BEML Enters New Growth Phase; ICICI Securities Gives BUY Target of ₹2,765
Mumbai, September 2026: BEML Limited is entering a new phase of growth, supported by a strong order pipeline, expanding indigenous capabilities and rising opportunities across India’s infrastructure, mobility, defence and mining sectors.
The company’s diversified portfolio and engineering strengths position it to benefit from the nation’s growing focus on self-reliance and advanced manufacturing.
Key Growth Drivers
Rail & Metro is emerging as a major growth engine, covering programmes such as Vande Bharat Sleeper, metro systems, LHB coaches and the 280 kmph High-Speed Rail project.
On the defence side, indigenous platforms including 12×12 High Mobility Vehicles (HMV), Light Armoured Multipurpose Vehicles (LAMV) and Armoured Recovery Vehicles (ARVs) are further strengthening the order pipeline.
Brokerage View
According to ICICI Securities, BEML is expected to deliver revenue and PAT growth at a CAGR of 26% and 102% respectively during FY26–FY28E. The brokerage has assigned a BUY rating with a target price of ₹2,765.
The outlook reflects confidence in BEML’s expanding capabilities and its alignment with national priorities in infrastructure and defence manufacturing.
Source: Company update and research note references shared publicly.