BEL Q3 FY26 Call: Revenue Up 19% to ₹17,302 Cr, PAT Grows 21% to ₹3,845 Cr; Order Book Strong
BEL reported Q3 FY26 revenue of ₹17,302 Cr (up 19% YoY) and PAT of ₹3,845 Cr (up 21% YoY). The order book stands at ₹73,450 Cr. The company maintained its FY26 guidance and expects ₹3,000-5,000 Cr from NGC orders by March end. EBITDA margin guidance remains at 27%.
The announcement provides a detailed financial update for a significant quarter, including revenue growth, profit figures, order book status, and future guidance, which are material for investors.
The company reported strong year-on-year growth in revenue and profit, along with a healthy order book and maintained guidance, indicating a positive financial performance and outlook.
Bharat Electronics Limited (BEL) hosted a conference call on January 28, 2026, to discuss their financial results for the quarter ended December 31, 2025 (Q3 FY26). The company reported a significant 19% year-on-year growth in revenue from operations, reaching ₹17,302 crore for the nine-month period ending Q3 FY26, compared to ₹14,538 crore in the same period last year. Profit Before Tax (PBT) increased by 22% to ₹5,171 crore, and Profit After Tax (PAT) grew by 21% to ₹3,845 crore.
The EBITDA margin improved to 30% up to Q3 FY26 from 28% in the previous year, and Earnings Per Share (EPS) rose to ₹5.26 from ₹4.36. The company's order book stood at ₹73,015 crore as of January 1, 2026, and further increased to ₹73,450 crore by January 28, 2026. Orders acquired till January 1, 2026, were ₹18,100 crore, and by January 28, 2026, this figure rose to ₹19,300 crore.
BEL maintained its guidance for FY26, expecting to achieve or exceed the initially projected growth. Regarding the NGC order, the company anticipates securing ₹3,000 to ₹5,000 crore before March end, with the remainder expected in Q1 and Q2 of the next financial year. The company also confirmed that ₹3,000 to ₹4,000 crore of the NGC order is included in the FY26 guidance.
On the margin front, BEL maintained its EBITDA margin guidance of 27% for the current financial year, despite a favorable product mix in Q3 contributing to higher margins. The management indicated that while manpower expenses are expected to remain stable as a percentage of turnover, drivers for margin expansion include increased indigenization and value addition. The company is also actively managing supply chain constraints, targeting 95% on-time delivery for the current year and 100% for the next.
Key projects discussed for execution include LRSAM, Himshakti, Battlefield Surveillance, Lynx Fire Control Solution, Akash Army, LCA LRUs, and Shakti EW system. For Q4 FY26, planned executions include LRSAM, Akash Army, HimShakti, Arudhra MPR, D29 EW system, BMP-2 upgrade, and LCA LRUs, expected to contribute ₹4,000 to ₹5,000 crore.
The company is also exploring new markets and opportunities, including potential exports to Europe and expanding its non-defense business in sectors like railways, metro, and aviation. BEL aims to increase its export turnover to 5% in the near future and 10% long-term, while targeting over 10% for its non-defense segment. Discussions also touched upon the QRSAM project, Akash-NG, Shatrughat, Samaghat electronic warfare systems, and the semiconductor chip situation, with BEL confident in its ability to mitigate potential supply chain disruptions.
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Bharat Electronics Limited filed this with the NSE as a statutory disclosure, categorised under concall scheduled. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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