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Bharat Electronics Limited — Q2 FY25
BEL reported a strong Q2 FY25 with revenue of ₹8,530 crore (+15.8% YoY) and PAT of ₹1,867 crore (+39% YoY).
bullish
high
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BEL reported a strong Q2 FY25 with revenue of ₹8,530 crore (+15.8% YoY) and PAT of ₹1,867 crore (+39% YoY). EBITDA margin expanded to 27.26% (+460bps YoY), driven by favorable product mix. Order book stood at ₹74,595 crore as of October 1, 2024. Management maintained revenue growth guidance of 15% for FY25 and order inflow target of ₹25,000 crore, citing large expected orders like Ashwini Radar (₹2,500 crore) and Akash (₹2,000 crore). Non-defense order book is ₹8,475 crore. Key risk: potential delays in large order conversions could impact future revenue visibility.
BEL ने दूसरी तिमाही में शानदार प्रदर्शन किया। कमाई ₹8,530 करोड़ रही, जो पिछले साल से 15.8% ज्यादा है। मुनाफा ₹1,867 करोड़ रहा, जो 39% बढ़ा। कंपनी की कमाई पर खर्च का अनुपात (EBITDA मार्जिन) 27.26% हो गया, जो पिछले साल से 4.6% ज्यादा है। इसकी वजह अच्छा उत्पाद मिश्रण है। 1 अक्टूबर 2024 तक ऑर्डर बुक ₹74,595 करोड़ था। कंपनी ने इस साल 15% कमाई बढ़ोतरी और ₹25,000 करोड़ के नए ऑर्डर का लक्ष्य रखा है। बड़े ऑर्डर जैसे अश्विनी रडार (₹2,500 करोड़) और आकाश (₹2,000 करोड़) की उम्मीद है। गैर-रक्षा ऑर्डर ₹8,475 करोड़ हैं। खतरा: बड़े ऑर्डर मिलने में देरी से भविष्य की कमाई पर असर पड़ सकता है।
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Delay in large order conversions
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Order Book
₹74,595 crore
+15% YoY
Order book as of October 1, 2024, providing strong revenue visibility.
Order Inflow (H1 FY25)
₹7,500 crore
N/A
Order inflow in first half of FY25; management confident of achieving ₹25,000 crore full-year target.
Export Order Book
$403 million
N/A
Export order book as of date; management targets 5% of turnover from exports.
Non-Defense Order Book
₹8,475 crore
N/A
Non-defense order book constitutes ~10% of total order book.
What Changed vs Last Quarter
NEW
CapEx of ₹800 crore for FY25
Management guided CapEx of ₹800 crore for FY25, with new facilities in Hyderabad and Nagpur expected to become operational in FY26-27.
UPDATED
Revenue growth of 15% for FY25
Management reiterated revenue growth guidance of 15% for FY25, with H1 revenue of ₹8,530 crore implying ~₹14,500 crore in H2.
UPDATED
Order inflow target of ₹25,000 crore for FY25
Management confident of achieving ₹25,000 crore order inflow, with major orders expected in H2 including Ashwini Radar (₹2,500 crore), Akash (₹2,000 crore), and others.
UPDATED
EBITDA margin guidance of 23%-25% for FY25
Management maintained EBITDA margin guidance of 23%-25% for FY25, despite H1 margin of 27.26% due to product mix.
DROPPED
QRSAM order expected in April-June 2025
QRSAM order expected to be >INR 25,000 crore, likely in Q1 FY26.
NEW RISK
Delay in large order conversions
Ashwini Radar order has been delayed for several quarters; management now expects it within 3 months. Any further delay could impact order inflow target.
NEW RISK
Negative operating cash flow due to inventory buildup
Operating cash flow was negative ₹2,300 crore in H1 due to inventory buildup for H2 execution. If revenue growth slows, cash flow recovery may be delayed.
NEW RISK
Competition from private players in defense
BEL lost AEW&C integration order to Adani; increasing competition in system integration could pressure margins and market share.
RISK GONE
Component-level indigenization slow
Management acknowledged that component-level indigenization will take 5-10 years, posing dependency on imports.
RISK GONE
Kavach revenue delayed by 18-24 months
Kavach system will take 18-24 months to start generating revenue, delaying a large opportunity.
RISK GONE
Provision for liquidated damages increased
Provision for LD and doubtful debts rose to INR 132 crore from INR 54 crore YoY, impacting other expenses.
Fast read
Guidance and risk preview
Management reiterated revenue growth guidance of 15% for FY25, with H1 revenue of ₹8,530 crore implying ~₹14,500 crore in H2.
Ashwini Radar order has been delayed for several quarters; management now expects it within 3 months.
View Risks →