Bharat Electronics FY26 results: 16% revenue rise

Key takeaway from BEL’s FY26 print

Bharat Electronics Limited (BEL), the state-run defence electronics company, reported higher revenue and profit for FY2025-26, supported by execution of defence contracts and a healthy pipeline. The company also ended the year with a large order book, underlining visibility for ongoing and upcoming projects.

The results were released alongside the March quarter (Q4 FY26) performance, which also showed year-on-year growth in revenue and profit.

FY26 revenue climbs to nearly ₹27,480 crore

BEL said revenue from operations increased to ₹27,479.6 crore in FY26 from ₹23,658 crore in FY25, a growth of about 16.1%. The company attributed the rise to steady execution of defence contracts and a strong order pipeline.

A separate consolidated results summary in the provided data also cited FY26 revenue from operations of ₹27,610.11 crore versus ₹23,768.75 crore in FY25, indicating slightly different reported figures depending on the dataset referenced.

Profitability strengthens in FY26

BEL’s profit before tax (PBT) rose to ₹8,075 crore in FY26 from ₹7,090 crore in FY25, a growth of 13.9%. Profit after tax (PAT) increased to ₹6,048.5 crore from ₹5,288.2 crore, up 14.4%.

Another consolidated figure in the provided data pegged FY26 net profit at ₹6,062 crore compared with ₹5,321.44 crore in FY25. While the exact number varies by source within the provided text, both indicate a clear year-on-year improvement.

EBITDA margin and EPS move up

On operating performance, BEL’s EBITDA margin was stated at 30% in FY26 versus 29% in FY25. Earnings per share (EPS) increased to ₹8.27 in FY26 from ₹7.23 in FY25.

These metrics suggest profitability held up even as the company scaled execution.

Order book stands at ₹73,882 crore

BEL reported an order book of ₹73,882 crore as on April 1, 2026. The company also reported orders acquired till March 31, 2026 of ₹30,045 crore.

The order book number is a key monitorable for a defence PSU like BEL, where revenue is closely linked to milestone-based execution of large contracts.

March quarter (Q4 FY26): growth across revenue and profit

For the Jan-March quarter, BEL reported revenue from operations of ₹10,177.2 crore, up from ₹9,119.7 crore in the corresponding quarter last year. Q4 PBT increased to ₹2,903.8 crore from ₹2,847.6 crore, and PAT rose to ₹2,203.2 crore from ₹2,104.8 crore.

The provided data also includes another Q4 set of consolidated numbers: revenue from operations of ₹10,224.43 crore (up 11.74% year-on-year), net profit of ₹2,225.22 crore (up 4.61% year-on-year), and PBT of ₹2,917.34 crore.

Q4 cost and expense details (as reported)

One of the quarterly summaries included an expense breakdown. Total expenses rose 14.51% year-on-year to ₹7,417.34 crore in the March 2026 quarter. Cost of materials consumed was ₹4,793.87 crore (up 8.23%), while employee benefits expense stood at ₹831.42 crore (up 8.52%).

These line items provide context on cost trends during a quarter of higher revenue.

Stock move and earnings date in focus

The provided data noted that BEL shares shed 0.83% to end at ₹423.15 on the BSE. Another line referenced May 19, 2026 as the earnings date for the reported quarter.

The stock movement cited reflects a single session reaction captured in the provided text.

What BEL does and why the order pipeline matters

BEL is among India’s key defence electronics manufacturers, supplying radar systems, communication equipment, electronic warfare systems and other strategic technologies to the armed forces. For such companies, execution pace and fresh order intake typically determine near-term revenue trajectory.

The dataset also mentioned exports of $106 million in defence and non-defence products and services, indicating an additional revenue avenue alongside domestic defence programmes.

Snapshot of the most-cited FY26 and Q4 numbers

What to watch next

Investors typically track two things for BEL from here: the pace of execution that converts the order book into revenue, and the scale of new order wins that sustain the pipeline. With the company reporting an order book of ₹73,882 crore as of April 1, 2026, the next set of quarterly updates will show how this backlog translates into run-rate revenue and profitability.