Guidance ledger · Q4 FY26

BEML Limited BEML

3 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY26 EBITDA Margin Q1 FY26 → Q4 FY26

~~+150bps expansion guidance (~13.2% target)~~ → Down 38% YoY (one-time hit); 16% sustainable baseline cited

“EBITDA margin of 328 crores, which is down with 38 % with respect to the previous year.”

↑ raised Working Capital Reduction Target Q1 FY26 → Q4 FY26

~~15% inventory reduction~~ → 20% overall working capital reduction

“We are looking at reducƟon in working capital by at least 20 % this year”

↓ lowered FY26 Order Book Exit Level Q1 FY26 → Q4 FY26

~~Rs.22,000-23,000 crores~~ → Rs.15,900 crores actual (missed by ~Rs.4,000-7,000cr)

“we expected to reach 20,000, but we fell short by almost 4,000 crores.”

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.