Bharat Electronics Ltd: Overweight: Product Mix Impacts Margin In 1QFY27; FY27 Guidance Maintained

研报英文原文证据摘录

Bharat Electronics Ltd: Overweight: Product Mix Impacts Margin In 1QFY27; FY27 Guidance Maintained

J P M O R G A N Asia Pacific Equity Research

27 July 2026

Bharat Electronics Ltd Overweight

BAJE.NS, BHE IN

Overweight: Product Mix Impacts Margin In 1QFY27; Price (27 Jul 26):Rs407.15

FY27 Guidance Maintained Price Target (Mar-28):Rs525.00

BEL reported mixed 1QFY27 results and maintained growth guidance for FY27 India Industrials, Electric Utilities,

on all parameters. The QR-SAM order, which could not be finalized in 1QFY27, and Infrastructure Sectors

is now expected by September end . All procedural formalities are complete and Atul Tiwari AC

the order is awaiting final clearance from the Cabinet Committee on Security (91-22) 6157-3582

(CCS). 1QFY27 revenue/EBITDA / PAT grew +25%/+12%/9% y/y and was atul.tiwari@jpmorgan.com

+9%/-3%/ in line vs JPMe. 1Q order inflow at Rs37.54bn was underwhelming but Rishabh Gupta

that was already known and as per the internal plan (BEL has maintained full year (91-22) 6157-3429

FY27 order inflow guidance of Rs550bn+ including QR-SAM). A steady stream rishabh.x.gupta@jpmorgan.com

of orders, including some large ones, elevated geopolitical risks both in India and Muskan Agarwal

(91-22) 6157-3226

globally and strong medium-term growth prospects (15%+ revenue CAGR) with muskan.x3.agarwal@jpmchase.com

a healthy RoE (25%+) should continue to drive outperformance for BEL stock over J.P. Morgan India Private Limited, J.P. Morgan

the longer term. BEL remains our top pick in India’s defense sector. Reiterate Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Overweight.

• Strong FY27 guidance reiterated - BEL’s full-year guidance remains

unchanged: 15% revenue growth, 28% EBITDA margin, order inflow