Brokerages remain bullish on Bharat Electronics Ltd. after its second quarter results for the financial year 2027, owing majorly to its growth forecast for the rest of the year.
Citi, UBS, Jefferies and Kotak have retained 'buy' and buy equivalent ratings for the stock. Additionally, Kotak has hiked BEL's target price to Rs 420 from Rs 410 earlier, even as it lowered FY27 to FY29 earnings estimates by 1.7% to 2.2%.
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The company's management has re-iterated its FY27 guidance for of more than 15% revenue growth and order inflow target above Rs 25,000 crore, excluding QRSAM Next Generation Corvette electronics opportunity of nearly Rs 20,000 crore. However, QRSAM remains a key catalyst to monitor the brokerages emphasised.
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Citi on Bharat Electronics
- Maintain Buy; TP Rs 515
- Retains FY27 revenue growth guidance of 15%+ and order inflow target above Rs 25,000 crore, excluding QRSAM
- Next Generation Corvette electronics opportunity of nearly Rs 20,000 crore moves closer to order conversion
- QRSAM approval remains the key catalyst; Shatrughat, Samaghat and HAMMER orders strengthen the near-term pipeline
Kotak on Bharat Electronics
- Maintain Add; hike TP to Rs 420
- Retains FY27 revenue growth guidance of 15%+, EBITDA margin above 28% and core order target of Rs 25,000 crore
- QRSAM and AMCA order awards remain key catalysts; timely conversion of defence pipeline critical
- Cuts FY27–29 estimates by 1–2%; strong execution supports outlook despite order timing uncertainty
Jefferies on Bharat Electronics
- Maintain Buy; TP at Rs 490
- Retains FY27 revenue growth guidance of 15%+ and order inflow guidance of Rs 55,000 crore
- Expects Rs 30,000 crore QRSAM order by March 2027; naval electronics and electronic warfare strengthen pipeline
- Missiles and drones offer major long-term opportunities; cuts FY27 EPS estimate by 3%
UBS on Bharat Electronics
- Maintain Buy; TP at Rs 500
- Retains FY27 revenue growth guidance of 15%+, with potential upside from strong execution
- QRSAM orders of nearly Rs 30,000 crore and Next Generation Corvette orders exceeding Rs 20,000 crore are key catalysts
- Expansion into missiles, drones, counter-drone systems and airborne electronics broadens long-term opportunities
BEL Q2FY27 Recap
Bharat Electronics Ltd. (BEL) reported a 19.8% year-on-year increase in consolidated net profit for the September quarter of FY27, beating analyst estimates, as the defence public sector undertaking (PSU) continued to register strong revenue growth.
The company's net profit rose to Rs 1,541 crore in the second quarter, compared with Rs 1,286 crore in the corresponding period last year. The figure was higher than the Bloomberg consensus estimate of Rs 1,345 crore.
Revenue from operations climbed 26.5% year-on-year to Rs 7,291 crore in the July-September quarter, against Rs 5,764 crore a year ago. The revenue figure also surpassed the estimated Rs 6,528 crore.
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