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Bharat Electronics Ltd Q3FY2026 results
28 Jan 2026, 2:55PM

  • Revenues for Q3FY26 grew by 24% yoy to Rs 7,154 crore strongly above our estimates of Rs 6,983 crore.
  • The operating margins were up by 80 bps to 29.7% vs our expectations of 29.0%. Lower other expenses led to improvement in margins.  Improvement in margins led the PAT to increase by 21% to Rs 1,580 crore vs expectations of Rs 1,536 crore.  
  • View: BEL had showed a strong growth in topline and margins . We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock. 

Results (consolidated)                                                                                             Rs crore

Particulars

Q3FY26

Q3FY25

y-o-y (%)

Q2FY26

q-o-q (%)

Net sales

7154

5771

24

5792

24

Operating profit

2127

1670

27

1702

25

Other income

139

 186

 (25.7)

163

 (15.2)

Adjusted PAT (After MI)

1,580

 1,311

 20.5

 1,297

 21.8

Adjusted EPS

2.16

 1.79

 20.5

 1.8

 21.8

 

 

 

BPS

 

BPS

OPM (%)

29.7

 28.9

 80

 29.4

 35

NPM (%)

22.1

 22.7

 (64)

22.4

 (30)

 

  Actual vs. estimates                                                                       Rs. Crore

Particulars

Q3FY26

Q3FY26E

Var %

Net Sales

7,154

6,983

2.5

Operating profit

2,127

2025

5.1

Adjusted PAT

1,580

1536

2.8

 

   

bps

OPM (%)

29.7

29.0

74

NPM (%)

22.1

22.0

8

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