Bharat Electronics Ltd
Bharat Electronics Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Bharat Electronics Limited (BEL) anticipates sustained revenue growth of 15% plus for the fiscal year. Bharat Electronics Limited (BEL) expects to sustain revenue growth of 15% plus for FY26.
From Bharat Electronics Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Bharat Electronics Limited (BEL) anticipates sustained revenue growth of 15% plus for the fiscal year.
- Confident in meeting year-start guidance on revenue and order inflow targets.
- Order inflow projected at INR27,000 crores excluding QRSAM; including QRSAM, around INR57,000 crores.
- Focused on executing top large programs like LRSAM, Himshakti, Akash Army, Arudhra MPR radar, D-29 EW, and avionics LRUs for LCA Mark 1A in H2.
- Export turnover targeted to increase gradually to 5% in the next 2-3 years and 10% long term.
- Expect moderate contribution from new programs like QRSAM and GBMES as they ramp up.
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Profitability & Margins
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Capital Expenditure Plans
- Bharat Electronics Limited (BEL) has committed a minimum investment of INR 1,400 crores for the Defense System Integration Complex (DSIC) in Andhra Pradesh, spread over 3 to 4 years. This facility will primarily support the QRSAM program along with other strategic business units like unmanned systems, missile systems, and military radars.
- For the AMCA (Advanced Medium Combat Aircraft) program, BEL does not expect large capex over the next 5 to 8 years as ADA will provide major infrastructure. However, some investment up to INR 100-200 crores may be required for jigs, module testing, and related infrastructure.
- BEL is open to further capex beyond the current commitments if larger programs like Kusha are approved, leveraging available space at DSIC.
- Capex for system integration of AMCA and related programs is planned cautiously with a focus on strategic investment rather than heavy infrastructure spending initially.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- As of October 1, 2025, the order book stood at approximately INR 74,453 crores and increased to INR 75,600 crores shortly after.
- Orders acquired till October 1, 2025, in FY'26 were INR 12,539 crores and increased to INR 14,750 crores.
- Major pending orders include:
- LRSAM: INR 5,000 crores
- Electronic fuses: INR 4,500 crores
- BMP-2 upgrade: INR 3,000 crores
- Akash Army: INR 2,700 crores
- Top 7 large projects contributing approximately INR 25,000 crores of the order book.
- Emergency procurement orders received worth INR 1,350 crores, with additional INR 2,000 crores in the pipeline.
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Bharat Electronics Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹10.2K Cr, net profit ₹2.2K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Bharat Electronics Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were Bharat Electronics Ltd Q2 FY26 results?
Bharat Electronics Limited (BEL) anticipates sustained revenue growth of 15% plus for the fiscal year. Bharat Electronics Limited (BEL) expects to sustain revenue growth of 15% plus for FY26.
What is Bharat Electronics Ltd share price analysis?
Bharat Electronics Ltd currently shows a neutral. The stock trades at a P/E of 44.9 with a market cap of ₹275,759 Cr. Investors should review the full earnings analysis for detailed insights.
Is Bharat Electronics Ltd planning capital expenditure?
Bharat Electronics Limited (BEL) has committed a minimum investment of INR 1,400 crores for the Defense System Integration Complex (DSIC) in Andhra Pradesh, spread over 3 to 4 years.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.