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Bharat Electronics Limited Q2 FY26 earnings call summary

NSE: BEL · BSE: 500049

Earnings call of 31 Oct 2025, summarised by AI from the filing.

BEL H1 FY26 revenue ₹10,180 cr (+15.92%), PAT ₹2,255 cr (+20.77%), EBITDA margin 30.15%; FY26 guidance 15% plus revenue growth, 27% EBITDA margin, order inflow ₹27,000 cr excluding QRSAM.

Key takeaways

  1. Guidance FY26 revenue growth 15% plus, EBITDA margin 27%, order inflow ₹27,000 cr excluding QRSAM, ₹57,000 cr including QRSAM.
  2. QRSAM QRSAM order expected before March 2026; execution timeline 5-6 years.
  3. Risk 5-10% of deliveries may overspill by a few months due to component availability and obsolescence.

Original filing on BSE

Bharat Electronics Limited Q1 FY27 results

As filed: Revenue ₹5,547 cr (+25% year on year), EBITDA ₹1,388 cr (+12% year on year), PAT ₹1,055 cr (+9% year on year), EBITDA margin 25.0% (−285 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹10,224 cr (+12% year on year), EBITDA ₹2,982 cr (+6% year on year), PAT ₹2,226 cr (+5% year on year), EBITDA margin 29.2% (−161 bps). Score 24 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 161 bps year on year. Profit rose ₹99.3 cr on a year ago, against ₹330 cr the year before. Share price after the results: +1.3% in 30 days (Nifty 500: +3.0%).
  • Q3 FY26: Revenue ₹7,154 cr (+24% year on year), EBITDA ₹2,127 cr (+27% year on year), PAT ₹1,580 cr (+20% year on year), EBITDA margin 29.7% (+80 bps). Score 65 of 100, Above trend. Revenue growth was above the company's own trend; EBITDA and profit growth were below it. EBITDA margin rose 80 bps year on year. Profit rose ₹268 cr on a year ago, against ₹452 cr the year before. Share price after the results: +3.6% in 30 days (Nifty 500: +0.4%).
  • Q2 FY26: Revenue ₹5,792 cr (+26% year on year), EBITDA ₹1,702 cr (+22% year on year), PAT ₹1,287 cr (+18% year on year), EBITDA margin 29.4% (−99 bps). Score 61 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 99 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Revenue rose ₹1,187 cr on a year ago, more than the ₹596 cr it added the year before. Share price after the results: +0.5% in 28 days (Nifty 500: +0.4%).
  • Q1 FY26: Revenue ₹4,440 cr (+5% year on year), EBITDA ₹1,238 cr (+31% year on year), PAT ₹969 cr (+23% year on year), EBITDA margin 27.9% (+555 bps). Score 43 of 100, In line with trend. Revenue and EBITDA growth were below the company's own trend; profit growth was well below it. EBITDA margin rose 555 bps year on year. Revenue fell 51% from last quarter. Profit rose ₹178 cr on a year ago, against ₹252 cr the year before. Share price after the results: −5.9% in 29 days (Nifty 500: −1.3%).
  • Q4 FY25: Revenue ₹9,150 cr (+7% year on year), EBITDA ₹2,816 cr (+23% year on year), PAT ₹2,127 cr (+18% year on year), EBITDA margin 30.8% (+406 bps). Score 43 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin rose 406 bps year on year. Profit rose ₹330 cr on a year ago, against ₹415 cr the year before. Share price after the results: +10.1% in 30 days (Nifty 500: +0.3%).
  • Q3 FY25: Revenue ₹5,771 cr (+39% year on year), EBITDA ₹1,670 cr (+56% year on year), PAT ₹1,312 cr (+53% year on year), EBITDA margin 28.9% (+316 bps). Score 83 of 100, Above trend. Revenue, EBITDA and profit growth were well above the company's own trend. EBITDA margin rose 316 bps year on year.
  • Q2 FY25: Revenue ₹4,605 cr (+15% year on year), EBITDA ₹1,399 cr (+38% year on year), PAT ₹1,093 cr (+38% year on year), EBITDA margin 30.4% (+509 bps). Score 77 of 100, Above trend. EBITDA margin rose 509 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

Bharat Electronics Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.