Dipen Vakil · PhillipCapital
directWill EBITDA margin sustain at 28-29%?
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.
BEL / Q2-FY26 / claim-ledger
Audit the questions that mattered.
Bharat Electronics · Analyst questions, management answers, and the quality of the response where the ledger is available.
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Questions audited
12
Answered directly
92%
Numeric claims
2
Consistency
mixed
Question ledger
What was answered, and how?
Dipen Vakil · PhillipCapital
directWhat large orders are expected in H2?
We have received already some 11 orders, emergency procurement orders worth around INR 1,350 crore, and around INR 2,000 crore worth of emergency procurement orders are in pipeline... We are confident we will definitely achieve more than INR 27,000 crore order receive in this financial year other than QRSAM.
Dipen Vakil · PhillipCapital
directWhat is the contribution of top contracts to order book?
Top seven orders constitute INR 25,000 crore. Of the 1st October order, around INR 24,000 crore.
Amit Dixit · GS
directStatus and timeline for Project Kusha order?
We are expecting order by December 2029, the first production order for us... prototype development itself will take another one more year for us, and then integration, testing, trials.
Amit Dixit · GS
partialWhat is BEL's share in the INR 79,000 crore AON?
We can expect of the order of INR 10,000 crore worth of items, we may get orders...
Umesh Raut · Nomura
directDoes order inflow guidance include NGC and LCA orders?
Certainly, yes... some of the components orders we are expecting around INR 4,500 crore worth of orders this financial year we are expecting from NGC overall program... For LCA, we are expecting in another 1, 1.5 months, hopefully we will get from HAL this order... around INR 2,500 crore plus minus something.
Umesh Raut · Nomura
directHow will BEL's role differ in AMCA vs LCA?
Our role will be not only supplying this avionics or electronics portion, but system integration, aircraft integration, testing, validation... we wanted to have our value addition increase from our traditional electronic modules to systems level contribution.
Mohit Pandey · Citigroup
directWhat is the execution timeline for QRSAM?
The overall program schedule will be around 5-6 years of total execution time for this program.
Mohit Pandey · Citigroup
partialWhat is BEL's potential from other DAC approvals totaling INR 1.4 lakh crore?
Overall, out of all the three, if we include QRSAM also, it is definitely more than INR 50,000 crore worth of orders we are expecting for BEL.
Mohit Pandey · Citigroup
directWhat is the CapEx plan for Andhra Pradesh facility?
That is the largest investment which we are doing, and we call it DSIC... with the investment of minimum INR 1,400 crore, which we have already committed.
Atul Tiwari · JPMorgan
directAre there any large orders similar to QRSAM/Kusha in the pipeline?
Definitely not INR 30,000 crore or INR 40,000 crore single order... A big large program like Kusha or QRSAM, that type of a program, as of now, is not there in our roadmap.
Atul Tiwari · JPMorgan
directWhat CapEx is needed for AMCA program?
For the next few years, 5-8 years, we are not expecting big CapEx investment... maybe maximum INR 100 crore-INR 200 crore, is what we may have to do investments for jigs, etc.