BEL / Q4-FY25 / 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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PositiveQ4-FY25 · 2025-05-15Back to quarter ↗

Questions audited

Answered directly

54%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Mohit Pandey · Research desk

partial

Quantum of emergency procurement orders and update on QRSAM and Corvette orders.

EP projects, it may be a bit early... I am expecting immediately minimum most... QRSAM order hopefully before March. It may slip to April-May also... around INR 30,000 crore plus order.

Amit Dixit · ICICI Securities

direct

Expected order inflow for the year and whether QRSAM will be expedited.

we are expecting in addition to that we are hopeful to get this year around INR 27,000 crore additional orders. If QRSAM comes in this year, total we will cross INR 50,000 crore plus this year itself.

Amit Dixit · ICICI Securities

partial

BEL's share in Project Kusha (indigenous S-400).

In case we are system integrator then as you have indicated around INR 40,000 crore order will come to BEL... Maybe around INR 20,000 crore as per your estimate will come to us as direct order.

Nitin Arora · Axis Mutual Fund

evasive

Faster execution due to emergency procurement and impact on revenue.

we will come out with a plan of executing it definitely more faster than what is expected by our users... we are going to meet or exceed our user experience expectations.

Nitin Arora · Axis Mutual Fund

declined

Profitability outlook and margin guidance for next year.

The revenue and margins guidance will give at the end.

Sagar Gandhi · Invesco Mutual Fund

direct

Working capital deterioration and receivables/inventory outlook.

receivables and inventory there's not much change as compared to the previous year. Maybe five, six working days... Overall it remains same working capital portion remains good.

Vatsal Desai · HDFC Mutual Fund

declined

Quantum and margins of emergency procurement (PICCOP).

it may be a bit early... Today I can't give you the quantified figure.

Atul Tiwari · JPMorgan

direct

Size of order expected from NGC program.

Overall it will be of the order of INR 6,000-10,000 crore.

Atul Tiwari · JPMorgan

direct

Export quantum in FY25 and traction from recent conflicts.

last year I think we achieved $100 million... This year we are planning around $120 million.

Jyoti Gupta · Nirmal Bang

partial

Reason for sudden 4% margin jump and sustainability without emergency.

The margins increase... it's purely due to the scale of operations... As far as the current year margins are concerned, we'll give the guidance at the end.

Sumit Bhatnagar · LIC Mutual Fund

evasive

Timeline for Project Kusha order (FY27/FY28).

It is still in R&D phase... prototype will be available in next one, one and a half years... Exact timelines... better that you ask DRDO.

Deepak Krishnan · Kotak Institutional Securities

direct

Whether INR 27,000 crore guidance excludes emergency procurement.

We are talking of 27,000 figure as an all-inclusive figure. 3,300 of this has already been received, balance 24,000. Whatever we expect to receive in the current year of course it is excluding QRSAM.