BEML Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,567 Cr
- P/E
- 92.84
- ROE
- 4.78%
- PEG
- -36.42
- Price to sales
- 3.66
- Debt to equity
- 0.11
- 52W high / low
- ₹4,436 / ₹1,369
- Sales growth (5Y)
- 4.11%
- EBITDA margin
- 7.72%
- Net profit margin
- 3.20%
- Promoter holding
- 54.03%
- Sales (last year)
- ₹4,536 Cr
BEML Ltd manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defense forces and coaches for the metro and Indian Railways.[1]
Guidance scorecard · Q1 FY27 call
What BEML Ltd's management guided
and where it ranks in Agricultural, Commercial & Construction Vehicles
Agricultural, Commercial & Construction Vehicles
RevenueQ1 FY27 call
20–40%- Expecting a consistent CAGR of around 20% in the coming years.
- For FY27, revenue growth is anticipated to be in the high 20% range, building on a 29% growth in Q1.
- Strong order pipeline with executable bulk production-ready orders contributing to growth.
- Rail and Metro segment expected to be the major growth driver, with opportunities in multiple Metro projects, high-speed rail (Mumbai-Ahmedabad corridor), and export markets.
- Defense segment order inflow expected in the range of INR4,000 to INR5,000 crores, with multiple orders in the pipeline.
2 more points from BEML Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what BEML Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Last year capex spent was around INR379 crores, the highest in 15-20 years.
- This year planned capex is around INR600+ crores.
- Next year and year after, an additional INR900 crores planned, mostly related to the Brahma project.
- New unit planned at Chhattisgarh near Bilaspur (land recently allocated, about 80 acres), focused on heavy earth-moving machinery. Capex plans for this unit to be finalized in 3-4 months.
- The Bhopal project: construction yet to start; expected 18 months from start of construction to roll out first equipment, total completion about 24 months.
- Mysore and Bengaluru land taken on lease for production activities; Bengaluru already seeing production with minor capex (~INR3-4 crores).
2 more points from BEML Ltd's call on capex
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FundraisingQ1 FY27 call
See what BEML Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book stands at around INR16,000 crores.
- Order book break-up: 65% Rail & Metro, 25% Defense, 4% Mining, and 6% Exports.
- Order inflow expectations for FY27 are around INR20,000 crores.
- Defense segment order inflow expected between INR4,000 crores to INR5,000 crores.
- L1 position in Mining & Construction tenders worth around INR900 crores; bidding for additional INR500-600 crores.
- Export order book currently USD115 million; expected to grow to USD200 million by year-end.
2 more points from BEML Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural, Commercial & Construction Vehicles
on management's own guidance
- 2
- TILGood growth1
- Indo Farm Equip.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural, Commercial & Construction Vehicles companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | TIL | 20–40% | Up 2%+ | ₹1,894 Cr | — |
| 2 | BEML LtdThis stock | 20–40% | Flat | ₹16,396 Cr | 91.9 |
| 3 | Indo Farm Equip. | 20–40% | Flat | ₹630 Cr | 25.3 |
| 4 | 20–40% | Flat | ₹38 Cr | 6.2 | |
| 5 | 10–20% | Flat | ₹1.55L Cr | 20.9 | |
| 6 | 10–20% | Flat | ₹87,468 Cr | 23.5 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural, Commercial & Construction Vehicles rankingBEML Ltd announcements
All announcements →Financials of BEML Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of BEML Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,037 | 1,388 | 577 | 917 | 1,047 | 1,514 | 634 | 860 | 876 | 1,653 | 634 | 839 | 1,083 |
| Expenses + | 948 | 1,101 | 627 | 858 | 991 | 1,143 | 684 | 787 | 815 | 1,230 | 683 | 766 | 1,080 |
| Operating Profit | 89 | 287 | -51 | 59 | 56 | 370 | -50 | 73 | 60 | 422 | -49 | 73 | 4 |
| OPM % | 9% | 21% | -9% | 6% | 5% | 24% | -8% | 8% | 7% | 26% | -8% | 9% | 0% |
| Other Income + | 5 | 19 | 1 | 10 | 34 | 5 | 1 | 15 | 5 | 4 | 9 | 7 | 4 |
| Interest | 12 | 12 | 10 | 11 | 8 | 11 | 9 | 16 | 17 | 13 | 10 | 10 | 12 |
| Depreciation | 16 | 16 | 16 | 16 | 16 | 17 | 17 | 17 | 19 | 19 | 20 | 20 | 21 |
| Profit before tax | 66 | 278 | -75 | 42 | 67 | 348 | -75 | 55 | 30 | 395 | -70 | 50 | -25 |
| Tax % | 0% | 43% | 0% | -23% | 28% | 26% | -7% | 7% | 17% | 27% | -9% | 5% | -12% |
| Net Profit + | 66 | 158 | -75 | 52 | 48 | 257 | -70 | 51 | 24 | 288 | -64 | 48 | -22 |
| EPS in Rs | 7.96 | 18.93 | -9.00 | 6.22 | 5.79 | 30.83 | -8.46 | 6.13 | 2.93 | 34.52 | -7.70 | 5.77 | -2.69 |
Financials of BEML Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,904 | 2,802 | 2,975 | 2,494 | 3,239 | 3,474 | 3,025 | 3,597 | 4,337 | 3,899 | 4,054 | 4,022 | 4,209 |
| Expenses + | 2,773 | 2,728 | 2,825 | 2,341 | 2,986 | 3,237 | 2,942 | 3,419 | 4,012 | 3,530 | 3,609 | 3,516 | 3,759 |
| Operating Profit | 131 | 74 | 149 | 153 | 253 | 238 | 84 | 178 | 325 | 369 | 445 | 506 | 450 |
| OPM % | 5% | 3% | 5% | 6% | 8% | 7% | 3% | 5% | 8% | 9% | 11% | 13% | 11% |
| Other Income + | 60 | 60 | 42 | 63 | 25 | 23 | 49 | 20 | 6 | 22 | 42 | 24 | 23 |
| Interest | 127 | 76 | 56 | 55 | 48 | 60 | 41 | 39 | 65 | 49 | 42 | 54 | 44 |
| Depreciation | 54 | 53 | 57 | 63 | 65 | 71 | 72 | 71 | 66 | 64 | 64 | 71 | 80 |
| Profit before tax | 10 | 5 | 79 | 98 | 164 | 130 | 19 | 87 | 200 | 278 | 382 | 404 | 349 |
| Tax % | 39% | -9% | 18% | 14% | 21% | 52% | -229% | 21% | 36% | 43% | 26% | 28% | |
| Net Profit + | 6 | 6 | 64 | 85 | 130 | 63 | 64 | 69 | 129 | 158 | 282 | 293 | 249 |
| EPS in Rs | 0.73 | 0.71 | 7.73 | 10.18 | 15.57 | 7.58 | 7.67 | 8.27 | 15.46 | 18.96 | 33.83 | 35.12 | 29.90 |
| Dividend Payout % | 68% | 70% | 26% | 39% | 26% | 46% | 39% | 36% | 32% | 26% | 30% | 29% |
Financials of BEML Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 2,039 | 2,035 | 2,088 | 2,141 | 2,159 | 2,146 | 2,211 | 2,173 | 2,315 | 2,380 | 2,626 | 2,846 | 2,759 |
| Borrowings + | 958 | 645 | 569 | 438 | 446 | 404 | 341 | 752 | 832 | 381 | 71 | 229 | 666 |
| Other Liabilities + | 1,790 | 1,921 | 1,722 | 2,137 | 2,097 | 2,495 | 2,570 | 2,877 | 2,624 | 2,304 | 2,852 | 2,928 | 2,469 |
| Total Liabilities | 4,828 | 4,643 | 4,420 | 4,757 | 4,744 | 5,086 | 5,163 | 5,843 | 5,813 | 5,107 | 5,591 | 6,044 | 5,935 |
| Fixed Assets + | 513 | 482 | 557 | 583 | 595 | 631 | 621 | 601 | 621 | 505 | 528 | 580 | 603 |
| CWIP | 173 | 192 | 104 | 79 | 68 | 25 | 15 | 14 | 14 | 23 | 37 | 107 | 171 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 |
| Other Assets + | 4,142 | 3,969 | 3,759 | 4,094 | 4,081 | 4,430 | 4,527 | 5,228 | 5,178 | 4,579 | 5,026 | 5,351 | 5,155 |
| Total Assets | 4,828 | 4,643 | 4,420 | 4,757 | 4,744 | 5,086 | 5,163 | 5,843 | 5,813 | 5,107 | 5,591 | 6,044 | 5,935 |
Financials of BEML Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 394 | 548 | 80 | 209 | 130 | 257 | 106 | -301 | 51 | 560 | 458 | 183 |
| Cash from Investing Activity + | -28 | -36 | -33 | -59 | -62 | -62 | -51 | -49 | -25 | -20 | -68 | -205 |
| Cash from Financing Activity + | -427 | -384 | -105 | -160 | -101 | -129 | 3 | -177 | -10 | -331 | -130 | -139 |
| Net Cash Flow | -61 | 128 | -57 | -11 | -33 | 65 | 57 | -527 | 16 | 208 | 260 | -162 |
| Free Cash Flow | 341 | 502 | 53 | 144 | 64 | 192 | 54 | -351 | 30 | 551 | 358 | -8 |
| CFO/OP | 321% | 722% | 64% | 83% | 58% | 119% | 39% | -169% | 26% | 176% | 116% | 60% |
Financials of BEML Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 123 | 129 | 148 | 209 | 186 | 170 | 182 | 191 | 157 | 116 | 130 | 154 |
| Inventory Days | 478 | 460 | 375 | 615 | 395 | 331 | 482 | 373 | 328 | 369 | 418 | 462 |
| Days Payable | 84 | 127 | 89 | 152 | 114 | 142 | 152 | 133 | 85 | 116 | 132 | 129 |
| Cash Conversion Cycle | 517 | 462 | 434 | 673 | 467 | 358 | 512 | 432 | 400 | 369 | 416 | 487 |
| Working Capital Days | 254 | 243 | 246 | 316 | 245 | 232 | 337 | 291 | 242 | 236 | 261 | 295 |
| ROCE % | 4% | 3% | 5% | 6% | 8% | 7% | 2% | 5% | 9% | 10% | 15% | 16% |
Guidance history
How BEML Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
32 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −11.0% | 49% |
| Last 6 months | +11.1% | 69% |
| Last 3 months | +8.6% | 80% |
The price is 22.3% below its all-time high of ₹2,533.1 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 63 became 32.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For BEML Ltd: 0.4 × 49 + 0.4 × 69 + 0.2 × 80 = 63, halved to 32 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What BEML Ltd's management said in earlier quarters
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