BEML · Capital Goods
BEML Ltd. reported revenue of ₹1,794 cr for January to March 2026, +8.5% on the year and +65.7% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,350 cr, +8.1% on the four before.
Operating profit (EBITDA) was ₹272 cr, a margin of 15.2%, −1,037 bps on the year and +1,479 bps on the quarter. Over the last 8 quarters the margin has ranged from −7.9% to 25.5%, averaging 6.2%. Operating costs grew +23.6%, faster than revenue at +8.5%, so operating profit grew less than sales.
Net profit was ₹180 cr, −37.5% on the year and — on the quarter, with earnings per share of ₹21.59. Profit before other income, one-offs and tax fell 39.9%, so the profit growth came from the business itself. The tax rate was 27% against an average of 16% over the previous 5 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹142 cr, −51.5% 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 ₹16.97 over the last four quarters, the stock at ₹1,969.70 trades at 116.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 15.2%, −1,037 bps on the year (+1,479 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1,794 cr (+8.5% on the year) and net profit of ₹180 cr (−37.5% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −39.9% on the year, against −37.5% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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