Sharekhan's research report on Bharat Electronic
BEL has achieved ~30% of its ~Rs. 20,000 crore annual order inflow guidance in Q1FY24, and the future order pipeline is quite robust. BEL may exceed the guidance if large orders of QRSAM or MRSAM come in. BEL would be spending Rs. 700-800 crore in strengthening its capabilities to efficiently execute its order backlog of Rs. 60,690 crore and bid for upcoming projects. The company has guided for revenue growth of ~17% in FY2024 and expects OPM to be 21-23% for FY24.
Outlook
BEL has a promising order inflow pipeline and a healthy cash balance of Rs. 8,000 crore. We build in Revenue/PAT CAGR of ~16% each over FY23-FY25E. BEL currently trades at ~22xFY25E EPS. We retain a Buy on BEL with a revised PT of Rs. 142.
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