Bharat Electron Q1 FY26 Earnings Analysis
Published 19 Aug 2026 | Aerospace & Defense | Market Cap: ₹3.0L Cr
Price
₹412
Market Cap
₹3.0L Cr
P/E Ratio
48.9
How does Bharat Electron rank in Aerospace & Defense?
Compare Bharat Electron against every Aerospace & Defense company this quarter on revenue, margins and earnings-call signals.
Earnings Summary
Bharat Electronics Limited (BEL) aims to sustain revenue growth of at least 15% annually over the next 3-4 years. Bharat Electronics Limited (BEL) targets a revenue growth rate of 15% to 17.5%+ annually over the next 3-4 years, supported by a strong order book and new programs like QRSAM and Kusha (INR30,000-40,000 crores).
📊 Revenue & Sales Performance
- →Bharat Electronics Limited (BEL) aims to sustain revenue growth of at least 15% annually over the next 3-4 years.
- →Internal targets are higher, around 16% to 17.5% revenue growth, driven by multiple large projects in the pipeline such as QRSAM, Kusha, and other missile programs.
- →Order book stands strong at over INR 80,000 crores, including upcoming orders worth INR 40,000-50,000 crores for programs like QRSAM.
- →Exports are targeted to grow at more than 20% year-on-year, aiming to reach 10% of total turnover from current 4-5% in the next five years.
- →Product mix diversity and large order inflows are expected to support steady and strong growth.
- →The company is confident of meeting conservative revenue guidance of 15% growth for the current fiscal year despite some supply chain hiccups.
📈 Profitability & Margins
- →Bharat Electronics Limited (BEL) targets a revenue growth rate of 15% to 17.5%+ annually over the next 3-4 years, supported by a strong order book and new programs like QRSAM and Kusha (INR30,000-40,000 crores).
- →EBITDA margin guidance is maintained at around 27% for the current year; although quarterly margins fluctuate with product mix, this level is considered healthy and sustainable.
- →Profit before tax and profit after tax showed strong growth of 24.28% and 24.87% respectively in Q1 FY26, reflecting operational leverage.
- →Earnings per share (EPS) grew to INR1.33 in Q1 FY26 from INR1.06 last year, demonstrating profitability improvement.
- →BEL expects a manageable increase in employee costs related to 8th Pay Commission revisions but anticipates overall turnover growth to offset expense pressures.
- →Export order inflow guidance remains intact with confidence of crossing INR120 crore in exports, aiding diversified revenue streams.
🏗️ Capital Expenditure Plans
💰 Fundraising & Capital Structure
- →There is no mention of any planned or ongoing fundraising through debt or equity in the provided transcript of Bharat Electronics Limited's Q1 FY26 earnings call.
- →The management did not discuss any intentions related to raising capital via equity issuance or debt financing during the call.
- →The focus was primarily on operational performance, order book, revenue growth, margins, R&D investment, and execution of existing orders.
- →No references were made to new funding rounds or capital raising activities for current or future purposes.
📋 Order Book & Pipeline
- →As of July 1, 2025, Bharat Electronics Limited's order book stands at approximately INR74,859 crores.
- →Post July 1, 2025, an additional INR2,600 crores worth of orders have been received.
- →Major pending orders include:
- → - LRSAM program: INR5,000+ crores
- → - Fuses: INR4,500+ crores
- → - Akash Army: INR3,000 crores
- → - BMP upgrade: INR3,000 crores
- → - Ashwini, Arudhra radar: INR2,500 crores
- → - Shakti EW system: INR2,000 crores
- →The top 10-12 programs make up around INR35,000 to INR40,000 crores of the order book.
- →Order book includes developmental orders for projects like Virupaksha radar and substantial programs like QRSAM, with DAC approval and orders expected by Q4 FY25 or Q1 FY26.
- →Order inflow is expected between INR40,000 to INR50,000 crores including upcoming programs like QRSAM.
Key Metrics
Frequently Asked Questions
What were Bharat Electron Q1 FY26 results?
Bharat Electronics Limited (BEL) aims to sustain revenue growth of at least 15% annually over the next 3-4 years. Bharat Electronics Limited (BEL) targets a revenue growth rate of 15% to 17.5%+ annually over the next 3-4 years, supported by a strong order book and new programs like QRSAM and Kusha (INR30,000-40,000 crores).
What is Bharat Electron share price analysis?
Bharat Electron currently shows a neutral. The stock trades at a P/E of 48.9 with a market cap of ₹300,286 Cr. Investors should review the full earnings analysis for detailed insights.
Is Bharat Electron planning capital expenditure?
Bharat Electronics Limited (BEL) is making proactive investments in R&D, focusing on emerging technologies such as AI, ML, and quantum technology.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.