The article outlines the order book and growth outlook of the company, which is under the Ministry of Defence, Government of India, and manufactures advanced electronic products and systems for the Indian Army, Navy, and Air Force.
With a market capitalization of Rs 2,80,184 crore, Bharat Electronics Ltd’s share was last trading at Rs 383 per share, down by 1.68 percent from its previous close. The stock of the company gave a negative return of 5.71 percent over the last year.
About the Company
Bharat Electronics Ltd (BEL) is a state-owned defence electronics company that develops and supplies a wide range of products and systems for the Indian armed forces. Its portfolio includes radars, electronic warfare systems, missile-related electronics, communication systems and other defence technologies, with around 90 percent of its overall business coming from the defence sector.
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Financial Highlight: Revenue declined to Rs 5,547 crore in Q1 FY27 from Rs 10,224 crore in Q4 FY26, down 46 percent QoQ. EBITDA declined to Rs 1,388 crore in Q1 FY27 from Rs 2,982 crore in Q4 FY26, down 53 percent QoQ. Net profit declined to Rs 1,055 crore in Q1 FY27 from Rs 2,226 crore in Q4 FY26, down 53 percent QoQ. EPS declined to Rs 1.44 in Q1 FY27 from Rs 3.04 in Q4 FY26, down 53 percent QoQ.
YoY: revenue increased to Rs 5,547 crore in Q1 FY27 from Rs 4,440 crore in Q1 FY26, registering 25 percent growth YoY. EBITDA rose to Rs 1,388 crore in Q1 FY27 from Rs 1,238 crore in Q1 FY26, up 12 percent YoY. Net profit increased to Rs 1,055 crore in Q1 FY27 from Rs 969 crore in Q1 FY26, up 9 percent YoY. EPS increased to Rs 1.44 in Q1 FY27 from Rs 1.33 in Q1 FY26, up 8 percent YoY.
Order book composition
BEL had an order book of Rs 72,258 crore as of July 1, 2026, which is broadly balanced across the Army, Navy and Air Force, with each contributing around 30 percent. Around 90 percent of the company’s overall business comes from the defence sector, giving BEL a strong focus on defence related projects.
The order book includes a wide range of products and programmes, including Electronic Fuzes, LRSAM, LCA Mark 1 and Mark 1A LRUs, BMP 2 upgrades, Ashwini Radar, EW suites for Mi 17 V5 and MPR Arudhra. This reflects BEL’s presence across missiles, radars, electronic warfare and other defence systems.
The company’s top seven to eight projects account for more than Rs 20,000 crore of the order book. These large projects form a significant part of BEL’s current execution pipeline and provide visibility for revenue in the coming years.
How is BEL planning to deliver high growth in FY27?
Rs 72,258 Cr Order Book Gives Strong Revenue Visibility: BEL had an order book of Rs 72,258 crore as of July 1, 2026. This gives the company a large base of defence projects to execute and provides visibility for future revenue. The order book is also spread across the Army, Navy and Air Force, reducing dependence on a single defence segment.
New Defence Orders Could Further Strengthen the Order Book: BEL has several major defence programmes in its pipeline, including QRSAM, HAMMER and Shakti Phase 4. New orders from these programmes could further strengthen the company’s order book and provide additional opportunities for revenue growth in the coming years.
Rs 30,000 Cr QRSAM (Quick Reaction Surface-to-Air Missile) Order Could Be a Major Growth Driver: QRSAM is one of the major opportunities discussed by management. BEL expects an order worth around Rs 30,000 crore from the programme. Once awarded, this order could significantly increase the company’s order book and add to its long-term revenue pipeline.
Project Kusha Could Bring Another Rs 40,000 Cr Plus Opportunity: BEL is also involved in Project Kusha and expects a potential order of more than Rs 40,000 crore. The project could become another important source of future business for the company, alongside its existing missile, radar and electronic warfare programmes.
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More Local Technology Could Help BEL Protect Its Margins: BEL is increasing its focus on indigenous products and technologies, with around 78 to 80 percent of its turnover already coming from indigenous products and technologies. Higher indigenisation can reduce dependence on imports while supporting the company’s technology capabilities and margins.
FY27 Guidance and Future Outlook
Revenue and Margin Guidance: BEL has guided for 15 percent revenue growth in FY27 and an EBITDA margin of 21 to 23 percent for the year. However, management said quarterly margins can vary depending on product mix and indicated that the company expects to cross 28 percent EBITDA margin by the year end.
Order Inflow, R&D and Capex: The company is targeting more than Rs 55,000 crore of order inflow in FY27, including QRSAM. Along with this, BEL plans to spend more than Rs 2,200 crore on R&D and more than Rs 1,200 crore on capex, mainly to strengthen its technology and production capabilities.
Future Growth Pipeline: Going ahead, BEL expects growth to be supported by large defence programmes, including QRSAM, Project Kusha, AMCA, HAMMER and Shakti Phase 4. The company is also expanding its export business and increasing indigenous content, which management expects to support its long-term growth and margins.
Conclusion
Bharat Electronics enters FY27 with a strong order book of Rs 72,258 crore and several large defence programmes in its pipeline. QRSAM, Project Kusha, AMCA, HAMMER and Shakti Phase 4 could provide additional opportunities, while the company is targeting 15 percent revenue growth during the year.
Going ahead, the company’s growth will depend on its ability to execute the existing order book and convert its large pipeline into fresh orders. Its focus on indigenous technology, higher R&D spending and expansion across missiles, radars and electronic warfare could also support its longer term growth and margins.