Bharat Electronics Q1 Results Review - Better Than Expected Performance: Motilal Oswal

Motilal Oswal Report

Bharat Electronics Ltd.’s Q1 FY25 results came ahead of estimates, driven by better-than-expected revenue and profit after tax. Revenue growth was led by a strong order book, which stood at Rs 767 billion. Order inflows stood at Rs 49.6 billion. The company has maintained its guidance on revenues and order inflows despite a strong execution in Q1.

We maintain our estimates and target price of Rs 360 on BEL with a Buy rating on the stock.

Key risks and concerns

A slowdown in order inflows from the defense and non-defense segments, increased competition, further delays in finalization of large tenders, a sharp rise in commodity prices and delays in payments from MoD can adversely impact our estimates on revenues, margins and cash flows.

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