Bharat Electronics delivered robust revenue growth of 26% YoY in Q2 FY26, driven by strong execution across key programs such as LRSAM, Himshakti, Akash Army, and LCA avionics. As a result, net profit rose 18% YoY, coming in ahead of expectations.
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Geojit Report
Bharat Electronics Ltd. continues to deliver above expectations on revenue, margins, and execution front, reinforcing our positive view.
A robust order backlog, strong inflow momentum (Rs 12,539 crore till Oct), and visibility on large programs (Quick Reaction Surface To Air Missile, Next-Generation Corvette, Light Combat Aircraft avionics, Ground Based Mobile Electronics Intelligence System underpin multi-year growth.
Upcoming opportunities in Advanced Medium Combat Aircraft and Unmanned Aerial Vehicle platforms, along with export expansion (target 10% of turnover in three years), strengthen long-term prospects.
We value BEL at 48x FY27E earnings per share and maintain a Buy rating with a target price of Rs 504.
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