BEML · Capital Goods
BEML Ltd. reported revenue of ₹820 cr for April to June 2026, +29.3% on the year and −54.3% on the quarter. That is faster than this quarter has grown in recent years (+4.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹4,536 cr, +12.7% on the four before.
Operating profit (EBITDA) was ₹2.0 cr, a margin of 0.2%, +797 bps on the year and −1,492 bps on the quarter. Over the last 8 quarters the margin has ranged from −7.7% to 25.5%, averaging 7.2%.
The net loss was ₹27.0 cr, with earnings per share of −₹3.24. Profit over the last four quarters totals ₹179 cr, −40.1% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹21.43 over the last four quarters, the stock at ₹1,969.70 trades at 91.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Execution rate | 819.62% | 839.09% |
| Unbilled revenue (₹ cr) | — | 601.88 |
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,047 cr | ₹1,514 cr | ₹634 cr | ₹860 cr | ₹876 cr | ₹1,653 cr | ₹634 cr | ₹839 cr | ₹1,083 cr | ₹1,794 cr | ₹820 cr | ₹1,192 cr |
| YoY | — | — | +10% | −6% | −16% | +9% | 0% | −2% | +24% | +9% | +29% | +42% |
| EBITDA margin | 5.3% | 24.4% | −7.9% | 8.5% | 6.8% | 25.5% | −7.7% | 8.7% | 0.4% | 15.2% | 0.2% | 6.7% |
| Other income, % of PBT | 51% | 1% | — | 27% | 17% | 1% | — | 14% | — | 4% | — | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 26% | — | 7% | 17% | 27% | — | 5% | — | 27% | — | 30% |
| Net profit | ₹48.0 cr | ₹257 cr | −₹70.0 cr | ₹51.0 cr | ₹24.0 cr | ₹288 cr | −₹64.0 cr | ₹48.0 cr | −₹22.0 cr | ₹180 cr | −₹27.0 cr | ₹33.3 cr |
| YoY | — | — | — | −2% | −50% | +12% | — | −6% | −192% | −38% | — | −31% |
| Core profit YoY | — | — | — | +25% | −24% | +14% | — | +8% | −216% | −40% | — | −5% |
| EPS | ₹5.79 | ₹30.83 | −₹8.46 | ₹6.13 | ₹2.93 | ₹34.52 | −₹7.70 | ₹5.77 | −₹2.69 | ₹21.59 | −₹3.24 | ₹4.00 |
| Flags | 1 | · | ✓ | 2 | 1 | ✓ | ✓ | 1 | 2 | 1 | ✓ | 4 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
BEML Ltd. reported revenue of ₹820 cr (+29.3% on the year) and net profit of −₹27.0 cr (— on the year) for April to June 2026.
None of the 5 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.