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BEML

BEML NSE

Key Fundamentals

SmallcapCommercial VehiclesAutomobiles
Market Cap
₹16,650 Cr
Volatility
Moderate
P/E Ratio
94.42
EBITDA
₹328 Cr
Return on Equity
4.82%
Debt to Equity
0.11
Book Value
₹352.23
EPS
₹68.76
52W High
₹2,275.75
52W Low
₹1,355

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 53.3%

Weaknesses

4
  • Stock is trading at 5.74 times its book value
  • The company has delivered a poor sales growth of 4.11% over past five years.
  • Company has a low return on equity of 8.62% over last 3 years.
  • Company has high debtors of 191 days.

Growth Rate

Revenue Growth
8.26% higher than 3Y
Net Income Growth
-51.66% lower than 3Y
Cash Flow Change
19.5% higher than 3Y
ROE
-52.42% lower than 3Y
ROCE
-48.34% higher than 3Y
EBITDA Margin (Avg.)
-42.66% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

BEML Ltd, a defence and infrastructure PSU, trades at a market cap of ₹18,165 Cr with a PE of 97.9x and a price-to-book of 5.96x. TTM sales grew 13% but TTM profit declined 40%, while 5-year compounded sales growth stands at just 4% and ROE over the last year was 5%.

Bull Case 7
  • TTM revenue growth has accelerated to 13%, a notable improvement over the 4% compounded sales CAGR of the past 5 and 10 years, suggesting potential order book momentum
  • 5-year compounded profit growth of 15% outpaces 5-year sales growth of 4%, indicating periods of meaningful operating leverage and margin expansion
  • 10-year stock price CAGR of 17% and 5-year CAGR of 31% reflect sustained re-rating driven by defence and metro rail themes
  • Healthy dividend payout ratio of 53.3% provides income support and signals management confidence in cash flows
  • Dividend yield of 0.81% offers some downside cushion relative to many growth-priced industrials that pay no dividend
  • As a Ministry of Defence PSU, BEML is a direct beneficiary of India's rising defence capital expenditure and Atmanirbhar Bharat indigenisation push, providing long-term order visibility
  • Presence across three segments — defence, mining & construction, and rail & metro — provides diversification and multiple growth levers tied to government capex cycles
Bear Case 8
  • PE ratio of 97.9x is extremely elevated, demanding significant earnings acceleration to justify the current valuation
  • Price-to-book of 5.96x is steep for a company with last-year ROE of just 5%, implying the market is pricing in far higher future returns than currently delivered
  • TTM profit declined 40%, a sharp deterioration that directly contradicts the premium valuation
  • 5-year compounded sales growth of only 4% and 10-year sales CAGR of 4% indicate structurally sluggish top-line expansion
  • 3-year average ROE of approximately 9% and last-year ROE of 5% are well below the cost of equity, signalling weak capital efficiency
  • Debtor days of 191 are very high, tying up working capital and increasing the risk of cash flow stress or write-offs given government payment cycles
  • 3-year compounded profit CAGR of -3% shows earnings have actually contracted over the medium term despite the stock's re-rating
  • 10-year compounded profit growth of 8% lags the 10-year stock CAGR of 17%, meaning much of the stock return has come from multiple expansion rather than fundamental earnings growth

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 6
  • ₹180Cr Vande Bharat sleeper order Aug 31

    BEML secured a ₹180.60 crore order from Integral Coach Factory for Vande Bharat sleeper trainsets, marking three major order wins in under a month.

  • 30% revenue growth guided FY27 Aug 31

    CMD Shantanu Roy projected ~30% revenue growth in FY27, targeting ₹20,000 crore in order inflows with order prospects exceeding ₹40,000 crore across rail and metro.

  • $119M international order book Aug 31

    International order bookings stand at ~$119 million, including a $6.65 million order from Mauritius for hydraulic excavators to be deployed across five African markets.

  • $200M export target by FY27 Sep 7

    BEML has set an export order target of $200 million by FY27, reflecting its push to expand international business across defence, mining, and rail segments.

  • ₹12.28 final dividend declared Sep 3

    BEML's 62nd AGM scheduled for Sep 29, 2026 includes a final dividend of ₹12.28 per share and appointment of three new independent directors.

  • Stock up 14% in one month Aug 31

    Shares hit ₹2,006 on NSE, gaining 13.82% in one month, 59.69% over three years, and 197% over five years.

Neutral 3
  • Executive director retires Aug 31 Aug 31

    Shivakumar HG ceased as Executive Director (Offg.) effective Aug 31, 2026 due to superannuation, disclosed under SEBI Listing Regulations.

  • Three independent directors appointed Aug 21

    BEML appointed Shankar Lal Agrawal, Karunakaran Nambiar K., and Promila Kundara as independent directors effective August 2026.

  • 62nd annual report filed Sep 4

    BEML submitted its 62nd annual report for FY26 to stock exchanges, covering operations across defence, mining, and rail sectors.

TL;DR: BEML is firing on multiple cylinders with three major orders in under a month, a ₹180.60 crore Vande Bharat sleeper deal, growing international bookings at $119 million, and management guiding 30% revenue growth for FY27. No material headwinds are visible, with board changes being routine governance events. The order pipeline of ₹40,000+ crore across rail and metro, combined with expanding exports, suggests the growth trajectory is strengthening heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
577
917
1,047
1,514
634
860
876
1,653
634
839
1,083
1,794
820
Expenses
627
858
991
1,143
684
787
815
1,230
683
766
1,080
1,523
818
Operating Profit
-51
59
56
370
-50
73
60
422
-49
73
4
272
2
OPM %
-9%
6%
5%
24%
-8%
8%
7%
26%
-8%
9%
0.3%
15%
0.2%
Other Income
1
10
34
5
1
15
5
4
9
7
4
10
2
Interest
10
11
8
11
9
16
17
13
10
10
12
14
14
Depreciation
16
16
16
17
17
17
19
19
20
20
21
22
23
PBT
-75
42
67
348
-75
55
30
395
-70
50
-25
245
-34
Tax %
0%
-23%
28%
26%
-7%
7%
17%
27%
-9%
5%
-12%
27%
-20%
Net Profit
-75
52
48
257
-70
51
24
288
-64
48
-22
180
-27
EPS in Rs
-9
6.22
5.79
30.83
-8.46
6.13
2.93
34.52
-7.7
5.77
-2.69
21.59
-3.24
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,802
2,975
2,494
3,239
3,474
3,025
3,557
4,337
3,899
4,054
4,022
4,351
4,536
Expenses
2,728
2,825
2,341
2,986
3,237
2,942
3,419
4,012
3,530
3,609
3,516
4,051
4,186
Operating Profit
74
149
153
253
238
84
138
325
369
445
506
299
350
OPM %
2.6%
5%
6%
8%
7%
2.8%
3.9%
8%
9%
11%
13%
7%
8%
Other Income
60
42
63
25
23
49
60
6
22
42
24
29
22
Interest
76
56
55
48
60
41
39
65
49
42
54
45
49
Depreciation
53
57
63
65
71
72
71
66
64
64
71
83
87
PBT
5
79
98
164
130
19
87
200
278
382
404
200
236
Tax %
-9%
18%
14%
21%
52%
-229%
21%
36%
43%
26%
28%
29%
—
Net Profit
6
64
85
130
63
64
69
129
158
282
293
141
178
EPS in Rs
0.71
7.73
10.18
15.57
7.58
7.67
8.27
15.46
18.96
33.83
35.12
17
21.43
Div. Payout %
70%
26%
39%
26%
46%
39%
36%
32%
26%
30%
29%
101%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
42
42
42
42
42
42
42
42
42
42
42
42
Reserves
2,035
2,088
2,141
2,159
2,146
2,211
2,173
2,315
2,380
2,626
2,846
2,892
Borrowings
645
569
438
446
404
341
743
832
381
71
229
309
Other Liabilities
1,921
1,722
2,137
2,097
2,495
2,570
2,885
2,624
2,304
2,852
2,928
3,892
Total Liabilities
4,643
4,420
4,757
4,744
5,086
5,163
5,843
5,813
5,107
5,591
6,044
7,135
Fixed Assets
482
557
583
595
631
621
601
621
505
528
580
684
CWIP
192
104
79
68
25
15
14
14
23
37
107
298
Investments
0
0
0
0
0
0
0
0
0
0
6
8
Other Assets
3,969
3,759
4,094
4,081
4,430
4,527
5,228
5,178
4,579
5,026
5,351
6,146
Total Assets
4,643
4,420
4,757
4,744
5,086
5,163
5,843
5,813
5,107
5,591
6,044
7,135
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
548
80
209
130
257
106
-301
51
560
458
99
118
Investing
-36
-33
-59
-62
-62
-51
-49
-25
-20
-68
-210
-354
Financing
-384
-105
-160
-101
-129
3
-176
-10
-331
-130
107
238
Net Cash Flow
128
-57
-11
-33
65
57
-526
16
208
260
-4
2
Free Cash Flow
502
53
144
64
192
54
-350
30
551
358
-92
-208
CFO/OP
722
64
83
58
119
39
-229
26
176
116
44
68
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
129
148
209
186
170
182
193
157
116
130
154
191
Inventory Days
460
375
615
395
331
482
373
328
369
418
462
394
Days Payable
127
89
152
114
142
152
133
85
116
132
129
164
Cash Conversion Cycle
462
434
673
467
358
512
434
400
369
416
487
421
Working Capital Days
243
246
316
245
232
337
294
242
236
261
295
251
ROCE %
3%
5%
6%
8%
7%
2%
5%
9%
10%
15%
16%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.32%Promot.54.03%FIIs5.48%Public17.77%DIIs19.39%As ofJun 2026

Documents

Frequently Asked Questions about BEML

What does BEML Ltd do?
BEML Ltd manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defense forces and coaches for the metro and Indian Railways.[1]
Where is BEML Ltd (BEML) listed?
BEML Ltd trades as BEML on the NSE and under code 500048 on the BSE.
Which sector does BEML Ltd belong to?
BEML Ltd is classified under the Automobiles sector, in the Commercial Vehicles industry.
What is the market capitalisation of BEML Ltd?
BEML Ltd has a market capitalisation of ₹16,650 Cr, which places it in the Mid Cap band.
What is the PE ratio of BEML Ltd?
BEML Ltd trades at a PE ratio of 94.42, on earnings per share of ₹68.76, against a book value of ₹352.23 per share.
What is the 52-week high and low of BEML Ltd?
Over the last 52 weeks BEML Ltd has traded between ₹1,355 and ₹2,275.75.
Does BEML Ltd pay dividends?
BEML Ltd has a dividend yield of 0.84%.
What is the Return on Equity (ROE) of BEML Ltd?
BEML Ltd reported a return on equity of 4.82%. Its debt-to-equity ratio is 0.11.

Company Information

BEML Ltd manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defense forces and coaches for the metro and Indian Railways.[1]

Website bemlindia.in
CEO Mr. Shantanu Roy
Employees 4,469
Listed 2003-11-05
Face Value ₹ 5
Issued Size 8,32,89,000

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