Bharat Electronics / Q3-FY25

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Positive2025-01-31Back to BEL

Revenue

₹5,771 Cr

verified against source

Revenue YoY

23.41%

reported change

EBITDA

Pending

latest reported figure

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Actual signal trajectory

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Revenue (₹ Cr)PositiveWatchNegative
7 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY25: 4,244 · Positive source sentiment · 2024-08-14Q1 FY25Q2 FY25: 4,605 · Positive source sentiment · 2024-11-15Q2 FY25Q3 FY25: 5,771 · Positive source sentiment · 2025-01-31Q3 FY25Q4 FY25: 9,150 · Positive source sentiment · 2025-05-15Q4 FY25Q1 FY26: 4,417 · Positive source sentiment · 2025-07-31Q1 FY26Q2 FY26: 5,792 · Positive source sentiment · 2025-11-15Q2 FY26Q3 FY26: 7,154 · Positive source sentiment · 2026-02-10Q3 FY269,1504,244
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Bharat Electronics reported a strong Q3 FY25 with revenue of INR 14,174 crore for 9M FY25, up 23.41% YoY, and PAT of INR 3,183 crore, up 42.34% YoY. EBITDA margin expanded to 28.07% (vs 23.67% last year), driven by execution of high-margin programs like LRSAM and Akash Prime. Management maintained FY25 guidance of >15% revenue growth and 23-25% EBITDA margin, confident of achieving INR 25,000 crore order inflows in Q4. Key large orders expected in FY26 include QRSAM (INR 25,000-30,000 crore) and MRSAM/MF-STAR for NGC (INR 14,000-15,000 crore). Risk: delays in order finalization could impact FY26 order book growth.

Colored figures show movement against the previous available record.

Guidance to track

  • Management reaffirmed guidance of revenue growth exceeding 15% for FY25, confident based on 9M performance.
  • EBITDA margin guidance maintained at 23-25%, with potential to touch 25% based on Q3 performance.
  • Management confident of achieving order inflow target of ₹25,000 crore for FY25, with several large orders in final stages.
  • QRSAM program (₹25,000-30,000 crore) expected to be awarded before March 2026, with 90% confidence.

Risks flagged

  • Large orders like QRSAM and MRSAM may slip beyond FY26, impacting order book growth and revenue visibility.
  • Eighth pay commission due from January 2027 could increase employee costs, though management expects minimal impact on cost-to-turnover ratio.
  • Emerging competition from startups and MSMEs in smaller anti-drone systems could erode market share.
  • A provision of ~₹600 crore was made for liquidated damages due to supply delays, indicating execution risks.

Key quotes

  • We are confident to achieve this INR 25,000 order inflow by the end of this financial year.
  • We are more than 90% sure as of today to get that deal in next financial year itself.
  • We are the leader in a complex high-end, high-energy, hard-kill and soft-kill-based solution which was originally designed by DRDO.

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