Bharat Electronics Limited (BEL) is a state-owned defence electronics maker of radars, missile systems, communication suites, electronic warfare solutions and naval systems, now expanding into data centers and drone electronics. The Q2 print will speak to whether EBITDA margin, at 25.83% in Q1, bridges back to the guided >28% for FY27, and whether the order inflow guide of more than Rs. 55,000 Cr including QRSAM stays on track after the CCS approval window slipped past September.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,533.06 Cr |
| Previous quarter PAT | Rs. 1,048.33 Cr |
| Previous quarter EBITDA margin | 25.83% |
| Market cap | Rs. 264,613.99 Cr |
| CMP | Rs. 362.0 |
The Board will meet Friday, 30 Oct 2026 to approve unaudited standalone & consolidated results for the quarter ended 30 Sep 2026 under Regulation 29 of SEBI LODR.
At the 72nd AGM on 28 Aug 2026, a final dividend of Rs. 0.55 per share (55%) was declared with an outgo of Rs. 402.04 Cr, taking the total FY26 dividend to Rs. 2.50 per share aggregating Rs. 1,827.44 Cr. The record date was 13 Aug 2026, with book closure 14-16 Aug 2026 and payment within 30 days of declaration.
The quarter tests two guided numbers: the FY27 EBITDA margin of more than 28% after Q1 printed 25.83%, and the order inflow target of more than Rs. 55,000+ Cr including QRSAM, against press-tabulated FY27 year-to-date inflow of about Rs. 7,300-7,400 Cr, down roughly 44% YoY. QRSAM, sized by management at Rs. 40,000+ Cr (minimum Rs. 28,000-29,000 Cr), was still awaiting CCS clearance as of 22 Oct despite the 'maximum by September' window, while the AMCA RFP deadline moved to 30 Oct 2026 with the L&T-BEL-Dynamatic consortium one of three remaining bidders. On costs, management attributed the Q1 margin gap to product mix, 'not due to input cost', but semiconductor shortage conditions intensified through Jul-Sep for an input that is 17-19% of Value of Production and 20-30% of the Bill of Materials, and USD/INR depreciated about 1% over September to roughly 95.8-96.3. Offsets include ERV price-variation clauses in defence orders and the 9 Jul basic customs duty waiver on certain electronic inputs, while the repo rate held flat at 5.25% supports the deposit-linked other-income line. Watch also whether any advance 4th-PRC provisioning, with wage revision effective 01/01/2027 and employee cost guided around 12% of turnover, touches H1 margins.
Revenue and EBITDA margin vs FY27 guidance: FY27 guidance is revenue growth of more than 15% (15-20% per the annual report) and EBITDA margin of more than 28%.
Order inflow, QRSAM and AMCA pipeline
R&D, capex, exports and data centers tracking
Working capital and wage revision provisioning
Indigenization policy and authorized capital use
Standalone PAT margin fell about 299 bps YoY to 18.95% as total expenses rose 30.59% YoY, outpacing revenue growth of 25.27%. CFO Damodar Bhattad said the decline is 'due to product mix variation, not due to input cost'.
Management explained a structured inflow with a significant portion of expected orders for January-March being received in that period. On the order inflow target, management 'anticipates no issues in achieving this target'.
Receivable days improved from 176 as of 31 March to 140 as of 30 June, within the 140-150 day sustainable range management cites. Management reported good cash flows with no significant concerns, and EBITDA-to-operating-cash-flow conversion was 19% in FY26 vs 6.8% in FY25.
Management stated all FY26 guidance parameters were met: revenue growth of 16% vs 15%+ guided, EBITDA margin of 30% vs >27% guided, and order inflow of Rs. 30,045 Cr vs Rs. 27,000 Cr guided. FY26 capex of Rs. 892 Cr came in below the Rs. 1,000 Cr guided figure, as stated.