Bharat Electronics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Bharat Electronics Ltd filed with BSE on 28 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bharat Electronics reported Q1 FY27 revenue of Rs 5,533 crore, up 25.27% year-on-year, with profit after tax rising 8.17% to Rs 1,048 crore and EBITDA margin at 25.83%. Management attributed the quarter's order inflow of Rs 3,754 crore to a structured booking pattern this year versus a spillover-heavy prior year, and said receivables improved to 140 days from 176 days in March. Management reiterated full-year targets including 15% revenue growth, 28% EBITDA margin, and order inflow of over Rs 55,000 crore including QRSAM.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR5,533 crores (Q1 FY27)
p. 3
“The revenue from operations has increased to INR5,533 crores up to Q1 as compared to INR4,417 crores in the previous year Q1, with a growth of 25.27 percentage.”
Manoj Jain, page 3 of the filed PDF · View the filing
Profit before tax: INR1,403 crores (Q1 FY27)
p. 3
“The profit before tax increased to INR1,403 crores as compared to INR1,289 crores in the previous year at the same quarter, with a growth of 8.81%.”
Manoj Jain, page 3 of the filed PDF · View the filing
Profit after tax: INR1,048 crores (Q1 FY27)
p. 3
“The profit after tax has increased to INR1,048 crores up to Q1 as compared to INR969 crores up to Q1 previous year, with a growth of 8.17%.”
Manoj Jain, page 3 of the filed PDF · View the filing
EBITDA margin: 25.83% (Q1 FY27)
p. 3
“The EBITDA margin up to Q1 is 25.83%.”
Manoj Jain, page 3 of the filed PDF · View the filing
Earnings per share: INR1.43 (Q1 FY27)
p. 3
“The earning per share increased to INR1.43 up to Q1 as compared to INR1.33 previous year at the same time.”
Manoj Jain, page 3 of the filed PDF · View the filing
Order book: INR72,258 crores (as on 1st July 2026)
p. 3
“The order book position as on 1st July 2026 is INR72,258 crores and orders acquired in this quarter is INR3,754 crores.”
Manoj Jain, page 3 of the filed PDF · View the filing
Receivables days: 140 days (as on 30th June 2026)
p. 5
“As far as the receivables are concerned, the number of days as on 30th June, it is around 140 days.”
Damodar Bhattad, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 15% · FY27
stated firmly by Manoj Jain
p. 19
“Definitely, as I told last year also, target is 15%.”
Manoj Jain, page 19 of the filed PDF · View the filing
EBITDA margin — 28% · FY27
stated firmly by Damodar Bhattad
p. 5
“So, due to that, there are some variations, but otherwise, the current year EBITDA guidance whatever we have given, we maintain that.”
Damodar Bhattad, page 5 of the filed PDF · View the filing
Order inflow — INR55,000 plus crores · FY27
stated firmly by Manoj Jain
p. 5
“So, that is INR55,000 plus crores, including QRSAM. So, we are sticking to that and definitely two, three big programs are in the real pipeline of CCS or other type of approvals.”
Manoj Jain, page 5 of the filed PDF · View the filing
R&D investment — more than INR2,200 crores · FY27
stated firmly by Manoj Jain
p. 13
“And we are anyway we had given guidance also, more than INR2,200 crores R&D budget we have allocated for this year for all type of niche technology development, indigenization, and other collaborative R&Ds.”
Manoj Jain, page 13 of the filed PDF · View the filing
Capex — INR1,200 plus crores · FY27
stated firmly by Manoj Jain
p. 13
“That as we have given you guidance, INR1,200 plus crores we are investing under capex which will take care of our production and other type of investments.”
Manoj Jain, page 13 of the filed PDF · View the filing
QRSAM order finalization — by September
stated conditionally by Manoj Jain
p. 4
“that is why we told it may go to Q1/Q2, maximum by September we will get and I am still sticking to that.”
Manoj Jain, page 4 of the filed PDF · View the filing
Export share of revenue — 10% of revenues · next five years
stated as an aspiration by Manoj Jain
p. 20
“we want to finally aim at 10% of our revenues through export. So, we are working systematically to see that we reach that goal in next five years.”
Manoj Jain, page 20 of the filed PDF · View the filing
Export revenue this year — around USD300 million · FY27
stated conditionally by Manoj Jain
p. 20
“But definitely this year we have given our internal guidance of around USD300 million we should definitely fetch out of the leads which we are having.”
Manoj Jain, page 20 of the filed PDF · View the filing
Indigenization of modules — zero import of any module, sub-module level thing · next 5 years
stated firmly by Manoj Jain
p. 13
“No, the thing is aim is in the next 5 years zero import of any module, sub-module level thing.”
Manoj Jain, page 13 of the filed PDF · View the filing
Employee cost to turnover ratio — around 12% · coming years
stated conditionally by Damodar Bhattad
p. 12
“we expect the employee cost to turnover to be in the range of around 12% even in the coming years also, which is now also 12% last year.”
Damodar Bhattad, page 12 of the filed PDF · View the filing
AMCA RFP submission — 27th August 2026
stated firmly by Manoj Jain
p. 15
“So, 27th August 2026 is the date of RFP submission.”
Manoj Jain, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said last year's Q1 benefited from spillover orders from the prior January-March quarter, while this year's bookings were more structured with nothing left in backlog; QRSAM is delayed pending CCS approval, expected by September.
Answered by Manoj Jain
Asked by Amit Dixit: Why has order inflow this quarter been lean compared to Q1 FY26 and FY25, and what is the status of QRSAM?
p. 4
“So, that is why there was no backlog per se. Actually, one or two orders were taken from this year first quarter also.”
Manoj Jain, page 4 of the filed PDF · View the filing
Management confirmed the decline was due to product mix variation and not input costs, and that the full-year EBITDA margin guidance of 28% remains unchanged.
Answered by Damodar Bhattad
Asked by Mohit Pandey: Was the year-on-year margin decline due to product mix or input cost pressure?
p. 6
“Yes, Yes, Yes. We are telling it is due to product mix variation, not due to input cost.”
Damodar Bhattad, page 6 of the filed PDF · View the filing
Management said BEL bid but was not L1 on the Netra 2 program, so Adani became system integrator, though BEL's subsystems like Radar, EW and Data Links will still be used.
Answered by Manoj Jain
Asked by Harshit Patel: What is BEL's role given reports that Adani Defence will be the system integrator for Netra 2?
p. 8
“So, in this particular program, Adani became L1 and they are the system integrator for this program.”
Manoj Jain, page 8 of the filed PDF · View the filing
Management reiterated capex guidance of over Rs 1,200 crore and R&D budget of over Rs 2,200 crore, and said the AMCA RFP submission deadline was extended to 27th August 2026.
Answered by Manoj Jain
Asked by Vikash Singh: What is BEL's current capex plan and R&D allocation, and is there an update on the AMCA program?
p. 13
“Definitely AMCA program we and L&T are really working together and more or less we have arrived at our internal pricing and all type of sub-module related clarity has happened.”
Manoj Jain, page 13 of the filed PDF · View the filing
Management said BEL has already supplied more LRUs than required and any delay from HAL could shift at most a few hundred crores of turnover, which is immaterial to overall revenue.
Answered by Manoj Jain
Asked by Jyoti Gupta: Could delays in Tejas deliveries from HAL affect BEL's LRU supply pipeline and revenue?
p. 15
“But that definitely when we are planning for INR30,000 crores, INR300 crores is less than 1% and these type of business level so-called changes or schedules plans, etcetera.”
Manoj Jain, page 15 of the filed PDF · View the filing
Management said margins will vary quarter to quarter between 25% and 31% but will cross 28% for the full year, and that higher R&D spend should make margins more sustainable rather than eroding them.
Answered by Manoj Jain
Asked by Bhavya Gandhi: Is the 21%-23% EBITDA margin guidance achievable given quarterly variability, and will rising R&D spend hurt margins?
p. 16
“Definitely yes. We have variability of 25% to 31% EBITDA margins based on the product mix in quarter-to-quarter etcetera, but at the year end, let me again assure you, we will cross 28%.”
Manoj Jain, page 16 of the filed PDF · View the filing
Management said the increase reflects product mix variation within a historical range of 50% to 59% material cost, not commodity inflation or input cost pressure.
Answered by Manoj Jain
Asked by Vipul Shah: Why has raw material cost risen sharply sequentially and year-on-year?
p. 20
“The thing is traditionally also because of our product mix; our material cost varies from 50% to 59%.”
Manoj Jain, page 20 of the filed PDF · View the filing
Risks flagged
QRSAM order delayed pending Cabinet Committee on Security approval
p. 4
“Just CCS only is waiting for all of us and hopefully, when CCS meets, I think they will clear QRSAM.”
Manoj Jain, page 4 of the filed PDF · View the filing
Large naval and platform orders (P75I, NGC, P17B, P80) remain unclear on size and timing pending configuration finalization
p. 8
“Let me tell you, right now it is too early to predict the business volume of that.”
Manoj Jain, page 8 of the filed PDF · View the filing
Wage revision due from January 2027 could increase employee costs
p. 12
“See, current year January '27, current financial year from January '27 onwards the wage revision is due.”
Damodar Bhattad, page 12 of the filed PDF · View the filing
Potential delay in Tejas LRU-linked revenue if HAL slows deliveries due to engine bottleneck
p. 14
“Right now, as per the reports from public and media, the main bottleneck is still the engines.”
Manoj Jain, page 14 of the filed PDF · View the filing
Uncertainty on exact scale of future missile program orders as these are strategic government decisions
p. 9
“That is very difficult to predict. That for that you have to ask either Ministry or maybe NSA office because these are strategic things and most of these strategic things are not even openly discussed by them also.”
Manoj Jain, page 9 of the filed PDF · View the filing
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