Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
BEML Ltd.
NSE: BEMLIndustrialsConglomerates
- Last close
- ₹1,851.30
- Day change
- −₹56.40 (−2.96%)vs
- Market cap
- ₹16,395 crIndian rupees
- Research updated
- 1 report
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About BEML
BEML Ltd. is a prominent Indian public sector company specializing in the manufacturing and marketing of a diverse range of heavy equipment. Its primary function is to support core industrial sectors such as mining, construction, defense, and rail & metro transportation. BEML Ltd. is notably involved in producing earthmoving equipment and high-capacity mining machinery, which are crucial for facilitating large-scale infrastructure projects. The company also plays a pivotal role in the national defense sector by manufacturing military vehicles and equipment, contributing significantly to India's defense capabilities. Furthermore, BEML Ltd.'s products in the rail and metro industry include rail coaches, wagons, and metro cars, which support the modernization and expansion of public transportation networks. Headquartered in Bengaluru, BEML Ltd. has a significant impact on India's industrial growth and infrastructure development. As a vital player in various technological and industrial advancements, BEML Ltd. demonstrates its strategic importance in bolstering key sectors that drive economic development in the region.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: BEML
- Employees
- 4,469
- Headquarters
- Bengaluru, India
- ISIN
- INE258A01024
- Website
- bemlindia.in
Public research · Report of
Business model & financial foundation
BEML (NSE: BEML), Capital goods - rail & metro rolling stock, defence vehicles, mining & construction equipment: revenue of ₹4,351 crore in FY26 (+8.2% on FY25), an EBITDA margin of 6.9%, net profit of ₹141.4 crore and net debt of ₹255.6 crore.
- Revenue, FY26 (₹ crore)
- 4,351
- consolidated
- Revenue growth, FY26
- +8.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 141.4
- to owners
- Return on equity, FY26
- 4.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 255.6
- Company adjusted net debt
- Market capitalisation (₹ crore)
- 16,590
- at the close of 17 Oct 2026
Company profile
BEML is a Schedule A public sector undertaking under the Ministry of Defence, manufacturing metro and rail coaches (including Vande Bharat sleeper and the B28 high-speed trainset for the Mumbai-Ahmedabad corridor), defence ground-support and high-mobility vehicles, and mining and construction equipment (dumpers, dozers, excavators) for Coal India and others. FY26 revenue was Rs 4,351 crore with an order book of Rs 15,896 crore; the Government of India owns 54.03%.
| Item | Value |
|---|---|
| Legal name | BEML Limited (formerly Bharat Earth Movers Limited) |
| Exchange and ticker | NSE: BEML; BSE: 500048 |
| ISIN | INE258A01024 |
| CIN | L35202KA1964GOI001530 |
| Sector | Industrials |
| Industry | Capital goods - rail & metro rolling stock, defence vehicles, mining & construction equipment |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | G Natesan & Co (FRN 002424S) |
| Market capitalisation | ₹16,590 crore (17 Oct 2026) |
| Shares outstanding | 8.33 crore shares (FY26) |
| Price | ₹1,969 (close, 17 Oct 2026) |
| 52-week range | ₹1,355 - ₹2,276 (to 17 Oct 2026) |
| Website | https://www.bemlindia.in |
Corporate structure and shareholding
Parent: President of India (Ministry of Defence), 54.03%.
| Entity | Holding | Business |
|---|---|---|
| Vignyan Industries Ltd | 96.56% | Castings and forgings; under voluntary liquidation |
| MAMC Industries Ltd | 100% | Mining equipment plant (ex-MAMC Durgapur); not operational |
| BEML Midwest Ltd (JV) | 45% | Joint venture in liquidation; excluded from consolidation |
Segment disclosure exempt under the defence-production exemption to Ind AS 108; the company discloses vertical revenue mix in presentations only.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.03% | 54.03% | 54.03% | 54.03% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.51% | 5.59% | 5.48% | 5.26% |
| Domestic institutions | 18.39% | 18.71% | 19.40% | 21.52% |
| of which mutual funds | 17.25% | 17.55% | 17.92% | 18.19% |
| Retail | 16.75% | 15.16% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BEML is a Ministry of Defence Schedule A PSU (Government of India 54.03%) with three verticals: Rail & Metro (metro coaches, Vande Bharat sleeper, and from Sep 2026 the B28 high-speed trainset), Defence (high-mobility vehicles, ground support, aerostructures for HAL) and Mining & Construction (dumpers, dozers, excavators, mainly for Coal India). FY26 revenue 4,350.5 cr consolidated; the vertical mix was M&C 41%, Defence 35%, Rail 24%. Statutory segment reporting is exempt under the defence-production exemption to Ind AS 108, so only the mix is disclosed. Customers are government entities; revenue is heavily back-ended into Q4 (Q4 FY26 41% of the year) and the business carries a year of inventory and six months of receivables.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Electronics (BEL) | Defence PSU under MoD; same customer and order-book-led model |
| Hindustan Aeronautics (HAL) | |
| Bharat Heavy Electricals (BHEL) | Engineering PSU with long-cycle execution and working-capital heavy model |
| Titagarh Rail Systems (TITAGARH) | Direct competitor in metro coaches and Vande Bharat trainsets |
| Jupiter Wagons (JWL) | Indian Railways rolling stock supplier |
| Cochin Shipyard (COCHINSHIP) | Defence PSU with lumpy order-led execution |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,337 | 3,800 | 4,054 | 4,022 | 4,351 |
| Cost of revenue (vendor classification) * | 2,427 | 2,143 | 2,101 | 2,015 | 2,288 |
| Other operating costs (vendor classification) * | 699.6 | 527.0 | 676.7 | 744.4 | 783.7 |
| EBITDA (vendor classification) * | 331.2 | 376.0 | 484.3 | 529.4 | 325.0 |
| EBIT * | 264.4 | 326.9 | 423.0 | 458.1 | 244.9 |
| Finance costs | 64.6 | 49.2 | 39.0 | 54.3 | 45.4 |
| Profit before tax | 199.7 | 277.7 | 381.6 | 403.8 | 199.6 |
| Current, prior-year and deferred tax | 71.2 | 119.8 | 99.9 | 111.2 | 58.2 |
| Consolidated profit after tax | 128.6 | 157.9 | 281.8 | 292.5 | 141.4 |
| Diluted EPS as reported (₹) | 30.93 | 37.92 | 67.66 | 70.24 | 16.97 |
| Other income | 42.2 | 23.7 | 29.4 | ||
| Materials, purchases and inventory changes | 2,095 | 2,015 | 2,279 | ||
| Employee benefits expense | 822.2 | 826.2 | 835.1 | ||
| Other operating expenses | 694.8 | 675.6 | 937.9 | ||
| Operating EBITDA excluding other income | 442.2 | 505.7 | 299.0 | ||
| Depreciation and amortisation | 63.8 | 71.3 | 83.5 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners of parent | n.d. | n.d. | n.d. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,356 | 2,421 | 2,668 | 2,887 | 2,933 |
| Borrowings excluding lease liabilities | 831.8 | 381.5 | 70.9 | 218.5 | 292.0 |
| Cash and cash equivalents | 22.0 | 9.10 | 8.02 | 4.38 | 6.77 |
| Trade receivables | 1,861 | 1,237 | 1,439 | 1,696 | 2,274 |
| Inventories | 2,073 | 2,061 | 2,256 | 2,379 | 2,338 |
| Trade payables | 561.2 | 678.3 | 759.6 | 710.0 | 1,024 |
| Net property, plant and equipment * | 65.8 | 72.1 | 77.9 | 86.2 | 96.5 |
| Capital work in progress * | 7.04 | 10.0 | 37.9 | 108.2 | 278.2 |
| Total assets * | 5,709 | 5,010 | 5,445 | 5,872 | 7,011 |
| Contract assets | 513.0 | 715.5 | |||
| Other bank balances | 0.58 | 30.3 | |||
| Company adjusted net debt | 214.6 | 255.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | 345.1 | 494.9 | 334.3 | 98.9 | 118.2 |
| Free cash flow (vendor definition) * | 12.3 | 517.4 | 356.5 | -94.4 | -262.8 |
| Dividends paid (outflow negative) | -35.1 | -32.1 | -41.8 | -85.1 | -89.0 |
| Cash purchases PPE and intangibles (outflow negative) | -16.6 | 2.25 | -95.9 | -193.4 | -381.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end parent equity shares outstanding | 4.16 | 4.16 | 4.16 | 4.16 | 8.33 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 859.8 | 875.8 | 1,653 | 634.0 | 839.1 | 1,083 | 1,794 | 819.6 |
| Cost of revenue (vendor classification) * | 427.7 | 465.6 | 810.4 | 324.3 | 601.8 | 948.4 | 456.6 | |
| Other operating costs (vendor classification) * | 158.0 | 143.1 | 214.9 | 149.6 | 255.3 | 374.6 | 158.4 | |
| EBITDA (vendor classification) * | 87.8 | 64.9 | 426.3 | -40.7 | 7.44 | 281.5 | 3.55 | |
| EBIT * | 70.5 | 46.3 | 407.7 | -60.5 | -13.8 | 259.0 | -19.8 | |
| Finance costs | 15.8 | 16.7 | 12.9 | 9.81 | 9.91 | 11.6 | 14.1 | 13.9 |
| Profit before tax | 54.8 | 29.6 | 394.8 | -70.3 | 50.3 | -25.4 | 245.0 | -33.7 |
| Current, prior-year and deferred tax | 3.71 | 5.17 | 107.3 | -6.17 | 2.27 | -3.03 | 65.1 | -6.70 |
| Consolidated profit after tax | 51.0 | 24.4 | 287.6 | -64.1 | 48.0 | -22.4 | 179.8 | -27.0 |
| Diluted EPS as reported (₹) | 12.25 | 5.86 | 69.05 | -15.40 | 11.53 | -2.69 | 21.59 | -3.24 |
| Other income | 14.9 | 4.51 | 3.83 | 8.57 | 7.04 | 3.86 | 9.97 | 1.57 |
| Materials, purchases and inventory changes | 427.7 | 465.6 | 810.4 | 324.3 | 404.1 | 601.8 | 948.4 | 456.6 |
| Employee benefits expense | 201.3 | 206.7 | 204.7 | 209.4 | 203.5 | 222.6 | 199.7 | 202.6 |
| Other operating expenses | 158.0 | 143.1 | 214.9 | 149.6 | 158.3 | 255.3 | 374.6 | 158.4 |
| Operating EBITDA excluding other income | 73.0 | 60.4 | 422.5 | -49.3 | 73.2 | 3.59 | 271.5 | 1.96 |
| Depreciation and amortisation | 17.3 | 18.6 | 18.6 | 19.8 | 20.0 | 21.2 | 22.5 | 23.4 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 22.4% | -12.4% | 6.7% | -0.8% | 8.2% |
| EBITDA margin | 10.9% | 12.6% | 6.9% | ||
| Net margin | 3.0% | 4.2% | 6.9% | 7.3% | 3.2% |
| Return on equity | 5.6% | 6.6% | 11.1% | 10.5% | 4.9% |
| Return on capital employed | 8.6% | 10.9% | 15.3% | 15.7% | 7.7% |
| Return on assets | 2.2% | 2.9% | 5.4% | 5.2% | 2.2% |
| Net debt (₹ crore) | 214.6 | 255.6 | |||
| Net debt / EBITDA | 0.42x | 0.85x | |||
| Interest cover | 4.09x | 6.64x | 10.8x | 8.43x | 5.39x |
| Asset turnover | 0.76x | 0.71x | 0.78x | 0.71x | 0.68x |
| Receivable days | 157 | 119 | 130 | 154 | 191 |
| Inventory days (on revenue) | 174 | 198 | 203 | 216 | 196 |
| Payable days (on revenue) | 47 | 65 | 68 | 64 | 86 |
| Cash conversion | 2.68x | 3.13x | 1.19x | 0.34x | 0.84x |
| Capex intensity | 0.4% | 0.1% | 2.4% | 4.8% | 8.8% |
| Free cash flow (₹ crore) | 328.5 | 492.6 | 238.4 | -94.4 | -262.8 |
| Dividend payout | 27.3% | 20.4% | 14.8% | 29.1% | 63.0% |
| EPS, diluted (₹) | 30.93 | 37.92 | 67.66 | 70.24 | 16.97 |
| Book value per share (₹) | 565.8 | 581.4 | 640.5 | 693.2 | 352.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company adjusted net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on BEML includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on BEML
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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