Bharat Electronics Limited — Q4 FY25
Bharat Electronics reported a strong FY25 with revenue of INR 23,024 crore (+16.17% YoY) and PAT of INR 5,288 crore (+31.55% 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.
54%Questions answered4Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Quantum of emergency procurement orders and update on QRSAM and Corvette orders.
Asked by Mohit Pandey
Management gave qualitative update but no quantified EP figure; QRSAM timeline vague.
no number given for EPdeferred to later
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Question
any ballpark number you would like to share on what could be the quantum of the emergency procurement orders that would come this year. Secondly, any update you'd like to provide on the large pipeline orders such as QRSAM and Corvette link orders
Manoj Jain, Chairman and Managing Director
EP projects, it may be a bit early... I am expecting immediately minimum most... QRSAM order hopefully before March. It may slip to April-May also... around INR 30,000 crore plus order.
Answered
High priority
Expected order inflow for the year and whether QRSAM will be expedited.
Asked by Amit Dixit, ICICI Securities
Provided specific order inflow guidance and QRSAM timeline.
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Question
what kind of order inflow do you expect this year? ... don't you expect QRSAM model actually to be expedited?
Manoj Jain, Chairman and Managing Director
we are expecting in addition to that we are hopeful to get this year around INR 27,000 crore additional orders. If QRSAM comes in this year, total we will cross INR 50,000 crore plus this year itself.
Partial answer
High priority
BEL's share in Project Kusha (indigenous S-400).
Asked by Amit Dixit, ICICI Securities
Gave conditional numbers but not confirmed share.
conditional on being system integrator
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Question
Project Kusha is being contemplated now... What would be our share in Project Kusha?
Manoj Jain, Chairman and Managing Director
In case we are system integrator then as you have indicated around INR 40,000 crore order will come to BEL... Maybe around INR 20,000 crore as per your estimate will come to us as direct order.
Evasive
Medium priority
Faster execution due to emergency procurement and impact on revenue.
Asked by Nitin Arora, Axis Mutual Fund
Acknowledged faster execution but gave no numbers or revenue outlook.
no quantified revenue impactvague commitment
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Question
is there a chance of faster execution because of the certainty of further disturbances? Any change in outlook in that part on the revenue side?
Manoj Jain, Chairman and Managing Director
we will come out with a plan of executing it definitely more faster than what is expected by our users... we are going to meet or exceed our user experience expectations.
Declined
High priority
Profitability outlook and margin guidance for next year.
Asked by Nitin Arora, Axis Mutual Fund
Refused to comment, deferred to later guidance.
deferred to end of call
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Question
Any comment on the profitability? ... How should one look at next year?
Manoj Jain, Chairman and Managing Director
The revenue and margins guidance will give at the end.
Answered
Medium priority
Working capital deterioration and receivables/inventory outlook.
Asked by Sagar Gandhi, Invesco Mutual Fund
Addressed working capital concerns with specific comparison.
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Question
our working capital seems to have deteriorated significantly both on the receivables, inventory front... how do you see this receivables, inventory changing over the next few quarters?
Manoj Jain, Chairman and Managing Director
receivables and inventory there's not much change as compared to the previous year. Maybe five, six working days... Overall it remains same working capital portion remains good.
Declined
High priority
Quantum and margins of emergency procurement (PICCOP).
Asked by Vatsal Desai, HDFC Mutual Fund
Refused to provide any numbers on EP size or margins.
no number givendeferred
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Question
Could you give quantum of what will be the size of the PICCOP procurement and what will the margins look like for those?
Manoj Jain, Chairman and Managing Director
it may be a bit early... Today I can't give you the quantified figure.
Answered
High priority
Size of order expected from NGC program.
Asked by Atul Tiwari, JPMorgan
Provided a specific range for NGC order size.
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Question
could you shed some color on the size of the order that you could expect from this?
Manoj Jain, Chairman and Managing Director
Overall it will be of the order of INR 6,000-10,000 crore.
Answered
Medium priority
Export quantum in FY25 and traction from recent conflicts.
Asked by Atul Tiwari, JPMorgan
Provided specific export figures and growth target.
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Question
what was the quantum of exports in FY 2025 and are you seeing increased traction in exports because of the performance of your products in the recent conflicts?
Manoj Jain, Chairman and Managing Director
last year I think we achieved $100 million... This year we are planning around $120 million.
Partial answer
High priority
Reason for sudden 4% margin jump and sustainability without emergency.
Asked by Jyoti Gupta, Nirmal Bang
Explained past margin but deferred future outlook.
deferred margin guidanceno sustainability comment
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Question
we have seen a sudden jump by 4% on a year-on-year basis. Any specific reason... could we manage similar margins going forward if there was no such emergency situation?
Manoj Jain, Chairman and Managing Director
The margins increase... it's purely due to the scale of operations... As far as the current year margins are concerned, we'll give the guidance at the end.
Evasive
Medium priority
Timeline for Project Kusha order (FY27/FY28).
Asked by Sumit Bhatnagar, LIC Mutual Fund
Did not give order timeline, redirected to DRDO.
deflected to DRDOno order timeline
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Question
Any timeline when we can expect this order FY27, FY28.
Manoj Jain, Chairman and Managing Director
It is still in R&D phase... prototype will be available in next one, one and a half years... Exact timelines... better that you ask DRDO.
Answered
High priority
Whether INR 27,000 crore guidance excludes emergency procurement.
Asked by Deepak Krishnan, Kotak Institutional Securities
Clarified that 27,000 includes already received orders and excludes QRSAM.
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Question
the INR 27,000 crore guidance the emergency procurement will be above beyond that, right? Whatever we get from that, that is not included in the core.
Manoj Jain, Chairman and Managing Director
We are talking of 27,000 figure as an all-inclusive figure. 3,300 of this has already been received, balance 24,000. Whatever we expect to receive in the current year of course it is excluding QRSAM.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth guidance of 15% for FY26 | 15% | 16.17% | Matches filing |
| EBITDA margin guidance of 27% for FY26 | 27% | 31% | Understated vs filing |
| Revenue growth of 16% achieved in FY25 | 16% | 16.17% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.