BEML Limited (BEML)
₹1,968.50 +1.72% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, BEML's revenue was ₹820 Cr (+29.3% year on year, -54.3% on the previous quarter), and net profit ₹-27.0 Cr (a smaller loss than a year earlier); the operating margin was 0.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹820 | +29.3% | -54.3% |
| Operating profit | ₹2.0 | from loss | -99.3% |
| Net profit | ₹-27.0 | loss narrowed | to loss |
| EPS (₹) | -3.24 | loss narrowed | to loss |
| Operating margin | 0.2% | — | — |
EPS restated for the ₹10 to ₹5 split of Nov 2025: Q1 FY26 ₹-15.40 to ₹-7.70.
BEML delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.77% of the BEML shares traded on NSE were taken to delivery, against the stock's own 20-session average of 35.81%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 36.2% · 35.4% · 39.5% · 45.0% · 35.8%
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
BEML Limited has secured an export and maintenance contract valued at approximately ₹75.58 Crores. The order involves the supply and maintenance of HMV 12x12 and HMV 8x8 heavy-mobility vehicles to the Southeast Asian region. While strategically positive for expanding BEML's defence export presence, the contract represents about 1.7% of its TTM revenue of ₹4,536 Crores. The transaction is conducted in the normal course of business.
- Order value of approximately ₹75.58 Crores
- Scope covers export and maintenance of HMV 12x12 and HMV 8x8 vehicles
- Destination territory specified as the Southeast Asian region
- Represents ~1.7% of BEML's TTM revenue of ₹4,536 Crores
BEML has unveiled India's first indigenously developed 60-ton electric dump truck, the BH60-EV, at its Mysuru facility. The platform features a 1,000 kWh lithium-ion battery pack and a payload capacity of 54,500 kg, promising a 40-60% reduction in operating costs versus conventional diesel equipment. This launch expands on the 35-ton electric dump truck introduced in April 2026. While technically significant for BEML's zero-emission mining portfolio, no commercial order win or revenue commitment was disclosed.
- Unveiled BH60-EV, India's first indigenous 60-ton electric dump truck
- Equipped with a 1,000 kWh high-voltage lithium-ion battery pack and PMSM powertrain
- Delivers 54,500 kg payload capacity with a 36.4 cubic metre rock body
- Designed to achieve 40-60% lower operating costs and cut ~130 tonnes of CO2 emissions annually per vehicle
- Follows earlier launch of a 35-ton electric dump truck on 10 April 2026
BEML Limited has informed the exchanges of the cessation of Brigadier T Srinivasa Rao (Retd), Chief General Manager and SBU Head - Armoured Business, effective from the closing hours of September 30, 2026. The cessation is consequent to his regular superannuation. This is an administrative management transition within BEML's defence segment. The company has not yet named an immediate successor in this filing.
- Cessation of Brigadier T Srinivasa Rao (Retd) as Chief General Manager
- Handled the role of SBU Head - Armoured Business
- Effective from closing hours of September 30, 2026
- Reason for cessation cited as superannuation
BEML Limited informed exchanges that Shri Sanjay Som, Director (Mining & Construction Business), has superannuated and is relieved from his role effective closing hours of September 30, 2026. Shri Rajeev Kumar Gupta, current Director (Rail & Metro Business), will take on additional charge of the Mining & Construction Business starting October 1, 2026. This is a routine succession transition following retirement within the Schedule-A PSU's senior management.
- Cessation of Shri Sanjay Som as Director (Mining & Construction) w.e.f. September 30, 2026, due to superannuation
- Additional charge entrusted to Shri Rajeev Kumar Gupta, Director (Rail & Metro Business), w.e.f. October 1, 2026
- Transition affects oversight of the Mining & Construction segment, a key contributor to BEML's operations
BEML Limited held its 62nd Annual General Meeting on September 29, 2026, through video conferencing. Key ordinary business transacted included approving FY26 financial statements and confirming a final dividend of ₹12.28 per share (246% on face value of ₹5), alongside two previously paid interim dividends of ₹2.50 and ₹2.30 per share. Special business covered the appointments of new directors, including Director (Defence Business) and three Independent Directors. The scrutinizer's report and formal voting results will be submitted separately.
- Final dividend of ₹12.28 per share (246% on ₹5 face value) proposed for approval for FY26
- Confirmation of two interim dividends already paid: ₹2.50 (50%) and ₹2.30 (46%) per share
- Transacted appointments of Shri Sachin Dighde as Director (Defence Business) and three Independent Directors
- Company confirmed that observations by Statutory and Secretarial Auditors had no material adverse impact
BEML Limited has announced the appointment of M/s. Vaithisvaran & Co LLP, Bangalore, as the Statutory Auditor of the company for FY 2026-27. The appointment was made by the Comptroller and Auditor General of India (CAG) in line with standard PSU statutory requirements. BEML received the auditor's consent letter dated September 21, 2026, on September 22, 2026. This is a routine regulatory appointment for the public sector enterprise and entails no material change to operational fundamentals.
- Appointment of M/s. Vaithisvaran & Co LLP as Statutory Auditor for FY 2026-27
- Appointment directed by the Comptroller and Auditor General of India (CAG)
- Auditor consent letter received on 22.09.2026 (dated 21.09.2026)
BEML Limited has secured a landmark contract valued at over ₹5,400 Crores from the National High Speed Rail Corporation Limited (NHSRCL). The scope involves the supply and maintenance of High Speed Rolling Stock and allied works for the Mumbai-Ahmedabad High Speed Rail (MAHSR) Corridor. At over ₹5,400 Cr, this single order represents approximately 119% of BEML's TTM revenue (₹4,536 Cr) and significantly boosts its existing order book of ₹14,610 Cr. This cements BEML's presence in India's premier bullet train infrastructure program.
- Secured contract valued at over ₹5,400 Crores from NHSRCL
- Scope covers supply and maintenance of High Speed Rolling Stock and allied works
- Project pertains to the flagship Mumbai Ahmedabad High Speed Rail (MAHSR) Corridor
- Order size exceeds BEML's entire FY26 revenue of ₹4,350.35 Cr
BEML Limited has fixed September 22, 2026, as the record date for shareholder eligibility for remote e-voting and the payment of a final dividend of ₹12.28 per share (face value ₹5) for FY 2025-26. The 62nd Annual General Meeting is scheduled for September 29, 2026, via video conferencing. Including earlier interim dividends of ₹2.50 and ₹2.30, total dividend payout for FY26 reaches ₹17.08 per share. The AGM agenda also includes approval of director appointments and auditor remunerations.
- Final dividend of ₹12.28 per equity share (246% on ₹5 face value) proposed for approval
- Total FY26 dividend payout totals ₹17.08 per share (including interim dividends of ₹2.50 and ₹2.30)
- Record date set for September 22, 2026, for dividend entitlement and AGM e-voting
- Share transfer books closed from September 23 to September 29, 2026, for the 62nd AGM
BEML has issued the notice for its 62nd Annual General Meeting scheduled for September 29, 2026. The company fixed September 22, 2026, as the record date for e-voting and determining eligibility for a final dividend of ₹12.28 per equity share (246% on face value ₹5). Total dividend for FY26 stands at ₹17.08 per share, including two prior interim dividends of ₹2.50 and ₹2.30.
- Board recommends a final dividend of ₹12.28 per share (246% on ₹5 face value) for FY25-26
- Record date for final dividend and AGM remote e-voting is fixed as September 22, 2026
- Prior interim dividends of ₹2.50 and ₹2.30 confirmed, taking total FY26 dividend to ₹17.08 per share
- 62nd AGM to be held on September 29, 2026 via video conferencing
BEML Limited has secured an additional order valued at approximately Rs 180.60 crore from Integral Coach Factory (ICF). The contract entails the manufacturing and supply of Vande Bharat (Sleeper) trainsets. The order value represents about 4.0% of BEML's TTM revenue of Rs 4,536 crore, providing incremental visibility to its Rail & Metro division.
- Secured an additional order worth about Rs 180.60 crore from Integral Coach Factory
- Scope encompasses manufacturing and supply of Vande Bharat (Sleeper) trainsets
- Order represents ~4.0% of BEML's TTM revenue of Rs 4,536 crore
BEML Limited has informed stock exchanges about the cessation of Shri Shivakumar HG from the role of Executive Director (Officiating) - FPIIC. The cessation took effect from the closing hours of August 31, 2026, on account of his superannuation. This is a routine retirement in accordance with standard corporate and service rules.
- Shri Shivakumar HG superannuated from his post as ED (Offg.) - FPIIC on August 31, 2026
- Cessation is effective from the closing hours of August 31, 2026
- Filing submitted pursuant to Regulation 30 of SEBI Listing Regulations
BEML Limited has informed the stock exchanges regarding the cessation of Shri Shivakumar HG, Executive Director (Officiating) - FPIIC, effective from the closing hours of August 31, 2026. The cessation is a routine development resulting from his scheduled superannuation. As a standard personnel retirement, this event has no material impact on the company's financial operations or order execution.
- Cessation of Shri Shivakumar HG, ED (Offg.) - FPIIC, effective from the closing hours of August 31, 2026.
- The change in management is consequent to standard superannuation (retirement).
- Filing submitted pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
BEML Limited has announced the appointment of three Non-Official Independent Directors to its Board of Directors under SEBI listing regulations. Shri Shankar Lal Agrawal and Shri Karunakaran Nambiar K. have been appointed effective August 18, 2026, while Smt. Promila Kundara has been appointed effective August 21, 2026. The appointees bring backgrounds spanning legal practice, public administration, and social welfare. None of the newly appointed directors hold inter-se relationships with existing board members or are debarred by SEBI.
- Appointment of 3 Independent Directors: Shri Shankar Lal Agrawal, Shri Karunakaran Nambiar K., and Smt. Promila Kundara
- Shri Shankar Lal Agrawal and Shri Karunakaran Nambiar K. appointed with effect from August 18, 2026
- Smt. Promila Kundara appointed with effect from August 21, 2026
- Shri Karunakaran Nambiar brings over 34 years of legal practice experience
BEML Limited has submitted the transcript link for its investor earnings call hosted by Elara Capital on August 13, 2026. This is a procedural compliance submission under Regulation 30 of SEBI (LODR) Regulations, 2015. The letter provides a direct URL to the complete transcript hosted on the company's website, with no fresh financial results or material corporate actions disclosed directly in the text.
- Investor earnings call transcript published for the session held on August 13, 2026.
- The concall was organized and hosted by M/s. Elara Capital.
- Disclosure submitted pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
BEML Limited announced that pursuant to Articles 95 and 97(1) & (2) of its Articles of Association, the President of India has appointed three Independent Directors (Non-Official Directors) to its Board. The appointees are Smt. Promila Kundara, Shri Shankar Lal Agrawal, and Shri Karunakaran Nambiar K. The company noted that required SEBI LODR disclosures, including Director Identification Numbers (DIN), will be communicated upon receipt.
- 3 Independent Directors appointed to BEML Board by the President of India
- Appointees are Smt. Promila Kundara, Shri Shankar Lal Agrawal, and Shri Karunakaran Nambiar K
- Appointment communicated via letter dated 18.08.2026
- Detailed disclosures under SEBI LODR Regulation Schedule III to follow upon receipt of DIN
Financial Performance
Revenue Growth by Segment
Mining & Construction (M&C) revenue contribution increased from 42% in FY24 to 54% in FY25. Defence & Aerospace (D&A) grew from 19% in FY24 to 27% in FY25. Rail & Metro (R&M) saw a significant decline from 39% in FY24 to 19% in FY25. For H1 FY26, D&A is projected at 40% and M&C at 43% of revenue.
Geographic Revenue Split
The company exports to over 72 countries, though the majority of revenue is domestic. Specific percentage split between domestic and international revenue is not disclosed in available documents.
Profitability Margins
Operating margins have shown a steady upward trend, rising from 4.13% in FY21 to 10.22% in FY24 and reaching 10.60% in FY25. PAT for FY24 was INR 281.77 Cr, a 78.4% increase from INR 157.89 Cr in FY23.
EBITDA Margin
PBILDT margin was 10.60% in FY25, up from 10.47% in FY24 and 8.36% in FY23. This represents a 214 bps improvement over two years, driven by a shift toward higher-margin Mining & Construction products.
Capital Expenditure
BEML has planned a capital expenditure of approximately INR 900 Cr over the next two years (FY26-FY27), to be funded entirely through internal accruals.
Credit Rating & Borrowing
Long-term bank facilities are rated CARE AA-; Stable (upgraded from CARE A+ in August 2024). Short-term facilities are rated CARE A1+. Interest coverage ratio improved to 6.61x in FY25 from 5.97x in FY23.
Operational Drivers
Raw Materials
Raw materials and components (including steel and specialized electronics for metro/defence) account for approximately 53% of the total cost of sales as of FY25.
Import Sources
The company imports raw materials for various products to meet specialized technical requirements; however, specific countries of origin are not disclosed in available documents.
Key Suppliers
Not specifically named in the documents, though the company is transitioning to a 'system integrator' model by outsourcing manufacturing to Indian private sector vendors.
Capacity Expansion
Current capacity is not disclosed in units; however, the company is investing INR 900 Cr to enhance capacity and is utilizing outsourcing to complement its industrial base without making capital investments where private facilities already exist.
Raw Material Costs
Raw material costs stood at 53% of revenue in FY25, consistent with 53% in FY24 and down slightly from 55% in FY23. Procurement is managed through a transparent process with a focus on indigenization.
Manufacturing Efficiency
Efficiency is driven by in-house R&D, which accounts for 75% of the company's business. PBILDT margins improved from 3% in FY22 to 10.6% in FY25 due to better product mix and operational efficiency.
Logistics & Distribution
Distribution is handled through a nationwide network of sales offices and temporary activity centers at customer locations to ensure ready access and support.
Strategic Growth
Expected Growth Rate
23%
Growth Strategy
Growth is targeted through a robust order book of INR 14,610 Cr (3.7x FY25 revenue). Strategy includes a shift toward high-margin M&C equipment, indigenization via 'Make in India', and expansion into zero-emission technology like hydrogen fuel-cell mobility and electric heavy vehicles (205T Electric Drive Rear Dump).
Products & Services
Metro cars, rail coaches, 205T electric drive rear dumps, mining equipment, heavy-duty defence vehicles, spare parts, and maintenance services (AMC/MARC).
Brand Portfolio
BEML (formerly Bharat Earth Movers Limited).
New Products/Services
India’s first 205T electric drive Rear Dump and Hydrogen fuel-cell mobility solutions for heavy equipment (launched June 2025).
Market Expansion
Expanding export footprint beyond the current 72 countries and increasing presence in the domestic metro rail segment (e.g., INR 3,177 Cr BMRC order).
Market Share & Ranking
BEML is a 'Schedule-A' PSU and a dominant player in the Indian mining and rail coach sectors; specific market share percentages are not disclosed.
Strategic Alliances
Collaborations for hydrogen fuel-cell mobility (June 2025) and technology transfers for indigenization of metro and defence products.
External Factors
Industry Trends
The industry is shifting toward 'Make in India' indigenization and green mobility. BEML is positioning itself with electric and hydrogen-powered heavy machinery to align with zero-emission trends.
Competitive Landscape
75% of business is won through competitive bidding against private and international players.
Competitive Moat
Moat is based on a 60-year track record, high entry barriers in defence/metro manufacturing, and a massive order book of INR 14,610 Cr providing 3 years of revenue visibility.
Macro Economic Sensitivity
Highly sensitive to Government of India (GoI) capital expenditure in infrastructure, mining, and defence sectors.
Consumer Behavior
Shift in government procurement toward sustainable and indigenized technology (Electric/Hydrogen).
Geopolitical Risks
Exposure to 72+ export markets creates sensitivity to international trade relations and global mining demand.
Regulatory & Governance
Industry Regulations
Subject to Ministry of Defence regulations, DPE corporate governance norms (rated 'Excellent'), and 'Make in India' indigenization requirements.
Environmental Compliance
BEML won the WCDM Disaster Risk Reduction Award 2025. It maintains 98% green energy usage and focuses on carbon mitigation (24,512 tons in FY24).
Taxation Policy Impact
Not specifically disclosed; however, the company follows standard Indian corporate tax norms for PSUs.
Legal Contingencies
The company maintains compliance with DPE norms; specific values for pending litigation in INR Cr are not disclosed in the documents.
Risk Analysis
Key Uncertainties
Strategic disinvestment of 26% by GoI and the subsequent transfer of management control is a key monitorable uncertainty.
Geographic Concentration Risk
While exporting to 72 countries, the company remains heavily dependent on Indian Government contracts (Defence, Coal India, Metro).
Third Party Dependencies
Increasing reliance on Indian private sector vendors as the company moves toward a 'system integrator' model.
Technology Obsolescence Risk
Mitigated by R&D spending (2.56% of revenue) and 105 IPR registrations (69 patents, 16 designs).
Credit & Counterparty Risk
Receivable days are high at 146 days, primarily due to the PSU/Government client base, though collection times are reportedly improving.
