Bharat Electronics Limited Earnings Summary — Q1 FY2027
BEL Reports Solid 25% Revenue Growth and Record Order Book in First Quarter
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 45.7% sequentially in Q1 FY2027.
- Revenue of ₹5,547 Cr is 24.9% higher year-on-year.
- Revenue has compounded at -17.6% annualised over the last 10 quarters.
- Net profit of ₹1,054 Cr is 8.7% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -21.1% annualised across the period.
- Operating margin stands at 25.0% in Q1 FY2027.
- Operating margin compressed by 286 bps year-on-year.
- Over the last two years operating margin has expanded by 269 bps.
- PBT margin is 25.2%.
- Expenses grew 29.9% against revenue growth of 24.9%.
- Operating profit of ₹1,388 Cr is 12.1% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 50/100 (Moderate) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 5,547 | 10,224 | 7,154 | 5,792 | 4,440 | 9,150 | 5,771 | 4,605 | 4,244 | 8,564 |
| Expenses | Improving | 4,159 | 7,243 | 5,027 | 4,090 | 3,201 | 6,334 | 4,101 | 3,205 | 3,295 | 6,277 |
| Operating Profit | Volatile | 1,388 | 2,982 | 2,127 | 1,702 | 1,238 | 2,816 | 1,669 | 1,400 | 948 | 2,287 |
| Operating Margin | Stable | 25.0% | 29.2% | 29.7% | 29.4% | 27.9% | 30.8% | 28.9% | 30.4% | 22.3% | 26.7% |
| Other Income | Stable | 170 | 110 | 139 | 154 | 163 | 195 | 186 | 158 | 204 | 225 |
| Interest | Volatile | 1 | 2 | 2 | 2 | 1 | 6 | 1 | 1 | 1 | 4 |
| Depreciation | Improving | 161 | 173 | 135 | 126 | 121 | 138 | 111 | 111 | 108 | 119 |
| Profit Before Tax | Improving | 1,396 | 2,917 | 2,128 | 1,728 | 1,279 | 2,867 | 1,744 | 1,445 | 1,043 | 2,390 |
| Tax | Volatile | 352 | 703 | 558 | 450 | 319 | 746 | 442 | 361 | 262 | 604 |
| Net Profit | Improving | 1,054 | 2,225 | 1,579 | 1,288 | 970 | 2,127 | 1,311 | 1,092 | 791 | 1,797 |
| Net Margin | Stable | 19.0% | 21.8% | 22.1% | 22.2% | 21.9% | 23.3% | 22.7% | 23.7% | 18.6% | 21.0% |
Key Takeaways
- Revenue from operations grew 25.27% YoY to ₹5,533.06 Crore, demonstrating strong execution of the current order book.
- The company's order book position as of July 1, 2026, stands at a robust ₹72,258 Crore, providing long-term revenue visibility.
- Profit After Tax (PAT) increased by 8.17% YoY, though it faced sequential pressure compared to the seasonally strong Q4.
- Standalone Profit Before Tax (PBT) recorded a growth of 8.81% YoY, reaching ₹1,402.83 Crore.
- The Board approved a proposal to increase the Authorised Share Capital from ₹750 Crore to ₹1,000 Crore, subject to shareholder approval.
- Consolidated results show a marginal loss impact from subsidiaries (₹464 Lakhs loss) while associates contributed ₹1,067 Lakhs in profit.
Management Guidance
Management aims to maintain a 15% revenue growth trajectory with operating margins targeting approximately 25% through indigenous content and high-tech system integration.
Sentiment Shift
Stable
The company continues to demonstrate high-quality compounding with top-line growth exceeding its long-term guidance of 15%, despite the inherent quarterly lumpiness of defense contracts.
Outlook
The outlook remains highly favorable due to the massive order book-to-sales ratio and the government's continued 'Make in India' push in defense electronics and diversification into non-defense sectors like cyber security.
From the Annual Report (Key Quotes)
“BEL registers a growth of 25% in Revenue from Operations (YoY).”
“The order book position of the company as on 1st July, 2026 stood at Rs. 72,258 Crore.”
“Considered and approved the proposal for increase in the Authorised Share Capital... to Rs. 10,00,00,00,000.”
Official Quarterly Documents
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This summary is AI-generated from Bharat Electronics Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.