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Bharat Electronics Limited — Q3 FY25
Bharat Electronics reported a strong Q3 FY25 with revenue of INR 14,174 crore for 9M FY25, up 23.41% YoY, and PAT of INR 3,183 crore, up 42.34% YoY.
bullish
high
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Bharat Electronics reported a strong Q3 FY25 with revenue of INR 14,174 crore for 9M FY25, up 23.41% YoY, and PAT of INR 3,183 crore, up 42.34% YoY. EBITDA margin expanded to 28.07% (vs 23.67% last year), driven by execution of high-margin programs like LRSAM and Akash Prime. Management maintained FY25 guidance of >15% revenue growth and 23-25% EBITDA margin, confident of achieving INR 25,000 crore order inflows in Q4. Key large orders expected in FY26 include QRSAM (INR 25,000-30,000 crore) and MRSAM/MF-STAR for NGC (INR 14,000-15,000 crore). Risk: delays in order finalization could impact FY26 order book growth.
भारत इलेक्ट्रॉनिक्स ने वित्त वर्ष 2025 की तीसरी तिमाही में मजबूत प्रदर्शन किया। पिछले 9 महीनों में कंपनी की कमाई 14,174 करोड़ रुपये रही, जो पिछले साल से 23.41% ज्यादा है। मुनाफा 3,183 करोड़ रुपये रहा, जो 42.34% बढ़ा। कंपनी की कमाई पर खर्च घटाने के बाद बचत दर (EBITDA मार्जिन) 28.07% हो गई, जो पिछले साल 23.67% थी। इसकी वजह LRSAM और आकाश प्राइम जैसे ऊंचे मुनाफे वाले काम हैं। कंपनी को उम्मीद है कि इस साल कमाई 15% से ज्यादा बढ़ेगी और EBITDA मार्जिन 23-25% रहेगी। चौथी तिमाही में 25,000 करोड़ रुपये के ऑर्डर मिलने की उम्मीद है। अगले साल QRSAM (25,000-30,000 करोड़) और MRSAM/MF-STAR (14,000-15,000 करोड़) जैसे बड़े ऑर्डर मिल सकते हैं। लेकिन ऑर्डर में देरी से अगले साल का ऑर्डर बुक प्रभावित हो सकता है।
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Order Book
₹71,100 crore
-6.7% YoY
Order book as of Jan 1, 2025; expected to be replenished by Q4 inflows.
Order Inflow (9M FY25)
₹11,000 crore
Target ₹25,000 crore for FY25
Management confident of achieving full-year target with large orders in final stages.
QRSAM Order Size
₹25,000-30,000 crore
Expected in FY26
Large missile program expected to be awarded before March 2026.
Non-Defense Revenue Share
~8%
Target 10-15%
Non-defense revenue share remains low; management targeting double-digit share.
What Changed vs Last Quarter
NEW
QRSAM order expected in FY26
QRSAM program (₹25,000-30,000 crore) expected to be awarded before March 2026, with 90% confidence.
UPDATED
FY25 revenue growth >15%
Management reaffirmed guidance of revenue growth exceeding 15% for FY25, confident based on 9M performance.
UPDATED
FY25 EBITDA margin 23-25%
EBITDA margin guidance maintained at 23-25%, with potential to touch 25% based on Q3 performance.
UPDATED
FY25 order inflow >₹25,000 crore
Management confident of achieving order inflow target of ₹25,000 crore for FY25, with several large orders in final stages.
DROPPED
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.
NEW RISK
Order inflow delays
Large orders like QRSAM and MRSAM may slip beyond FY26, impacting order book growth and revenue visibility.
NEW RISK
Employee cost increase from pay revision
Eighth pay commission due from January 2027 could increase employee costs, though management expects minimal impact on cost-to-turnover ratio.
NEW RISK
Competition in anti-drone systems
Emerging competition from startups and MSMEs in smaller anti-drone systems could erode market share.
NEW RISK
Provision for liquidated damages
A provision of ~₹600 crore was made for liquidated damages due to supply delays, indicating execution risks.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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
Supply chain disruptions from Israel
While major items are streamlined, small subsystems from Israel still face challenges, potentially affecting deliveries to other DPSUs.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25
While major items are streamlined, small subsystems from Israel still face challenges, potentially affecting deliveries to other DPSUs.
Fast read
Guidance and risk preview
Management reaffirmed guidance of revenue growth exceeding 15% for FY25, confident based on 9M performance.
Large orders like QRSAM and MRSAM may slip beyond FY26, impacting order book growth and revenue visibility.
View Risks →