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
✓ 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.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Order inflow guidance and large order updates
Asked by Mohit Pandey, Macquarie Capital
Management gave a broad update but did not specify which orders would close or exact timing.
no specific timeline for each orderdeferred to next two months
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Question
are we expecting a sharp pickup in 14 because our guidance earlier was 25,000 crore? And what is the latest on the guidance on orders now, sir, for this year?
Manoj Jain, Chairman and Managing Director
We have achieved around roughly INR 11,000 crore order this year, against the target of INR 25,000 crore. Many projects are in the pipeline, which we are hopeful to get in the next two months.
Partial answer
High priority
Update on specific large orders like Ashwini Radar, EW for Mi-17
Asked by Mohit Pandey, Macquarie Capital
Management gave a generic status but did not break down each order individually.
no specific status per ordergrouped all orders together
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Question
for the three or four large orders that I think you had mentioned last time that you're expecting, if you can give an update, such as for Ashwini Radar, Electronic Warfare for Mi-17, Atulya, Himshakti Phase 4
Manoj Jain, Chairman and Managing Director
most of the orders already PMC, CNCs concluded, and it is in the contract finalization stage. So that's why we are confident that in the next two months, we will get the confirmed order also from Ministry for these projects.
Answered
High priority
QRSAM order timeline and size
Asked by Mohit Pandey, Macquarie Capital
Management provided a clear timeline and confirmed it is expected next fiscal.
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Question
with regards to QRSAM, if there is any update you can provide that's been pipeline order for next year?
Manoj Jain, Chairman and Managing Director
Hopefully, in the next six to eight months, or maybe within a year, we will get this order in our hand. So we have planned also that this order to be in the next financial year only in our hand.
Partial answer
High priority
Key orders executed in Q3 and guidance revision
Asked by Amit Anwani, PL Capital
Management listed executed orders but deferred the guidance revision question.
deferred guidance revision to end of call
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Question
if possible for you to highlight on which orders contributed in execution in Q3 and which were the orders which were kind of margin equivalent. And second part is the nine-month growth is already 25% plus on top line, and margins are also more than 27%. Would you be revising guidance for FY25?
Manoj Jain, Chairman and Managing Director
major orders executed till third quarter, LRSAM was the number one in the lead, followed by WLR, the Weapon Locating Radar, the IACCS system, the Shakti EW system, the ADCRS, ADC and RS, the Akash Prime program. ... That we will anyway let you know at the end of today's session.
Answered
Medium priority
Impact of HAL delays on BEL's LCA supplies
Asked by Amit Anwani, PL Capital
Management clearly stated no impact on BEL's supplies.
Read the exchange
Question
is there any portion of order which you have which is for supply to LCAs, or are you seeing any impact on your order execution, order book, or order intake related to LCAs?
Manoj Jain, Chairman and Managing Director
For us, there is no problem. Because we are supplying electronic modules to LCA program. ... So we are not facing any problem for LCA-related electronic module supply from BEL.
Partial answer
Medium priority
Non-defense contribution and Kavach orders outlook
Asked by Amit Anwani, PL Capital
Management gave current non-defense share but no future outlook for Kavach.
no quantified outlook for Kavachdeferred to after R&D phase
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Question
on non-defense, what was the contribution? And second thing, many players won the Kavach orders in the past one, one and a half months. Any outlook you would like to give on non-defense, especially on Kavach orders in subsequent years?
Manoj Jain, Chairman and Managing Director
In quarter three, we have non-defense, we have achieved around 11%. Non-defense and export put together. ... So today, we are technically in the R&D phase of Kavach program.
Answered
High priority
Gross margin trajectory and structural improvement
Asked by Umesh Raut, Nomura
Management corrected the margin figure and reaffirmed guidance range.
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Question
is it fair to assume that going forward, gross margin profile for us will structurally improve from guided range of 42%-44% to about closer to 50%?
Manoj Jain, Chairman and Managing Director
currently, the gross margin is not 49%, as you said. It is around the range of 44.5% only. For up to December, the gross margin is 44.5% only, and we have guided for 42%-44%. So as of now, we maintain that range of gross margin.
Evasive
Medium priority
BEL's role in India-Russia long-range radar deal
Asked by Umesh Raut, Nomura
Management acknowledged the deal but gave no specifics on BEL's role.
no concrete answerdeferred to future
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Question
any idea over here what kind of role Bharat Electronics can play?
Manoj Jain, Chairman and Managing Director
this particular deal is G to G level. So direct role of BEL is not frozen as on date. But as these things progress, based on that only, role of BEL will be decided.
Partial answer
Medium priority
BEL's role in MRSAM orders and indigenization
Asked by Amit Dixit, ICICI Securities
Management clarified current nil contribution but gave no numbers for future.
no quantified revenue impactdeferred to BDL
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Question
just wanted to understand our role over there and how much will that account for us as revenue and when it can be recorded.
Manoj Jain, Chairman and Managing Director
Our direct contribution in the missiles of this MRSAM order, because BDL gets missiles in these orders. So our portion is nil as on today for the missile portion. ... we are in the process of finalizing the indigenization plan for these missiles.
Answered
High priority
Order size for NGC (MRSAM/MF-STAR) program
Asked by Amit Dixit, ICICI Securities
Management provided a clear range for the order size.
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Question
For NGC, for which substantial progress has been made, is it possible to quantify? You can give a range also that what kind of orders we can get over there?
Manoj Jain, Chairman and Managing Director
We are expecting around 14,000-15,000 crore worth of orders for NGC.
Answered
High priority
Size of QRSAM and MRSAM orders and execution timeline
Asked by Sumit Kishore, Axis Capital
Management gave specific size ranges for both orders.
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Question
could you also spell out the ballpark range of size for the two large orders that you expect next fiscal, QRSAM and the MRSAM that you mentioned
Manoj Jain, Chairman and Managing Director
QRSAM, so we have told last time, although it is between 25,000-30,000 crore. And we are expecting definitely next year only ... And the other one, NGC, I've already indicated, it is around 14,000-15,000 crore.
Answered
Medium priority
Provision reversal or forex impact in other expenses
Asked by Deepak Krishnan, Kotak Institutional Equities
Management identified the provision and quantified it later as INR 600 crores.
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Question
any large provision creation or any forex gain or loss in other expenses this particular quarter?
Manoj Jain, Chairman and Managing Director
The last provision of two was there. It was provision towards liquidated damages were there on account of some certain delay in supplies. That was the last provision in other expenses.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin 44.5% for nine months | 44.5% | 29% | Overstated vs filing |
| Revenue growth guidance of 15% and more for FY25 | 15% | 23.41% | Understated vs filing |
| EBITDA margin guidance 23%-25% for FY25 | 24% | 29% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.