reported a subdued performance for the July–September quarter (Q2 FY26), prompting mixed reactions from brokerages. While Prabhudas Lilladher (PL) maintained a 'Hold' rating, citing execution delays and near-term constraints, Elara Capital reiterated its 'Buy' stance, highlighting the company's strong order pipeline and margin resilience.

According to PL, BEML's Q2 FY26 revenue declined 2.4 per cent year-on-year (YoY) to Rs 840 crore, with EBITDA margin steady at 8.7 per cent. The brokerage attributed the weak performance to a slower execution pace and supply chain challenges. Advertisement

It revised its FY27/FY28 earnings estimates downward by 7.6 per cent and 4.7 per cent, respectively. Despite these headwinds, PL noted that the company maintained a robust order book of Rs 16,340 cro

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