Latest news with #QR-SAM
Business Upturn
21-05-2025
- Business
- Business Upturn
Macquarie maintains ‘Outperform' call on BEL after Q4 results beat estimates, confident in FY26 margin expansion
By Markets Desk Published on May 21, 2025, 08:25 IST Macquarie has reiterated its 'Outperform' rating on Bharat Electronics Ltd (BEL) with a target price of ₹400, calling the Q4FY25 performance a strong finish to the year. The company's robust order book and margin expansion guidance have improved near-term visibility, despite a delay in the QR-SAM order. BEL reported an 18.4% YoY rise in net profit to ₹2,127 crore, with revenue up 6.8% to ₹9,149.6 crore. EBITDA surged 23.2% YoY to ₹2,816 crore, with margin expanding to 30.8% from 26.7%. Macquarie noted that EBITDA and PAT beat consensus estimates, driven by stronger operating leverage and cost control. FY26 margin guidance came in better than expected, and Macquarie sees BEL's past R&D and long-standing defence relationships as increasingly productive. Disclaimer: This article is based on the brokerage report by Macquarie. It does not constitute investment advice. Markets Desk at
Business Upturn
21-05-2025
- Business
- Business Upturn
Morgan Stanley maintains ‘Overweight' on BEL, lifts target to Rs 418 on long-term growth clarity
By Markets Desk Published on May 21, 2025, 08:26 IST Morgan Stanley has reiterated its 'Overweight' rating on Bharat Electronics Ltd (BEL), raising the target price to ₹418. The brokerage highlighted BEL's execution edge, supply chain resilience, and robust order pipeline as key strengths. In Q4FY25, BEL posted a 18.4% YoY growth in net profit, with margin improving to 30.8%. The company now targets 15–17.5% revenue CAGR over the next five years, followed by 20% growth thereafter. Morgan Stanley noted BEL's FY26 order inflow guidance at ₹27,000 crore (excluding QR-SAM), and expects the company's 27% margin target to be comfortably achievable given current operating leverage. Compared to capital goods peers, BEL offers more consistent earnings and superior RoE, the note added. Disclaimer: This article is based on the brokerage report by Morgan Stanley. It does not constitute investment advice. Markets Desk at
