BEL Q4 Results 2026 Highlights: PSU defence stock posts 5% rise in net profit at ₹2,203 crore; dividend declared

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter rose 6% year-on-year to ₹2,962 crore. However, BEL’s EBITDA margin narrowed by 150 basis points to 29.1% from 30.6% in the year-ago period, largely in line with expectations due to a higher base.

The stock ended 0.83% lower at ₹423.15 on BSE on Tuesday, 19 May. It has fallen over 8% in last 1 month and 2.6% in last 3 months, however, it has advanced 16.5% in the pst 1 year. Meanwhile, it has given multibagger returns, soaring 720% in 5 years.

The company posted revenue from operations of ₹27,479.63 crore for FY26, registering a growth of 16.15% compared with ₹23,658.01 crore reported in the previous financial year.

Profit after tax (PAT) for the full financial year FY26 climbed 14.38% to ₹6,048.48 crore, compared with ₹5,288.25 crore posted in the previous year.

The company also recommended a final dividend of ₹0.55/- per equity share of ₹1/- each fully paid-up for the financial year 2025-26 subject to approval by the shareholders in the ensuing Annual General Meeting of the Company.

Its revenue from operations rose 11.5% to ₹10,177.17 crore from ₹9,119.71 crore reported during the corresponding quarter last year.

For the March quarter, BEL reported PAT of ₹2,203.16 crore, up around 5% from ₹2,104.78 crore recorded in the corresponding quarter of the previous financial year.

Ahead of its Q4 results announcement, here’s a look at Bharat Electronics’s Q3FY25 performance. The defence PSU reported a strong set of December quarter earnings, with consolidated net profit rising 21% year-on-year (YoY) to ₹1,580 crore from ₹1,312 crore in the corresponding quarter last year. Revenue from operations also grew 24% YoY to ₹7,154 crore during the quarter.

The PSU stock was trading around 1% lower at ₹422.80 ahead of Q4 results. It had hit its 52-week high of ₹473.25 in March 2026 and 52-week low of ₹358.70 in May 2025.

BEL provided provisional numbers with orders of ₹30,000 crore, including export orders of $346 million, and revenue (excl. other operating income) of ₹26,800 crore, up 16% YoY, including export revenue of $142 million, a growth of 34% YoY.

Key monitorables in BEL Q4 results today include updates on orders for QRSAM, Uttam radars, next-gen corvettes, Shatrughat EW, and Akash-NG missile systems, as well as the status of EoI for AMCA, execution improvement, and further indigenization.

BEL share price has fallen over 7% in one month, while it has eased 2% in three months. The PSU defence stock has risen 1% in six months and has gained 18% in one year. However, BEL stock price has delivered multibagger returns of 300% in three years and 728% over the past five years. BEL stock price has jumped 1,164% in ten years.

ICICI Securities expects BEL’s Q4 net profit to fall 10.4% to ₹1,906 crore from ₹2,127 crore, YoY, but jump 20.7% from ₹1,579 crore, QoQ. Revenue is estimated to grow 2% to ₹9,333 crore from ₹9,149.6 crore, YoY, and surge 30.5% from ₹7,153.9 crore QoQ. EBITDA is seen falling 10.6% to ₹2,516 crore from ₹2,816.1 crore, YoY, and increasing 18.3% from ₹2,127.1 crore, QoQ.

ICICI Securities expects modest revenue growth of 2% YoY for BEL in Q4FY26. It expects EBITDA and PAT to fall 10% YoY each due to higher R&D allocation and product mix.

Motilal Oswal expects BEL to report revenue growth of 14% YoY, led by the healthy execution of the opening order book of ₹73,000 crore. It expects margins to contract 320 bps YoY to 27.4% on a high base but remain at strong levels for FY26. The company provided provisional numbers with orders of ₹30,000 crore, including export orders of $346 million, and revenue (excl. other operating income) of ₹26,800 crore (+16% YoY), including export revenue of $142 million (+34% YoY).

Key monitorables include updates on orders for QRSAM, Uttam radars, next-gen corvettes, Shatrughat EW, and Akash-NG missile systems, as well as the status of EoI for AMCA, execution improvement, and further indigenization.

On the operational front, BEL’s EBITDA is projected to grow 31.5% to ₹2,796 crore from ₹2,127.2 crore, QoQ, but expected to remain flat on a YoY basis. EBITDA margin is forecast to contract 91 bps to 29.9% from 30.8% YoY.

The net profit of BEL is expected to rise 3.9% to ₹2,211 crore in Q4FY26 from ₹2,127 crore in the corresponding quarter of the previous fiscal year. On a sequential basis, net profit is estimated to surge 40% from ₹1,579.7 crore in the December quarter.

BEL’s Q4FY26 revenue is expected to rise 2.3% to ₹9,364 crore from ₹9,149.6 crore in the year ago period. Sequentially, revenue is expected to jump 30.9% from ₹7,153.9 in the previous quarter, according to estimates by Choice Institutional Equities.

Bharat Electronics is expected to report modest execution in the fourth quarter of FY26 with revenue growth of around 4% year-on-year (YoY), while its order backlog strengthened to ₹74,000 crore, providing solid medium-term visibility.

BEL share price traded higher ahead of the announcement of Q4 results today. The PSU defence stock opened with minor gains at ₹428.70 apiece as against its previous close of ₹426.70 apiece on the BSE. BEL shares gained as much as 0.9% to ₹430.60 apiece.