BEML Q3 FY26: Order Book Hits ₹16,300 Cr; ₹1,500 Cr Bhopal Plant, Foray into TBM & Port Equipment

New Delhi, Feb 23, 2026:  BEML Limited held its Q3 FY26 earnings conference call on February 12, 2026, hosted by Elara Securities India Private Limited. The management, led by Chairman & Managing Director Shantanu Roy, shared business updates, capex plans, and outlook across Rail & Metro, Defense, and Mining segments.

Here are the key highlights:

Financial Performance Snapshot (Q3 FY26)

• Revenue growth: ~24% YoY

• Order book: ₹16,300 crore (current)

• Segment mix:

  • Rail & Metro: 68%

  • Defense: 25%

  • Mining & Construction: 7%

• Profitability impact:

  • Around ₹80 crore provision made for a metro project restart

  • PBT, PAT, EBITDA impacted due to this one-time correction

Management indicated that excluding this provision, profitability would have been stronger.

Order Book Outlook

• Target to cross ₹20,000 crore order book by end of FY26.

• Strong pipeline across:

  • Metro projects (Mumbai, Bangalore, Chennai)

  • High-speed corridors

  • MRVC AC EMU orders

  • RRTS corridors

  • LHB coaches

Management estimates a 15,000+ rolling stock car opportunity over the next 5 years, with BEML targeting a significant share.

₹1,500 Crore Bhopal Rolling Stock Capex

BEML board approved ₹1,500 crore investment for a new rolling stock plant in Bhopal:

• Phase 1: ₹900 crore

• Phase 2: ₹600 crore

• Phase 1 completion target: 18–24 months

• Capacity addition: 300 additional cars per year

• Future-ready facility for broad gauge, standard gauge & cape gauge

• Fully automated, greenfield plant with 2.4 km test track

Funding plan: Long-term debt financing (no major equity dilution planned).

Tunnel Boring Machine (TBM) Entry

BEML is entering the 6.5-meter diameter Tunnel Boring Machine segment:

• Clean-sheet design approach

• 2–2.5 years development timeline

• Initial focus on metro tunneling

Management expects long-term opportunity of $5 billion over the next decade in India.

Maritime Cranes Expansion

BEML plans entry into:

• Ship-to-shore cranes

• Rail-mounted gantry cranes

• Rubber-tyred gantry cranes

• Goliath cranes for shipbuilding

Potential revenue opportunity estimated at ₹5,000 crore annually in the long term, aligned with India’s maritime and port expansion vision.

Defense Pipeline Update

Strong defense order pipeline including:

• High Mobility Vehicles (HMV)

• Armoured Recovery Vehicles (ARV)

• Self-propelled mine barriers

• Combat engineering systems

• Gun towing vehicles

• Light Armored Multipurpose Vehicle (indigenously developed)

Defense continues to be a strategic growth engine.

Mining & Construction Outlook

• Construction segment expected to grow ~30% YoY.

• Mining orders delayed due to:

  • Extended monsoon impact

  • Shift from departmental procurement to MDO model

Management expects improved order inflows in next financial year from:

• Coal India subsidiaries

• Singareni Collieries

• NTPC

• SAIL

• Export markets (GCC/Middle East)

Working Capital Focus

• Target to reduce inventory by 20%

• Casting supply constraints easing (60–70% normalization)

• Debtor control dependent on customer payments

Management Guidance

• Revenue growth guidance: 15–20% for FY26

• Management cautious about short-term speculation but optimistic long-term.

• Emphasis on long-term investor outlook.

CMD Shantanu Roy stated that BEML is positioning itself as a future-ready capital goods and strategic manufacturing company with diversification into high-value segments.