BEML logo

BEML

BEML NSE

Key Fundamentals

SmallcapCommercial VehiclesAutomobiles
Market Cap
₹16,385 Cr
Volatility
Moderate
P/E Ratio
91.57
EBITDA
₹328 Cr
Return on Equity
4.82%
Debt to Equity
0.11
Book Value
₹352.23
EPS
₹68.76
52W High
₹2,275.75
52W Low
₹1,355

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 53.3%

Weaknesses

4
  • Stock is trading at 5.57 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 8.62% over last 3 years.
  • Company has high debtors of 191 days.

Growth Rate

Revenue Growth
8.26% higher than 3Y
Net Income Growth
-51.66% lower than 3Y
Cash Flow Change
19.5% higher than 3Y
ROE
-52.42% lower than 3Y
ROCE
-48.34% higher than 3Y
EBITDA Margin (Avg.)
-42.66% lower than 3Y

AI Analysis — Bull vs Bear

2d ago
AI opinion · based on fundamentals
Risk high

BEML Ltd has a market capitalisation of about ₹16,468 Cr and trades at a P/E of 91.7x and a P/B of 5.58x. Trailing twelve-month (TTM) sales grew 13%, while TTM profit fell 40%. Longer-term sales growth has been about 4% a year over 3, 5 and 10 years, and return on equity was 8.62% over the last 3 years and 5% last year. The data classifies BEML under Automobiles, but its business is mainly mining and construction equipment, defence, and rail and metro rolling stock, so auto-sector peer comparisons may not fit well.

Bull Case 7
  • The company pays out a healthy 53.3% of earnings as dividends, which shows steady cash returns to shareholders even as profits swing.
  • TTM sales growth of 13% is about three times the 5-year sales CAGR of 4.11%, which suggests order execution may be speeding up.
  • Profit grew at a 15% CAGR over 5 years, well ahead of the 4% sales CAGR over the same period, which points to better operating leverage and margins across the cycle.
  • The stock has compounded at 28% a year over 5 years and 19% a year over both 3 and 10 years, a long record of creating shareholder value.
  • ROE has risen from a 10-year average of 6% to 8% over 5 years and 9% over 3 years, a gradual gain in capital efficiency over the long run.
  • The stock is down 6% over the past year, so some of the valuation premium has eased compared with its multi-year run-up.
  • A dividend yield of 0.87% gives a small income cushion alongside the company's exposure to defence, rail and metro, and mining spending.
Bear Case 7
  • A P/E of 91.7x means an earnings yield of only about 1.09%. The market is pricing in a strong earnings recovery that the recent numbers do not yet show.
  • TTM profit fell 40% even though sales grew 13%, which points to significant margin compression.
  • The stock trades at 5.58x book value while ROE is 8.62% over 3 years and 5% last year. That is a high price-to-book multiple for a single-digit return on equity.
  • Debtor days of 191 mean more than six months of revenue is tied up in receivables, which puts pressure on working capital and cash conversion.
  • Sales CAGR has stayed at about 4% over 3, 5 and 10 years (4.11% over 5 years), so the top line has grown only slowly over the long run.
  • Profit CAGR over 3 years is -3%, so the 15% 5-year figure depends on an earlier low base and the recent trend is negative.
  • The 1-year stock return of -6% contrasts with the 28% 5-year CAGR, which suggests momentum is fading while the stock still carries a 91.7x P/E.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 3
  • Rich valuation after 55% rally Sep 18

    Shares trade at 42x FY27 earnings (Bloomberg) after rising about 55% from the 52-week low of ₹1,355 hit on Mar 30. That leaves little room for any slip in execution or margins.

  • Thin margins vs 13% guidance Sep 18

    Q1FY27 EBITDA was only ₹2.1 cr on ₹820 cr revenue, a margin of about 0.3%. FY26 EBITDA margin was 6.2%, hurt by one-off costs and an adverse product mix, so reaching the 13% FY27 guidance needs a sharp recovery.

  • Execution pace a key monitorable Sep 18

    The ₹22,000 cr order book is about 5x TTM revenue, and the Raisen (MP) rail/metro coach facility won't be operational until mid-2027. Antique flags execution pace and margin recovery as the key risks to its 19% revenue CAGR forecast for FY26-29.

Positives 6
  • ₹5,400 cr NHSRCL bullet-train order Sep 18

    BEML won a ₹5,400 cr NHSRCL contract to supply and maintain B28 high-speed trainsets (280 kmph design speed) for the Mumbai-Ahmedabad HSR corridor, marking its entry into high-speed rail. The stock rose as much as 5.36% to ₹2,121 intraday; a Times of India report of a second ₹5,400 cr contract (total ₹10,800 cr) is unconfirmed by the filing.

  • Q1 turnaround, 20% FY27 growth guide Sep 18

    Q1FY27 revenue grew 29% YoY to ₹820 cr, and EBITDA of ₹2.1 cr compares with a ₹48 cr loss a year earlier, the first positive Q1 EBITDA in 15 years. Management guides for 20% revenue growth and a 13% EBITDA margin in FY27.

  • Record international order book Sep 17

    BEML's international order book has reached an all-time high, led by the rail and metro segments. The overall order book stands at ₹22,000 cr.

  • Capacity and R&D scale-up Sep 18

    The Bengaluru HSR complex was commissioned in April. FY26 R&D spend rose 150% YoY to ₹251 cr (6.2% of revenue vs 2.6% in FY25) to cut reliance on imported systems.

  • ₹180.6 cr Vande Bharat order Sep 2

    BEML secured a ₹180.6 cr order from Integral Coach Factory to manufacture and supply Vande Bharat (Sleeper) trainsets.

  • ₹12.28 final dividend approved Sep 29

    Shareholders at the 62nd AGM on Sep 29 approved a final dividend of ₹12.28 per share for FY26. The AGM also ratified the appointment of three new independent directors and the auditors.

Neutral 4
  • $200 mn export order target Sep 7

    BEML has set a target of $200 million in export orders by FY27, as part of its push to grow international business across defence, mining and rail/metro.

  • Armoured SBU head retires Sep 30

    Brig. T Srinivasa Rao (Retd), Chief General Manager and head of the Armoured Business SBU, left on superannuation on Sep 30, 2026.

  • Vaithisvaran & Co named auditor Sep 22

    M/s Vaithisvaran & Co LLP was appointed statutory auditor for FY26-27 after approval from the Comptroller and Auditor General of India.

  • FY26 annual report filed Sep 4

    BEML filed its 62nd annual report for FY2025-26 with the stock exchanges, covering its defence, mining and rail operations.

TL;DR: BEML's momentum is improving. The ₹5,400 cr NHSRCL order takes it into high-speed rail, the order book is at ₹22,000 cr (about 5x revenue), and Q1FY27 delivered 29% revenue growth with its first positive Q1 EBITDA in 15 years. The risks are a stretched 42x FY27 P/E after a 55% rally and near-zero current margins compared with the 13% guidance. Execution pace and margin recovery over the next few quarters will decide whether the re-rating holds.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
4,051
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
17
21.43
Div. Payout %
70%
26%
39%
26%
46%
39%
36%
32%
26%
30%
29%
101%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
3,892
Total Liabilities
4,643
4,420
4,757
4,744
5,086
5,163
5,843
5,813
5,107
5,591
6,044
7,135
Fixed Assets
482
557
583
595
631
621
601
621
505
528
580
684
CWIP
192
104
79
68
25
15
14
14
23
37
107
298
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
6,146
Total Assets
4,643
4,420
4,757
4,744
5,086
5,163
5,843
5,813
5,107
5,591
6,044
7,135
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
548
80
209
130
257
106
-301
51
560
458
99
118
Investing
-36
-33
-59
-62
-62
-51
-49
-25
-20
-68
-210
-354
Financing
-384
-105
-160
-101
-129
3
-176
-10
-331
-130
107
238
Net Cash Flow
128
-57
-11
-33
65
57
-526
16
208
260
-4
2
Free Cash Flow
502
53
144
64
192
54
-350
30
551
358
-92
-208
CFO/OP
722
64
83
58
119
39
-229
26
176
116
44
68
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
394
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
421
Working Capital Days
243
246
316
245
232
337
294
242
236
261
295
251
ROCE %
3%
5%
6%
8%
7%
2%
5%
9%
10%
15%
16%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.32%Promot.54.03%FIIs5.48%Public17.77%DIIs19.39%As ofJun 2026

Documents

Frequently Asked Questions about BEML

What does BEML Ltd do?
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]
Where is BEML Ltd (BEML) listed?
BEML Ltd trades as BEML on the NSE and under code 500048 on the BSE.
Which sector does BEML Ltd belong to?
BEML Ltd is classified under the Automobiles sector, in the Commercial Vehicles industry.
What is the market capitalisation of BEML Ltd?
BEML Ltd has a market capitalisation of ₹16,385 Cr, which places it in the Mid Cap band.
What is the PE ratio of BEML Ltd?
BEML Ltd trades at a PE ratio of 91.57, on earnings per share of ₹68.76, against a book value of ₹352.23 per share.
What is the 52-week high and low of BEML Ltd?
Over the last 52 weeks BEML Ltd has traded between ₹1,355 and ₹2,275.75.
Does BEML Ltd pay dividends?
BEML Ltd has a dividend yield of 0.86%.
What is the Return on Equity (ROE) of BEML Ltd?
BEML Ltd reported a return on equity of 4.82%. Its debt-to-equity ratio is 0.11.

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]

Website bemlindia.in
CEO Mr. Shantanu Roy
Employees 4,469
Listed 2003-11-05
Face Value ₹ 5
Issued Size 8,32,89,000

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