Execution delays in QRSAM program
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.
BEL / Q2-FY26 / 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
Competition in MALE UAV program
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.
Component obsolescence and supply chain issues
Management acknowledged that electronics component availability challenges could cause 5-10% delivery overspill, impacting execution timelines.
Pay revision impact on costs
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.