Bharat Electronics Limited — Q4FY26 earnings call summary

Filed 20 May 2026 · Official transcript

Capex guidance INR1,000+ Cr; R&D investment INR1,600+ Cr
Q1 FY26 revenue 44.17bn +5.19% y-y; PAT 9.69bn +24.87% y-y; EBITDA margin 29.86%
FY26 revenue growth guidance >15%; EBITDA margin guidance >27%
QRSAM order expected by Q4 FY26; major subsystem orders for MSR in Q3-Q4 FY26
Export target $120m+; aiming for 10% of turnover from exports in 5 years
Order book INR74,859 Cr as of July 1, 2025; 90% nomination, 10% competitive
Kusha missile development ongoing with DRDO; order conversion in 3-4 years
Services business to grow from 10-11% to 13-15% of turnover