Sharekhan's research report on Bharat Electronics
Q4FY25 was a stellar quarter, beating estimates on all fronts. Revenues grew 7% y-o-y to Rs. 9,150 crore with margins rising 407 bps y-o-y. Consequently, PAT surged 18% y-o-y to Rs. 2127 crore. Current order book stands at Rs. 71,650 crore, at 2.5x FY25 sales. BEL boasts a promising order inflow pipeline and expects an order inflow of Rs 27,000 crore (ex QRSAM orders) in FY26. Management is confident of receiving QRSAM order in FY26 but may slip to Q1FY27.
Outlook
Hence, we retain a Buy rating with a revised PT of Rs. 430. At CMP, the stock trades at 42x/36x its FY2026/FY2027 earnings estimates.
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