BEML Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,191.61 Cr (+42.01% YoY) and PAT growth of -30.94% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,191.61 Cr (+42.01% YoY) |
| PAT (Q2) | Rs. 33.34 Cr (-30.94% YoY) |
| EBITDA margin | 7.21% (-235 bps YoY) |
| EPS (Q2) | Rs. 4.00 (-30.67% YoY) |
Revenue grew 42.01% YoY to Rs.1,191.61 Cr, meeting management's 'similar or better' growth guidance, but PAT fell 30.94% YoY as the materials ratio deteriorated 385 bps to 60.76% of revenue and the effective tax rate jumped to 30.13%. H1 operating cash flow swung Rs.498.79 Cr to Rs.256.97 Cr, though profits are flattered by a Rs.63.73 Cr actuarial gain. The FY27 ≥13% EBITDA margin target now requires ~Rs.497 Cr of H2 EBITDA versus Rs.89.46 Cr delivered in H1, making it a stretch dependent on Q4-weighted execution and steel pass-through.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Q2 revenue | "revenue direction ahead of the prior-year quarter, with the guided 'similar or better' path plausible but execution-gated" | +42.01% YoY (Rs.1,191.61 Cr) | Played out |
| Margins | "margin pressure building through the quarter; the bridge to the guided ≥13% EBITDA… depends on mix… and on no new one-off provisions" | 7.21% company-basis margin (vs 9.56% year-ago); materials 60.76% of revenue; no new one-off charges | Partially |
| FX recovery | "no meaningful P&L offset should be assumed inside Q2" | None recognized; finance costs +50.15% YoY | Played out |
| New one-off provisions | "any new one-off provisions" watched | Nil exceptional; unforecast Rs.63.73 Cr H1 actuarial gain (credit) instead — direction reversed — a gain, not a charge | Played out |
| Order book vs Rs.21,000 Cr+ / Rs.20,000 Cr inflow | "NHSRCL alone covers a quarter of the inflow target" (per pre-call note, web-sourced) | Not in filing — remains open for the call | Not observable |
| HEMM/mining recovery | "mining pickup from the second quarter itself" | Not in filing (no segment data) — remains open | Not observable |
| Leadership successors | "naming of permanent Director (Finance) and Director (M&C) successors" | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Q2 growth "similar or better" than Q1's 29% | Q1 FY27 earnings call (13-Aug-2026): "I expect a similar or better growth in the second quarter and the quarters thereafter" | Revenue +42.01% YoY | Met |
| FY27 revenue growth "high 20s" (AR: aspirational ≥25%) | Q1 FY27 earnings call / FY26 Annual Report | H1 +36.53% YoY | On Track |
| FY27 EBITDA margin ≥13% (company basis) | Q1 FY27 earnings call: "we will again get back to at least 13% of EBITDA" | Q2 7.21%; H1 4.45% — needs H2 ramp; FY26 had 41% of revenue in Q4 | Stretch |
| FY27 capex >Rs.600 Cr | Q4 FY26 call / FY26 Annual Report | H1 capex Rs.239.57 Cr | On Track |
| "Similar or better growth in Q2" | Q1 FY27 earnings call | +42.01% YoY revenue | Confirmed |
| Mining pickup "from the second quarter itself" | Q1 FY27 earnings call | Not testable — no segment data published (MCA exemption) | Too Early |
| FY26 one-time provisions won't recur ("the three major points… they are one time") | Q3 FY26 earnings call, reiterated Q1 FY27 | No exceptional items and no new provisions booked in Q2 FY27; instead an actuarial credit — no new charge this quarter | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.