Bharat Electronics Q2 FY27 revenue up 26.49%, PAT up 20%

BEL Bharat Electronics Limited reported Q2 FY27 results on 30 October 2026: revenue up 26.49 percent, profit up about 20 percent. Q2 FY27 (standalone): Revenue from operations: Rs 7,291 crore, up 26.49 percent YoY Profit after tax: up 19.83 percent YoY (Kotak Neo figure) H1 FY27 net profit: Rs 2,589 crore, up 15 percent YoY Why it matters: profit grew more slowly than revenue, so margins came under some pressure. The Rs 909 crore order of 7 November adds to an order book of about Rs 68,717 crore, but it came with no execution schedule or margin detail. BEL [BEL][***** closed at Rs 389.11 on 9 November on StockGro, down 0.79 percent on the day. Up 7.41 percent over one month, down 6.74 percent over one year, about 17 percent below its 52-week high of Rs 466.92. P/E is 44.47 against a sector P/E of 45.25. My view: hold, not a fresh entry. The quarter is good and the order book gives visibility, but the stock already trades at 11.86 times book against a sector P/B of 8.08. Price has not yet caught up with earnings growth. Holders can keep the position. Fresh money should wait for either the Q3 FY27 result (date not yet confirmed) showing margins holding while revenue keeps growing above 20 percent, or a weekly close above the 52-week high of Rs 466.92, which would show the price repricing the growth. The view is invalidated by a close below the 52-week low of Rs 349.75, which would point to a de-rating that the earnings do not explain. What would change my mind: a clear execution schedule for the Rs 909 crore order, or margin recovery in the Q3 print. 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.