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Bharat Electronics Ltd. delivered a strong performance in Q3FY26, beating Motilal Oswal’s estimates across revenue, Ebitda and PAT, driven by superior execution and stronger‑than‑expected margins.
The company’s quarterly performance was supported by a robust order book of Rs 73,000 crore, while order inflows during 9MFY26 stood at Rs 18,100 crore, underscoring sustained demand visibility.
Motilal Oswal highlighted that BEL remains a key beneficiary of major defence platform orders across the Army, Navy and Air Force as it stands to benefit from large orders such as QRSAM, next-generation corvettes, and Akash-NG, along with the base orders.
A strong addressable market is likely to support >15% annual revenue growth for BEL in the coming years.
Despite global supply constraints, BEL has managed its supply chain efficiently and has faced minimal impact from semiconductor shortages and commodity price fluctuations.
With improved indigenization levels and operating leverage benefits, the brokerage expects BEL’s strong margin performance to continue.
The brokerage estimates BEL to record revenue/PAT to 18%/16% CAGR over FY25- 28; supported by a healthy order pipeline, strong execution and margin stability. Motilal Oswal has rolled forward its valuation to Mar’28E earnings and reiterated its BUY rating on the stock with a revised target price of ₹520, valuing BEL at 45× Mar’28E EPS.
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