Bharat Electronics order book hits Rs. 738.8 billion as FY26 order intake jumps 61% to Rs. 300 billion
Bharat Electronics Limited has received a positive brokerage update.
The research note was dated May 20, 2026.
The brokerage rated the stock as “Accumulate”.
The target price was set at Rs. 453.
This compares with a market price of Rs. 413.
Order intake
BEL’s FY26 order intake rose sharply.
It increased 61% year-on-year.
The order intake stood at approximately Rs. 300 billion.
This shows strong demand momentum for the company’s products and systems.
It also supports future revenue visibility.
Order book strength
BEL’s order book stood at Rs. 738.8 billion.
This was equivalent to 2.7 times trailing sales.
A backlog of this size gives the company multi-year execution visibility.
It also reduces near-term revenue uncertainty.
FY27 guidance
Management retained FY27 revenue-growth guidance of around 15%.
It also retained EBITDA margin guidance of more than 28%.
This points to continued confidence in execution and profitability.
The company also has an order pipeline of more than Rs. 550 billion.
Why this matters
BEL is a major defence and electronics company.
Its order book is important for investors tracking infrastructure, electronics and strategic manufacturing exposure.
A 61% rise in order intake shows strong procurement momentum.
The Rs. 738.8 billion backlog gives the company a strong base for future growth.
Margin strength
EBITDA margin guidance of more than 28% is significant.
It indicates strong operating profitability.
High margins also support internal cash generation.
This can help BEL manage execution, working capital and future investments.
Investor signal
The “Accumulate” rating reflects a constructive brokerage view.
The target price of Rs. 453 is above the stated market price of Rs. 413.
This indicates measured upside expectation.
Investors will now watch quarterly execution against the large order book.
Pipeline visibility
The order pipeline of more than Rs. 550 billion is another important number.
It shows that future tender and award opportunities remain strong.
If converted into firm orders, this pipeline can further strengthen BEL’s backlog.
This supports the medium-term growth outlook.
Execution challenge
The main challenge is order conversion.
BEL must convert its Rs. 738.8 billion order book into revenue on schedule.
It must also maintain margins above 28%.
Execution delays, supply-chain constraints or cost pressures could affect performance.
Strategic message
The brokerage update shows strong momentum for Bharat Electronics.
FY26 order intake rose 61% to around Rs. 300 billion.
The order book reached Rs. 738.8 billion, equal to 2.7 times trailing sales.
Management retained FY27 revenue growth guidance of about 15% with EBITDA margins above 28%.
The key watchpoints are order execution, margin sustainability, conversion of the Rs. 550 billion-plus pipeline, and quarterly revenue delivery.
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