Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Oct - BEML received ₹75.58 crore export and maintenance order for HMV 12x12 and HMV 8x8 in Southeast Asia.
Source: Bse
BEML Limited (BEML)
Small CapIndustrials stocks · Small cap · NSE
BEML Limited is an Indian manufacturer of heavy equipment for defense, rail & metro, and mining & construction sectors. The company reported strong Q1 FY27 growth, primarily driven by its Rail & Metro segment, and holds a significant order book with a strategic shift towards higher-margin segments.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:38 am IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
51NeutralMACD −
Stock trend: 51
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BEMLD candles · FIT view+8.1%Latest close ₹1938.40 on 2026-10-19
Bar
-2.4%
RSI
46
MACD hist
-7.23
52W pos
63%
2026-10-19O ₹1987.00H ₹2004.90L ₹1930.00C ₹1938.40Vol 1.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BEMLNifty India ManufacturingNifty 500
- BEML
- +9.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +15.1 pp
Chart stats
19 Oct 2026- From 52W high
- -14.8%
- 52W range position
- 63%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.70x
- Avg traded value
- ₹38.3 Cr
- 20D price channel
- ₹1,875.6 - ₹2,155
₹2,275.8
₹1,355 - ₹2,275.8
₹67.9
Latest completed session
20-session average
32.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +29.3% · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-130.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +29% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹820 Cr | +29.3% | -54.3% |
| EBITDA | ₹2 Cr | +104.1% | -99.3% |
| Operating margin | 0.2% | +820 bps | -1480 bps |
| PAT | ₹-27 Cr | NDF | -115.0% |
| PAT margin | -3.3% | +680 bps | -1332 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 90.50
- P/B
- 5.51
- EV/EBITDA
- 37.65
- Market Cap
- 16145.00Cr
Profitability
- ROE
- 4.78%
- ROCE
- 7.66%
- ROA
- 2.49%
- Dividend Y
- 0.88%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 7.14×
- Altman Z
- 3.82
- Book Value
- 352.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 118.00 Cr
- EPS TTM
- 21.43
Shareholding
- Promoter Hold
- 54.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 820-54.3% vs prev
Net Profit
₹ CrLatest: -27.0-115.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth9/25
Quality0/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -130.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
90.5
PB
5.5
EV/EBITDA
37.6
ROE
4.8%
ROCE
7.7%
FCF Yield
—
Debt/Equity
0.1
MoS
-130.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-130.2%
Previous: -130.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹411.98
-370.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹842.2
-130.2% MoS
PEG
6.03
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AZAD
Small
Azad Engineering Limited
Defence / Aerospace
match 133
34
139.0
9.1%
-218%
WATCHLIST
UNIMECH
Small
Unimech Aerospace and Manufacturing Limited
Defence / Aerospace
match 132
28
130.0
8.0%
-202%
OVERVALUED
VAISHALI
Small
Vaishali Pharma Limited
Defence / Aerospace
match 126
24
24.2
6.0%
+44%
OVERVALUED
SHALPAINTS
Small
Shalimar Paints Limited
Defence / Aerospace
match 126
16
—
-21.4%
—
OVERVALUED
KAUSHALYA
Small
Kaushalya Infrastructure Development Corporation Limited
Defence / Aerospace
match 125
14
—
0.4%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-14T07:13:25.997Z
Management commentary snapshot
BEML reports strong Q1 FY27 with 29% revenue growth, led by 178% surge in Rail & Metro. EBITDA turned positive for Q1, and net loss reduced by 50%. Order book exceeds INR16,000 crores, with a robust export pipeline.
The company's Q1 FY27 performance indicates a positive trajectory, with significant growth in the strategic Rail & Metro and Defense segments. The substantial order book and management's focus on improving working capital and margins support the investment thesis, despite some delays in the mining sector and a major tender cancellation.
Current business mix
Q1 FY27 Revenue by Vertical
Latest issuer-disclosed distribution across 3 reported categories.
Defense35.0%
Rail & Metro24.0%
Mining & Construction41.0%
Growth engines
Rail & Metro Segment
Grew by 178% in Q1 FY27, with 65% of current order book from this segment. Six Metro tenders are live, and INR15,000 crores export opportunity is being pursued.
High-Speed Rail Projects
Mandated to build two 280 kmph trains, submitted offer for 16 more. Upcoming seven corridors could require 600 trains over 10-15 years, opening 50% of market.
Defense Segment
Achieved 25% improvement over Q1 FY26. Looking at INR4,000-5,000 crores order inflow from ARV WZT-3 overhaul, command post vehicles, self-propelled mine burriers, tank transporters.
Exports
Current export order book of USD115 million, expected to reach USD200 million by year-end. Working on INR15,000 crores export opportunities for Metro sector.
Capacity and execution
Bengaluru Leased Land
Already utilizing for current production of LHB coaches. Capex for this specific land is hardly INR3 crores-INR4 crores.
Mysore Leased Land
Will be utilized more for aerospace, recently received an order for Light Combat Helicopter fuselage from HAL.
Bhopal Plant (Brahma)
Boundary wall completed, civil part tendered, finalization in 2-3 months. First equipment roll-out 18 months after construction begins, total project completion in 24 months.
Chhattisgarh Plant (Bilaspur/Mungeli)
Cabinet approved allocation of around 80 acres of land. Will be used for wheeled mining equipment, near Coal India customers. Construction of hub is almost ready.
Tailwinds
Strong Executable Order Pipeline
Currently have executable orders that have reached the stage of bulk production, providing revenue visibility for the year.
Positive Exchange Rate Variation
Expected 20-25% mitigation of past booked losses in foreign currency contracts due to improvement in exchange rate variation upon sales realization.
Headwinds
Deferred Contract Finalization
Mining segment was muted, down 14%, mainly because some L1 projects had contract finalization deferred.
Tender Cancellations
Mumbai Rail Vikas Corporation (MRVC) tender, a component of the INR40,000 crores bidding pipeline, has been cancelled.
Risk radar
Working Capital Management
Major issue for debtors and inventory due to revenue being skewed towards the last quarter (Q4 was almost 45% last year).
Long Development Cycles for New Products
Development of Tunnel Boring Machines will take at least three years, and Ship-to-Shore cranes will take three to four years for bulk production.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Management explicitly highlighted Q1 FY27 as 'probably the best first quarter we have had in the last decade or so' and provided YoY growth figures for segments, indicating the seasonal nature of the business and the relevance of annual comparisons.
Sector KPIs management disclosed
Revenue Growth (Q1 FY27)
Top line growth of 29% YoY.
EBITDA (Q1 FY27)
First time probably again we have hit a positive EBITDA ever.
Net Loss Reduction (Q1 FY27)
Overall loss has gone down by almost 50%.
Order Book (Current)
Currently sitting at an order book of around INR16,000 crores, a little more than INR16,000 crores.
Management forward view
FY27 Revenue Growth Outlook
Expects a similar or better growth in Q2 and thereafter, with overall CAGR for the year in the high 20s.
FY27 EBITDA Margin Target
Expects to get back to at least 13% EBITDA for the full financial year.
Future Segmental Mix
Expects Rail & Metro and Defense to contribute around 65% to 70% of revenue, with HEMM at 30% in five years.
Working Capital Improvement Strategy
Aiming for a more balanced quarterly revenue spread (35% by Q2, 70% by Q3) and tighter inventory control to reduce debtors and inventory.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | Q1 FY27: INR1,181 crores | Progress towards FY27 target of INR20,000 crores, especially from Metro exports and Defense pipeline. |
| EBITDA Margin | Q1 FY27: Positive | Consistency in positive EBITDA and achievement of FY27 target of at least 13%. |
| Working Capital Cycle | Q1 FY27: Improved | Sustained reduction in debtors and inventory, and a more even distribution of revenue across quarters. |
| Bhopal Plant Commissioning | Construction yet to start, civil part tendered. | Start of construction and adherence to the 18-month timeline for first equipment rollout. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 28th percentile within Industrials. Main check: results consistency is weak at 29/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
61 docs text-extracted · 15 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Industrials: 28th pctile, median 68 · Small: 36th pctile, median 66
Evidence depth
Financial-only
61 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 7.7%.
- ▸ROE is low at 4.8%.
- ▸ROCE trend is -5.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching BEML Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Cessation 30 Sep - Brigadier T Srinivasa Rao (Retd), Chief General Manager-Armoured Business, ceased on 30.09.2026 due to superannuation.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - BEML unveiled India’s first indigenous 60-ton electric dump truck BH60-EV on 30 Sept 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Cessation 30 Sep - Sanjay Som ceases as Mining & Construction Director on 30 Sep 2026; Rajeev Kumar Gupta takes additional charge from 1 Oct 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 22 Sep - CAG appoints M/s. Vaithisvaran & Co LLP as BEML statutory auditor for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 18 Sep - BEML secured over ₹5,400 crore order from NHSRCL for MAHSR high-speed rolling stock and maintenance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 2 Sep - BEML secured a Rs 180.60 crore order to supply Vande Bharat sleeper trainsets to Integral Coach Factory.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 18 Aug - President of India appointed three Independent Directors to BEML’s Board on 18 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Aug - BEML won USD 6.65 million order for BE220G excavators from Mauritius; bookings reach USD 119 million.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 11 Aug - BEML secured Rs. 184.25 crore order from HAL for LCH fuselage aerostructures.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.