Bharat Electronics Q1 FY27: Revenue Up 25%, Profit Up 8%

Bharat Electronics Limited reported Q1 FY27 results for the quarter ended 30 June 2026 on 27 July 2026. Q1 FY27 numbers (standalone): Revenue from operations: Rs 5,533.06 crore, up 25.3% YoY from Rs 4,416.83 crore EBITDA margin: 25.83%, down YoY on product mix; cost of materials rose 55% PBT: Rs 1,403 crore, up 8.8%; PAT: Rs 1,048.33 crore, up 8.2%; EPS Rs 1.43 Order book: Rs 72,258 crore as of 1 July 2026, down from Rs 73,882 crore on 1 April Management reaffirmed FY27 guidance of over 15% revenue growth and EBITDA margin above 28%, calling the Q1 margin dip mix-driven. The lean Q1 order inflow was termed structural; the FY27 inflow target above Rs 55,000 crore rests on QRSAM, with CCS approval expected by September 2026. Other expenses fell about 20% on lower liquidated damages provisions. Bharat Electronics [][***** shares trade near Rs 410 in morning trade on 20 August 2026, up 5.4 percent over one year, 13 percent below the 52-week high of Rs 473.45. Trailing P/E near 49. My view: the tension is 25 percent revenue against 8 percent profit. The market at 49x is paying for the QRSAM future, not the current P&L, and the stock has answered with a year of going nowhere. That makes September the event: CCS approval re-prices the inflow story, a slip past it extends the time correction. Margin above 28 percent for the year needs H2 to deliver what Q1 did not. Hold; fresh entry has no edge before either trigger. Levels: Rs 399 to 406 is the August base, Rs 361 the 52-week floor beneath it; Rs 420, the 200-day zone, is the first reclaim, then Rs 473. 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.