Bharat Electronics Ltd (BEL) — concall transcript | 31 December 2025

31 December 2025 · BSE 🟡 Notable ✨ Positive

By StockFin Research Team•AI-Assisted Analysis•Source: BSE/NSE Filings

📢 Key Event

BEL reaffirmed FY'26 revenue guidance of INR 27,000 crores and projected EBITDA margin of 27%, citing pipeline orders exceeding INR 30,000-35,000 crores in FY'27.

🔄 What Changed

EBITDA margin guidance maintained at 27% for FY'26, with pipeline orders exceeding INR 30,000-35,000 crores in FY'27 to sustain over 15% growth.

🔮 What's Next

FY'26 revenue guidance of INR 27,000 crores, EBITDA margin of 27%, and pipeline orders exceeding INR 30,000-35,000 crores in FY'27.

💡 Investor Takeaway

BEL is confident in sustaining >15% growth and maintaining margins, supported by a robust order pipeline and indigenization efforts.

BEL reported Q3 FY'26 revenue of INR 17,302 crores (19% YoY growth) and PAT of INR 3,845 crores (21% YoY growth), with EBITDA margin at 30% (up from 28% YoY). The order book stood at INR 73,450 crores as of January 28, 2026, including NGC spillovers of INR 2,000-3,000 crores. Management reaffirmed FY'26 revenue guidance of INR 27,000 crores and projected EBITDA margin of 27% for FY'26, driven by product mix and indigenization. They highlighted pipeline orders exceeding INR 30,000-35,000 crores in FY'27 to sustain over 15% growth, with no major headwinds expected in FY'27.

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About Bharat Electronics Ltd (BEL)

Capital Goods · Aerospace & Defence · Listed on BSE

Market Cap: ₹2,82,888.44 CrP/E: 46.1ROE: 25.6%ROCE: 34.1%Div Yield: 0.65%

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📊 More BEL filings

Announcement — 28 September 2026Bharat Electronics Limited announced the closure of its insider trading window effective October 1, ...
🔴 Announcement — 17 September 2026Bharat Electronics announced it has received new orders worth Rs 648 crore, adding to previous contr...
🔴 Announcement — 11 September 2026Bharat Electronics Limited announced the appointment of Rao & Emmar Chartered Accountants as its sta...
🔴 Corporate Action — 8 September 2026Bharat Electronics announced a final dividend of ₹0.55 per share, representing 55% of face value, to...
🟡 Board Meeting — 28 August 2026Bharat Electronics held its 72nd AGM on 28 August 2026 via video conference, confirming the audited ...

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

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