| New Q2 Orders | ₹6,229 Cr137% of TTM Revenue |
|---|---|
| Market Cap | ₹17,625 CrCommercial Vehicles |
| P/E TTM | 98.77Sector PE 31.6 |
| Deal value | ₹6,229 Cr |
| Share of market cap | 35.3% |
| Share of annual revenue | 137.3% |
| Order book | ₹21,388 Cr (4.7x revenue) |
Key highlights
- New order bookings during Q2 FY27 totaled ₹6,229 crore, representing 137.3 percent of the company's TTM revenue
- The total order book position reached ₹21,388 crore, with ₹17,967 crore scheduled for execution in subsequent years
- Order execution during the July-September 2026 period stood at ₹1,126 crore
- Inventory levels rose to ₹2,608.51 crore, led by a buildup in raw materials and components worth ₹1,268.70 crore
- Total borrowings decreased to ₹611.64 crore from ₹650.90 crore in the same period last year
Significant Order Inflow Bolsters Long-Term Pipeline
BEML Limited's second quarter of FY2026-27 was characterized by aggressive order acquisition, with the ₹6,229 crore in new bookings accounting for over 35 percent of its current market capitalization. The scale of these wins is massive when compared to the TTM revenue of ₹4,536.15 crore, resulting in a book-to-bill ratio of approximately 4.7. This surge ensures extensive revenue visibility, with roughly 84 percent of the total order book slated for execution beyond the current fiscal year.
The growth in the order pipeline aligns with the management's earlier guidance of targeting annual order inflows of approximately ₹20,000 crore for FY27.
Diverse Contract Wins Across Defence and Rail Verticals
- Secured a landmark ₹5,400 crore order from NHSRCL for Mumbai-Ahmedabad High Speed Rail Corridor rolling stock on September 18, 2026
- Contracted by HAL for manufacturing Light Combat Helicopter fuselage aerostructures worth ₹184.25 crore in August 2026
- Obtained a ₹180.60 crore order from Integral Coach Factory for manufacturing Vande Bharat sleeper trainsets
- Expanded international footprint with hydraulic excavator orders for African markets and earth-moving equipment for the Middle East
- Executed orders worth ₹1,126 crore during the quarter, despite a year-on-year rise in trade receivables to ₹1,938.20 crore
Stable Balance Sheet Amid Operational Scaling
The company’s financial position remains balanced despite the increased scale of project commitments, with net working capital reported at ₹2,747.27 crore as of September 30, 2026. While inventory levels have adjusted upwards to ₹2,608.51 crore to support upcoming execution, BEML managed to reduce its total borrowings to ₹611.64 crore from ₹650.90 crore in the prior year. This prudent capital management is crucial as the company prepares to execute the ₹17,967 crore portion of its order book scheduled for subsequent years, particularly in the high-value rail and metro segments.
| Date | Announcement | Amount |
|---|---|---|
| 09 Oct 2026 | Export and maintenance order for Heavy Mobility Vehicles (HMV 12x12 and 8x8) in Southeast AsiaSource: psuwatch.com | ₹75.58 Cr |
| 18 Sep 2026 | Order from NHSRCL for supply and maintenance of High Speed Rolling Stock for the Mumbai-Ahmedabad High Speed Rail CorridorSource: psuconnect.in | ₹5,400.00 Cr |
| 02 Sep 2026 | Order from Integral Coach Factory (ICF) for manufacturing and supply of Vande Bharat (Sleeper) trainsetsSource: m.economictimes.com | ₹180.60 Cr |
| 14 Aug 2026 | Order from Mauritius for supply of BE220G Hydraulic Excavators across African marketsSource: tradingview.com | – |
| 11 Aug 2026 | Order from Hindustan Aeronautics Limited (HAL) for manufacture and supply of Light Combat Helicopter (LCH) fuselage aerostructuresSource: psuwatch.com | ₹184.25 Cr |
| 26 Jun 2026 | Additional export order from the Middle East region for supply of heavy earth-moving equipmentSource: NSE filing | – |
What to watch next
- Board meeting on November 5, 2026, for the approval of Q2 and H1 FY27 unaudited financial results
- Progress on the manufacturing and supply of the High Speed Rolling Stock for NHSRCL
- Delivery milestones for the Vande Bharat sleeper trainsets under the ICF contract
- Monetization of the ₹1,938.20 crore trade receivables as order execution ramps up
| Share price | ₹2116.1 |
|---|---|
| Market capitalisation | ₹17,624.79 Cr |
| Revenue (annual) | ₹4,350.53 Cr |
| Net profit (annual) | ₹141.57 Cr |
| Revenue (latest quarter) | ₹819.62 Cr-54.32% vs previous quarter |
| Net profit (latest quarter) | -₹27.01 Cr-115.02% vs previous quarter |
| P/E (TTM) | 98.77×Sector 31.6× |
| Promoter holding | 54.03%0.00% QoQ |
| FII holding | 5.27%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by BEML Limited announcing the order book position and financial highlights for the period ended September 30, 2026. Market figures from a third-party data provider.
