BEML Ltd(BEML)

NSE: BEMLBSE: 500048

₹ 1,849.55-2.88%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 15,405 crWebsite: www.bemlindia.inUpdated: 24 Oct 2026

About

BEML Limited is a Indian public-sector manufacturer of heavy equipment across three verticals: Rail & Metro rolling stock, Defence & Aerospace vehicles and aerostructures, and Mining & Construction (HEMM) machinery. In FY26 the company reported revenue of Rs. 4,351 Cr, with Rail & Metro and Defence together accounting for 59% of that revenue. BEML holds an order book of ~Rs. 16,000 Cr as of Q1 FY27, the highest ever, and secured India's contract for High-Speed Bullet Train rolling stock production.^[1][2][3][4]

Business segments

Rail & Metro rolling stock grew 178% YoY in Q1 FY27 and accounted for 65% of the ~Rs. 16,000 Cr order book as of Q1 FY27; Rail & Metro + Defence together were 59% of FY26 revenue.^[2][1]
Defence & Aerospace revenue grew ~71% YoY to Rs. 1,551 Cr in FY26 (35% of revenue), up from Rs. 908 Cr (23% of revenue) in FY25, driven by High Mobility Vehicle deliveries.^[1]
Mining & Construction (HEMM) fell to ~41% of FY26 revenue and declined a further 14% YoY in Q1 FY27, as contract finalisation for projects where BEML is already L1 was deferred.^[1][2]

Products and portfolio

BEML indigenously designed and developed the Vande Bharat Sleeper Train and secured the contract for rolling stock production for India's first High-Speed Bullet Train project.^[4]
BEML developed India's first all-electric Rope Shovel (BRS 21) and India's first indigenously developed 1,500 HP combat vehicle engine.^[4]
BEML designed and rolled out the 12x12 High Mobility Vehicle (HMV) for defence logistics; an export order of Rs. 75.58 Cr for HMV 12x12 & HMV 8x8 to Southeast Asia was received in October 2026.^[4][5]
R&D spend reached Rs. 251 Cr (6.25% of FY26 revenue), an all-time high, with 40+ products in the development pipeline.^[1]

Manufacturing operations

The Aditya facility at Bangalore Complex was inaugurated in FY26 for high-speed rail; it adds 6 - 8 high-speed coaches/month or 12 metro coaches/month (~100 additional units/year) to existing capacity.^[1]
Bangalore Metro CRS inspection was completed in Q1 FY27; commercial service and delivery of at least 20 - 25 trains is expected in FY27.^[2]
The BRAHMA greenfield rolling stock plant at Bhopal was inaugurated (foundation stone laid) in FY26; total approved capex is Rs. 1,500 Cr in two phases (Phase 1: Rs. 900 Cr; Phase 2: Rs. 600 Cr).^[1][6]
FY26 capex was Rs. 379 Cr, an all-time high; FY27 standalone capex is planned at Rs. 600+ Cr.^[1][2]

Key operating numbers

Order book stood at ~Rs. 16,000 Cr in Q1 FY27 (mix: 65% Rail & Metro, 25% Defence, 4% Mining, 6% Exports), versus Rs. 15,896 Cr at FY26 close (+9% YoY), both all-time highs.^[2][1]
Q1 FY27 order inflows were Rs. 1,181 Cr; total FY27 order inflow target is Rs. 20,000 Cr.^[2]
Q1 FY27 overall revenue grew 29% YoY - management described it as probably the best Q1 in the last decade - with first-ever positive Q1 EBITDA and overall net loss down ~50% YoY.^[2]
FY26 debtor days rose to 176 days (Rs. 2,274 Cr) from 140 days (Rs. 1,696 Cr) in FY25, driven by Q4-skewed sales and delayed Ministry of Defence collections.^[1]

Customers and exports

Key domestic customers include Integral Coach Factory (Vande Bharat Sleeper trainsets order of Rs. 180.60 Cr received in September 2026), Indian Railways, various Metro Rail Corporations, and the Ministry of Defence.^[7]
Coal India is the dominant mining customer; its shift from departmental purchase to Mine Developer and Operator (MDO) procurement model is a structural headwind for BEML's HEMM segment.^[8]
Export order book reached USD 115M in Q1 FY27; FY26 export order bookings were $107M (highest ever), including a $60M metro rolling stock order from Africa - BEML's first-ever metro rolling stock export.^[2][1]
BEML is pursuing metro export opportunities of ~Rs. 15,000 Cr in two undisclosed countries, and Tel Aviv Metro (~$250M) and Dublin MetroLink (~$90M) in partnership with DMRC/DMIL.^[2][1]

Expansion and capex

BRAHMA (Bhopal): Rs. 1,500 Cr total capex approved; civil construction to be finalised in 2 - 3 months from August 2026; first output expected 18 months from construction start; Phase 1 to add ~300 cars/year capacity.^[2][6]
A new HEMM facility on 80 acres at Mungeli near Bilaspur (Chhattisgarh) is planned; capex to be worked out within 3 - 4 months of August 2026; hub-and-spoke service model already under construction.^[2]
Ship-to-shore cranes and Tunnel Boring Machines (6.5 m diameter, pilot of 4 machines) are in development, with a 3 - 5 year gestation before meaningful revenue; long-term potential cited at Rs. 5,000 Cr/year.^[2][1]

Recent developments

October 2026: BEML received an export order of Rs. 75.58 Cr for HMV 12x12 & HMV 8x8 maintenance and export to Southeast Asia.^[5]
September 2026: BEML secured an additional Rs. 180.60 Cr order from Integral Coach Factory for manufacture and supply of Vande Bharat (Sleeper) trainsets.^[7]
Q1 FY27: BEML won a new order from HAL for 48 Light Combat Helicopter fuselages (approximately 60% of 90-unit program total) to be executed over ~3 years.^[2]
BEML joined the AMCA aerostructures consortium with Bharat Forge and Data Patterns; the program is at RFI stage with a 15-year first phase to deliver a prototype.^[8]
High-speed train (280 km/h): first complete train delivery targeted approximately January 2027, followed by depot and mainline testing at Surat.^[2][1]

Market Cap

₹15,405 Cr

High / Low

₹2,277 / 1,361

Stock P/E

86.3

Price / Book

5.3

Book Value

₹352

EPS

₹17.0

No. of Shares

8.33 Cr

ROCE

7.7%

ROE

4.9%

OPM

5.6%

Debt / Equity

0.10

Sales

₹4,351 Cr

Net Profit

₹141 Cr

Promoter holding

54.0%

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