Delay in large order conversions
Ashwini Radar order has been delayed for several quarters; management now expects it within 3 months. Any further delay could impact order inflow target.
BEL / Q2-FY25 / risks
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Bharat Electronics · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Negative operating cash flow due to inventory buildup
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.
Competition from private players in defense
BEL lost AEW&C integration order to Adani; increasing competition in system integration could pressure margins and market share.
Supply chain disruptions from Israel
While major items are streamlined, small subsystems from Israel still face challenges, potentially affecting deliveries to other DPSUs.