Financial Performance Highlights (H1 FY27)

  • Revenue from operations: INR12,824 crore (vs. INR10,180 crore in previous year), growth of 25.97%
  • Profit before tax: INR3,467 crore (vs. INR3,023 crore), growth of 14.66%
  • Profit after tax: INR2,589 crore (vs. INR2,255 crore), growth of 14.80%
  • EBITDA margin: 27.43%
  • Earnings per share: INR3.54 (vs. INR3.09)

Order Book Position

  • Order book as on 01 October 2026: INR68,717 crore
  • Orders acquired in FY27 until 01 October 2026: INR7,334 crore

Major Ongoing Projects in Order Book

  • Electronic business: INR4,200 crore
  • LCA Mark 1: INR3,200 crore
  • LRSAM: INR2,900 crore
  • BMP 2 upgrade: INR2,600 crore
  • Ashwini radar: INR2,500 crore
  • Electronic warfare suite for Mi-17: INR2,200 crore
  • Export order: INR1,700 crore

Key Project Updates

QRSAM (Quick Reaction Surface to Air Missile)

  • Developed jointly with DRDO, BEL is nominated production agency
  • Order value estimated at INR30,000 crore
  • Expected clearance in next CCS meeting
  • Management confident of order allocation to BEL (99% confidence)
  • Proactive work started on QT and FOPM realization
  • Execution timeline may be compressed by few months once order received
  • Private sector participation unlikely for initial order due to system complexity

Next Generation Corvettes (NGC)

  • Contract signed with GRSE and Goa Shipyard on 02 November 2026
  • Total program value increased from INR38,000 crore to INR53,000 crore
  • BEL expecting orders worth approximately INR20,000 crore for electronic systems
  • Orders expected from both shipyards in staggered manner over next 6 months
  • Includes MFStar radar, communication equipment, EW equipment
  • Execution timeline: 3.5-4 years after order receipt

AMCA (Advanced Medium Combat Aircraft)

  • Bid submitted jointly with L&T (50-50 consortium)
  • L&T front-ending the consortium
  • Technical evaluation expected to take 2-3 months
  • Price bid opening expected before March 2027
  • Management confident of being L1 bidder

Drone and Counter-Drone Systems

  • Working with 6-8 startups on drone technologies
  • Received small orders of INR50-100 crore range
  • Expecting larger orders in next 1-2 years
  • Counter-drone systems established as reliable supplier with hard-kill options
  • Adding microwave DEW capabilities
  • Good export prospects with successful demonstrations

Missile Systems

  • DCPP partner for DRDO for LRLACM and Pralay missiles
  • Developing missile manufacturing capabilities
  • Missile electronics constitute 60-70% of missile cost
  • Tamil Nadu Explosives Limited owned by BEL for next 30 years
  • Hot integration facility established for missile integration

Seekers Manufacturing

  • Manufacturing both RF and IR seekers
  • Capacity: 1,000+ seekers annually (combined IR and RF)
  • Scalable to 2-3x capacity if required
  • Manufacturing facility at Machilipatnam (Nimmaluru)
  • Seekers constitute 20-30% of missile cost

Direct Energy Weapons

  • Developing both microwave and laser-based DEW weapons
  • Working with DRDO and startups
  • Developing in-house capabilities

FY27 Guidance Confirmation

  • Revenue growth: 15%+
  • EBITDA margin: ~28%
  • Order inflow: INR25,000 crore (excluding QRSAM), INR55,000 crore (including QRSAM)
  • R&D investment: INR2,200+ crore
  • Capex: INR1,200 crore
  • Defense to non-defense business ratio: 90:10

Other Business Updates

  • Network and Cyber Security SBU established 2.5 years ago
  • Executing INR400-500 crore cybersecurity orders in civilian domain
  • Good pipeline for cybersecurity business
  • Working on advanced steering and control system with MIDHANI and BEML
  • Focusing on electronics material indigenization