Bharat Electronics (BEL) — concall transcript

📢 Key Event
BEL reports 19.1% YoY revenue growth and reaffirms 15% revenue growth guidance for FY25.

🔄 What Changed
Order book expanded to Rs.76,705 crores; gross margin guidance tightened to 40-42%; EBITDA margin guidance set at 23-25%.

🔮 What's Next
15% full-year revenue growth; gross margins of 40-42%; EBITDA margins of 23-25%; Rs.25,000 crore order inflow target.

💡 Investor Takeaway
BEL is positioned for sustained growth on strong defense orders and margin expansion, with non-defense initiatives like Kavach offering future upside.

BEL reported 19.1% YoY revenue growth and 47.4% PAT growth in Q1 FY25, driven by a 22.82% EBITDA margin and a Rs.76,705 crore order book. Management reaffirmed 15% full-year revenue growth guidance, 40-42% gross margins, and 23-25% EBITDA margins, citing strong defense demand and upcoming orders in ADFT, EW suites, and radar systems. Strategic initiatives include indigenization efforts targeting 80-90% fuse production and expansion into non-defense segments like Kavach, with a potential Rs.4,000-5,000 crore annual opportunity over 18-24 months.

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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 30 June 2024

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

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