Current/ Expected Orderbook/ Pending Orders?

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 subst

Future growth expectations in sales/revenue/volumes?

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 a

Future growth expectations in earnings/operating earnings/profits/EPS?

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 y

Any current/future new fundraising through debt or equity?

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.

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Bharat Electronics LtdQ2 FY25Aerospace & Defense

Bharat Electronics Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹417P/E: 51.9Market Cap: ₹3.1L CrSector: Aerospace & Defense

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

→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

Yes

→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.

Capex plans

Yes

- Bharat Electronics Limited (BEL) is making proactive investments in R&D, focusing on emerging technologies such as AI, ML, and quantum technology. - The company is hiring around 200 new technical employees from premier institutes to strengthen its R&D capabilities. - BEL is investing between 6% to 7% of its turnover annually on R&D, translating to INR 1,600 to 1,800 crores this year. - Strategic investments include development and indigenization programs for SONAR systems in partnership with NPOL. - BEL is working closely with startups and defense users through AI incubation centers for the Navy and Army to develop cutting-edge technological solutions. - The company is also investing in subsystems for major defense programs such as Next-Generation Corvettes and missile programs, enhancing indigenous content. - BEL aims to expand its product portfolio for export-worthy SONAR and other defense solutions. No specific standalone capex figures or future capital expenditure plans are explicitly mentioned in the provided transcript.

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