BEL / Q3-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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PositiveQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

79%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Umesh Raut · Nomura India

evasive

Will sales guidance be revised upward given 19% growth in 9M and INR 19,300 crore orders?

So regarding guidance, as we told, we are consistent about our guidance. So whatsoever guidance we gave at the start of the year, we are maintaining that, and we are confident that we will achieve or exceed this guidance.

Umesh Raut · Nomura India

direct

Are NGC orders included in the INR 27,000 crore guidance for FY26?

Yes, this, around INR 3,000-4,000 crore is, included in that, for 25, 26, because we expected this conclusion.

Umesh Raut · Nomura India

direct

Is EBITDA margin guidance of 27% likely to be outperformed given 29% in 9M?

No, as of now, we maintain the EBITDA margin of 27%, what we have guided for the current year. Because it's a composition of products which we sell.

Jyoti Gupta · Nirmal Bang

partial

What is the outlook for margin stability and key drivers for margin expansion?

FY 2026, as we told, we are maintaining the margin of 27%, EBITDA margin of 27% for the current year. As far as the next financial is concerned, we'll be giving our guidance when we meet next time.

Amit Anwani · Prabhudas Lilladher Capital

partial

What large orders beyond QRSAM ensure order intake of INR 30,000-35,000 crore next year?

There are so many projects in pipeline for next financial year other than QRSAM, and we are closely watching that, and definitely it will be more than INR 25,000 crore, which we are seeing minimum other than QRSAM.

Amit Anwani · Prabhudas Lilladher Capital

direct

Why not revise EBITDA margin guidance upward given strong 9M performance?

Product mix has been more favorable up to December, and maybe slightly lesser favorable from this time on. We feel that the EBITDA margin will be maintained around 27%. It will not go below 27.

Amit Dixit · Goldman Sachs

direct

What percentage of COGS is semiconductor chips and are there supply constraints?

Out of the BOM, bill of material, let us say bill of material is 100. So in that 100, around 20%-30% typically will be semiconductor chips, typically.

Harshit Patel · Equirus Securities

direct

Why is Akash NG not in near-term pipeline and what is its timeline and size?

Akash NG, per se, is the next generation Akash, for which trials are already completed. Now, the process of AoN approval will be put up, and that's why we are not that much confident that by next year end we may get. It may spill over to next to next year.

Hardik Rawat · IIFL Capital

direct

What programs constitute the remaining INR 8,000 crore order inflow to meet INR 27,000 crore guidance?

Mainly to LCA order from HAL, we are expecting very soon, anytime, because we have done conclusion of price also. That is our biggest order in this quarter for us. As I told you, NGC and the Shatrughat, these two we are hoping to get by this year itself.

Kavish Parekh · BNK Securities

partial

Can you break down QRSAM project cost and quantify BEL's in-house content?

Missile order itself will be around, roughly around 30% of the total order value. ... remaining orders will be executed by BEL. ... around 70%, as you can say, will be executed by BEL with the other industry partners.

Mohit Pandey · Citi

direct

How does product mix impact margins given most orders are on nomination basis?

Yes, indigenization levels also are different. Some of the products we have IC content of around 50%-60%. In some of the projects, it is 80%. Some of them, even it is touching 90% also. ... So that's why, as told by the director of finance also, our product mix is really big.

Sumit Kishore · Axis Capital

direct

What is the extent of non-linear provision in other expenses for 9M FY26?

Other expenses for the nine months has increased from INR 11.58 to INR 12.80, okay? In that, major reason is provision towards doubtful debts, which is around INR 110 crore is the increase.