Guidance ledger · Q4 FY26

Bharat Electronics Ltd BEL

4 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

gives specific guidance · held across quarters

Holding view → · latest concall · The pulse

→ narrowed Revenue growth guidance Q1 FY26 → Q4 FY26

~~Q1FY26: more than 15% FY26 (internal aim 17.5%+); medium term 15-18%~~ → Q4FY26: FY26 delivered 16%; FY27 retained 'more than 15%' through-cycle

“we are retaining our revenue growth of more than 15%.”

↑ raised EBITDA margin guidance Q1 FY26 → Q4 FY26

~~Q1FY26: 27% FY26 maintained, no commitment to expansion beyond 28%~~ → Q4FY26: FY26 delivered 30%; FY27 guide raised to 'more than 28%'

“EBITDA margins will be more than 28%.”

↑ raised Order inflow guidance Q1 FY26 → Q4 FY26

~~Q1FY26: INR27,000cr ex-QRSAM + 'additional' INR30,000cr if QRSAM lands (Q4 expected)~~ → Q4FY26: FY26 delivered INR30,045cr ex-QRSAM (beat); FY27 'more than INR55,000 crores' including QRSAM

“order inflow we are expecting this year more than INR55,000 crores. That includes, of”

↑ raised R&D investment guidance Q1 FY26 → Q4 FY26

~~Q1FY26: INR1,600-1,800cr FY26 (6-7% of turnover)~~ → Q4FY26: FY26 actual >INR1,700cr; FY27 guide INR2,200cr (20%+ YoY growth)

“this year, we have targeted a value of around INR2,200 crores investment in R&D”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.