BEL

Supported by Strong Order Book and Margins

Bharat Electronics Ltd. (

) is emerging as a key beneficiary of India’s defence indigenisation push. With a rising order backlog, strong execution capacity, and robust balance sheet, BEL is well placed to capture opportunities from upcoming defence programs. The company’s consistent revenue growth, margin strength, and planned investments in R&D and capacity expansion reinforce its long-term growth trajectory. Operational Highlights (Q3FY26) - Revenue: ₹7,100 crore (+24% YoY). - EBITDA: ₹2,120 crore (+28% YoY); margin at 29%. - PAT: ₹1,590 crore (+21% YoY). - Guidance: 15% revenue growth with EBITDA margin of 27–28%. Order Book & Pipeline - Order backlog: ~₹73,000 crore (Q3FY26). - FY26 inflow guidance: ₹27,000 crore (ex‑QRSAM). - QRSAM (~₹30,000 crore) expected by Q1FY27. - Project Kusha (~₹40,000 crore) targeted by FY29. - Strong visibility from large defence programs ensures sustained growth. Strategic Investments - Planned capex: ~₹5,000 crore in FY26; ₹2,400 crore over next 3–4 years. - R&D spend: ₹1,600–1,700 crore in FY26; ~₹2,000 crore in FY27 (6–7% of sales). - Additional ₹100–200 crore earmarked for jigs and module testing over 5–8 years. - Investments aimed at strengthening execution capacity and supporting new technology-intensive projects. Stock Performance & Outlook - BEL stock hit a fresh high of ₹473.25, closing at ₹468.35 (+1.8%). - Outperformed Sensex significantly over the past three years. - Defence sector tailwinds, indigenisation policy, and BEL’s execution strength underpin growth visibility. - With a strong order pipeline, margin resilience, and balance sheet strength, BEL remains a structural play on India’s defence modernisation.