Results First Take Bharat Electronics

Goldman Sachs maintains a Buy rating on Bharat Electronics (BEL) with a price target of INR 475 following Q4FY26 results that marginally missed internal estimates but beat consensus. The company reported solid order book growth and surpassed its full-year FY26 revenue and inflow guidance.

Key Takeaways

• 1.Q4FY26 results were operationally in line but a marginal miss on Goldman Sachs estimates, although ahead of street consensus.
• 2.The company maintained a healthy order book of INR 739bn, representing a 3% YoY increase and a strong book-to-bill ratio of 2.7x.
• 3.BEL met or surpassed most of its FY26 guidance metrics, including revenue growth (16% vs 15% guided) and order inflows (INR 300bn vs 270bn guided).

Table of Contents

• Key highlights of FY26 performance
• Bharat Electronics - Price Target Methodology & Risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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