BEL Q3 results on January 28: Here's earnings preview for defence PSU

Bharat Electronics Ltd (BEL) on Wednesday said its board of directors will hold a meeting on Wednesday, January 28, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. All eyes will be on order inflow prospects and updates on QRSAM contracts, said stock analysts.

Nomura India in a Q3 preview note expects BEL to report an adjusted net profit  of Rs 1,467.90 crore for the December quarter compared with Rs 1,316 crore in the same quarter last year. Revenue for the quarter is seen rising 15 per cent YoY to Rs 6,619.50 crore compared with Rs 5,756 crore in the corresponding quarter last year. Ebitda for the quarter is seen rising 13.9 per cent YoY to Rs 1,882.80 crore but Ebitda margin is seen falling 28 basis points to 28.4 per cent against 28.7 per cent YoY. 

"We expect order inflows of Rs 5,600 crore, thereby growing by 148 per cent YoY on the low base of 3QFY25. Further, we expect revenue to increase 15 YoY led by healthy execution of the outstanding order book. We also expect Ebitda to contract 28 bps YoY owing to lower gross margin. As per our estimates, BEL is well-placed to meet its FY26 OI/revenue growth guidance of Rs 27,000 crore/15 per cent," Nomura said.

MOFSL is expecting BEL to report 13 per cent YoY rise in profit at Rs 1,487 crore on 17.8 per cent jump in sales at Rs 6,780 crore. Ebitda is seen at Rs 1,912 crore.

"Key monitorables include updates on orders for subsystems for 97 LCA MK1A aircraft, Uttam radars, export orders, QRSAM, MRSAM, MF-STAR radars, and Akash-NG missile systems. The status of EoI for AMCA, finalisation of emergency procurement-related orders, execution improvement, and further indigenisation of modules and subsystems will remain key areas of focus," it said.

MOFSL pegged BEL's Q3 sales growth at 18 per cent YoY, led by the healthy execution of the order book of Rs 74,500 crore. It sees margins contracting 50 bps YoY to 28.2 per cent on a high base.

On Wednesday, the scrip closed at Rs 415.40 apiece, up 0.58 per cent.