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Revenue
₹4,417 Cr
verified against source
Revenue YoY
5.19%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
BEL reported Q1 FY26 revenue of INR 4,417 crore (+5.19% YoY), missing internal double-digit targets due to ~INR 200 crore revenue deferral from Israel-Iran supply chain disruptions. PAT grew 24.87% to INR 969 crore, while EBITDA margin expanded to 29.86% (+704bps YoY) driven by favorable product mix and indigenization. Order book stood at INR 74,859 crore as of July 1, with additional INR 2,600 crore received post-quarter. Management maintained FY26 guidance: revenue growth >15%, EBITDA margin >27%, order inflow INR 27,000+ crore (ex-QRSAM), and exports $120+ million. Key near-term catalysts include QRSAM order (expected Q4), emergency procurement orders, and LCA Mark 1A follow-on. Risk: supply chain disruptions from geopolitical tensions could delay execution.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated revenue growth guidance of more than 15% for FY26, despite Q1 shortfall due to supply chain issues.
- Management maintained EBITDA margin guidance of more than 27% for the full year, with Q1 margin at 29.86%.
- Order inflow target of INR 27,000+ crore for FY26, excluding QRSAM; if QRSAM comes in Q4, total could exceed INR 30,000 crore.
- Capital expenditure guidance of INR 1,000+ crore for FY26, driven by expansion and new test equipment.
Risks flagged
- Q1 revenue was impacted by ~INR 200 crore due to Israel-Iran conflict affecting component supplies; similar disruptions could recur.
- Approximately 90% of order book is nomination-based; any shift to competitive bidding could pressure margins and win rates.
- QRSAM order expected in Q4 but may slip to next year; delays in RFP issuance could impact order inflow guidance.
- Eighth Pay Commission and PSU pay revision could increase employee costs from FY2028, though management expects growth to offset.
Key quotes
- We are confident to get this order by February, March, as of now also. It may not slip to Q1 of next year. We are confident we may get in the Q4 of this year itself, QRSAM, because the progress looks really good for us, and DFC Approval already has come.
- We are actually internally aiming for 17.5%+ growth. 16% is not at all a challenge.
- We are confident we can give these cutting-edge technological solutions related to modern warfare without any support from foreign countries.
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