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BEL faces lofty valuation test

November 05, 2025

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Mint Kolkata

Bharat Electronics Ltd's (BEL) investors are a happy lot.

- Shubham Dilawari feedback@livemint.com

The shares are up about 40% so far in 2025. Strong Septemberquarter (Q2FY26) results and healthy near-term prospects show it could continue to find support.

Robust execution lifted BEL's Q2 revenue by 26% year-on-year to ₹5,764 crore. While the Ebitda margin contracted nearly 90 basis points to 29.4%, it was still ahead of analysts' expectations. The defence electronics company has maintained its FY26 guidance of 15% revenue growth and a 27% Ebitda margin, after a solid performance in first half of the year that saw 16% revenue growth and a 28.8% margin.

The company's Q2 order book is at ₹74,500 crore, which while flattish yo-y, offers strong visibility as it is three times trailing 12 months' revenue. Order inflows rose a whopping 117% yo-y to ₹5,360 crore.

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