Sharekhan's research report on Bharat Electronics
Q1FY26 was a moderate quarter with a revenue growth of just 5%, but margins surprised, rising by 555 bps. Revenue growth was impacted by geopolitical tensions. Current order book is at Rs. 74,859 crore, at 3.1x FY25 sales. BEL boasts a promising order inflow pipeline and expects an order inflow of Rs 60,000 crore, including QRSAM orders in FY26. The management is confident of receiving QRSAM order by Q4FY26.
Outlook
Hence, we retain a Buy rating with PT of Rs. 445. At CMP, the stock trades at 46x/40x its FY2026/FY2027 earnings estimates.
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