BEL Q4 Concall: Strong Order Pipeline & Export Focus

Export & Order Book Update • Export order book stands at $496 million • Management expects exports to rise significantly over the next 2–3 years • Targeting exports to contribute 10% of revenue over the next 4–5 years QRSAM Update • QRSAM project (~₹30,000 Cr) expected to be signed in June/July 2026 • Proposal currently awaiting final CCS approval • First production model expected within 18 months after contract signing FY27 Guidance • Revenue Growth Guidance: ~15% • FY26 revenue growth stood at 16% • EBITDA Margin Guidance: ~28% • FY26 EBITDA margin: 29% • Order Inflow Target: ₹55,000 Cr • FY26 order inflow: ₹30,000 Cr What Stands Out • Strong visibility through large defence orders • Export ambitions improving global growth opportunity • Robust order inflow guidance supports long-term revenue visibility Learning Outcome In defence companies, order inflow and execution timelines are critical indicators of future revenue growth and earnings sustainability.