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BEML

BEML NSE
₹2,123.00 +71.30 (+3.48%)
P/E
99.07
View as Markdown
MCP
Close 4 Nov 2026 ₹2,123.00 +136.20 +6.86% 1Y
Start ₹1,986.80

Key Fundamentals

SmallcapAgricultural Commercial & Construction VehiclesCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.66%
Debt to Equity
0.11
EPS (TTM)
₹21.43
Book Value
₹352.23
Market Cap
—
P/E (TTM)
99.07
P/B
6.03
ROE
4.78%
Dividend Yield
0.83%
EBITDA
₹328 Cr
52W High
₹2,205.00
52W Low
₹1,355.00
Day Range
₹2,030.00 – ₹2,134.60
Volume
3,65,702

Tapetide Score

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

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
23
Poor
Returns, margins, earnings quality 22% weight
Valuation
31
Poor
Cheap vs sector & own history 24% weight
Growth
42
Weak
Sales & profit trajectory 9% weight
Financial Health
45
Weak
Solvency, leverage, coverage 9% weight
Momentum
54
Average
Trend strength, vol-adjusted 12% weight
Ownership
60
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

4
  • Stock is trading at 5.59 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
63.50
Neutral
MACD (12,26,9)
16.86
Bullish
SMA (50)
1,993.80
Bullish
SMA (200)
1,805.66
Bullish

As of

Analyst Rating

Based on 4 analysts
BUY100%

4 of 4 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
4
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+3.87%
5Y+4.11%
3Y+3.72%
1Y+8.18%
TTM+12.75%

Net profit

Net profit growth by window
10Y+8.22%
5Y+15.36%
3Y−3.72%
1Y−51.88%
TTM−40.13%

Operating cash flow

Operating cash flow growth by window
10Y+3.96%
5YTurned positive
3Y−40.49%
1Y+19.19%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.86 pp
5Y+2.99 pp
3Y−2.59 pp
1Y−5.71 pp
TTM−4.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,494 Cr
Mar 2018₹3,239 Cr
Mar 2019₹3,474 Cr
Mar 2020₹3,025 Cr
Mar 2021₹3,557 Cr
Mar 2022₹4,337 Cr
Mar 2023₹3,899 Cr
Mar 2024₹4,054 Cr
Mar 2025₹4,022 Cr
Mar 2026₹4,351 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹85.00 Cr
Mar 2018₹130 Cr
Mar 2019₹63.00 Cr
Mar 2020₹64.00 Cr
Mar 2021₹69.00 Cr
Mar 2022₹129 Cr
Mar 2023₹158 Cr
Mar 2024₹282 Cr
Mar 2025₹293 Cr
Mar 2026₹141 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹635 Cr +93.5% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

BEML Ltd trades at ₹2,123 as of 2026-11-04 with a market cap of ₹17,249 crore and a trailing P/E of 99.07x, reflecting a premium valuation relative to its current earnings base. The company carries minimal debt with a debt-to-equity ratio of 0.11 but faces headwinds from a 40% TTM profit decline and subdued return ratios, while its long-term stock CAGR of 18% over 10 years and strong dividend payout history point to a historically rewarding franchise.

Bull Case 7
  • Near-zero leverage with a debt-to-equity ratio of just 0.11 provides significant financial flexibility and balance-sheet resilience through business cycles
  • Healthy dividend payout ratio of 53.3%, translating to a dividend yield of 0.83% at the current price, signals shareholder-friendly capital allocation
  • Long-term stock CAGR of 18% over 10 years and 26% over 5 years demonstrates sustained wealth creation for patient investors
  • TTM revenue growth of 13% marks a notable acceleration compared to the 4% compounded sales growth over 3 and 5 years, suggesting an improving order execution trajectory
  • 5-year compounded profit growth of 15% indicates the company has been capable of delivering meaningful earnings expansion over medium-term periods
  • Current price of ₹2,123 is within 4% of its 52-week high of ₹2,205, reflecting strong market confidence and positive price momentum
  • As a public-sector defence and infrastructure equipment manufacturer, BEML is positioned to benefit from India's ongoing capital expenditure push in defence, mining, and metro rail segments
Bear Case 8
  • Trailing P/E of 99.07x is extremely elevated, demanding substantial future earnings growth to justify the current valuation
  • TTM profit has declined by 40%, a sharp deterioration that stands in stark contrast to the 13% revenue growth, indicating significant margin compression
  • Price-to-book ratio of 6.03x is rich for a company delivering an ROE of only 4.82%, meaning investors are paying a steep premium relative to the returns the equity base generates
  • Compounded sales growth of just 4% over 3, 5, and 10 years reflects a structurally sluggish top-line trajectory despite a cyclical uptick in the latest year
  • 3-year compounded profit growth is negative at -3%, showing that recent earnings have actually eroded compared to three years ago
  • High debtor days of 191 indicate significant working capital locked in receivables, a common pain point for public-sector enterprises dependent on government payment cycles
  • Return on equity of 4.82% (current) and 5% (last year) remains well below the cost of equity, suggesting the business is not creating economic value at present levels
  • ROCE of 5.91% is modest, implying that capital employed in the business earns thin returns relative to its premium market valuation

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

AI News Digest

9h ago

TL;DR: BEML has built a record order book of ₹21,700 crore anchored by the ₹5,400 crore bullet train contract, and domestic institutional interest is rising. However, execution remains a concern with net profit halving in FY26, margins compressing to 7%, and negative free cash flow of ₹250 crore. The stock trades at a steep 92x PE with only 5% ROE, suggesting the market is pricing in future order book conversion that is yet to materialise. The trend is mixed — order visibility is strong but near-term financials are deteriorating, making execution on the high-speed rail programme the key catalyst to watch.

Headwinds 5
  • Net profit halved in FY26 Oct 17

    BEML's net profit declined by half to ₹148 crore in FY26, with operating margins compressing from 13% to 7% over the period.

  • Stock down 11%, PE at 92x Oct 17

    BEML shares have declined 11% in a year and trade at a PE ratio of 92x versus the industry median of 30x, with return on equity slipping to about 5%.

  • Negative free cash flow persists Oct 17

    The company reported negative free cash flow of ₹250 crore in FY26, with customers taking an average of 191 days to pay.

Positives 3
  • ₹5,400 cr bullet train order Oct 17

    BEML secured a landmark ₹5,400 crore order on September 18, 2026 for supply and maintenance of high-speed trains on the Mumbai-Ahmedabad corridor, representing ~24% of FY26 revenue.

  • Record ₹21,700 cr order book Oct 17

    Total order book stands at ₹21,700 crore, equivalent to roughly five years of revenue at FY26 levels, up from ₹16,285 crore as of June 30, 2026.

  • Singhania's fund crosses 1% stake Oct 17

    Abakkus Flexi Cap Fund crossed the 1% shareholding threshold with 9,03,225 shares worth ~₹180 crore, while domestic institutional stake rose from 19.40% to 21.52% between June and September 2026.

Neutral 1
  • Czechia defence collaboration talks Oct 15

    BEML held discussions with Czechia's Deputy PM Karel Havlíček on technology partnerships and joint defence manufacturing, but no financial terms or formal agreements were disclosed.

Quarterly Results

₹ Cr
BEML quarterly results, ₹ crore
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 (₹)
−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

Profit & Loss

₹ Cr
BEML profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
BEML balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
BEML cash flow, annual, ₹ crore
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

Ratios

BEML financial ratios, annual
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

Log in to view BEML insights

69 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 54.03%
  • DIIs 21.52%
  • Public 16.12%
  • FIIs 5.26%
  • Others 3.07%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of BEML Ltd?
BEML Ltd trades at a PE ratio of 99.07 as of 4 Nov 2026, on earnings per share of ₹21.43, 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 ₹2,205 as of 4 Nov 2026.
Does BEML Ltd pay dividends?
BEML Ltd has a dividend yield of 0.83%.
What is the Return on Equity (ROE) of BEML Ltd?
BEML Ltd reported a return on equity of 4.78%. 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.

Website bemlindia.in
CEO Mr. Shantanu Roy
Employees 4,469
Listed 5 Nov 2003
Face Value ₹5

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