Bharat Electronics Limited — Q1 FY25
BEL reported a strong Q1 FY25 with revenue of INR 4,105 crore (+19.1% YoY) and PAT of INR 776 crore (+46.2% YoY), driven by robust execution across defense programs like LRSAM a...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Revenue guidance for full year given strong Q1 growth.
Asked by Amit Dixit, ICICI Securities
Management clearly reaffirmed the 15% revenue growth guidance.
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Question
Now, what kind of guidance would you like to give for the full year, given that first quarter has been quite strong?
Manoj Jain, Chairman and Managing Director
We would like to maintain the guidance we have given already in our previous con call, which will be 15%. So, revenue growth will be around 15% compared to last year.
Answered
High priority
Order inflow guidance and key contracts executed this quarter.
Asked by Amit Dixit, ICICI Securities
Management retained order inflow guidance and listed specific orders received.
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Question
Do you see some reason for upward revision in this guidance? And if it is possible to mention, can you just let us know the key contracts that were executed this year, this quarter?
Manoj Jain, Chairman and Managing Director
So this guidance for this year, what we have promised, INR 25,000 crore, we will definitely retain that... And in that, the major order which we have received in last quarter are BMP-2 Upgrade, the TR module for Thales, and MPR radar for ITR Chandipur... So around INR 4,800 crore plus orders we have received in last quarter.
Declined
Medium priority
Size of opportunity from Advanced Land Navigation System (ALNS) Mark II.
Asked by Umesh Raut, Nomura India
Management refused to quantify the opportunity, citing dependency on MOD.
no number givendeferred to MOD
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Question
So could you please throw some light, how big this opportunity for us in terms of orders in the future?
Manoj Jain, Chairman and Managing Director
That I can't tell you at this moment of time till MOD gives us the real value, because it depends on the quantity and other configuration-related details.
Answered
High priority
Status and timeline for Quick Reaction Surface-to-Air Missile (QRSAM) order.
Asked by Umesh Raut, Nomura India
Management provided clear status and expected timeline for QRSAM order.
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Question
What exactly currently is the status regarding that program, and how soon we can expect that order to come in?
Manoj Jain, Chairman and Managing Director
All the trials and everything has been completed successfully... I hope, by beginning of next year, in April to June sometime, we may get this order.
Answered
High priority
Sustainability of gross margins above 45%.
Asked by Umesh Raut, Nomura India
Management corrected the assumption and reaffirmed the 40%-42% gross margin guidance.
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Question
Is it fair to assume that 45%+ gross margin level is more of possible to sustain for the company in the future?
Manoj Jain, Chairman and Managing Director
Current quarter, the gross margin of around 41%-42% only, not 45%... Gross margin, we have told 40%-42% will be the range, and EBITDA margin of 23%-25% guidance, what we have given, we maintain that guidance.
Answered
Medium priority
Reason for 30% YoY growth in other expenses and quantification of provisions.
Asked by Umesh Raut, Nomura India
Management quantified the increase in provisions for LD and doubtful debts.
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Question
Was there any major provisioning during the quarter?
Manoj Jain, Chairman and Managing Director
Provision for LD was in, LD and doubtful debts was more by INR 78 crore during the current quarter, as compared to the last quarter.
Answered
High priority
Expected major orders over next one to two years and any delays.
Asked by Nitin Arora, Axis Mutual Fund
Management listed specific large orders expected this year and next.
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Question
Can you throw some light in terms of few orders which you expect over the next one or two years?
Manoj Jain, Chairman and Managing Director
So what we are going to get in this year, some major order, one is the ADFCR Atulya... Then, EW suite for Mi-17 V5... These orders are of the order of INR 1,000 crore-INR 2,500 crore each order.
Answered
High priority
BEL's work share in Sukhoi 30 upgrade program.
Asked by Harshit Patel, Equirus Securities
Management provided a specific value range for BEL's expected order in Su-30 upgrade.
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Question
What will be the different subsystems that we will supply over here? And what could be our work share out of the total order?
Manoj Jain, Chairman and Managing Director
We are expecting in the Su-30 upgrade, around INR 4,000-INR 5,000 crore worth of different type of equipments, definitely we will have order.
Answered
High priority
Potential size of QRSAM order expected next year.
Asked by Mohit Pandey, Macquarie Capital
Management gave a clear minimum value for the expected QRSAM order.
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Question
How big could that regiment be, the one possible in April to June next year?
Manoj Jain, Chairman and Managing Director
We are expecting more than INR 25,000 crore order for QRSAM, but the value may change based on the final configuration...
Answered
Medium priority
Proportion of services in business mix.
Asked by Mohit Pandey, Macquarie Capital
Management provided the exact percentage for services in Q1.
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Question
What would be the proportion of space and services now in the business mix?
Manoj Jain, Chairman and Managing Director
During the first quarter, the services were around 11%, and goods were around 89%.
Answered
Medium priority
Defense vs non-defense revenue split and CapEx plan for FY25.
Asked by Dipen Vakil, Phillip Capital
Management provided the exact revenue split and later CapEx plan of INR 800 crore.
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Question
Can you give a similar breakup for defense and non-defense?
Manoj Jain, Chairman and Managing Director
This defense is 84% during the current quarter, non-defense is 14%, and exports is 2%.
Answered
High priority
Sustainable gross and EBITDA margins.
Asked by Gagan Thareja, ASK Investment Managers
Management reaffirmed the margin guidance without deviation.
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Question
What is a sustainable gross margin and operating margin we should look for?
Manoj Jain, Chairman and Managing Director
We had already guided for a gross margin of around 40%-42% for the current year, and an EBITDA margin of 23%-25%. So we maintain this guidance even now.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth guidance of 15% for FY25 | 15% | 19.1% | Understated vs filing |
| Gross margin guidance of 40%-42% for FY25 | 24% | 22% | Overstated vs filing |
| EBITDA margin guidance of 23%-25% for FY25 | 24% | 22% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.