Bharat Electronics Limited — Q2 FY26
BEL reported a strong H1 FY26 with revenue of INR 10,180 crore (+15.9% YoY) and PAT of INR 2,255 crore (+20.8% YoY).
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 answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Will EBITDA margin sustain at 28-29%?
Asked by Dipen Vakil, PhillipCapital
Management reaffirmed guidance and gave a clear directional answer.
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Question
What kind of execution are we focusing on that the EBITDA margin continues to remain high, and do we expect it to sustain on the similar levels going ahead as well?
Manoj Jain, Chairman and Managing Director
EBITDA margins will remain more or less similar, and what guidance we have given, more than 27% EBITDA, we are confident to achieve by the year end.
Answered
High priority
What large orders are expected in H2?
Asked by Dipen Vakil, PhillipCapital
Management provided specific numbers and named several large programs.
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Question
What are the currently the emergency procurement orders are expected, as well as some large product value items are also expected in the second half. Can you give us an idea as to what all orders are in the advanced stages of finalization?
Manoj Jain, Chairman and Managing Director
We have received already some 11 orders, emergency procurement orders worth around INR 1,350 crore, and around INR 2,000 crore worth of emergency procurement orders are in pipeline... We are confident we will definitely achieve more than INR 27,000 crore order receive in this financial year other than QRSAM.
Answered
Medium priority
What is the contribution of top contracts to order book?
Asked by Dipen Vakil, PhillipCapital
Management gave specific numbers for top seven orders.
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Question
Right now in your order book, the large contract top 10 or top 12 projects contribute how much of your current order book?
Manoj Jain, Chairman and Managing Director
Top seven orders constitute INR 25,000 crore. Of the 1st October order, around INR 24,000 crore.
Answered
High priority
Status and timeline for Project Kusha order?
Asked by Amit Dixit, GS
Management provided a clear timeline and status update.
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Question
Where we are on the project, actually, where is the development going, and when can we expect some kind of order from this particular project?
Manoj Jain, Chairman and Managing Director
We are expecting order by December 2029, the first production order for us... prototype development itself will take another one more year for us, and then integration, testing, trials.
Partial answer
High priority
What is BEL's share in the INR 79,000 crore AON?
Asked by Amit Dixit, GS
Management gave a number but noted it is uncertain and may come via system integrators.
quantified but caveated as indirect orders
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Question
Just wanted to get an idea that what could be the approximate share for BEL in that INR 79,000 crore?
Manoj Jain, Chairman and Managing Director
We can expect of the order of INR 10,000 crore worth of items, we may get orders...
Answered
High priority
Does order inflow guidance include NGC and LCA orders?
Asked by Umesh Raut, Nomura
Management confirmed inclusion and gave specific expected values.
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Question
In that order inflow guidance, are we assuming any orders from Next Generation Corvette or from avionics packages related to recent ordering for Light Combat Aircraft?
Manoj Jain, Chairman and Managing Director
Certainly, yes... some of the components orders we are expecting around INR 4,500 crore worth of orders this financial year we are expecting from NGC overall program... For LCA, we are expecting in another 1, 1.5 months, hopefully we will get from HAL this order... around INR 2,500 crore plus minus something.
Answered
Medium priority
How will BEL's role differ in AMCA vs LCA?
Asked by Umesh Raut, Nomura
Management clearly explained the expanded role and value addition.
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Question
How would the scope be kind of different in case of AMCA? Can we assume relatively far higher share in terms of addressable market if you get AMCA contract?
Manoj Jain, Chairman and Managing Director
Our role will be not only supplying this avionics or electronics portion, but system integration, aircraft integration, testing, validation... we wanted to have our value addition increase from our traditional electronic modules to systems level contribution.
Answered
High priority
What is the execution timeline for QRSAM?
Asked by Mohit Pandey, Citigroup
Management gave a specific timeline and explained the FOPM stage.
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Question
Once the order is received, what would be the execution timeline, sir? 3-4 years? Is that a fair assumption?
Manoj Jain, Chairman and Managing Director
The overall program schedule will be around 5-6 years of total execution time for this program.
Partial answer
High priority
What is BEL's potential from other DAC approvals totaling INR 1.4 lakh crore?
Asked by Mohit Pandey, Citigroup
Management gave a combined figure but did not split by the specific approvals asked.
aggregated number, not broken down by approval
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Question
Apart from the INR 79,000 crore, there were other two approvals as well this year... Is it possible to share what could be the size that BEL could be in play for from the other two as well?
Manoj Jain, Chairman and Managing Director
Overall, out of all the three, if we include QRSAM also, it is definitely more than INR 50,000 crore worth of orders we are expecting for BEL.
Answered
Medium priority
What is the CapEx plan for Andhra Pradesh facility?
Asked by Mohit Pandey, Citigroup
Management confirmed the CapEx and explained its purpose.
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Question
In the media, there were reports that BEL may undertake CapEx in Andhra Pradesh around INR 1,400 crore... Any comments on that, sir? What could this CapEx pertain to?
Manoj Jain, Chairman and Managing Director
That is the largest investment which we are doing, and we call it DSIC... with the investment of minimum INR 1,400 crore, which we have already committed.
Answered
High priority
Are there any large orders similar to QRSAM/Kusha in the pipeline?
Asked by Atul Tiwari, JPMorgan
Management clearly stated no similar-sized orders are expected.
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Question
Between these two large orders, are there any other large orders of similar size that can potentially come through?
Manoj Jain, Chairman and Managing Director
Definitely not INR 30,000 crore or INR 40,000 crore single order... A big large program like Kusha or QRSAM, that type of a program, as of now, is not there in our roadmap.
Answered
Medium priority
What CapEx is needed for AMCA program?
Asked by Atul Tiwari, JPMorgan
Management provided a specific CapEx range and timeline.
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Question
Would it be possible to share some kind of color on what is expected from the winner here? In terms of the CapEx that you will have to do to create these facilities...
Manoj Jain, Chairman and Managing Director
For the next few years, 5-8 years, we are not expecting big CapEx investment... maybe maximum INR 100 crore-INR 200 crore, is what we may have to do investments for jigs, etc.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance >27% for FY26 | 27% | 29% | Understated vs filing |
| Revenue growth guidance 15%+ for FY26 | 15% | 15.92% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.