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Order Spillover Risk
View Risks →Bharat Electronics Limited — Q3 FY26
Bharat Electronics delivered a strong Q3 FY26 with 19% YoY revenue growth to ₹17,332 crore (9M) and 21% PAT growth to ₹3,845 crore.
bullish
high
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Bharat Electronics delivered a strong Q3 FY26 with 19% YoY revenue growth to ₹17,332 crore (9M) and 21% PAT growth to ₹3,845 crore. EBITDA margin expanded to 30% (up 200bps YoY), driven by favorable product mix and indigenization. Order book stands at ₹73,450 crore, with inflows of ₹19,300 crore YTD. Management maintained FY26 guidance of 15%+ revenue growth, 27% EBITDA margin, and ₹27,000 crore order inflow, expressing confidence in exceeding targets. Key near-term catalysts include the QRSAM order (₹25,000-30,000 crore, expected by Q4 or H1 FY27) and NGC orders (₹3,000-5,000 crore in Q4). Risks include potential spillover of large orders and margin dilution from system integrator roles in mega programs.
भारत इलेक्ट्रॉनिक्स ने तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई पिछले साल से 19% बढ़कर 17,332 करोड़ रुपये (9 महीने) हो गई। मुनाफा 21% बढ़कर 3,845 करोड़ रुपये रहा। कंपनी की कमाई पर खर्च का अनुपात (EBITDA मार्जिन) 30% रहा, जो पिछले साल से 2% ज्यादा है। यह बेहतर उत्पाद मिश्रण और देश में ही चीजें बनाने से हुआ। कंपनी के पास 73,450 करोड़ रुपये के ऑर्डर हैं। प्रबंधन को उम्मीद है कि इस साल कमाई 15% से ज्यादा बढ़ेगी और 27,000 करोड़ रुपये के नए ऑर्डर मिलेंगे। आने वाले समय में QRSAM (25,000-30,000 करोड़) और NGC (3,000-5,000 करोड़) जैसे बड़े ऑर्डर मिल सकते हैं। हालांकि, बड़े ऑर्डरों में देरी या मुनाफा कम होने का जोखिम भी है।
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Order Book
₹73,450 Cr
+19,300 Cr YTD
Order book as of Jan 28, 2026; includes ₹19,300 Cr inflows YTD.
Order Inflow Guidance
₹27,000 Cr
Target for FY26
Management confident of crossing ₹27,000 Cr order inflow for FY26.
R&D Spend
₹1,700+ Cr
+20% YoY
R&D expenditure target for FY26, with 20%+ YoY growth planned.
QRSAM Order Size
₹25,000-30,000 Cr
Expected in Q4 FY26 or H1 FY27
Large order for Quick Reaction Surface-to-Air Missile system.
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Guidance and risk preview
Management maintains guidance of over 15% revenue growth for FY26, confident of achieving or exceeding it.
Large orders like QRSAM and NGC may spill over to FY27, impacting FY26 order inflow guidance.
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