Target: ₹463
CMP: ₹418.85
Bharat Electronics Ltd (BEL) is an Indian public sector aerospace and defence electronics company, headquartered in Bengaluru. It primarily manufactures advanced electronic products for ground and aerospace applications. T
The order book as of Sep’25 stood at ₹74,453 cr,ore which is 3.6x of its H1-FY26 annualised consolidated revenue. The company has received ₹14,750 crore worth of orders till October 31, 2025, of current financial year. In the last 2 months (Nov and Dec) it additionally received over ₹3,000 crore orders. The order inflow so far is in line with management guidance of receiving minimum of ₹27,000 crore order inflow in FY26, excluding QRSAM order.
The company is likely to sustain the guidance it had given at the year’s beginning. The execution discipline is improving and management targets 90-100 per cent on-time deliveries despite electronic component/obsolescence risks.
The management has retained the guidance of 15 per cent growth in revenue along with 27 per cent EBITDA margin for FY26. The capex for FY26 is expected to be over ₹1,000 crore. Order inflow guidance other than QRSAM is ₹27,000 crore. Including QRSAM, it will be around ₹57,000 crore. The R&D investments would be more than ₹1,600 crore. In the long term, the company expects 15.0 per cent-17.5 per cent CAGR growth in revenue over the next 5 years.
Key Risks: Slowdown in order inflows; delay in large tender finalisation; increased competition