Bharat Electronics Limited (BEL)
₹362.00 -0.69% last close, 23 Oct
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Bharat Electronics Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Bharat Electronics' revenue was ₹5,547 Cr (+25.6% year on year, -45.7% on the previous quarter), and net profit ₹1,055 Cr (+8.8% year on year); the operating margin was 25.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,547 | +25.6% | -45.7% |
| Operating profit | ₹1,388 | +12.0% | -53.4% |
| Net profit | ₹1,055 | +8.8% | -52.6% |
| EPS (₹) | 1.44 | +8.3% | -52.6% |
| Operating margin | 25.0% | — | — |
BEL delivery percentage and open interest
NSE end-of-day data for
On Fri, 23 Oct 2026, 50.08% of the BEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.79%. That is lower than usual for this stock. In BEL futures, open interest fell 30.53% while the futures price fell 1.87%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 59.2% · 50.5% · 57.7% · 41.8% · 50.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Navratna defence PSU Bharat Electronics Limited (BEL) has secured additional orders worth Rs 1,011 crore since its previous disclosure on October 13, 2026. The major orders cover Improved Low Level Light weight Radar, communication equipment, sonar, jammers, upgrades, spares, and services. The order intake represents approximately 3.5% of BEL's TTM revenue of Rs 28,689 crore, adding to an already strong order book. This incremental accretion supports revenue visibility for upcoming quarters.
- Received additional orders totaling Rs 1,011 crore since October 13, 2026
- Scope includes Improved Low Level Light weight Radar, communication equipment, and sonar
- Also covers electronic warfare jammers, upgrades, spares, and related services
- Order value equals approximately 3.5% of BEL's TTM revenue (Rs 28,689 crore)
Bharat Electronics Limited (BEL) has announced securing additional orders worth Rs 533 Crore since its last disclosure on 17th September 2026. The new contracts encompass communication equipment, avionics, cyber security solutions, drones, jammers, software solutions, upgrades, spares, and services. Relative to BEL's TTM revenue of Rs 28,689 Crore, this order inflow represents ~1.86%, making it an incremental replenishment to its substantial order book. While financially modest in isolation, it reflects sustained order-flow momentum from defence and related clients.
- Received additional orders worth Rs 533 Crore
- Orders accumulated since the prior disclosure on 17th September 2026
- Scope covers communication equipment, avionics, cyber security solutions, drones, and jammers
- Includes orders for software solutions, system upgrades, spares, and services
Bharat Electronics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, on October 8, 2026. It confirms that securities received for dematerialization during the quarter were duly processed, accepted or rejected, and listed on the stock exchanges. This is a recurring administrative filing with no financial or operational impact.
- Compliance submission under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ended September 30, 2026
- Confirmation certificate issued by RTA Integrated Registry Management Services on October 8, 2026
- Document submitted to stock exchanges on October 12, 2026
Bharat Electronics Limited (BEL) has secured additional orders worth Rs 648 Crore since its last disclosure on August 26, 2026. The contract covers laser-based IR jammers, communication equipment, cyber security solutions, thermal imagers, transducers, AI-based software solutions, TR modules, upgrades, spares, and services. Relative to BEL's TTM revenue of Rs 28,643 Crore, this order inflow represents approximately 2.26%, reflecting an incremental addition to its robust existing order book.
- Received additional orders worth Rs 648 Crore since August 26, 2026
- Represents ~2.26% of BEL's TTM revenue of Rs 28,643 Crore
- Covers defence products including laser-based IR jammers, thermal imagers, and AI software solutions
Bharat Electronics Limited (BEL) announced that the Comptroller and Auditor General of India (C&AG) has appointed M/s Rao & Emmar, Chartered Accountants, as the Statutory Auditors of the company for FY 2026-27. The appointment is dated September 8, 2026, and the formal appointment letter was received by BEL on September 11, 2026. The auditing firm is a 49-year-old entity operating with 25 partners across 18 locations. This is a standard statutory procedure mandatory for Public Sector Undertakings (PSUs) and does not impact operations or financial guidance.
- C&AG appointed M/s Rao & Emmar, Chartered Accountants, as Statutory Auditors for FY 2026-27
- Appointment dated 08.09.2026, with the appointment letter received by BEL on 11.09.2026
- Appointed audit firm has 49 years of experience with 25 partners and offices at 18 locations
- Standard annual statutory compliance for PSUs under SEBI Listing Regulations
Bharat Electronics Limited has notified the stock exchanges that its final dividend of Rs 0.55 (55%) per equity share of face value Rs 1/- each will be paid on 09.09.2026. The dividend was previously approved by shareholders at the 72nd Annual General Meeting held on 28.08.2026. This administrative update confirms the exact payout date for eligible shareholders following AGM approval.
- Final dividend of Rs 0.55 per equity share (55% on face value of Rs 1/-)
- Payment scheduled for 09.09.2026
- Formally approved at the 72nd Annual General Meeting on 28.08.2026
Bharat Electronics Limited (BEL) conducted its 72nd Annual General Meeting on August 28, 2026, with all ordinary and special resolutions approved by members. Shareholders confirmed the interim dividend of ₹1.95 (195%) per share and approved a final dividend of ₹0.55 (55%) per share for FY 2025-26. The meeting also approved an increase in authorized share capital, alteration of the capital clause in the Memorandum of Association, and the appointment of two Directors.
- Declared final dividend of ₹0.55 (55%) per equity share of ₹1 face value for FY26
- Confirmed interim dividend payment of ₹1.95 (195%) per share, bringing total FY26 dividend to ₹2.50 per share
- Approved increase in Authorised Share Capital and corresponding alteration in the MoA Capital Clause
- Ratified appointment of Mr. Ambrish Tripathi and Mr. Anoop Kumar Rai as Directors
Bharat Electronics Limited (BEL) concluded its 72nd Annual General Meeting on August 28, 2026. Shareholders approved all agenda items, including the adoption of FY26 financial statements and a final dividend of ₹0.55 per share (55%), bringing total FY26 dividend to ₹2.50 per share (including interim dividend of ₹1.95). Resolutions to increase the company's authorised share capital, alter the Memorandum of Association, and appoint directors were also cleared. Management noted that board vacancy for Independent Directors remains pending approval from the Government of India.
- Declared final dividend of ₹0.55 (55%) per ₹1 face value share; confirmed ₹1.95 (195%) interim dividend for FY26.
- Approved increase in Authorised Share Capital and corresponding alteration in the Capital Clause of the MOA.
- Appointed Mr. Ambrish Tripathi and Mr. Anoop Kumar Rai as Directors; reappointed Mr. Rajnish Sharma.
- Secretarial audit observation noted on shortfall of Independent Directors due to pending Government/ACC approvals.
Bharat Electronics Limited (BEL) has secured additional orders totaling Rs 730 Crore since its previous disclosure on August 10, 2026. The incoming orders span radar, avionics, communication equipment, cyber security, electronic voting machines (EVM), and tank subsystems. While representing ~2.55% of BEL's TTM revenue of Rs 28,643 Crore, these wins reflect steady order inflow across diverse verticals.
- Secured cumulative orders worth Rs 730 Crore since August 10, 2026
- Order scope spans radar, avionics, communication systems, cyber security, EVMs, and tank subsystems
- Order value represents ~2.55% of TTM revenue of Rs 28,643 Crore
- Addition builds on the company's existing large order book base of over Rs 71,100 Crore
Bharat Electronics Limited has issued an addendum to the notice for its 72nd Annual General Meeting scheduled for August 28, 2026. The update introduces resolutions for the appointment of Mr. Ambrish Tripathi and Mr. Anoop Kumar Rai as Directors under Special Business (Item Nos. 7 and 8). This follows notices received from members under Section 160 of the Companies Act, 2013. Remote e-voting for shareholders is scheduled from August 24, 2026, to August 27, 2026.
- Addendum adds Item Nos. 7 and 8 to the 72nd AGM agenda for director appointments
- Candidatures proposed for Mr. Ambrish Tripathi (DIN: 11888363) and Mr. Anoop Kumar Rai (DIN: 11888162)
- Remote e-voting open from August 24, 2026 (9:00 AM IST) to August 27, 2026 (5:00 PM IST)
- 72nd AGM scheduled to take place virtually on August 28, 2026 at 10:00 AM IST
Bharat Electronics Limited (BEL) announced the appointment of Shri Partha Pratim Pathak as an Additional Director (Independent Director) with effect from August 18, 2026. The appointment was initiated pursuant to a Ministry of Defence letter dated August 17, 2026, and approved via circular resolution by the Board of Directors. His tenure is set for a period of three (03) years from the date of appointment, or until further orders. This is a routine board-level appointment to fulfill corporate governance and regulatory requirements.
- Appointment of Shri Partha Pratim Pathak (DIN: 02692935) effective August 18, 2026
- Appointed for a tenure of 3 years following Ministry of Defence letter dated August 17, 2026
- No relationship with existing directors and no disqualification under Section 164 of Companies Act, 2013
Bharat Electronics Limited (BEL) has appointed Shri Ambrish Tripathi as Director (HR) and Shri Anoop Kumar Rai as Director (Marketing) following Ministry of Defence orders. Shri Tripathi, previously GM of the Kotdwar unit, is credited with taking that unit's turnover to Rs 1,000 Cr. Shri Rai brings 33 years of experience in niche technologies, including AI-driven warfare and strategic integration projects like S-400 and MRSAM. These appointments fill critical board-level functional roles as the company manages a massive Rs 71,100 Cr order book.
- Shri Ambrish Tripathi appointed as Director (HR) with a tenure until his superannuation on December 31, 2028
- Shri Anoop Kumar Rai appointed as Director (Marketing) with a tenure until his superannuation on September 30, 2028
- Shri Tripathi previously led the Kotdwar unit to achieve a milestone turnover of Rs 1,000 Cr
- Shri Rai has 33 years of experience and led the development of 'Saksham', an AI-powered drone warfare system
- Appointments are effective from August 13, 2026, following circular resolutions by the Board
Bharat Electronics Limited (BEL) has secured new orders worth Rs 541 crore since its last disclosure on July 31, 2026. The contracts encompass a variety of defense electronics including communication equipment, electro-optics, ammunition fuzes, and Chemical Biological Radiological and Nuclear (CBRN) systems. While the win is positive, it represents a small fraction (~1.96%) of the company's TTM revenue of Rs 27,526 crore. This inflow contributes to BEL's substantial order book, which stood at approximately Rs 71,100 crore as per recent filings.
- Secured additional orders totaling Rs 541 crore since July 31, 2026
- Order scope includes communication equipment, electro-optics, and CBRN systems
- Order value represents approximately 1.96% of TTM revenue (Rs 27,526 crore)
- Cumulative order book remains robust at over Rs 71,100 crore
- Includes provision for spares and services alongside primary equipment
Bharat Electronics Limited (BEL) has announced the book closure dates for its 72nd Annual General Meeting (AGM) and the final dividend for FY 2025-26. The register of members will remain closed from August 14 to August 16, 2026. Shareholders holding shares as of the record date, August 13, 2026, will be eligible for the dividend payment. The dividend, once approved at the AGM, will be disbursed within 30 days of declaration.
- Record date for final dividend eligibility is fixed as August 13, 2026
- Book closure period scheduled from August 14 to August 16, 2026
- Dividend payment to be completed within 30 days from the date of AGM declaration
- Company reported a TTM PAT of ₹6,071 Cr for FY26, providing a strong base for payouts
Bharat Electronics Limited (BEL) has scheduled its 72nd Annual General Meeting (AGM) and announced the book closure dates for the final dividend of FY 2025-26. The register of members and share transfer books will remain closed from August 14, 2026, to August 16, 2026. Shareholders appearing on the register as of the record date, August 13, 2026, will be eligible for the dividend. The payment will be processed within 30 days of the AGM declaration.
- 72nd Annual General Meeting (AGM) scheduled for the financial year 2025-26
- Book closure period set from August 14, 2026, to August 16, 2026
- Record date for final dividend eligibility is August 13, 2026
- Dividend payment to be completed within 30 days of declaration at the AGM
Financial Performance
Revenue Growth by Segment
In FY 2024-25, BEL achieved a total turnover of INR 23,024 Cr, representing a 16.17% YoY growth. The Defence segment remains the primary driver, contributing 94% (approx. INR 21,642 Cr) of total revenue, while the Non-defence segment contributed 6% (approx. INR 1,381 Cr). This reflects a shift from FY 2023-24 where the split was 81% defence and 17% civil/exports.
Geographic Revenue Split
Domestic operations account for approximately 94% of revenue. Export sales reached 106.17 Million USD in FY 2024-25, with products gaining acceptance in markets including France, USA, Spain, Israel, China, Mauritius, Sri Lanka, ASEAN, UK, and Sweden.
Profitability Margins
Operating profit margins improved to 24.9% in FY2024 from 23.0% in FY2023. For H1 FY2025-26, Profit After Tax (PAT) grew by 20.77% YoY to INR 2,255 Cr, while Profit Before Tax (PBT) increased by 21.5% to INR 3,023 Cr.
EBITDA Margin
EBITDA margin for H1 FY2025-26 stood at 30.15%, a significant increase from 27.26% in the same period of the previous year. The company has provided a full-year EBITDA margin guidance of 27%.
Capital Expenditure
BEL has committed to a capital expenditure of more than INR 1,000 Cr for FY2025-26 to support capacity expansion and modernization of its 9 manufacturing units.
Credit Rating & Borrowing
BEL maintains a 'Stable' credit rating from ICRA with nil borrowings. The company enjoys high financial flexibility and a superior liquidity profile, with a cash and bank balance exceeding INR 8,000 Cr as of September 30, 2024.
Operational Drivers
Raw Materials
Electronic components, sub-assemblies, and specialized hardware for defence electronics. Specific percentage breakdown per material is not disclosed, but input costs are a critical factor as defence contracts are generally fixed-price.
Import Sources
Sourced globally to meet large defence offset requirements of foreign suppliers; specific countries include friendly nations for co-development, though domestic indigenisation is the primary focus.
Capacity Expansion
BEL operates 9 manufacturing units across India. Expansion is focused on emerging sectors like air defence systems and electronic warfare, supported by an annual capex of >INR 1,000 Cr.
Raw Material Costs
Operating profit margins are vulnerable to input cost fluctuations due to the fixed-price nature of most defence contracts. The company manages this through indigenisation (7-9% of revenue spent on R&D) to reduce reliance on expensive imports.
Manufacturing Efficiency
Manufacturing efficiency is driven by a large pool of trained manpower and consistent R&D investment (6-9% of revenue) which enables the development of latest-generation indigenous products.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through a robust order book of INR 71,100 Cr (3.5x book-to-bill ratio), expansion into non-defence sectors (targeting 10% share), and increasing the export footprint by opening overseas offices in 5-6 countries including Sri Lanka, Myanmar, Oman, and Vietnam.
Products & Services
Radar and Fire Control Systems, Communication Equipment, Electronic Warfare Systems, Quick Reaction Surface-to-Air Missiles (QRSAM), and Air Defence Systems.
Brand Portfolio
Bharat Electronics Limited (BEL), Navratna DPSU.
New Products/Services
Focus on latest generation indigenous products developed through R&D; QRSAM orders are expected to contribute significantly, with a potential order inflow of INR 30,000 Cr (part of a total INR 57,000 Cr target).
Market Expansion
Targeting higher defence equipment exports to friendly countries and establishing local presence in 5-6 international locations to capture global offset requirements.
Market Share & Ranking
BEL is the dominant lead player in the Indian defence electronics segment with a 'Navratna' status and a significant portion of orders received on a nomination basis.
Strategic Alliances
Collaborations with foreign suppliers to meet defence offset requirements and JVs for technological development under the 'Atmanirbhar Bharat' initiative.
External Factors
Industry Trends
The industry is shifting toward 100% indigenisation and increased private sector participation. BEL is positioning itself by leveraging its established track record and massive manufacturing base to remain the preferred partner for the GOI.
Competitive Landscape
While competition from the private sector is intensifying due to government reforms, BEL's 'nomination' status for major projects and large-scale infrastructure provide a significant advantage.
Competitive Moat
The moat is sustained by high entry barriers in defence electronics, strategic importance to national security, and a consistent 6-9% revenue reinvestment in R&D which prevents technological obsolescence.
Macro Economic Sensitivity
Highly sensitive to Government of India (GOI) defence spending and fiscal policies related to the 'Atmanirbhar Bharat' (Self-Reliant India) initiative.
Consumer Behavior
Not applicable as the primary consumer is the Government/State.
Geopolitical Risks
Geopolitical tensions drive increased demand for indigenous defence systems but may also impact the supply of critical imported electronic sub-components.
Regulatory & Governance
Industry Regulations
Operations are governed by the Ministry of Defence procurement policies and 'Atmanirbhar Bharat' reforms which mandate increasing levels of domestic content.
Environmental Compliance
BEL is investing in renewable energy (meeting >50% of needs) and managing risks related to process safety and occupational health to comply with environmental laws.
Taxation Policy Impact
Standard corporate tax rates apply; fiscal policy favors indigenous manufacturers through the 'Positive Indigenisation Lists'.
Risk Analysis
Key Uncertainties
Vulnerability to delays in project execution or final payment clearances from the government sector, which can impact cash flows and increase receivable days.
Geographic Concentration Risk
High concentration in India (approx. 94% of revenue).
Third Party Dependencies
Dependence on foreign OEMs for certain high-end electronic components and offset obligations.
Technology Obsolescence Risk
Mitigated by a 3-layer R&D structure and continuous investment in next-generation electronic warfare and radar technologies.
Credit & Counterparty Risk
Counterparty risk is low as the primary customer is the Government of India, though payment cycles can be elongated, resulting in high receivable days.
