BEL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Ministry of Defence | CONTRACT | 24,732 | 24,732–24,732 | 90.0% | CAPEX | FY26 | EST | 85% |
| “1251 d > < R ( TT ISft ^ TT ) % T* T - HpRl TT ir ^ rrarcf % rrfi ^ cR ^ R ^ft , STRTSJ ^ T wr 4 t f ^< NK TTCT Bflivi 4 tr P^Pd 1 % rr wf STR RHT « I 4 tf ^ R…” ORDER p.2 · 05-MAY-26 · +2 DOC | ||||||||
| Defence Research and Development Organisation | CONTRACT | 24,732 | 24,732–24,732 | 90.0% | CAPEX | FY26 | EST | 85% |
| “Major orders received include Software Defined Radios ( SDRs ) , tank sub systems , communication equipment , missile components , financial management softwar…” ORDER p.2 · 30-OCT-25 DOC | ||||||||
| COCHINSHIPCochin Shipyard Ltd. | CONTRACT | 24,732 | 24,732–24,732 | 90.0% | CAPEX | FY26 | EST | 85% |
| “633 Crore order from Cochin Shipyard Limited " .” ORDER p.1 · 22-OCT-25 DOC | ||||||||
| Business | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | FY26 | EST | 75% |
| “In an eventful career spanning over 33 years, he has served at various Units and Strategic Business Units (SBUs) of BEL, gaining diverse exposure to core techn…” AR · +1 DOC | ||||||||
| Others | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 75% |
| “Disaggregation of revenue recognised against contracts with customers (2023-24) Particulars Domestic Exports TotalGovernment of India Others Defence Non-Defenc…” AR · +1 DOC | ||||||||
| United States | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 75% |
| “In a clear indication of our growing acceptance in the global market, our products continued to find increased orders from countries like France, United States…” AR DOC | ||||||||
| Indian Defence Forces | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | CAPEX | FY26 | EST | 75% |
| “According to note from the rating agency, "The ratings reaffirmation for BEL reflects its large scale of operations, strategic position as a dominant supplier …” AR · +1 DOC | ||||||||
| Ministry of Defence | CONTRACT | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 75% |
| “Context: The Garhwal Rifles Regimental Centre, located in Lansdowne, serves as the training centre of the renowned Garhwal Rifles Regiment of the Indian Army.” AR · +1 DOC | ||||||||
| Office | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 75% |
| “Corporate Office was awarded for excellence in OL implementation by TOLIC (Undertaking), Bengaluru.” AR · +1 DOC | ||||||||
| Indian Defence. | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | FY26 | EST | 70% |
| “In this changing business scenario, your Company is focussing on enhancing its interaction at various levels and building long term relationships with the cust…” AR · +1 DOC | ||||||||
| South East Asia | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | FY26 | EST | 70% |
| “Your Company also strives to increase business opportunities in the South East Asia, Europe, Middle East, Africa and Latin America by incessant engagement with…” AR · +1 DOC | ||||||||
| Mumbai | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | FY26 | EST | 70% |
| “Existing GCS certificates for MR, NS1, NS2, Milcom SBUs of Bengaluru Complex and Navi Mumbai unit are renewed for next 5 years, reinforcing the Customer confid…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | FY26 | EST | 70% |
| “(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing wit…” AR · +1 DOC | ||||||||
| BEL Thales Systems Limited | CONTRACT | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 70% |
| “h. Management Contracts including deputation of Employees Two Officials of BEL have been deputed to BELOP (Subsidiary) and Seven Officials of BEL have been dep…” AR · +2 DOC | ||||||||
| BEL IAI AEROSYSTEMS PVT LTD | CONTRACT | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 70% |
| “The Order book position of Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI) formed a joint venture company “BEL IAI AeroSystems Private L…” AR DOC | ||||||||
| Authority. | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | FY26 | EST | 70% |
| “The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer…” AR · +2 DOC | ||||||||
| Financial Year | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | FY25 | EST | 70% |
| “With this, BEL set a new record of highest order acquisition in a Financial Year.” AR DOC | ||||||||
| Oman | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | CAPEX | FY24 | EST | 70% |
| “b. Following products and systems have been offered to foreign countries/customers: • Weapon Locating Radar • Avionics Systems • Communication Equipment • Nava…” AR DOC | ||||||||
| Business | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | CAPEX | FY25 | EST | 70% |
| “No. Description of Main Activity Description of Business Activity % of Turnover of the entity 1 Manufacturing Designing, developing, manufacturing and supplyin…” AR DOC | ||||||||
| National Capital Region Transport Corporation | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | FY26 | EST | 60% |
| “To address the huge opportunities, Rail and Metro Micro SBU has been formed by BEL in Ghaziabad Complex, which is in proximity to customers like DMRC, MOHUA, R…” AR DOC | ||||||||
| Private Limited Company | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | 2026-11 | EST | 60% |
| “Private company rumor, I think that was mainly because there was one statement somewhere that all the missile orders will be now open to private sector also.” CONCALL p.4 · 30-NOV-26 DOC | ||||||||
| DATAPATTNSData Patterns (India) Ltd. | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | — | 2026-08 | EST | 55% |
| “Maybe they are one part of the antenna being supplied by them and BEL also the second customer, a supplier.” CONCALL p.18 · 31-AUG-26 DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | 2026-01→2026-11 | EST | 55% |
| “But right now, our official LRLACM and Pralay missile, we are the DCPP partner for DRDO, and we expect some orders in future for these 2 missiles.” CONCALL p.15 · 30-NOV-26 · +1 DOC | ||||||||
| BDLBharat Dynamics Ltd. | UNSTATED | 24,732 | 2,748–24,732 | 90.0% | — | 2026-01 | EST | 50% |
| “Once we receive the order, we will place an order to BDL about the missile.” CONCALL DOC | ||||||||
| HALHindustan Aeronautics Ltd. | UNSTATED | 24,732 | 24,732–24,732 | 90.0% | CAPEX | 2025-11 | EST | 50% |
| “So -- and LCA, so we are expecting in another 1, 1.5 months, hopefully, we will get from HAL this order for avionics package for all the items for this 97 airc…” CONCALL DOC | ||||||||
| HALHindustan Aeronautics Ltd. | CONTRACT | 5,568 | 619–5,568 | 20.3% | — | FY25 | EST | 60% |
| “BTSL achieved milestone turnover of ` 118 Crore for the Year 2024-25 experiencing strong growth of 26% from previous year’s ` 93.77 Crore and highest ever Orde…” AR · +2 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | 638 | 71–638 | 2.3% | — | FY26 | EST | 70% |
| “We were informed that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tri…” AR · +1 DOC | ||||||||
| URBANCOUrban Company Ltd. | UNSTATED | 92 | 92–92 | 0.3% | — | 2026-10 | EST | 60% |
| “) ₹10.72 Cr Total CSR expenditure (whole group including BEL) Value chain assessment initiated for 50 key suppliers in the reporting period Brigade Enterprises…” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | 4 | 4–4 | 0.0% | — | FY26 | EST | 60% |
| “iii) Now enter your User ID a. For CDSL: 16 digits beneficiary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Shareholders holding share…” AR · +1 DOC | ||||||||
| Business | CONTRACT | CT 26,680 | — | — | R&D | FY25 | EST | 70% |
| “` 26,680 Crore TURNOVER 47,484.88 MtCO2EMISSIONS PREVENTED ` 6,048 Crore PROFIT AFTER TAX `107.78 Crore CSR BUDGET ` 30,045 Crore ORDERS WON IN FY 2025-26 ` 73…” AR DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “b. Following products and systems have been offered to foreign countries/customers: • Missile Systems • Fuzes • Unmanned Systems • Anti-Drone Systems • ZnS Dom…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “In order to address opportunities in cyber security market in a focused manner, a dedicated Strategic Business Unit (SBU) has been created at BEL Bangalore and…” AR · +1 DOC | ||||||||
| LRDE | CONTRACT | — | — | — | COGS | 2026-11 | EST | 70% |
| “we are just executing that development order and giving our AAAU to LRDE.” CONCALL p.27 · 30-NOV-26 DOC | ||||||||
| URBANCOUrban Company Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 60% |
| “In the absence of long-term vendor contracts or commodity hedging mechanisms, BEL is directly exposed to volatility in fuel and logistics costs, which in turn …” AR DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro Ltd. | UNSTATED | 10,035 | 10,035–10,035 | 72.7% | — | 2026-01→2026-11 | EST | 60% |
| “Actually, let me tell you, in this particular project, we have got very, very good support from our supply chain partners, whether they are from public sector …” CONCALL p.26 · 30-NOV-26 · +1 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | 3,284 | 3,284–3,284 | 23.8% | — | FY25 | EST | 60% |
| “~49,000 Total Customers 7% Repeat buyers in FY25 ₹10.75 Cr Total CSR Expenditure (Whole Group Including BEL) 41,355 Number of Beneficiaries Reached (through St…” AR DOC | ||||||||
| JSLJindal Stainless Ltd. | UNSTATED | 1,508 | 1,236–1,508 | 10.9% | — | FY25 | EST | 75% |
| “JDA also secured its first commercial contract from KS Engineering, where its material will be used by Bharat Electronics Limited in sensor plate applications.” AR DOC | ||||||||
| HALHindustan Aeronautics Ltd. | UNSTATED | 1,162 | 1,162–1,162 | 8.4% | — | 2026-01 | EST | 50% |
| “Manoj Jain: Uttam radar right now as a radar is handled by HAL and only subsystem level, the triple AU level only, we are one of the vendors.” CONCALL DOC | ||||||||
| RITESRITES Ltd. | CONTRACT | 983 | 983–983 | 100.0% | CAPEX | FY26 | EST | 75% |
| “Subject: Intimation of Major Order Secured Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Dis…” ORDER p.1 · 25-JUL-25 DOC | ||||||||
| AMBERAmber Enterprises India Ltd. | UNSTATED | 428 | 235–428 | 3.1% | — | FY25 | EST | 65% |
| “Ascent is a South India based homegrown company and a leading player engaged in the manufacturing of Printed Circuit Boards (Single sided, double sided, multi …” AR DOC | ||||||||
| BEMLBEML Ltd. | UNSTATED | 153 | 17–153 | 1.1% | — | FY26 | EST | 75% |
| “The company also secured a significant order from Bharat Electronics Limited (BEL) for the supply of one HMV 8x8 vehicle under the Quick Reaction Surface-to-Ai…” AR p.8 · 31-MAR-26 · +1 DOC | ||||||||
| KAYNESKaynes Technology India Ltd. | UNSTATED | 127 | 127–127 | 0.9% | — | FY26 | EST | 75% |
| “He has served as Director (Finance) & Chief Financial Officer of Navaratna Public Sector Undertaking Bharat Electronics Ltd., (BEL) under the Ministry of Defen…” AR · +1 DOC | ||||||||
| HBLENGINEHBL Engineering Ltd. | UNSTATED | 116 | 13–116 | 0.8% | — | 2025-09 | EST | 50% |
| “Also, the last time a similar order had come, it had gone to BEL.” CONCALL DOC | ||||||||
| TECHNOETechno Electric & Engineering Company Ltd. | CONTRACT | 114 | 13–114 | 0.8% | — | FY26 | EST | 60% |
| “This project was completed in the year 2012 and was handed over to BEL as per the terms of the contract and is presently being used by them in their normal cou…” AR · +2 DOC | ||||||||
| RITESRITES Ltd. | CONTRACT | 85 | 9–85 | 0.6% | — | FY26 | EST | 75% |
| “Bagging/Receiving of orders/contracts RITES Limited has informed the Exchange about major order secured from Bharat Electronics Limited.” ANN · 25-JUL-25 DOC | ||||||||
| URBANCOUrban Company Ltd. | UNSTATED | 55 | 30–55 | 0.4% | — | FY24 | EST | 60% |
| “What’s Inside Corporate Overview 04 About the Report 06 Who We Are 10 Key Highlights FY24-25 12 Our Journey 14 Investment Case 18 Operating Context 20 Governan…” AR DOC | ||||||||
| ZENTECZen Technologies Ltd. | UNSTATED | 24 | 3–24 | 0.2% | — | 2025-10 | EST | 50% |
| “And the BEL and the DRDOs are probably getting orders for the bigger deployments which are not very time critical.” CONCALL DOC | ||||||||
| DATAPATTNSData Patterns (India) Ltd. | UNSTATED | — | — | — | CAPEX | 2026-08 | EST | 80% |
| “We're also supplying to Bharat Electronics and other organizations, the advanced composites for aircraft systems in MiG-29.” CONCALL p.10 · 31-AUG-26 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Key Highlights, FY 2025-26 Key Highlights, FY 2025-26 88%Business generated through defence segment 6%Business generated through Non- Defence segment ` 27,898 …” AR DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “- Nil c) A brief on types of customers The following are the Customers of ITI for supply of various Products, Services and Turnkey (one where a single contract…” AR DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “In line with the directives from Ministry of Defence and the Central Vigilance Commission, your Company has adopted Integrity Pact with all vendors / suppliers…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Vendors Meet were organised in Bangalore Complex, Ghaziabad Unit, Chennai Unit, Navi Mumbai Unit, Pune Unit, Kotdwara Unit, Panchkula Unit and Regional Office …” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Note 19 - Trade payables Particulars As at 31 March 2025 As at 31 March 2024 Non Current Sub Total (A) - - Current - Dues to Micro & Small Enterprises 17,338 2…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Potential delays in receiving input materials and components due to supply chain discontinuities, capacity constraints in the global supply chain, long lead ti…” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Vendors Meet were organised in Bangalore Complex, Ghaziabad Unit, Chennai Unit, Navi Mumbai Unit, Pune Unit, Kotdwara Unit, Panchkula Unit and Regional Office …” AR DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Plant has supplied 4G e-NodeB worth Rs 34 Lakhs to BEL & Railtel also.” AR DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 60% |
| “BEL controls raw material costs by setting fixed base prices at the time of contract award, with all subsequent price variations tracked and reconciled during …” AR DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | R&D | FY25 | EST | 60% |
| “Major initiatives taken towards achieving the goals of Indigenisation & self-reliance include: • Continuous product development through In-house R&D efforts, J…” AR DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | — | 2026-01→2026-05 | EST | 55% |
| “But majorly, we are depending on DRDO right now for these 2 programs development, and we are supplying some developmental orders for them as well as where we a…” CONCALL · +1 DOC | ||||||||
| ZENTECZen Technologies Ltd. | UNSTATED | — | — | — | R&D | 2025-10 | EST | 50% |
| “And with respect to DRDO, typically the orders are placed on BEL, because DRDO is the R&D organization, very rarely orders are placed on DRDO, except for maybe…” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 31/31 | 100% | 14-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 10-NOV-26 |
| ORDERS | 31/31 | 100% | 14-NOV-26 |
| RATINGS | 0/1 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.289 | 14-NOV-26 | Cochin Shipyard Ltd. share 31% · Data Patterns (India) Ltd. share 31% · Central Depository Services (India) Ltd. share 0% · Bank of India share 1% · Hindustan Aeronautics Ltd. share 7% · Bharat Dynamics Ltd. share 31% |
| CUST MOM 1M | -2.7% | 14-NOV-26 | from 15-OCT-26 · Cochin Shipyard Ltd. -6.1% w 0 · Urban Company Ltd. +9.4% w 0 · Data Patterns (India) Ltd. +5.7% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · Bank of India +18.2% w 0 · Hindustan Aeronautics Ltd. -2.0% w 0 |
| DISTRESS SCORE | 0.027 | 13-OCT-26 | roe 0.25 · operatingMargin 0.29 · debtToEquity 0 · interestCoverage 806.3 · assetTurnover 0.62 · leverage 1.86 |
| SUPP MOM 1M | +10.3% | 14-NOV-26 | from 15-OCT-26 · Jindal Stainless Ltd. -1.7% w 0 · Urban Company Ltd. +9.4% w 0 · ITI Ltd. +10.5% w 0 · Amber Enterprises India Ltd. +1.2% w 0 · Kaynes Technology India Ltd. +5.2% w 0 · HBL Engineering Ltd. +12.5% w 0 |