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Prabhudas Capital's research report on Bharat Electronics

We revised our FY26/FY27E EPS estimates by +2.6%/+1.1% factoring in strong execution pace and robust order pipeline. Bharat Electronics (BEL) reported a strong quarterly performance with revenue rising by 25.8% YoY led by strong execution with EBITDA margin contracted by 88bps to 29.4% due to decline in gross margin. BEL continues to enhance its system integration capabilities, moving up the value chain by participating in key defense programs like AMCA (in consortium with L&T) and Project Kusha (with DRDO), both offering significant long-term growth potential. The company expects a Rs 100bn+ opportu

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