Whalesbook
Defense Projects Ki Wajah Se Hua Bada Jump!
BEL ne FY26 ke Q4 mein sabko chaukate hue revenue mein 12% ka zabardast jump dikhaya, jo ab ₹10,200 Crore ho gaya hai. Yeh sab isliye hua kyunki LRSAM aur LCA Mk1A jaise bade defense projects pe mast kaam hua. Profit After Tax (PAT) bhi 5% badhkar ₹2,200 Crore tak pahunch gaya, jo ki analyston ke ₹1,920 Crore ke estimate se kaafi upar hai. Poore saal ka revenue 16.1% badh kar ₹27,479.6 Crore hua aur PAT 14.4% badhkar ₹6,048.5 Crore ho gaya. April 1, 2026 tak company ka order book bhi ₹73,882 Crore ka tha, jo future ke liye accha sign hai.
Margins Mein Thodi Kami, Par Overall Positive
Achhi khabar ke beech, thoda negative bhi hai. BEL ka EBITDA margin Q4 FY26 mein 29.2% raha, jo pichhle saal ke 30.8% se thoda kam hai. Iska reason 'other expenses' mein 37% ki badhotri hai, kyunki kuch provision karna pada tha. Lekin, poore saal ki baat karein toh EBITDA margin 29% se badhkar 30% ho gaya hai, jo acchi baat hai.
Analysts Ka Bharosa Aur Future Target
Brokerage firm Nirmal Bang BEL pe full bharosa kar rahi hai aur 'Buy' rating ko maintain kiya hai. Unhone target price ₹497 set kiya hai, matlab abhi ke current price se lagbhag 20% aur upar jaane ka scope hai. Yeh target March 2028 ke earnings pe based hai. Abhi BEL ka P/E ratio 51.98 hai, jo ki uske 5-saal ke average 28x se kaafi zyada hai. Competition mein Hindustan Aeronautics Ltd. ka P/E 34.8x aur Mazagon Dock Shipbuilders Ltd. ka 41.3x hai. Phir bhi, 25 mein se 21 analysts 'Buy' keh rahe hain aur average target ₹492.46 diya hai.
Aage Kya Hai BEL Ke Liye?
India ke 'Make in India' aur 'Aatmanirbhar Bharat' initiative ka BEL ko kaafi fayda mil raha hai. Company smart cities aur cybersecurity jaise non-defense sectors mein bhi business badha rahi hai, jiska share revenue mein 10-11% se 13-14% karne ka target hai. Order book strong hone se aage ki earning ki visibility acchi hai. Yeh company quantum computing aur drones jaise naye tech pe bhi kaam kar rahi hai. Aur sabse acchi baat, yeh almost debt-free hai!
Stock Performance Aur Sentiment
Q4 results ke baad stock mein thodi girawat aayi thi, lagbhag 2.28% niche ₹413.3 pe close hua tha. Pichhle ek saal mein stock ne 13.61% ka return diya hai. Bahut se analysts ne price target badhaye hain, jaise Bajaj Broking Research ne ₹495 ka target diya hai. Board ne FY26 ke liye ₹0.55 per share ka final dividend bhi recommend kiya hai.