BEML Limited (500048) Q1 26/27 earnings summary

Executive summary

• Achieved the best first quarter in a decade with 29% top-line growth year-over-year, driven by a 178% surge in the rail and metro segment and a 25% increase in defense, while mining declined by 14%.

• Positive EBITDA recorded for the first time, with overall losses reduced by nearly 50% compared to the same quarter last year.

• Standalone and consolidated unaudited financial results for Q1 FY27 were approved by the Board on 07.08.2026, with limited review reports provided by statutory auditors.

• Results reflect continued challenges, with both standalone and consolidated operations reporting losses for the quarter ended 30.06.2026 compared to profits in the previous quarter.

• Working capital and value added per employee improved by 8%, and the order book stands at over INR 16,000 crore, with a healthy export order book of $112 million expected to reach $200 million by year-end.

Financial highlights

• Revenue grew 29% year-over-year in Q1 FY27.

• Standalone revenue from operations for Q1 FY27 was ₹81,962 lakhs, up from ₹63,399 lakhs year-over-year.

• Standalone net loss after tax for Q1 FY27 was ₹2,726 lakhs, compared to a loss of ₹6,391 lakhs in Q1 FY26.

• Rail and metro segment revenue increased by 178%, defense by 25%, while mining and construction declined by 14%.

• Positive EBITDA achieved for the first time; overall loss reduced by 50% year-over-year.

Outlook and guidance

• Management expects similar or better growth in subsequent quarters, targeting a high-20s CAGR for FY27.

• EBITDA margin guidance for FY27 is at least 13%, recovering from last year’s one-off correction.

• Order inflow expectation for FY27 is INR 20,000 crore, with 65%-70% from rail and metro, 20% from defense, and the remainder from exports and mining.