BEL · Capital Goods
Bharat Electronics Ltd. reported revenue of ₹5,547 cr for April to June 2026, +24.9% on the year and −45.7% on the quarter. That is faster than this quarter has grown in recent years (+12.4% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹28,717 cr, +19.8% on the four before.
Operating profit (EBITDA) was ₹1,388 cr, a margin of 25.0%, −286 bps on the year and −414 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 25.0% to 30.8%). Operating costs grew +29.9%, faster than revenue at +24.9%, so operating profit grew less than sales.
Net profit was ₹1,055 cr, +8.9% on the year and −52.6% on the quarter, with earnings per share of ₹1.44. Profit before other income, one-offs and tax grew 9.9%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹6,148 cr, +11.8% 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 ₹8.40 over the last four quarters, the stock at ₹377.90 trades at 45.0 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.
Operating margin slipped on the year.
EBITDA margin 25.0%, −286 bps on the year (−414 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.
| 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 | ₹4,009 cr | ₹4,162 cr | ₹8,564 cr | ₹4,244 cr | ₹4,605 cr | ₹5,771 cr | ₹9,150 cr | ₹4,440 cr | ₹5,792 cr | ₹7,154 cr | ₹10,224 cr | ₹5,547 cr |
| YoY | — | — | — | +20% | +15% | +39% | +7% | +5% | +26% | +24% | +12% | +25% |
| EBITDA margin | 25.3% | 25.8% | 26.7% | 22.3% | 30.4% | 28.9% | 30.8% | 27.9% | 29.4% | 29.7% | 29.2% | 25.0% |
| Other income, % of PBT | 13% | 15% | 9% | 20% | 11% | 11% | 7% | 13% | 9% | 7% | 4% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 25% | 25% | 25% | 26% | 25% | 26% | 26% | 24% | 25% |
| Net profit | ₹790 cr | ₹860 cr | ₹1,797 cr | ₹791 cr | ₹1,093 cr | ₹1,312 cr | ₹2,127 cr | ₹969 cr | ₹1,287 cr | ₹1,580 cr | ₹2,226 cr | ₹1,055 cr |
| YoY | — | — | — | +47% | +38% | +53% | +18% | +23% | +18% | +20% | +5% | +9% |
| Core profit YoY | — | — | — | +49% | +42% | +61% | +23% | +33% | +22% | +28% | +5% | +10% |
| EPS | ₹1.08 | ₹1.18 | ₹2.46 | ₹1.08 | ₹1.49 | ₹1.79 | ₹2.91 | ₹1.33 | ₹1.76 | ₹2.16 | ₹3.04 | ₹1.44 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
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.
Bharat Electronics Ltd. reported revenue of ₹5,547 cr (+24.9% on the year) and net profit of ₹1,055 cr (+8.9% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +9.9% on the year, against +8.9% for reported profit.
None of the 7 checks that could run raised a question.
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