BEL FY26 Results: Revenue Up 16%, PAT ₹6,048 Cr, Dividend

Bengaluru, May 19, 2026: Navratna Defence PSU Bharat Electronics Limited (BEL) today reported its audited financial results for the quarter and year ended March 31, 2026, registering a robust 16.15% growth in revenue from operations.

The company’s board, which met on May 19, 2026, approved the standalone and consolidated results and recommended a final dividend for the financial year 2025-26.

Key Financial Highlights (Standalone, FY26 vs FY25)

Revenue from Operations: ₹27,479.63 crore (up 16.15% from ₹23,658.01 crore).
Profit Before Tax (PBT): ₹8,075.04 crore (up 13.89% from ₹7,089.99 crore).
Profit After Tax (PAT): ₹6,048.48 crore (up 14.38% from ₹5,288.25 crore).
EPS (Basic & Diluted): ₹8.27 (vs ₹7.23).

Q4 FY26 Performance (Jan–Mar 2026)

Revenue: ₹10,177.17 crore (vs ₹9,119.71 crore in Q4 FY25).
PBT: ₹2,903.82 crore (vs ₹2,847.62 crore).
PAT: ₹2,203.16 crore (vs ₹2,104.78 crore)

Consolidated Results (FY26)

On a consolidated basis (including subsidiaries BEL Thales Ltd. and BEL Optronic Devices Ltd., and associates GE-BE Pvt. Ltd. and BEL IAI AeroSystems Pvt. Ltd.), the company reported:

Revenue: ₹27,610.11 crore.
PBT (before share of associate profit): ₹8,052.96 crore.
PAT (including associate share): ₹6,062.26 crore.
Consolidated EPS: ₹8.29.

Dividend and Order Book

Final Dividend Recommended: ₹0.55 per equity share (face value ₹1 each) for FY 2025-26, subject to shareholder approval at the upcoming AGM.
Note: An interim dividend of ₹1.95 per share was already paid in March 2026.
Order Book: As of April 1, 2026, the company’s order book stood at ₹73,882 crore.

Auditor’s Observations (Unmodified Opinion)

The statutory auditors, M/s Rao & Emmar, Chartered Accountants, issued an unmodified opinion on both standalone and consolidated results. However, the audit report noted the following factual governance matter:

As of March 31, 2026, the BEL board has six vacancies for Independent Directors (including one Independent Woman Director), due to non-appointment by the Ministry of Defence, Government of India. The company has notified the vacancies, and the matter is under government consideration.
The auditors explicitly stated that this does not modify their opinion.

Other Key Disclosures (from notes to accounts)

Labour Codes Impact: New labour codes notified on Nov 21, 2025, increased gratuity and provident fund liability by ₹2,055 lakhs (provision made).
Israel Conflict: No material financial impact identified on contracts with Israel-based companies.
Associates’ Accounts: Financial statements of two associates (GE-BE and BEL IAI) for FY26 are unaudited but certified by management as not materially impacting consolidation.
Segment Reporting Exemption: BEL, being a defence production company, is exempt from segment reporting under MCA notification G.S.R. No. 463(E) dated June 5, 2015.
Supplementary Audit: Results are subject to supplementary audit by the CAG of India under Section 143(6) of the Companies Act, 2013.

Board Meeting & Declaration

The board meeting commenced at 11:15 AM and concluded at 3:00 PM on May 19, 2026. The company’s Director (Finance) & CFO, Damodar Bhattad S, issued a formal declaration confirming the audit report carries an unmodified opinion, as required under SEBI LODR Regulation 33(3)(d).

For Bharat Electronics Limited
S. Sreenivas
Company Secretary

Date: May 19, 2026
Place: Dharamshala