Bharat Electronics Limited (BEL), a leading Indian defence electronics supplier, has projected robust order inflows for the financial year 2025-26 (FY26), with management guiding for at least ₹27,000 crore in new orders, excluding a potentially transformative contract for the Quick Reaction Surface-to-Air Missile (QRSAM) system.

This QRSAM order, anticipated to be worth ₹30,000 crore, could be finalised by March or April 2026. Should this materialise within FY26, BEL’s total order inflow for the year could exceed ₹57,000 crore, marking a significant surge in business prospects.

During its recent post-earnings press conference, BEL’s leadership expressed high confidence in the company’s order pipeline, highlighting ongoing discussions and active participation in major projects for the Indian Army, Navy, and Air Force.

The company expects visibility on emergency procurement orders within a week, anticipating at least 8 to 10 such contracts. Additionally, BEL is optimistic about securing an order for corvettes for the Indian Navy within the year, and it expects substantial orders for subsystems related to the S-400 air defence system moving forward.

BEL’s financial performance for the fourth quarter of FY25 was strong, with a reported profit of ₹2,127.02 crore—an 18.39% increase year-on-year—driven by higher revenues. Revenue from operations stood at ₹9,149.49 crore, up 6.84% compared to the same quarter in the previous year. As of April 1, 2025, BEL’s order book was reported at ₹71,650 crore, underscoring the company’s solid backlog and future revenue visibility.

Management has also provided guidance for FY26, targeting over 15% revenue growth and maintaining an EBITDA margin of around 27%. BEL plans to increase R&D investment to approximately ₹1,600 crore and capital expenditure to ₹1,000 crore, supporting its strategy of indigenisation and innovation in defence electronics. The company expects its business mix to remain heavily weighted towards defence, with a 90:10 ratio of defence to non-defence revenues.

BEL is poised for a landmark year in FY26, with a strong base of anticipated orders, the possibility of a game-changing QRSAM contract, and continued focus on high-margin, R&D-driven growth. The company’s proactive engagement with the armed forces and its expanding role in critical defence projects position it as a pivotal player in India’s self-reliance and modernisation initiatives in defence technology.

Agencies