Central PSU under India's Ministry of Defence making mining, defence and rail/metro equipment across 4 plants.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 820 | +29.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 0.3 | +8.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -27.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | 6.15 | −5.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -4.78 | −2.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 12.75 | +9.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 6 judged targets kept · 16 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | 11% by end of FY24 | Q2 FY24 | No new information. Promise remains achieved. | Achieved |
| Total Order Book | ₹20,000 to 30,000 crores in FY25 | Q4 FY24 | No new information. Promise remains missed. | Missed |
| Total Annual Revenue | ₹7,000-8,000 crores in next 3-4 years | Q2 FY24 | Management guided for 'high 20s' revenue growth for FY27. Based on FY26 revenue of ~₹4,350 Cr, this would result in ~₹5,570 Cr, significantly below the ₹7,000 Cr lower bound of the target. | At Risk |
5 of BEML Ltd's 22 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹4,438.1 on 24 Oct 2025 → ₹1,998.6. High ₹4,438.1 (24 Oct 2025), low ₹1,369.4 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
BEML Limited is a Schedule 'A' Central Public Sector Undertaking under the Ministry of Defence, Government of India, established in 1964. It designs, manufactures and services heavy engineering and defence-linked equipment across three business verticals — Mining & Construction, Defence & Aerospace, and Rail & Metro — run through Strategic Business Units out of four manufacturing complexes. It earns revenue by selling equipment such as dump trucks, rope shovels, armoured and high-mobility vehicles, and rail coaches/metro cars to domestic customers including coal and mining companies, the armed forces, and Indian Railways/metro operators, as well as through exports.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 6 judged targets kept · 16 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | 11% by end of FY24 | Q2 FY24 | No new information. Promise remains achieved. | Achieved |
| Total Order Book | ₹20,000 to 30,000 crores in FY25 | Q4 FY24 | No new information. Promise remains missed. | Missed |
| Total Annual Revenue | ₹7,000-8,000 crores in next 3-4 years | Q2 FY24 | Management guided for 'high 20s' revenue growth for FY27. Based on FY26 revenue of ~₹4,350 Cr, this would result in ~₹5,570 Cr, significantly below the ₹7,000 Cr lower bound of the target. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
BEML Ltd Q1 FY27
BEML Ltd reported a strong Q1 FY27 with 29% revenue growth, primarily fueled by the Rail and Metro segment. The company achieved positive EBITDA for the first time in a decade for a Q1, significantly reducing its overall loss. Management highlighted a robust order book of over ₹16,000 crores and an ambitious order inflow target of ₹20,000 crores for FY27, while also addressing working capital management and long-term strategic plans.
Read the full callBEML Ltd Q4 FY26
BEML Ltd reported a mixed Q4 FY26, with record order book growth to ₹16,700 crores and strong revenue performance in the defense segment, reaching ₹1,500 crores. However, profitability metrics like PBT, PAT, and EBITDA saw significant declines of over 38-51% due to one-time legacy adjustments and gratuity provisions. The company is focusing on improving working capital, increasing execution pace, and expanding its export footprint, with a target of 16% sustainable EBITDA margin.
Read the full callBEML Ltd Q3 FY26
BEML Ltd reported a robust 24% YoY revenue growth in Q3 FY26, driven by strong order execution and a current order book of INR 16,300 crores. The company is investing INR 1,500 crores in a new Bhopal plant to significantly expand rolling stock capacity and is diversifying into new areas like Tunnel Boring Machines and Maritime Cranes. Despite a dip in profitability due to an INR 80 crores one-time correction, BEML maintains an optimistic outlook with targets for 20% revenue growth and a INR 20,000 crores order book by FY26 end.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +58% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 860 | 876 | 1,653 | 634 | 839 | 1,083 | 1,794 | 820 |
| Expenses | 787 | 815 | 1,230 | 682 | 766 | 1,080 | 1,522 | 817 |
| Operating profit | 73 | 60 | 423 | -48 | 73 | 4 | 272 | 2 |
| Operating margin | 8.0% | 7.0% | 26.0% | −8.0% | 9.0% | 0.3% | 15.0% | 0.3% |
| Other income | 15 | 5 | 4 | 7 | 7 | 4 | 10 | 1 |
| Interest | 16 | 17 | 13 | 10 | 10 | 12 | 14 | 14 |
| Depreciation | 17 | 19 | 19 | 20 | 20 | 21 | 22 | 23 |
| Profit before tax | 55 | 30 | 395 | -70 | 50 | -26 | 245 | -34 |
| Tax rate | 7.0% | 17.0% | 27.0% | −9.0% | −9.0% | −12.0% | 27.0% | −20.0% |
| Net profit | 51 | 25 | 288 | -64 | 55 | -23 | 179 | -27 |
| EPS (₹ per share) | 6.17 | 2.97 | 34.58 | -7.67 | 6.58 | -2.73 | 21.53 | -3.27 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 3,899 | 4,055 | 4,023 | 4,350 |
| Expenses | 3,537 | 3,619 | 3,516 | 4,050 |
| Operating profit | 362 | 435 | 506 | 301 |
| Other income | 26 | 50 | 25 | 28 |
| Interest | 46 | 40 | 55 | 46 |
| Depreciation | 64 | 65 | 72 | 83 |
| Profit before tax | 278 | 382 | 405 | 199 |
| Net profit | 158 | 282 | 294 | 147 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 42 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 2,265 | 2,353 | 2,601 | 2,812 | 2,759 | 2,867 |
| Borrowings | 832 | 381 | 71 | 229 | 666 | 309 |
| Other liabilities | 2,624 | 2,304 | 2,853 | 2,928 | 2,469 | 3,893 |
| Total liabilities | 5,763 | 5,081 | 5,566 | 6,011 | 5,935 | 7,111 |
| Fixed assets | 551 | 501 | 524 | 576 | 603 | 680 |
| Capital work in progress | 14 | 23 | 37 | 107 | 171 | 298 |
| Investments | 3 | 3 | 3 | 8 | 6 | 10 |
| Other assets | 5,195 | 4,555 | 5,003 | 5,320 | 5,155 | 6,123 |
| Total assets | 5,763 | 5,081 | 5,566 | 6,011 | 5,935 | 7,111 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,769 | 49 | 565 | 457 | 89 | 126 |
| Cash from investing | -2,122 | -29 | -42 | -67 | -200 | -362 |
| Cash from financing | -176 | -10 | -309 | -130 | 107 | 238 |
| Net cash flow | -529 | 11 | 214 | 260 | -4 | 2 |
| Free cash flow | 1,720 | 24 | 555 | 357 | -101 | -250 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 191 | 157 | 116 | 130 | 154 | 191 |
| Inventory days | 372 | 328 | 369 | 418 | 462 | 394 |
| Days payable | 133 | 85 | 116 | 132 | 129 | 164 |
| Cash conversion cycle | 431 | 400 | 369 | 416 | 487 | 421 |
| Working capital days | 292 | 244 | 238 | 262 | 296 | 251 |
| Return on capital employed | 5.0% | 9.0% | 11.0% | 16.0% | 16.0% | 8.0% |
| Dividend payout | 34.0% | 31.0% | 26.0% | 30.0% | 28.0% | 97.0% |
Ownership
Promoters hold 54.03% as of Sept 2026; institutions added 1.91 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of BEML Ltd above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 54.03% | unchanged | |
| Mutual fund | 7.60% | +0.06 pp |
| Mutual fund | 4.76% | newly disclosed |
| Mutual fund | 2.00% | unchanged |
| Mutual fund | 1.08% | newly disclosed |
| Mutual fund | — | off the list |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 1 added, 5 trimmed, 0 sold out — net +0.45 L shares (+0.7%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹588 Cr | +0.49 L | Jun '23 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹427 Cr | held | Dec '22 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹90 Cr | held | May '24 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹81 Cr | held | Dec '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹62 Cr | held | May '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹12 Cr | −0.02 L | Dec '22 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹8 Cr | held | Mar '25 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | −0.01 L | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
1 added, 5 trimmed — net +45,036 shares (+0.7%)
Shares held by these funds +58%
Oct '23 63.95 L shares Sep '26
Your own record
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Guides on how to read this kind of business and the numbers that matter.