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Revenue
₹5,792 Cr
verified against source
Revenue YoY
15.92%
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 H1 FY26 with revenue of INR 10,180 crore (+15.9% YoY) and PAT of INR 2,255 crore (+20.8% YoY). EBITDA margin expanded to 30.15% (+289 bps YoY), driven by favorable product mix and cost optimization. Order book stood at INR 74,453 crore as of Oct 1, 2025, with management confident of achieving FY26 order inflow guidance of INR 27,000 crore (ex-QRSAM) and INR 57,000 crore including QRSAM. Key near-term catalysts include emergency procurement orders (~INR 2,000 crore in pipeline), QRSAM order (expected by March 2026), and large programs like NGC, LCA avionics, and GBMES. Management reiterated revenue growth of 15%+, EBITDA margin of 27%+, and capex of INR 1,000 crore+ for FY26. Risk: Execution delays in complex programs like QRSAM (FOPM phase takes 12-18 months) could push revenue recognition to FY28.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 15%+ revenue growth for FY26, driven by strong execution of existing order book and expected new orders.
- EBITDA margin guidance of 27%+ for FY26, supported by cost optimization and indigenization efforts.
- Order inflow target of INR 27,000 crore for FY26 excluding QRSAM; including QRSAM, total expected at INR 57,000 crore.
- Capex guidance of INR 1,000 crore+ for FY26, including investment in DSIC facility in Andhra Pradesh (INR 1,400 crore over 3-4 years).
Risks flagged
- QRSAM order expected by March 2026, but FOPM phase will take 12-18 months, pushing meaningful revenue recognition to FY28. Any delays in trials or production could impact future revenue.
- L&T has partnered with General Atomics for the 87 MALE UAV program (INR 30,000 crore). BEL's role is uncertain; management was evasive on whether they will lead or partner, indicating potential competitive pressure.
- Management acknowledged that electronics component availability challenges could cause 5-10% delivery overspill, impacting execution timelines.
- Fourth PRC (pay revision for PSU employees) effective from Jan 2027 could increase employee costs by 10-15%, though management expects volume growth to offset.
Key quotes
- We are confident we will definitely achieve more than INR 27,000 crore order receive in this financial year other than QRSAM.
- EBITDA margins will remain more or less similar, and what guidance we have given, more than 27% EBITDA, we are confident to achieve by the year end.
- We are the main system integrator for this [QRSAM], and BDL is our main strategic partner for missiles.
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