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Revenue
₹4,605 Cr
verified against source
Revenue YoY
15.83%
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 a strong Q2 FY25 with revenue of ₹8,530 crore (+15.8% YoY) and PAT of ₹1,867 crore (+39% YoY). EBITDA margin expanded to 27.26% (+460bps YoY), driven by favorable product mix. Order book stood at ₹74,595 crore as of October 1, 2024. Management maintained revenue growth guidance of 15% for FY25 and order inflow target of ₹25,000 crore, citing large expected orders like Ashwini Radar (₹2,500 crore) and Akash (₹2,000 crore). Non-defense order book is ₹8,475 crore. Key risk: potential delays in large order conversions could impact future revenue visibility.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated revenue growth guidance of 15% for FY25, with H1 revenue of ₹8,530 crore implying ~₹14,500 crore in H2.
- Management confident of achieving ₹25,000 crore order inflow, with major orders expected in H2 including Ashwini Radar (₹2,500 crore), Akash (₹2,000 crore), and others.
- Management maintained EBITDA margin guidance of 23%-25% for FY25, despite H1 margin of 27.26% due to product mix.
- Management guided CapEx of ₹800 crore for FY25, with new facilities in Hyderabad and Nagpur expected to become operational in FY26-27.
Risks flagged
- Ashwini Radar order has been delayed for several quarters; management now expects it within 3 months. Any further delay could impact order inflow target.
- 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.
- BEL lost AEW&C integration order to Adani; increasing competition in system integration could pressure margins and market share.
- While major items are streamlined, small subsystems from Israel still face challenges, potentially affecting deliveries to other DPSUs.
Key quotes
- We are confident of achieving the target, guidance given of INR 25,000 crores for 2024-2025.
- For next five years, we are bubbling with the leads and order books and other things. We are not having any issue for next five years.
- We are confident next year will be definitely much more than what target we had set ourselves for this year.
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