BEL posted a strong set of results beating our revenue, EBITDA and PAT estimates. Revenue in Q2 FY27 grew 26% YoY to Rs 7,300 crore. Gross margin during the quarter contracted to 45.8% vs 51% in Q2 FY26. Absolute EBITDA increased 20% YoY to Rs 2,040 crore, while margin contracted 140 basis points YoY to 28%. PAT increased 20% YoY to Rs 1,540 crore.
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Motilal Oswal Report
Following robust Q2 number posted by Bharat Electronics Ltd., domestic brokerage firm Motilal Oswal has maintained its estimates and expect a revenue/EBITDA/PAT compound annual growth rate of 15%/14%/15% over FY26-29.
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The brokerage has reiterated Buy rating on the defence psu with a revised target price of Rs 540 on a roll forward to 45 times Dec'28 estimates vs Rs 530 earlier. The set target price implies a potential upside of up to 42% from the reports market price.
BEL Q2 Results Highlights
- BEL posted a strong set of results beating our revenue, EBITDA and PAT estimates.
- Revenue in Q2 FY27 grew 26% YoY to Rs 7,300 crore. Gross margin during the quarter contracted to 45.8% vs 51% in Q2 FY26.
- Absolute EBITDA increased 20% YoY to Rs 2,040 crore, while margin contracted 140 basis points YoY to 28%.
- PAT increased 20% YoY to Rs 1,540 crore.
- Order book at the end of Q2 FY27 stood at Rs 68,700 crore, with an order inflow of ~RS 3,800 crore during the quarter.
- Operating cash flow for H1 FY27 stood at Rs 1,470 crore vs an outflow of Rs 880 crore in H1 FY26 and free cash flow for H1 FY27 stood at Rs 940 crore vs a negative FCF of Rs 1,330 crore in H1 FY26.
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