Any current/future capex/capital investment/strategic investment?

**FY26 Capex:** Around INR900 crores capital expenditure booked last year. **FY27 Capex Guidance:** Targeting more than INR1,200 crores as capital investment for this year (20%+ growth over previous year). **Next 3 Years:** Large capex projects planned at Palasamudram, Chitrakoot, Vellore, Ghaziabad, and Bangalore facilities to upgrade and diversify product capabilities. **Strategic Investments:** Around INR100-200 crores invested or in approval stages for advanced computing infrastructure supporting new technologies like AI, quantum computing, and drone electronics. **Capacity Expansion:** Co

Future growth expectations in sales/revenue/volumes?

Bharat Electronics Limited (BEL) expects revenue growth of more than 15% for the financial year 2026-27. The company is confident of maintaining a double-digit growth rate for the next 5 to 10 years. Order inflow for the year is expected to exceed INR 55,000 crores, including major projects like QRSAM. BEL anticipates continuous investment in R&D (targeted around INR 2,200 crores) and capital expenditure (more than INR 1,200 crores) to support growth. Non-defense business contribution is aimed to increase steadily from the current 8-10% to 15-20% over time. Export business, currently 4-5%, is

Future growth expectations in earnings/operating earnings/profits/EPS?

BEL expects revenue growth of more than 15% for FY27, maintaining double-digit growth over the next 5-10 years. EBITDA margins are projected to be above 28% for FY27. Profit before tax increased by 14% in FY26; profit after tax grew similarly, indicating strong earnings momentum. Earnings per share increased to INR 8.27 in FY26 from INR 7.23 in FY25, showing consistent EPS growth. Long-term growth supported by robust order inflows exceeding INR55,000 crores in the coming year, including large projects like QRSAM. Indigenization and technology investments are key drivers for margin expansion an

Current/ Expected Orderbook/ Pending Orders?

Current order book is around INR 74,000 crores. Major ongoing projects include: - Electronic fuses (~INR 4,300 crores; execution over next 7 years) - LRSAM (~INR 3,500 crores) - LCA Mark 1/Mark 1A LRUs for Tejas (~INR 3,200 crores) - BMP-II upgrade (~INR 2,800 crores; 2 years left) - Ashwini radar (~INR 2,460 crores) - EW Suite for Mi-17 V5 (~INR 2,200 crores) - Spare services and miscellaneous (~INR 2,500 crores) Most orders to be executed within 1 to 3 years, with some extending up to 7 years. Expected order inflow for FY27 is over INR 55,000 crores, including the QRSAM order e

Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or future plans for fundraising through debt or equity in the provided transcript. The focus seems to be on internal capital allocation from strong cash flows, with discussions on capital expenditure (capex) and R&D investments. Capex guidance for FY27 is more than INR1,200 crores, with prior year capex around INR900 crores, indicating funding through internal accruals. The company plans to sustain double-digit revenue growth through strategic investments, acquisitions, and technology expansion, but specific fundraising methods are managed internally

IN US

Bharat Electronics LtdQ1 FY27Aerospace & Defense

Bharat Electronics Ltd Q1 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹399P/E: 46.3Market Cap: ₹2.8L CrSector: Aerospace & Defense

Management growth scorecard

Revenue

N/A

Margin

N/A

Fundraise

N/A

Order

N/A

Capex

N/A

0 of 0 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

→Bharat Electronics Limited (BEL) expects revenue growth of more than 15% for the financial year 2026-27.
→The company is confident of maintaining a double-digit growth rate for the next 5 to 10 years.
→Order inflow for the year is expected to exceed INR 55,000 crores, including major projects like QRSAM.
→BEL anticipates continuous investment in R&D (targeted around INR 2,200 crores) and capital expenditure (more than INR 1,200 crores) to support growth.
→Non-defense business contribution is aimed to increase steadily from the current 8-10% to 15-20% over time.
→Export business, currently 4-5%, is expected to rise to above 10% in 4-5 years.
→Large-ticket orders, including QRSAM, NGC subsystems, P-75I, and HAMMER programs, are expected to boost future growth.
→The company plans capacity augmentation and infrastructure upgrades to support expanding operations.

Margin guidance

→BEL expects revenue growth of more than 15% for FY27, maintaining double-digit growth over the next 5-10 years.
→EBITDA margins are projected to be above 28% for FY27.
→Profit before tax increased by 14% in FY26; profit after tax grew similarly, indicating strong earnings momentum.
→Earnings per share increased to INR 8.27 in FY26 from INR 7.23 in FY25, showing consistent EPS growth.
→Long-term growth supported by robust order inflows exceeding INR55,000 crores in the coming year, including large projects like QRSAM.
→Indigenization and technology investments are key drivers for margin expansion and sustained profitability.
→Management is confident of a higher growth trajectory for at least the next 5 years with no anticipated downtrend.

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Fundraise plans

→There is no explicit mention of any current or future plans for fundraising through debt or equity in the provided transcript.
→The focus seems to be on internal capital allocation from strong cash flows, with discussions on capital expenditure (capex) and R&D investments.
→Capex guidance for FY27 is more than INR1,200 crores, with prior year capex around INR900 crores, indicating funding through internal accruals.
→The company plans to sustain double-digit revenue growth through strategic investments, acquisitions, and technology expansion, but specific fundraising methods are managed internally.
→The operating cash flow and cash position are described as reasonably healthy to sustain expansion plans, implying limited immediate need for external funding.
→Any detailed capital allocation or funding plans are internally discussed and not publicly disclosed at this stage.

Order book

→Current order book is around INR 74,000 crores.
→Major ongoing projects include:
→ - Electronic fuses (~INR 4,300 crores; execution over next 7 years)
→ - LRSAM (~INR 3,500 crores)
→ - LCA Mark 1/Mark 1A LRUs for Tejas (~INR 3,200 crores)
→ - BMP-II upgrade (~INR 2,800 crores; 2 years left)
→ - Ashwini radar (~INR 2,460 crores)
→ - EW Suite for Mi-17 V5 (~INR 2,200 crores)
→ - Spare services and miscellaneous (~INR 2,500 crores)
→Most orders to be executed within 1 to 3 years, with some extending up to 7 years.
→Expected order inflow for FY27 is over INR 55,000 crores, including the QRSAM order expected soon.
→Upcoming big-ticket orders include QRSAM, Next Generation Corvette (NGC) subsystems, Shatrughat and Samghat EW solutions, and P-75I submarine components.
→Export order book stands at approximately USD 96 million, with execution planned over 2-3 years.

Capex plans

→**FY26 Capex:** Around INR900 crores capital expenditure booked last year.
→**FY27 Capex Guidance:** Targeting more than INR1,200 crores as capital investment for this year (20%+ growth over previous year).
→**Next 3 Years:** Large capex projects planned at Palasamudram, Chitrakoot, Vellore, Ghaziabad, and Bangalore facilities to upgrade and diversify product capabilities.
→**Strategic Investments:** Around INR100-200 crores invested or in approval stages for advanced computing infrastructure supporting new technologies like AI, quantum computing, and drone electronics.
→**Capacity Expansion:** Continuous capacity augmentation planned to support double-digit growth over next 5-10 years; no major bottlenecks anticipated.
→**R&D Investment:** Targeted INR2,200 crores investment in R&D for the ongoing year to support technology advancement and new business areas.

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