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Bharat Electronics – Strong Execution


Execution remained strong during the quarter as revenue grew 39% YoY with EBITDA margin at ~29%. Order backlog Rs 71100 crore (3x TTM revenue) remains healthy
Order intake during YTDFY25 stands at Rs 11000 crore but management retains its guidance of Rs 25000 order inflow for FY25E, which implies additional orders worth Rs 14000 crore are expected in the next 2 months
Growth visibility remains strong with robust orders pipeline and improvement in execution led by increasing indigenisation
We maintain BUY with target price of Rs 355
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