BEL: QRSAM Approval Due This Month, Order Book at Rs 74,000

Bharat Electronics Limited shares have drifted from Rs 410 at the 20 August post to Rs 404 today. No change in fundamentals; the only new fact is timing. QRSAM update as of 8 September 2026: CCS approval still pending; BEL CMD at the Q1 concall: "maximum by September we will get, I am sticking to that" BEL management at a Kotak meet: order expected "at the next CCS meeting within weeks" BEL allocated 75 hectares at Chitrakoot UP for QRSAM manufacturing in April 2026, investment over Rs 562 crore Order wins since 20 August: Rs 730 crore across radar, avionics, communication and cyber security Current order book: Rs 72,258 crore at Q1 close; post-Q1 wins bring it to near Rs 74,000 crore. QRSAM approval would add roughly Rs 30,000 crore, taking the book above Rs 1 lakh crore for the first time. Bharat Electronics [][***** shares closed near Rs 404 on 7 September 2026, down 1.5 percent on the day, 5.3 percent over the month, up 8.5 percent in a year. 52-week range Rs 368.50 to Rs 473.45. Trailing P/E near 48. My view is unchanged from 20 August: the tension is 25 percent revenue against 8 percent profit. What is new is September is the last month in management's own stated window. If CCS clears QRSAM this month, the stock re-rates on order book expansion; if September passes without it, the market reprices the timeline and the Rs 399 to 406 base becomes the test. Hold; fresh entry waits for either the trigger or a deeper correction. Levels: Rs 399 to 406 the August and September base; Rs 361 the 52-week floor; Rs 420 the 200-day zone; Rs 473 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.