Bharat Electronics (BEL) — concall transcript

📢 Key Event
BEL reported strong FY'24 results with 14.35% revenue growth and targeted INR25,000 crores order intake for FY'25.

🔄 What Changed
EBITDA margin expanded to 25.22% from 23.35%, with provisioning increases of INR500-600 crores due to contract delays and new factory investments totaling INR650 crores annually.

🔮 What's Next
Targeting INR25,000 crores order intake for FY'25, double-digit revenue growth (~15%), EBITDA margin expansion to 23-25%, and $110 million export revenue with $200 million+ pipeline.

💡 Investor Takeaway
BEL is confidently expanding its order book and export footprint while increasing localization to boost margins and reduce import dependence.

BEL reported 14.35% revenue growth to INR19,819.93 crores and 33.68% PAT growth to INR4,020 crores for FY'24, with EBITDA margin expanding to 25.22% from 23.35%. Chairman Srivastava highlighted recovery from Israel-Hamas impacts, targeting INR25,000 crores order intake for FY'25 and double-digit revenue growth (~15%). Export revenue reached $92 million with a $200 million+ pipeline, while indigenous content targets 60% under government work-share agreements. Management emphasized conservative guidance, new factories for night vision and EW systems, and increased localization to 30-35% contract value. FY'26 visibility includes QRSAM and a INR22,000-25,000 crore pipeline across radar and avionics.

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About Bharat Electronics Ltd (BEL)

Capital Goods · Aerospace & Defence · Listed on BSE

Market Cap: ₹2,96,411.53 Cr P/E: 48.3 ROE: 25.5% ROCE: 34.1% Div Yield: 0.62%

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🔥 Also filed on 31 March 2024

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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