- Bharat Electronics reported Q3 net profit of Rs 1,590 crore, up 20.8% YoY
- Revenue rose 23.7% to Rs 7,122 crore in Q3 compared to last year
- EBITDA increased 28.1% to Rs 2,118 crore with margin at 29.7%
Jefferies and Macquarie have both offered a bullish outlook on Bharat Electronics Ltd. after the company reported its third-quarter earnings for the financial year ending March 2026, with both brokerage firms notably hiking their target price on the counter.
The firms noted that BEL's Q3 earnings were robust and were largely driven by execution strength and expanded margins. This comes after BEL reported a net profit of Rs 1,590 crore for the December quarter, which accounts for a 20.8% year-on-year increase over the Rs 1,316 crore bottom line posted in Q3FY25. Meanwhile, the revenue for the company jumped from Rs 5,756 to Rs 7,122 crore, accounting for a growth of 23.7%.
Operational margin for the quarter stood at 29.7%, improving from 28.7% in the year-ago period. Earnings Before Interest, Taxes, Depreciation, and Amortisation (Ebitda) rose 28% to Rs 2,118 crore.
Bharat Electronics Q3 Highlights (YoY)
- Revenue up 23.7% at Rs 7,122 crore versus Rs 5,756 crore
- EBITDA up 28.1% at Rs 2,118 crore versus Rs 1,653 crore
- EBITDA margin at 29.7% versus 28.7%
- Net profit up 20.8% at Rs 1,590 crore versus Rs 1,316 crore
In its latest note, Jefferies maintained a 'buy' call on BEL while raising the target price from Rs 510 to 560, citing a strong order flow visibility while noting the management's confidence in achieving a revenue growth of more than 15% for FY26.
Macquarie, meanwhile, maintained an 'outperform' rating, raising the target price from Rs 480 to Rs 490. The firm attributed the margin surprise to a favourable mix and lower provisions.
"Good show continues; order prospects bright," said Macquarie, noting that BEL's pipeline, which includes several large-value contracts alongside multiple mid-sized orders, positions the company to cross its fiscal 2026 guidance with ease.
ALSO READ: Bharat Electronics Q3 Result: Profit, Revenue See Double-Digit Growth
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