Whalesbook
BEL ki Q4 FY26 Earnings Report: Revenue Badha, Margin Gira
Bharat Electronics Limited (BEL) ne apne FY26 ke Q4 results nikale hain. Revenue 11.7% saal-dar-saal badhkar ₹10,224.4 Crore ho gaya. Company ka kehna hai ki ye sab operational execution aur strong order visibility ki wajah se hua hai. Lekin, EBITDA sirf 5.9% badhkar ₹2,981.6 Crore raha. Is wajah se, EBITDA margins 160 basis points gir kar 29.2% ho gaye, jo pichhle saal 30.8% the. Profit After Tax (PAT) bhi 4.7% badhkar ₹2,226 Crore raha, lekin analyst ke hisaab se PAT thoda kam aaya hai jiska reason depreciation zyada hona aur other income kam hona bataya ja raha hai. Poore FY 2025-26 ki baat karein toh, BEL ka revenue 16.15% badhkar ₹27,479.63 Crore aur PAT 14.38% badhkar ₹6,048.48 Crore raha.
Mazboot Order Book se BEL ko Support
BEL ke paas 1 April 2026 tak ₹73,882 Crore ka order book hai. Ye bada backlog aage ke periods ke liye revenue ki acchi visibility deta hai, jiska book-to-bill ratio 2.7 times hai. Results ke baad, Goldman Sachs ne BEL par apna 'Buy' rating confirm kiya hai aur target price ₹475 rakha hai. Kai analysts bhi is stock ko lekar positive hain, 27 analysts mein se sabhi ne 'Buy' rating di hai.
Valuation aur Defence Sector ki Tezi
BEL ka current Price-to-Earnings (P/E) ratio, jo May 2026 ke beech mein 52-53 tha, apne 10-saal ke average 25.56 se kaafi upar hai. Ye valuation dikhata hai ki investors aage strong growth ki ummeed kar rahe hain. Dusre companies jaise Hindustan Aeronautics Ltd (HAL) ka P/E 35.8 aur Mazagon Dock Shipbuilders Ltd ka 40.0 hai, iske comparison mein BEL ka valuation thoda zyada lag sakta hai. Waise bhi, defence sector ko government ki policies, badhte budget aur 'Make in India' par focus ka fayda mil raha hai. FY26-27 ke liye Indian defence budget 15% badhkar ₹7.84 trillion hone ka anumaan hai, jismein capital spending 21.8% badhega. Ye sab factors BEL ke liye positive hain, bhale hi valuation thoda high lage.
Valuation ki Chinta aur Margin Pressure
Revenue growth aur strong order book ke bawajood, Q4 mein EBITDA margins ka kam hona ek chinta ka vishay hai. Agar depreciation aur operational costs ko control nahi kiya gaya toh profitability par asar pad sakta hai. BEL ka P/E ratio jo 50 se upar hai, historical average se kaafi zyada hai, isliye kuch analysts is stock ko 'thoda overvalued' maan rahe hain. Defence sector mein trends acche hain, lekin margins ko maintain karna aur bade order book ko manage karna important hoga. BEL ka P/E ratio June 2021 mein 445.42 tak gaya tha aur September 2015 mein 0 tha. Current P/E ratio pichhle saal ke 36.96 se kaafi badh gaya hai. Is high multiple ko justify karne ke liye earnings growth ka accha rehna zaroori hai. Haalanki interest aur employee costs kam hain, par technology aur competition ke beech profitability maintain karna hi asli challenge hoga.