BEML Ltd
BEML Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY05–FY26.
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Technical Indicators
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 30.2%
Weaknesses
4- Stock is trading at 5.58 times its book value
- The company has delivered a poor sales growth of 4.11% over past five years.
- Company has a low return on equity of 8.66% over last 3 years.
- Company has high debtors of 191 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBEML Ltd is a Miniratna PSU trading at a PE of 89.2x and 5.43x book value with a market cap of ~₹15,872 crore. The company reported FY25 consolidated revenue of ~₹4,022 crore and net profit of ~₹293 crore, while its order book stood at ~₹15,100-16,300 crore (3.6-3.9x TTM revenue), providing multi-year revenue visibility across rail, metro, and defence segments.
- Order book of ~₹15,100-16,300 crore as of Dec 2024/Q3 FY25, representing 3.7-3.9x trailing twelve-month revenue, providing strong multi-year revenue visibility
- Rail and metro segment contributes ~60-65% of order book, benefiting from India's massive metro expansion and railway modernisation spending
- Defence segment accounts for ~25-30% of order book, positioned to benefit from India's push for indigenous defence manufacturing
- Q4 FY25 consolidated net profit rose 12% YoY to ₹288 crore, showing sequential improvement in profitability
- TTM sales growth of 13% marks an acceleration from the 5-year compounded sales CAGR of 4%, suggesting improving revenue momentum
- Company has maintained a healthy dividend payout ratio of 30.2%, providing income to shareholders at a 0.25% yield
- 5-year stock CAGR of 29% and 10-year CAGR of 16% reflect sustained long-term re-rating driven by order pipeline growth
- Management targeting ₹20,000 crore order book with 50-60% growth in FY26 inflows, aided by metro, defence, and export opportunities
- Stock trades at 89.2x PE, a steep premium that leaves limited margin of safety if execution falters
- 5-year compounded sales growth of only 4.11% indicates historically sluggish top-line conversion despite rising order book
- 3-year average ROE of just 8.66% and last year ROE of 5% suggest sub-par capital efficiency for a company trading at 5.43x book
- Debtor days of 191 indicate significant working capital stress, tying up cash and increasing financing costs
- TTM profit decline of 40% signals sharp near-term earnings deterioration despite revenue growth of 13%
- 3-year compounded profit CAGR of -2% shows that profitability has failed to grow even as the order book expanded
- 1-year stock return of -8% indicates the market is already pricing in execution concerns and rich valuations
- Heavy dependence on government orders across rail, metro, and defence exposes the company to policy and budgetary cycle risks
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 6h ago- Q1FY26 net loss widens YoY Aug 10
Standalone net loss widened to ₹27.26 lakh in Q1FY26 from ₹63.91 lakh loss in the year-ago quarter, signaling persistent profitability pressure in seasonally weak first quarters.
- Trade receivables rising Aug 7
Trade receivables climbed to ₹1,908.63 crore as of June 30, 2026, indicating potential working capital strain and collection delays from government clients.
- Order book robust at ₹16,285 Cr Aug 7
BEML reported a strong order book of ₹16,285 crore as of Q1FY27 with ₹1,181 crore in fresh bookings during the quarter, providing multi-year revenue visibility.
- ₹20,000 Cr FY27 inflow target Aug 10
Management projects ₹20,000 crore order inflow in FY27 with 30% revenue growth anticipated, supported by six major rail tenders and ₹40,000 crore total opportunity pipeline.
- ₹184 Cr HAL LCH order win Aug 11
BEML secured a confirmed ₹184.25 crore order from HAL for Light Combat Helicopter fuselage, representing 16x the single-quarter inflow seen in Q1FY27 and a fresh addition to execution pipeline.
- Final dividend raised to ₹12.28 Aug 7
Board revised FY26 final dividend upward to ₹12.28 per share, inclusive of ₹0.55 interim dividend declared in May 2026, reflecting management confidence in cash flows.
- Q1FY27 earnings call scheduled Aug 12
BEML hosts investor earnings call on August 12-13, 2026, hosted by Elara Capital, featuring Chairman and key business directors to discuss Q1FY27 results.
- Secretarial auditor appointed 5 years Aug 7
M P Sanghavi & Associates LLP appointed as secretarial auditors for FY2026-27 through FY2030-31, subject to shareholder approval at the upcoming AGM.
- New Company Secretary appointed Aug 7
Ms. Savitri Yadav appointed as Company Secretary and Compliance Officer effective August 7, 2026, replacing Mrs. Urmi Chaudhury.
TL;DR: BEML is executing well on order accumulation with a ₹16,285 crore backlog and ambitious ₹20,000 crore FY27 inflow target backed by a large rail and defence pipeline. The HAL LCH fuselage win diversifies revenue into defence aerospace. Key risks include seasonally weak Q1 profitability and rising receivables that could pressure working capital. The trend is improving on order momentum, but execution and cash conversion in H2 will determine whether growth targets translate into earnings.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 577 | 917 | 1,047 | 1,514 | 634 | 860 | 876 | 1,653 | 634 | 839 | 1,083 | 1,794 | 820 |
| Expenses | 627 | 858 | 991 | 1,143 | 684 | 787 | 815 | 1,230 | 683 | 766 | 1,080 | 1,523 | 818 |
| Operating Profit | -51 | 59 | 56 | 370 | -50 | 73 | 60 | 422 | -49 | 73 | 4 | 272 | 2 |
| OPM % | -9% | 6% | 5% | 24% | -8% | 8% | 7% | 26% | -8% | 9% | 0.3% | 15% | 0.2% |
| Other Income | 1 | 10 | 34 | 5 | 1 | 15 | 5 | 4 | 9 | 7 | 4 | 10 | 2 |
| Interest | 10 | 11 | 8 | 11 | 9 | 16 | 17 | 13 | 10 | 10 | 12 | 14 | 14 |
| Depreciation | 16 | 16 | 16 | 17 | 17 | 17 | 19 | 19 | 20 | 20 | 21 | 22 | 23 |
| PBT | -75 | 42 | 67 | 348 | -75 | 55 | 30 | 395 | -70 | 50 | -25 | 245 | -34 |
| Tax % | 0% | -23% | 28% | 26% | -7% | 7% | 17% | 27% | -9% | 5% | -12% | 27% | -20% |
| Net Profit | -75 | 52 | 48 | 257 | -70 | 51 | 24 | 288 | -64 | 48 | -22 | 180 | -27 |
| EPS in Rs | -9 | 6.22 | 5.79 | 30.83 | -8.46 | 6.13 | 2.93 | 34.52 | -7.7 | 5.77 | -2.69 | 21.59 | -3.24 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,802 | 2,975 | 2,494 | 3,239 | 3,474 | 3,025 | 3,557 | 4,337 | 3,899 | 4,054 | 4,022 | 4,351 | 4,536 |
| Expenses | 2,728 | 2,825 | 2,341 | 2,986 | 3,237 | 2,942 | 3,419 | 4,012 | 3,530 | 3,609 | 3,516 | 4,052 | 4,186 |
| Operating Profit | 74 | 149 | 153 | 253 | 238 | 84 | 138 | 325 | 369 | 445 | 506 | 299 | 350 |
| OPM % | 2.6% | 5% | 6% | 8% | 7% | 2.8% | 3.9% | 8% | 9% | 11% | 13% | 7% | 8% |
| Other Income | 60 | 42 | 63 | 25 | 23 | 49 | 60 | 6 | 22 | 42 | 24 | 29 | 22 |
| Interest | 76 | 56 | 55 | 48 | 60 | 41 | 39 | 65 | 49 | 42 | 54 | 45 | 49 |
| Depreciation | 53 | 57 | 63 | 65 | 71 | 72 | 71 | 66 | 64 | 64 | 71 | 83 | 87 |
| PBT | 5 | 79 | 98 | 164 | 130 | 19 | 87 | 200 | 278 | 382 | 404 | 200 | 236 |
| Tax % | -9% | 18% | 14% | 21% | 52% | -229% | 21% | 36% | 43% | 26% | 28% | 29% | — |
| Net Profit | 6 | 64 | 85 | 130 | 63 | 64 | 69 | 129 | 158 | 282 | 293 | 141 | 178 |
| EPS in Rs | 0.71 | 7.73 | 10.18 | 15.57 | 7.58 | 7.67 | 8.27 | 15.46 | 18.96 | 33.83 | 35.12 | 16.97 | 21.43 |
| Div. Payout % | 70% | 26% | 39% | 26% | 46% | 39% | 36% | 32% | 26% | 30% | 29% | 32% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 2,035 | 2,088 | 2,141 | 2,159 | 2,146 | 2,211 | 2,173 | 2,315 | 2,380 | 2,626 | 2,846 | 2,892 |
| Borrowings | 645 | 569 | 438 | 446 | 404 | 341 | 743 | 832 | 381 | 71 | 229 | 309 |
| Other Liabilities | 1,921 | 1,722 | 2,137 | 2,097 | 2,495 | 2,570 | 2,885 | 2,624 | 2,304 | 2,852 | 2,928 | 3,768 |
| Total Liabilities | 4,643 | 4,420 | 4,757 | 4,744 | 5,086 | 5,163 | 5,843 | 5,813 | 5,107 | 5,591 | 6,044 | 7,011 |
| Fixed Assets | 482 | 557 | 583 | 595 | 631 | 621 | 601 | 621 | 505 | 528 | 580 | 705 |
| CWIP | 192 | 104 | 79 | 68 | 25 | 15 | 14 | 14 | 23 | 37 | 107 | 276 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 8 |
| Other Assets | 3,969 | 3,759 | 4,094 | 4,081 | 4,430 | 4,527 | 5,228 | 5,178 | 4,579 | 5,026 | 5,351 | 6,022 |
| Total Assets | 4,643 | 4,420 | 4,757 | 4,744 | 5,086 | 5,163 | 5,843 | 5,813 | 5,107 | 5,591 | 6,044 | 7,011 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 548 | 80 | 209 | 130 | 257 | 106 | -301 | 51 | 560 | 458 | 183 | 118 |
| Investing | -36 | -33 | -59 | -62 | -62 | -51 | -49 | -25 | -20 | -68 | -205 | -354 |
| Financing | -384 | -105 | -160 | -101 | -129 | 3 | -176 | -10 | -331 | -130 | -139 | 238 |
| Net Cash Flow | 128 | -57 | -11 | -33 | 65 | 57 | -526 | 16 | 208 | 260 | -162 | 2 |
| Free Cash Flow | 502 | 53 | 144 | 64 | 192 | 54 | -350 | 30 | 551 | 358 | -8 | -208 |
| CFO/OP | 722 | 64 | 83 | 58 | 119 | 39 | -229 | 26 | 176 | 116 | 60 | 68 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 129 | 148 | 209 | 186 | 170 | 182 | 193 | 157 | 116 | 130 | 154 | 191 |
| Inventory Days | 460 | 375 | 615 | 395 | 331 | 482 | 373 | 328 | 369 | 418 | 462 | 375 |
| Days Payable | 127 | 89 | 152 | 114 | 142 | 152 | 133 | 85 | 116 | 132 | 129 | 164 |
| Cash Conversion Cycle | 462 | 434 | 673 | 467 | 358 | 512 | 434 | 400 | 369 | 416 | 487 | 401 |
| Working Capital Days | 243 | 246 | 316 | 245 | 232 | 337 | 294 | 242 | 236 | 261 | 295 | 241 |
| ROCE % | 3% | 5% | 6% | 8% | 7% | 2% | 5% | 9% | 10% | 15% | 16% | 8% |
Documents
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Company Information
BEML Ltd manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defense forces and coaches for the metro and Indian Railways.[1]