BEML · Capital Goods
BEML Ltd. reported revenue of ₹1,083 cr for October to December 2025, +23.6% on the year and +29.1% on the quarter. Over the last four quarters revenue comes to ₹4,209 cr, +8.4% on the four before.
Operating profit (EBITDA) was ₹4.0 cr, a margin of 0.4%, −648 bps on the year and −833 bps on the quarter. Over the last 8 quarters the margin has ranged from −7.9% to 25.5%, averaging 7.3%. Operating costs grew +32.2%, faster than revenue at +23.6%, so operating profit grew less than sales.
The company swung to a net loss of ₹22.0 cr from a profit of ₹24.0 cr a year earlier, with earnings per share of −₹2.69. Profit before other income, one-offs and tax fell 216.0%, so 24 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹250 cr, −4.6% 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 ₹29.90 over the last four quarters, the stock at ₹1,969.70 trades at 65.9 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 0.4%, −648 bps on the year (−833 bps on the quarter).
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Expected for Capital goods and EPC: Quarters swing with the season or with project milestones here; read the year, not the quarter. Net loss −₹22.0 cr against a profit of ₹24.0 cr.
Source: Quarterly statements
Could not run on this quarter: 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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹917 cr | ₹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 |
| YoY | — | — | — | +10% | −6% | −16% | +9% | 0% | −2% | +24% | +9% | +29% |
| EBITDA margin | 6.4% | 5.3% | 24.4% | −7.9% | 8.5% | 6.8% | 25.5% | −7.7% | 8.7% | 0.4% | 15.2% | 0.2% |
| Other income, % of PBT | 24% | 51% | 1% | — | 27% | 17% | 1% | — | 14% | — | 4% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | −23% | 28% | 26% | — | 7% | 17% | 27% | — | 5% | — | 27% | — |
| Net profit | ₹52.0 cr | ₹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 |
| YoY | — | — | — | — | −2% | −50% | +12% | — | −6% | −192% | −38% | — |
| Core profit YoY | — | — | — | — | +25% | −24% | +14% | — | +7% | −216% | −40% | — |
| EPS | ₹6.22 | ₹5.79 | ₹30.83 | −₹8.46 | ₹6.13 | ₹2.93 | ₹34.52 | −₹7.70 | ₹5.77 | −₹2.69 | ₹21.59 | −₹3.24 |
| Flags | 1 | 1 | · | ✓ | 2 | 1 | ✓ | ✓ | 1 | 2 | 1 | ✓ |
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 ₹1,083 cr (+23.6% on the year) and net profit of −₹22.0 cr (−191.7% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −216.0% on the year, against −191.7% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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