to ₹7,328 crore and EBITDA rose 47.0% to ₹2,041 crore. The EBITDA margin increased 2.9 percentage points to 27.9%, while net profit rose 46.1% to ₹1,540 crore and basic EPS increased 46.5% to ₹2.11.
On the standalone basis, Q2 FY27 revenue was ₹7,290.87 crore, while profit after tax was ₹1,540.73 crore, compared with ₹1,286.13 crore in the year-ago quarter. The figures in this article otherwise refer to the consolidated results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,328 | 5,547 | 5,792 | +26.5% | +32.1% |
| Other income | 187.13 | 169.56 | 153.92 | +21.6% | +10.4% |
| Total expenses | 5,461 | 4,320 | 4,218 | +29.5% | +26.4% |
| EBITDA | 2,041 | 1,388 | 1,702 | +19.9% | +47.0% |
| EBITDA margin | 27.9% | 25.0% | 29.4% | −1.5 pp | +2.9 pp |
| Profit before tax | 2,054 | 1,396 | 1,728 | +18.9% | +47.1% |
| Tax | 522.78 | 352.35 | 449.53 | +16.3% | +48.4% |
| Net profit | 1,540 | 1,055 | 1,287 | +19.7% | +46.1% |
| EPS (₹) | 2.11 | 1.44 | 1.76 | +19.9% | +46.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Bharat Electronics' costs and profit?
Total expenses increased 29.5% from ₹4,218 crore in Q2 FY26 to ₹5,461 crore, outpacing the rise in revenue. Cost of materials was up ₹430.27 crore, or 14.3%, depreciation rose ₹44.80 crore, or 35.4%, and other expenses increased ₹57.30 crore, or 11.8%.
Other income rose ₹33.21 crore, or 21.6%, to ₹187.13 crore, while profit before tax increased ₹326.16 crore, or 18.9%, to ₹2,054 crore. Employee cost fell ₹1.17 crore, or 0.2%, to ₹766.60 crore, and finance costs rose ₹0.94 crore to ₹2.59 crore. There was no exceptional item.
Tax expense increased ₹73.25 crore, or 16.3%, to ₹522.78 crore, while net profit rose ₹253.21 crore, or 19.7%, to ₹1,540 crore. The net profit margin was 21.0%, down 1.2 percentage points from 22.2% in Q2 FY26.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,444 | 3,014 | +430.27 | +14.3% |
| Employee cost | 766.60 | 767.77 | −1.17 | −0.2% |
| Finance costs | 2.59 | 1.65 | +0.94 | +57.0% |
| Depreciation | 171.29 | 126.49 | +44.80 | +35.4% |
| Other expenses | 540.90 | 483.60 | +57.30 | +11.8% |
| Total expenses | 5,461 | 4,218 | +1,243 | +29.5% |
| Other income | 187.13 | 153.92 | +33.21 | +21.6% |
| Tax | 522.78 | 449.53 | +73.25 | +16.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Bharat Electronics reported consolidated revenue of ₹12,874.7 crore, up 25.8% from ₹10,231.83 crore in H1 FY26. Total income rose 25.4% to ₹13,231.39 crore, while profit before tax increased 14.7% to ₹3,450.36 crore.
Net profit for the first half was ₹2,594.9 crore, up 15.0% from ₹2,256.21 crore, and basic EPS rose 14.9% to ₹3.55 from ₹3.09.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 12,875 | 10,232 | +25.8% |
| Profit before tax | 3,450 | 3,007 | +14.7% |
| Net profit | 2,595 | 2,256 | +15.0% |
| EPS (₹) | 3.55 | 3.09 | +14.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹45,548.15 crore, compared with ₹44,537.52 crore at 31 March 2026, while total equity increased to ₹26,277.29 crore from ₹24,007.14 crore. There were no borrowings on either balance sheet date, and cash fell to ₹928.02 crore from ₹1,887.96 crore.
Inventories rose to ₹10,592.25 crore from ₹10,175.53 crore, while trade receivables fell to ₹12,036.39 crore from ₹12,875.76 crore. Trade payables declined to ₹3,236.27 crore from ₹3,583.4 crore. H1 FY27 operating cash flow was ₹1,490.13 crore, compared with negative ₹889.27 crore in H1 FY26.
H1 FY27 investing cash flow was negative ₹2,050.38 crore, compared with ₹1,211.24 crore in H1 FY26, while financing cash flow was negative ₹399.69 crore versus negative ₹294.2 crore. Capital expenditure was ₹535.5 crore, compared with ₹454.37 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 45,548 | 44,538 |
| Total equity | 26,277 | 24,007 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 928.02 | 1,888 |
| Inventories | 10,592 | 10,176 |
| Trade receivables | 12,036 | 12,876 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,490 | −889.27 |
| Cash from investing | −2,050 | 1,211 |
| Cash from financing | −399.69 | −294.20 |
| Capital expenditure | 535.50 | 454.37 |
Source: Company's results filing (XBRL).
How has Bharat Electronics done over the last 8 quarters?
Revenue and profit followed a recurring seasonal pattern over the last eight quarters. Revenue peaked at ₹10,224.43 crore and profit at ₹2,226.35 crore in Q4 FY26, while Q1 FY27 recorded the lowest revenue at ₹5,546.98 crore and profit at ₹1,054.53 crore in that sequence.
The EBITDA margin reached its high of 30.8% in Q4 FY25 and its low of 25.0% in Q1 FY27. It recovered to 27.9% in Q2 FY27 from 29.4% a year earlier and 25.0% in the previous quarter. Revenue rose year on year in each of the last eight quarters, as did profit.
What did Bharat Electronics' management say?
Management identified drones and counter-drone systems as the next major strategic growth area after missiles, arms and ammunition. It also said some NGC line-item orders could slip from March into April 2027, the P75I award could move to the next fiscal year, and delayed government projects may leave BEL to absorb costs without price escalation.
How did Bharat Electronics shares react?
After the filing appeared after market hours on 30 October 2026, BEL’s price moved up 0.7% after 5 minutes, 1.2% after 15 minutes and 1.8% after 30 minutes. The stock closed the reaction day 1.8% above its pre-results close, and by the next day’s close it was up 2.7% from that close.
On the reaction day, the median move for other Aerospace & Defense stocks was 0.2%, while BEL’s excess move was 1.6 percentage points. By the next day’s close, the industry median was up 1.5% and BEL’s excess move was 1.2 percentage points. Earlier reaction-day moves were 8.8% on 28 January 2026, 3.9% on 31 October 2025, negative 4.4% on 27 July 2026 and negative 1.2% on 28 July 2025.
| After the filing | Stock | Aerospace & Defense median |
|---|---|---|
| 5 minutes | +0.7% | |
| 15 minutes | +1.2% | |
| 30 minutes | +1.8% | |
| Reaction day | +1.8% | +0.2% |
| Next day | +2.7% | +1.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | −4.4% |
| 19 May 2026 | −0.7% |
| 28 January 2026 | +8.8% |
| 31 October 2025 | +3.9% |
| 28 July 2025 | −1.2% |
| 19 May 2025 | +0.4% |
| 30 January 2025 | +4.6% |
| 25 October 2024 | +1.5% |
Source: MarketPing price-reaction measurement.
How did other Aerospace & Defense companies do?
Nine Aerospace & Defense companies were compared for the quarter. Their median revenue growth was 42.9%, compared with BEL’s 26.5% growth; two peers grew more slowly than BEL and six grew faster.
Seven peers were compared on profit, and seven reported higher profit. The peer comparison was available as of 6 November 2026.
| Bharat Electronics revenue growth (YoY) | +26.5% |
|---|---|
| Median of 9 other Aerospace & Defense companies | +42.9% |
| Companies with slower revenue growth than Bharat Electronics | 2 of 9 |
| Companies with faster revenue growth than Bharat Electronics | 6 of 9 |
| Companies whose net profit rose | 7 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Bharat Electronics' revenue in Q2 FY27?
Revenue from operations was ₹7,328 crore, up 26.5% from ₹5,792 crore in Q2 FY26 (consolidated).
Did Bharat Electronics make a profit in Q2 FY27?
Yes. Net profit was ₹1,540 crore, against a net profit of ₹1,287 crore in Q2 FY26.
What was Bharat Electronics' EPS in Q2 FY27?
Basic earnings per share were ₹2.11, against ₹1.76 in Q2 FY26.
How did Bharat Electronics shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.8% from the previous close; the median Aerospace & Defense stock moved +0.2%.
When did Bharat Electronics announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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