BEML
BEML share price & financials
- Price
- ₹1,749.3
- Market cap
- ₹16.1k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
BEML Ltd Q1 FY27
What went well
- Top line growth of 29% in Q1 FY27, marking the best first quarter in a decade.
- Rail and Metro segment grew significantly by 178% YoY.
- Defense segment showed a 25% improvement over Q1 last financial year.
What to watch
- Mining segment was muted, down by 14% due to deferred contract finalization.
- Mumbai Rail Vikas Corporation (MRVC) tender, previously part of the pipeline, has been cancelled.
What BEML Ltd does
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
- Mining & Construction
- Defence & Aerospace
- Rail & Metro
- Manufacturing complexes
- 4 (Bengaluru, Kolar Gold Fields, Mysuru, Palakkad)
- Ownership
- Schedule 'A' Central Public Sector Undertaking, Ministry of Defence, Govt. of India (54.03% government holding)
- Strategic Business Units
- 14 SBUs + 2 Micro SBUs
- Pan-India office network
- 3 zonal offices, 12 regional offices, 16 district offices, 7 activity centres, 3 seaport office locations
- Export footprint
- 1,400+ equipment exported to 73 countries
- Cumulative mining & construction equipment delivered
- 34,000+ units
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 1 delivered 5 missed 16 open- EBITDA Margin delivered said Q2 FY24 Promised: 11% by end of FY24 Q1 FY27: No new information. Promise remains achieved.
- Total Order Book missed said Q4 FY24 Promised: ₹20,000 to 30,000 crores in FY25 Q1 FY27: No new information. Promise remains missed.
- Total Annual Revenue at risk said Q2 FY24 Promised: ₹7,000-8,000 crores in next 3-4 years Q1 FY27: 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.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.3%, net profit up 57.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 860 | 876 | 1,653 | 634 | 839 −2% | 1,083 +24% | 1,794 +9% | 820 +29% |
| EBITDA | 73 | 60 | 423 | -48 | 73 +0% | 4 −93% | 272 −36% | 2 +104% |
| Net profit | 51 | 25 | 288 | -64 | 55 +8% | -23 −192% | 179 −38% | -27 +58% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −50.2% 1Y
1Y: ₹4,064.7 on 10 Sept 2025 → ₹2,023.4. High ₹4,471 (15 Oct 2025), low ₹1,369.4 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.5%
- 13 Aug
- Q4 FY26
- +0.4%
- 10 Jun
- Q3 FY26
- −1.5%
- 12 Feb
- Q2 FY26
- +0.7%
- 12 Dec
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.
Financials, as filed
Revenue grew 3.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.9k Cr | ₹4.1k Cr | ₹4.0k Cr | ₹4.3k Cr |
| Operating profit | ₹362 Cr | ₹435 Cr | ₹506 Cr | ₹301 Cr |
| Operating margin | 9.3% | 10.7% | 12.6% | 6.9% |
| Interest | ₹46 Cr | ₹40 Cr | ₹55 Cr | ₹46 Cr |
| Depreciation | ₹64 Cr | ₹65 Cr | ₹72 Cr | ₹83 Cr |
| Net profit | ₹158 Cr | ₹282 Cr | ₹294 Cr | ₹147 Cr |
| Net margin | 4.1% | 7.0% | 7.3% | 3.4% |
| Cash from operations | ₹565 Cr | ₹457 Cr | ₹172 Cr | ₹126 Cr |
| Free cash flow | ₹555 Cr | ₹357 Cr | ₹-18 Cr | ₹-250 Cr |
| ROCE | 11.0% | 16.0% | 16.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹42 Cr | ₹42 Cr | ₹42 Cr | ₹42 Cr | ₹42 Cr | ₹42 Cr |
| Reserves | ₹2.2k Cr | ₹2.3k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹2.9k Cr |
| Borrowings | ₹752 Cr | ₹832 Cr | ₹381 Cr | ₹71 Cr | ₹666 Cr | ₹309 Cr |
| Other liabilities | ₹2.9k Cr | ₹2.6k Cr | ₹2.3k Cr | ₹2.9k Cr | ₹2.5k Cr | ₹3.8k Cr |
| Total liabilities | ₹5.8k Cr | ₹5.8k Cr | ₹5.1k Cr | ₹5.6k Cr | ₹5.9k Cr | ₹7.0k Cr |
| Fixed assets | ₹591 Cr | ₹551 Cr | ₹501 Cr | ₹524 Cr | ₹603 Cr | ₹701 Cr |
| Capital work in progress | ₹14 Cr | ₹14 Cr | ₹23 Cr | ₹37 Cr | ₹171 Cr | ₹276 Cr |
| Investments | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹6 Cr | ₹10 Cr |
| Other assets | ₹5.2k Cr | ₹5.2k Cr | ₹4.6k Cr | ₹5.0k Cr | ₹5.2k Cr | ₹6.0k Cr |
| Total assets | ₹5.8k Cr | ₹5.8k Cr | ₹5.1k Cr | ₹5.6k Cr | ₹5.9k Cr | ₹7.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.60 pp while the public trimmed −0.41 pp. The shareholder count grew 1% to 1,97,269.
- Promoters
- 54.0%
- FIIs
- 5.5%
- DIIs
- 19.4%
- Public
- 21.1%
Since Jun 2025
- DIIs +0.60 pp
- Public −0.41 pp
- FIIs −0.19 pp
How it drifted, 12 quarters
Over this window FIIs fell from 6.8% to 5.5% — −1.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 54.0%, FIIs 6.8%, DIIs 19.0%, Public 20.2%.Dec '23: Promoters 54.0%, FIIs 9.1%, DIIs 19.0%, Public 17.9%.Mar '24: Promoters 54.0%, FIIs 9.9%, DIIs 17.8%, Public 18.3%.Jun '24: Promoters 54.0%, FIIs 6.8%, DIIs 20.1%, Public 19.1%.Sep '24: Promoters 54.0%, FIIs 5.7%, DIIs 18.5%, Public 21.8%.Dec '24: Promoters 54.0%, FIIs 7.4%, DIIs 18.1%, Public 20.4%.Mar '25: Promoters 54.0%, FIIs 7.3%, DIIs 18.7%, Public 20.0%.Jun '25: Promoters 54.0%, FIIs 5.7%, DIIs 18.8%, Public 21.5%.Sep '25: Promoters 54.0%, FIIs 5.8%, DIIs 18.5%, Public 21.6%.Dec '25: Promoters 54.0%, FIIs 5.5%, DIIs 18.4%, Public 22.1%.Mar '26: Promoters 54.0%, FIIs 5.6%, DIIs 18.7%, Public 21.7%.Jun '26: Promoters 54.0%, FIIs 5.5%, DIIs 19.4%, Public 21.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Dividend Yield Fund Mutual fund newly disclosed 7.54% held
- Kotak Large & Midcap Fund Mutual fund newly disclosed 4.76% held
- Invesco India Focused Fund Mutual fund newly disclosed 1.98% held
- ICICI Prudential Nifty Smallcap 250 ETF Mutual fund newly disclosed 1.07% held
The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of BEML Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 54.03% | unchanged |
| HDFC Mutual Fund - HDFC Dividend Yield Fund Mutual fund | 7.54% | newly disclosed |
| Kotak Large & Midcap Fund Mutual fund | 4.76% | newly disclosed |
| Invesco India Focused Fund Mutual fund | 1.98% | newly disclosed |
| ICICI Prudential Nifty Smallcap 250 ETF Mutual fund | 1.07% | newly disclosed |
| HDFC Mutual Fund - HDFC Nifty500 Multicap 50:25:25 | — | off the list |
| Kotak Flexicap Fund Mutual fund | — | off the list |
| Inevsco India Smallcap Fund Mutual fund | — | off the list |
| ICICI Prudential PSU Equity Fund 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.
Mutual funds in BEML
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+0.0%).
- Held by funds
- ₹1.1k Cr
- 11 schemes
- Biggest holder
- HDFC Defence Fund
- ₹508 Cr · 4.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹508 Cr | held | Jun '23 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹375 Cr | held | Dec '22 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹79 Cr | held | May '24 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹71 Cr | held | Dec '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹54 Cr | held | May '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹12 Cr | +0.01 L | Dec '22 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹7 Cr | held | Mar '25 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | +0.00 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 Aug 2026
4 added, 1 trimmed — net +1,093 shares (+0.0%)
- Funds are sitting on
- -19%
- vs est. average cost
- Held by funds
- ₹1.1k Cr
- 11 schemes · ≈ 6.9% of the company
- Biggest holder
- HDFC Defence Fund
- ₹508 Cr · 4.7% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 3y 9m · since Dec '22
Shares held by these funds +57%
Aug '23 63.49 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse BEML Ltd
Guides on how to read this kind of business and the numbers that matter.