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BEL reported Q1FY27 revenue of ₹5,547 crore, up 25.0% YoY

ICICIdirect Research 28 Jul 2026 DISCLAIMER

News: BEL reported Q1FY27 revenue of ₹5,547 crore, up 25.0% YoY (-45.7% QoQ), driven by healthy execution across key defence electronics programmes. EBITDA stood at ₹1,388 crore (+12.1% YoY, -53.4% QoQ) with EBITDA margin at 25.0% (-286 bps YoY, -413 bps QoQ), impacted by an adverse product mix. PAT increased 8.8% YoY (-52.6% QoQ) to ₹1,055 crore.

View: BEL has reiterated its FY27 guidance of 15%+ revenue growth and 28%+ EBITDA margin, as execution and margins fluctuations expected to normalise over the remaining quarters. The company remains well positioned for sustained growth, supported by a diversified order backlog of ₹72,258 crore (2.6x FY26 revenue) spanning LRSAM, LCA Mk1/Mk1A LRUs, BMP-2 upgrades, Ashwini Radars, Electronic Fuses and EW systems. Management has also maintained its FY27 order inflow guidance of ₹55,000+ crore, led by the ~₹30,000 crore QRSAM programme and expected orders under Shatrughat & Samaghat, HAMMER, Shakti Phase-IV and at least one of the NGC/P-75I programmes, supporting strong execution and long-term revenue visibility.

Impact: Positive

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