BEL · Capital Goods
Bharat Electronics Ltd. reported revenue of ₹5,771 cr for October to December 2024, +38.7% on the year and +25.3% on the quarter.
Operating profit (EBITDA) was ₹1,669 cr, a margin of 28.9%, +316 bps on the year and −148 bps on the quarter. Over the last 7 quarters the margin has ranged from 19.0% to 30.4%, averaging 25.5%. Operating costs grew +32.8% against revenue growth of +38.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,312 cr, +52.6% on the year and +20.0% on the quarter, with earnings per share of ₹1.79. Profit before other income, one-offs and tax grew faster, at +61.5%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average.
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 ₹6.82 over the last four quarters, the stock at ₹377.90 trades at 55.4 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: 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 ₹5,771 cr (+38.7% on the year) and net profit of ₹1,312 cr (+52.6% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +61.5% on the year, against +52.6% for reported profit.
None of the 7 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.