CLSA has retained its ‘Outperform’ rating on BEL and raised the target price to ₹423, citing a turnaround in order inflows and sustained margin strength as key positives for FY26.
BEL reported an 18.4% rise in Q4 profit, with EBITDA margin hitting 30.8% — a record high. CLSA observed that the slowdown in FY25 inflows and backlog appears to have bottomed, and the company is now targeting $6 billion in order wins over the next 15 months, accounting for 84% of its current backlog.
Management has guided for record revenue, margins, and capex in FY26. CLSA expects EPS growth of 8–11% over FY26–27, driven by sustained execution and improved operating scale.
Disclaimer: This article is based on the brokerage report by CLSA. It does not constitute investment advice.
