# BEML (BEML) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/beml

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,946
- Change: -2.26%
- As of: 2026-11-06
- 1D return: -2.26%
- 5D return: -2.14%
- 1M return: +1.82%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

BEML closed at ₹1990.9 on 2026-11-05, marking a sharp reversal from its previous close of ₹2123.0. The stock experienced an extreme downward volume anomaly (-6.2% return with 3.24x average volume), signaling significant selling pressure despite the price remaining above key daily moving averages (20 EMA, 50 EMA, 20 SMA, 200 SMA) and the Supertrend. Trend strength is weak across all timeframes, with the Daily ADX at 18.03, Weekly ADX at 14.75, and Monthly ADX at 8.34. While the longer-term structure remains bullish (price above monthly/weekly MAs and Supertrends), the daily setup shows conflicting signals: price is below the 50-period SMA but above the 20-period SMA. The stock sits in the upper-middle of its 252-day range (+69.6%) and near immediate resistance at ₹1991.27. Annualized volatility stands at +44.5%, with a current drawdown of -16.9%. A break below the nearest support at ₹1952.53 would challenge the short-term bullish bias.

- Extreme Selling Pressure: On 2026-11-05, BEML dropped -6.2% on 3.24x normal volume, creating an extreme downward anomaly that contrasts with its position above most daily moving averages.
- Weak Trend Conviction: ADX readings are low across horizons (Daily: 18.03, Weekly: 14.75, Monthly: 8.34), indicating a lack of strong directional momentum despite the overall bullish alignment on weekly/monthly charts.
- Critical Resistance & Support: Immediate resistance lies just above at ₹1991.27 (0.02%). Nearest support is at ₹1952.53 (-1.93%), with further downside levels at ₹1806.75 (-9.25%).
- Range Positioning: The stock trades in the upper-middle of its 252-day range (+69.6%) and near the middle of its 20-day range (+51.8%), suggesting limited upside room without a breakout above ₹2057.13.

- Outside Bar
- Inside Bar
- Harami
- Bullish Engulfing Reversal

### News Context

BEML reported a divergence in its September-quarter financials, with revenue surging 42.1% to ₹1,192 crore while net profit contracted 31.3% to ₹33 crore. This margin compression was driven by rising material costs and higher operating expenses that outpaced top-line growth, alongside increased current tax liabilities, which pushed EBITDA margins down to 6.7%. Despite these profitability pressures, the company’s order book remains robust at ₹21,388 crore, with ₹3,421 crore scheduled for execution in the current financial year.

On the operational front, BEML is advancing its indigenous bullet train project. The Ministry of Railways placed a ₹5,400-crore order for the wider Mumbai-Ahmedabad fleet, and Railway Minister Ashwini Vaishnaw inspected manufacturing progress at the Bengaluru facility, confirming adherence to international quality standards. Initial trainsets are expected for trials in Q1 2027. In market commentary, Axis Direct recommended buying BEML shares in the ₹1,975–₹2,015 range, citing improving technical momentum and potential upside of up to 27%, though this view reflects external analyst opinion rather than fundamental certainty.

- Q2 Financial Divergence: Revenue grew 42.1% YoY to ₹1,192 crore, but net profit fell 31.3% to ₹33 crore due to cost inflation and tax increases, compressing EBITDA margins to 6.7%.
- Strong Order Book: Total orders stand at ₹21,388 crore as of September 30, 2026, with ₹3,421 crore earmarked for execution in the current financial year.
- Bullet Train Progress: Ministry of Railways awarded a ₹5,400-crore order for the Mumbai-Ahmedabad fleet; initial indigenous trainsets are targeted for trials in Q1 2027 following government inspection.
- Brokerage View: Axis Direct assigned a buy recommendation with a target range of ₹1,975–₹2,015, citing technical momentum and up to 27% upside potential.

- [Top 10@10 | D-Street soars, Wall Street cheers Democrat sweep, Ronaldo retires](https://www.cnbctv18.com/business/top-1010-d-street-soars-wall-street-cheers-democrat-sweep-ronaldo-retires-20028356.htm)
- [BEML Q2 net profit falls 31% to ₹33 crore despite 42% revenue growth](https://www.thehindubusinessline.com/companies/beml-q2-net-profit-falls-31-to-33-crore-despite-42-revenue-growth/article71670890.ece)
- [Stocks to buy in November: Axis Direct names Nuvama, BEML and Petronet, sees up to 27% upside; target, rationale](https://www.livemint.com/market/stock-market-news/stocks-to-buy-in-november-axis-direct-names-nuvama-beml-and-petronet-sees-up-to-27-upside-target-rationale-11793790461951.html)
- [India’s first bullet train is almost here with 280 kmph speed, wi-fi & 557 seats. What to expect](https://www.businesstoday.in/india/story/indias-first-bullet-train-is-almost-here-with-280-kmph-speed-wi-fi-557-seats-what-to-expect-565027-2026-11-02)
- ['Excellent progress': Ashwini Vaishnaw inspects India's first bullet train manufacturing at BEML](https://timesofindia.indiatimes.com/business/india-business/excellent-progress-ashwini-vaishnaw-inspects-indias-first-bullet-train-manufacturing-at-beml/articleshow/135434095.cms)

### What Changed

BEML reported a divergence between top-line growth and bottom-line performance for the September quarter (Q2) of FY2026. Revenue surged 42.1% year-on-year to ₹1,192 crore, driven by strong order inflows; however, net profit contracted 31.3% to ₹33 crore. This margin compression was primarily caused by rising material costs that outpaced revenue gains, higher operating expenses, and increased current tax liabilities, which pushed EBITDA margins down to 6.7%. Despite these profitability headwinds, the company’s order book remains robust at ₹21,388 crore as of September 30, 2026, with ₹3,421 crore scheduled for execution in the current financial year. Market pricing reflects recent volatility, with the stock trading at ₹1,990.90 on November 5, 2026, down from ₹2,123.00 previously.

- Profitability contraction: Q2 net profit fell 31.3% YoY to ₹33 crore despite 42.1% revenue growth to ₹1,192 crore, due to rising input costs and higher taxes compressing EBITDA margins to 6.7%.
- Order book strength: Total order book stands at ₹21,388 crore as of September 30, 2026, providing visibility with ₹3,421 crore earmarked for the current financial year.
- Price movement: The stock declined to ₹1,990.90 on November 5, 2026, compared to a previous close of ₹2,123.00.

- [Top 10@10 | D-Street soars, Wall Street cheers Democrat sweep, Ronaldo retires](https://www.cnbctv18.com/business/top-1010-d-street-soars-wall-street-cheers-democrat-sweep-ronaldo-retires-20028356.htm)
- [BEML Q2 net profit falls 31% to ₹33 crore despite 42% revenue growth](https://www.thehindubusinessline.com/companies/beml-q2-net-profit-falls-31-to-33-crore-despite-42-revenue-growth/article71670890.ece)

### Official Filings

BEML Limited reported a net loss of ₹2,726 Lakhs (Standalone) and ₹2,701 Lakhs (Consolidated) for the quarter ended September 30, 2026. The statutory auditors issued an Emphasis of Matter regarding the recoverability of ₹7,488.90 Lakhs advanced to the MAMC Consortium and ₹624.20 Lakhs to MAMC Industries Ltd., noting that recovery depends on asset realization from Mining & Allied Machinery Corporation Ltd. (MAMC), which is under liquidation. Concurrently, two key managerial personnel ceased employment effective October 31, 2026, due to superannuation or retirement.

- Quarterly Net Loss: BEML recorded a standalone net loss of ₹2,726 Lakhs and consolidated net loss of ₹2,701 Lakhs for Q2 FY2027 (ended Sep 30, 2026).
- Auditor's Emphasis of Matter: Statutory auditors highlighted risks related to the recoverability of ₹7,488.90 Lakhs (MAMC Consortium) and ₹624.20 Lakhs (MAMC Industries Ltd.), contingent on the liquidation process of MAMC.
- Leadership Transition: Aparup Sinha (Executive Director, Offg.) and Paritosh Pandey (CGM-Head Parts & Services) ceased employment effective October 31, 2026, due to superannuation/retirement.

- [BEML Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BEML_05112026135743_30299-001_20261105_161537__4_files_merged_.pdf)
- [BEML Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEML_05112026140307_UPSI__1_.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753438_05112026021526_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753442_05112026021941_WEB.xml)
- [BEML Limited has informed the Exchange regarding Cessation of executives from the company consequent to their superannuation. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/BEML_31102026222825_SE_Intimation_311026.pdf)
- [BEML LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_296_WebXMLFile_20261031_223120726.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/BEML_28102026114842_SE_Board_Meeting_Intimation.pdf)
- [Board Meeting Intimation |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_296_WebXMLFile_20261028_115729280.xml)
- [BEML LIMITED has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_296_WebXMLFile_20261028_115729280.xml)
- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 54.03 | PUBLIC_VAL: 45.97 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 14-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1737648_14102026030717_WEB.xml)

### Fundamentals

BEML’s financial trajectory for FY2026-27 shows a sharp recovery in profitability following a loss in Q1, though underlying earnings quality faces headwinds from rising debt and working capital inefficiencies. In Q2 FY2026-27, income rose sequentially to ₹1,198 crore against expenses of ₹1,150 crore, driving a turnaround from a Q1 net loss of ₹27 crore to a Q2 net profit of ₹33.3 crore (EPS: ₹4). However, the TTM net profit has declined significantly to ₹178 crore from ₹293 crore in FY2025, reflecting a broader margin compression despite sales growth.

The balance sheet indicates aggressive expansion, with borrowings increasing to ₹309 crore by Mar 2026 and CWIP surging to ₹298 crore. This capital intensity is reflected in a deteriorating Return on Capital Employed (ROCE), which fell to 8% in Mar 2026 from 16% in Mar 2025. Additionally, debtor days have stretched to 191 days, raising concerns about cash conversion efficiency as CFO/EBITDA dropped to 68%. While promoters maintain a stable 54.03% stake, institutional interest is shifting, with DIIs increasing their holding to 21.52% by Sep 2026.

- Q2 FY2026-27 Net Profit rebounded to ₹33.3 crore (EPS ₹4) after a Q1 loss of ₹27 crore, driven by sequential income growth to ₹1,198 crore.
- TTM Net Profit contracted sharply to ₹178 crore from ₹293 crore in FY2025, signaling persistent margin pressure despite TTM sales growth of 13%.
- ROCE declined to 8% in Mar 2026 from 16% in Mar 2025, coinciding with a rise in borrowings to ₹309 crore and CWIP to ₹298 crore.
- Working capital efficiency weakened, with debtor days stretching to 191 days and Cash Conversion Cycle at 421 days in Mar 2026.

### Bull Case

BEML presents a conditional upside case anchored by significant order book expansion and strategic manufacturing milestones, despite recent profit compression. The company’s order book reached ₹21,388 crore as of September 30, 2026, with ₹3,421 crore scheduled for execution in the current financial year, providing visibility into near-term revenue streams. A key structural catalyst is the Ministry of Railways’ ₹5,400-crore order for the Mumbai-Ahmedabad bullet train fleet, positioning BEML as a primary manufacturer for India’s first high-speed rail project. Initial trainsets are expected to be ready for trials in Q1 2027, following Railway Minister Ashwini Vaishnaw’s inspection confirming adherence to international quality standards. Technically, the stock shows bullish momentum across daily, weekly, and monthly timeframes, with the Supertrend indicator signaling an upward bias on all three horizons. Axis Direct has identified improving technical momentum, setting a buy range of ₹1,975–₹2,015 with potential upside of up to 27%. This constructive view is contingent on the company successfully managing rising material costs and operating expenses that previously compressed EBITDA margins to 6.7% in Q2 FY2026.

- Order book stands at ₹21,388 crore (as of Sep 30, 2026), with ₹3,421 crore due in the current financial year.
- Secured ₹5,400-crore order for Mumbai-Ahmedabad bullet train fleet; initial trainsets expected for trials in Q1 2027.
- Technical indicators show bullish Supertrend signals on daily, weekly, and monthly timeframes.
- Axis Direct cites improving technical momentum, targeting upside of up to 27% from a buy range of ₹1,975–₹2,015.

- [Top 10@10 | D-Street soars, Wall Street cheers Democrat sweep, Ronaldo retires](https://www.cnbctv18.com/business/top-1010-d-street-soars-wall-street-cheers-democrat-sweep-ronaldo-retires-20028356.htm)
- [BEML Q2 net profit falls 31% to ₹33 crore despite 42% revenue growth](https://www.thehindubusinessline.com/companies/beml-q2-net-profit-falls-31-to-33-crore-despite-42-revenue-growth/article71670890.ece)
- [Stocks to buy in November: Axis Direct names Nuvama, BEML and Petronet, sees up to 27% upside; target, rationale](https://www.livemint.com/market/stock-market-news/stocks-to-buy-in-november-axis-direct-names-nuvama-beml-and-petronet-sees-up-to-27-upside-target-rationale-11793790461951.html)
- [India’s first bullet train is almost here with 280 kmph speed, wi-fi & 557 seats. What to expect](https://www.businesstoday.in/india/story/indias-first-bullet-train-is-almost-here-with-280-kmph-speed-wi-fi-557-seats-what-to-expect-565027-2026-11-02)
- ['Excellent progress': Ashwini Vaishnaw inspects India's first bullet train manufacturing at BEML](https://timesofindia.indiatimes.com/business/india-business/excellent-progress-ashwini-vaishnaw-inspects-indias-first-bullet-train-manufacturing-at-beml/articleshow/135434095.cms)
- [BEML Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BEML_05112026135743_30299-001_20261105_161537__4_files_merged_.pdf)
- [BEML Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEML_05112026140307_UPSI__1_.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753438_05112026021526_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753442_05112026021941_WEB.xml)
- [BEML Limited has informed the Exchange regarding Cessation of executives from the company consequent to their superannuation. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/BEML_31102026222825_SE_Intimation_311026.pdf)

### Bear Case

BEML’s Q2 results highlight a critical disconnect between top-line growth and bottom-line profitability. While revenue surged 42.1% to ₹1,192 crore, net profit contracted 31.3% to just ₹33 crore, driven by material cost inflation that compressed EBITDA margins to 6.7%. This margin squeeze indicates that rising input costs are outpacing pricing power, eroding earnings quality despite strong order visibility of ₹21,388 crore. On the market side, the stock is trading near immediate resistance at ₹1,991.27 after a sharp intraday decline from ₹2,139.80 to close at ₹1,990.90 on November 5, 2026. The technical setup shows elevated volatility with an annualized volatility of 44.5% and a current drawdown of -16.9%, suggesting significant price instability. Although the bullet train project offers long-term potential, the immediate financial reality reflects tight operating leverage and high short-term price risk.

- Profitability deterioration: Net profit fell 31.3% YoY to ₹33 crore in Q2 despite 42.1% revenue growth, as rising material costs compressed EBITDA margins to 6.7%.
- Technical resistance and volatility: The stock closed at ₹1,990.90 on Nov 5, 2026, facing immediate resistance at ₹1,991.27, while exhibiting high annualized volatility (44.5%) and a current drawdown of -16.9%.
- Margin pressure vs. Order book: While the order book stands robust at ₹21,388 crore, the inability to maintain margins during revenue expansion signals operational constraints in cost management.

- [Top 10@10 | D-Street soars, Wall Street cheers Democrat sweep, Ronaldo retires](https://www.cnbctv18.com/business/top-1010-d-street-soars-wall-street-cheers-democrat-sweep-ronaldo-retires-20028356.htm)
- [BEML Q2 net profit falls 31% to ₹33 crore despite 42% revenue growth](https://www.thehindubusinessline.com/companies/beml-q2-net-profit-falls-31-to-33-crore-despite-42-revenue-growth/article71670890.ece)
- [Stocks to buy in November: Axis Direct names Nuvama, BEML and Petronet, sees up to 27% upside; target, rationale](https://www.livemint.com/market/stock-market-news/stocks-to-buy-in-november-axis-direct-names-nuvama-beml-and-petronet-sees-up-to-27-upside-target-rationale-11793790461951.html)
- [India’s first bullet train is almost here with 280 kmph speed, wi-fi & 557 seats. What to expect](https://www.businesstoday.in/india/story/indias-first-bullet-train-is-almost-here-with-280-kmph-speed-wi-fi-557-seats-what-to-expect-565027-2026-11-02)
- ['Excellent progress': Ashwini Vaishnaw inspects India's first bullet train manufacturing at BEML](https://timesofindia.indiatimes.com/business/india-business/excellent-progress-ashwini-vaishnaw-inspects-indias-first-bullet-train-manufacturing-at-beml/articleshow/135434095.cms)
- [BEML Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BEML_05112026135743_30299-001_20261105_161537__4_files_merged_.pdf)
- [BEML Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEML_05112026140307_UPSI__1_.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753438_05112026021526_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753442_05112026021941_WEB.xml)
- [BEML Limited has informed the Exchange regarding Cessation of executives from the company consequent to their superannuation. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/BEML_31102026222825_SE_Intimation_311026.pdf)

### FAQs

**How did BEML's profitability change in Q2 FY2027 despite strong revenue growth?**

For the quarter ended September 30, 2026, BEML reported a 42.1% surge in revenue to ₹1,192 crore. However, net profit fell 31.3% year-on-year to ₹33 crore. This contraction was driven by rising material costs that outpaced revenue growth, higher operating expenses, and increased current tax outgo, which compressed EBITDA margins to 6.7%.

**What is the status of BEML's order book and upcoming projects?**

As of September 30, 2026, BEML’s order book stood at ₹21,388 crore, with ₹3,421 crore scheduled for execution in the current financial year. The Ministry of Railways has placed a ₹5,400-crore order with BEML for the wider Mumbai-Ahmedabad bullet train fleet. Initial trainsets are expected to be ready for trials in the first quarter of 2027.

**Are there any significant risks highlighted in recent financial filings?**

Statutory auditors have issued an Emphasis of Matter regarding the recoverability of ₹7,488.90 Lakhs advanced to the MAMC Consortium and ₹624.20 Lakhs to MAMC Industries Ltd. The filing notes that recovery depends on asset realization from Mining & Allied Machinery Corporation Ltd. (MAMC), which is currently under liquidation.

**What does the technical data suggest about BEML's recent price action?**

As of November 5, 2026, BEML closed at ₹1,990.90, reflecting a -6.2% return over the past month but a +19.1% gain over three months. Technical indicators show a bullish Supertrend direction across daily, weekly, and monthly timeframes. Key resistance levels are noted at ₹2,057.13 and ₹2,095.87, while immediate support lies near ₹1,952.53.

- [Top 10@10 | D-Street soars, Wall Street cheers Democrat sweep, Ronaldo retires](https://www.cnbctv18.com/business/top-1010-d-street-soars-wall-street-cheers-democrat-sweep-ronaldo-retires-20028356.htm)
- [BEML Q2 net profit falls 31% to ₹33 crore despite 42% revenue growth](https://www.thehindubusinessline.com/companies/beml-q2-net-profit-falls-31-to-33-crore-despite-42-revenue-growth/article71670890.ece)
- [Stocks to buy in November: Axis Direct names Nuvama, BEML and Petronet, sees up to 27% upside; target, rationale](https://www.livemint.com/market/stock-market-news/stocks-to-buy-in-november-axis-direct-names-nuvama-beml-and-petronet-sees-up-to-27-upside-target-rationale-11793790461951.html)
- [India’s first bullet train is almost here with 280 kmph speed, wi-fi & 557 seats. What to expect](https://www.businesstoday.in/india/story/indias-first-bullet-train-is-almost-here-with-280-kmph-speed-wi-fi-557-seats-what-to-expect-565027-2026-11-02)
- ['Excellent progress': Ashwini Vaishnaw inspects India's first bullet train manufacturing at BEML](https://timesofindia.indiatimes.com/business/india-business/excellent-progress-ashwini-vaishnaw-inspects-indias-first-bullet-train-manufacturing-at-beml/articleshow/135434095.cms)
- [BEML Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BEML_05112026135743_30299-001_20261105_161537__4_files_merged_.pdf)
- [BEML Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BEML_05112026140307_UPSI__1_.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753438_05112026021526_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753442_05112026021941_WEB.xml)
- [BEML Limited has informed the Exchange regarding Cessation of executives from the company consequent to their superannuation. |SUBJECT: Cessation](https://nsearchives.nseindia.com/corporate/BEML_31102026222825_SE_Intimation_311026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Downtrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹2,036.83
- Risk regime: Price Risk Requires Attention

### Support levels
- 1948.15
- 1806.75390625
- 1701.07109375

### Resistance levels
- 1984
- 2216.521875
- 2271.9375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -2.26% |
| return_10 | +5.12% |
| return_1m | -4.71% |
| return_1y | -2.05% |
| return_20 | +1.82% |
| return_3m | +12.81% |
| return_5 | -2.14% |
| return_6m | +2.53% |
| return_since_start | -5.55% |
| return_ytd | +5.34% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -42.81% |
| annualized_volatility | +44.48% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# BEML Limited Q2 FY2026-27: Revenue rises 42% year on year

BEML reported consolidated revenue from operations of ₹1,191.6 crore for the quarter ended 30 September 2026, up 45.4% quarter on quarter and 42.0% year on year. Profit before tax was ₹47.7 crore, recovering from a loss in Q1 FY27 but 5.2% below Q2 FY26; profit attributable to owners was ₹33.3 crore. Positive operating cash flow was partly offset by investing outflows, while other comprehensive income left total comprehensive income negative for the quarter.

## Revenue and expenses

Revenue increased by ₹372.0 crore from ₹819.6 crore in Q1 FY27 and by ₹352.5 crore from ₹839.1 crore in Q2 FY26. Total expenses rose 34.6% quarter on quarter to ₹1,150.4 crore, from ₹854.9 crore. Other expenses were ₹227.0 crore, up 43.3% from ₹158.4 crore in Q1 FY27; cost of materials consumed was ₹724.0 crore in Q2.

## Profitability and earnings

Profit before tax of ₹47.7 crore compared with a loss of ₹33.7 crore in Q1 FY27 and profit of ₹50.3 crore in Q2 FY26. Profit for the period was ₹33.3 crore, versus a loss of ₹27.0 crore in Q1 FY27 and profit of ₹48.0 crore in Q2 FY26. Profit attributable to owners of the parent was ₹33.3 crore. Basic and diluted EPS were ₹4, compared with a loss per share of ₹3.24 in Q1 FY27 and earnings of ₹11.53 in Q2 FY26. TTM EPS was ₹19.66.

Tax expense was ₹14.4 crore, against a tax credit of ₹6.7 crore in Q1 FY27. Other comprehensive income was negative ₹46.1 crore, taking comprehensive income to a loss of ₹12.7 crore despite the quarter’s reported profit.

## Cash flow and balance sheet

Operating cash flow was ₹257.0 crore. Investing activities used ₹237.6 crore, leaving free cash flow of ₹19.4 crore; financing outflows were ₹20.6 crore. At 30 September 2026, cash and cash equivalents were ₹6.1 crore, compared with ₹36.1 crore at 30 September 2025. Other bank balances stood at ₹30.6 crore.

Inventories were ₹2,608.5 crore at 30 September 2026, up from ₹2,468.5 crore a year earlier. Trade receivables increased to ₹1,938.2 crore from ₹1,439.2 crore. Capital work in progress was ₹429.0 crore, compared with ₹171.0 crore, while property, plant and equipment stood at ₹685.3 crore, up from ₹562.5 crore. Total assets rose to ₹7,226.1 crore from ₹5,935.5 crore over the same dates.

## Key Takeaway

BEML returned to profit before tax and generated positive free cash flow in Q2 FY27, alongside strong year-on-year revenue growth. However, profit remained below the year-ago quarter, comprehensive income was negative, and cash and cash equivalents were lower year on year; the larger receivables and inventory balances are also important working-capital positions to track.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +54.03%
- FII holding: +5.27%
- DII holding: +21.52%
- Mutual fund holding: +18.19%
- Retail holding: +15.16%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +54.03%
- HDFC MUTUAL FUND - HDFC DIVIDEND YIELD FUND — +7.60%
- KOTAK SMALL CAP FUND — +4.76%
- INVESCO INDIA FOCUSED FUND — +2.00%
- ABAKKUS FLEXI CAP FUND — +1.08%

## Official filings

- 2026-11-06 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_06112026201312_Newspaper_adv_intimation_signed.pdf)
- 2026-11-05 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_05112026135743_30299-001_20261105_161537__4_files_merged_.pdf)
- 2026-11-05 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_05112026140307_UPSI__1_.pdf)
- 2026-11-05 — Financial Results Filing: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753438_05112026021526_WEB.xml)
- 2026-11-05 — Financial Results Filing: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753442_05112026021941_WEB.xml)
- 2026-10-31 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_31102026222825_SE_Intimation_311026.pdf)
- 2026-10-31 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_296_WebXMLFile_20261031_223120726.xml)
- 2026-10-28 — Board Meeting Notice: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_28102026114842_SE_Board_Meeting_Intimation.pdf)
- 2026-10-28 — Board Meeting Notice: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_296_WebXMLFile_20261028_115729280.xml)
- 2026-10-28 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_296_WebXMLFile_20261028_115729280.xml)
- 2026-10-14 — Shareholding Disclosure: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1737648_14102026030717_WEB.xml)
- 2026-10-13 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_13102026105452_Certificate_under_74_DP__1_.pdf)
- 2026-10-09 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_09102026071209_intimation_nse_signed.pdf)
- 2026-10-09 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_296_WebXMLFile_20261009_102512440.xml)
- 2026-10-04 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_296_WebXMLFile_20261004_174038004.xml)
- 2026-10-01 — Press Release: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_01102026102201_iNTIMATION_Press.pdf)
- 2026-09-30 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_30092026172350_intimation_DM_signed.pdf)
- 2026-09-30 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_30092026173155_intimation_CGM_signed.pdf)
- 2026-09-30 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_30092026181021_evoting_results_signed.pdf)
- 2026-09-29 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_29092026155511_proceeding_AGM.pdf)
- 2026-09-25 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_296_WebXMLFile_20260925_155123062.xml)
- 2026-09-25 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_25092026155148_TWNSE0926.pdf)
- 2026-09-25 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_296_WebXMLFile_20260925_155916564.xml)
- 2026-09-22 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BEML_22092026154401_Appointment_SA_signed.pdf)
- 2026-09-22 — Generic Announcement: BEML Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_296_WebXMLFile_20260922_154912740.xml)

## News and market events

- 2026-11-06 — BUSINESSTODAY: **BEML, CESC, Ramco Cements, Kansai Nerolac shares: Here are target prices** — Antique Stock Broking updated its ratings and target prices for CESC, BEML, Ramco Cements, and Kansai Nerolac following their Q2 FY27 results. The brokerage lowered CESC's target to Rs 167 due to a profit shortfall in its renewable energy business, while reducing Ramco Cements' target to Rs 890 amid weak EBITDA performance driven by higher fuel costs. Conversely, it maintained 'Buy' ratings with unchanged targets for BEML and Kansai Nerolac, citing strong revenue growth despite margin pressures from raw material inflation and adverse revenue mix. — [Source](https://www.businesstoday.in/markets/stocks/story/beml-cesc-ramco-cements-kansai-nerolac-shares-here-are-target-prices-566214-2026-11-06)
- 2026-11-05 — CNBC-TV18: **Top 10@10 | D-Street soars, Wall Street cheers Democrat sweep, Ronaldo retires** — Indian equities extended their winning streak to a sixth session, with the Sensex and Nifty rising on improving sentiment, falling crude oil prices, and expectations of broader market recovery. US midterm election results reshaped sectoral outlooks by creating winners and losers linked to political themes, while domestic Q2 earnings highlighted strong performances from Bharti Airtel and Titan alongside profit declines at other firms. — [Source](https://www.cnbctv18.com/business/top-1010-d-street-soars-wall-street-cheers-democrat-sweep-ronaldo-retires-20028356.htm)
- 2026-11-05 — The Hindu: **BEML Q2 net profit falls 31% to ₹33 crore despite 42% revenue growth** — BEML Ltd reported a 31.3% year-on-year decline in net profit to ₹33 crore for the September quarter, despite a 42.1% surge in revenue to ₹1,192 crore. The profit contraction was driven by rising material costs that outpaced revenue growth, higher operating expenses, and a significant increase in current tax outgo, which compressed EBITDA margins to 6.7%. As of September 30, 2026, the company’s order book stood at ₹21,388 crore, with ₹3,421 crore scheduled for execution in the current financial year. — [Source](https://www.thehindubusinessline.com/companies/beml-q2-net-profit-falls-31-to-33-crore-despite-42-revenue-growth/article71670890.ece)
- 2026-11-04 — Mint: **Stocks to buy in November: Axis Direct names Nuvama, BEML and Petronet, sees up to 27% upside; target, rationale** — Axis Direct has recommended buying Nuvama Wealth Management, BEML, and Petronet LNG for November, citing improving technical momentum across all three stocks. The brokerage set buy ranges of ₹1,764–₹1,800 for Nuvama, ₹1,975–₹2,015 for BEML, and ₹289–₹295 for Petronet LNG, with potential upside of up to 27% based on their respective target price ranges. — [Source](https://www.livemint.com/market/stock-market-news/stocks-to-buy-in-november-axis-direct-names-nuvama-beml-and-petronet-sees-up-to-27-upside-target-rationale-11793790461951.html)
- 2026-11-02 — BUSINESSTODAY: **India’s first bullet train is almost here with 280 kmph speed, wi-fi & 557 seats. What to expect** — The Ministry of Railways has placed a ₹5,400-crore order with BEML for the wider Mumbai-Ahmedabad bullet train fleet and future high-speed routes. BEML is currently developing the B28 indigenous bullet trainset at its Bengaluru facility, with initial trainsets expected to be ready for trials in the first quarter of 2027. — [Source](https://www.businesstoday.in/india/story/indias-first-bullet-train-is-almost-here-with-280-kmph-speed-wi-fi-557-seats-what-to-expect-565027-2026-11-02)
- 2026-11-01 — Times of India: **'Excellent progress': Ashwini Vaishnaw inspects India's first bullet train manufacturing at BEML** — Railway Minister Ashwini Vaishnaw inspected the manufacturing of India's first bullet train at BEML's facility in Bengaluru, expressing satisfaction with the progress and adherence to international quality standards. The inspection confirmed that all major components are being produced, integrated, and tested under high-load conditions. — [Source](https://timesofindia.indiatimes.com/business/india-business/excellent-progress-ashwini-vaishnaw-inspects-indias-first-bullet-train-manufacturing-at-beml/articleshow/135434095.cms)
- 2026-11-01 — The Hindu: **Ashwini Vaishnaw reviews Bharat-made B28 bullet train production at BEML** — Railways Minister Ashwini Vaishnaw reviewed the manufacturing of the Bharat-made B28 bullet train at BEML’s Aditya manufacturing facility, witnessing key production stages including carbody fabrication and assembly. The minister also verified quality assurance processes such as the 'Squeeze Test' for structural strength and examined passenger comfort features and onboard systems like HVAC. — [Source](https://www.thehindubusinessline.com/economy/logistics/ashwini-vaishnaw-reviews-bharat-made-b28-bullet-train-manufacturing-at-beml/article71654077.ece)
- 2026-10-27 — BUSINESSTODAY: **Defence stocks: HAL, BEML likely beneficiaries of Rs 2.12 lakh crore DAC approvals; shares to buy** — Defence stocks such as Hindustan Aeronautics Ltd (HAL) and BEML Ltd are seen as major beneficiaries of the Defence Acquisition Council's (DAC) approval of capital procurement proposals worth Rs 2.12 lakh crore. — [Source](https://www.businesstoday.in/markets/stocks/story/defence-stocks-hal-beml-likely-beneficiaries-of-rs-2-12-lakh-crore-dac-approvals-shares-to-buy-563828-2026-10-27)
- 2026-10-25 — BUSINESSTODAY: **B28 trainset designed for 280 kmph: Ashwini Vaishnaw reveals the engineering behind India's first bullet train** — India is using massive prefabricated concrete girders, domestically manufactured lifting machines, Japanese track technology and giant tunnel boring equipment to build its first bullet train corridor between Mumbai and Ahmedabad, Railway Minister Ashwini Vaishnaw said on Saturday. — [Source](https://www.businesstoday.in/india/story/b28-trainset-designed-for-280-kmph-ashwini-vaishnaw-reveals-the-engineering-behind-indias-first-bullet-train-563500-2026-10-25)
- 2026-10-20 — Economic Times: **Drill, baby, drill: China turns the screws, India looks for own tools** — Chinas new export controls on tunnel boring machines (TBMs) have highlighted Indias reliance on overseas suppliers for specialised infrastructure equipment even as the government moves towards a $1.2 billion incentive scheme to expand domestic manufacturing. The proposed package aims to attract $1.8 billion in investment over seven years, but the bigger challenge will be building local capabilities in high-value components and machinery rather than simply replacing Chinese imports. — [Source](https://economictimes.indiatimes.com/news/economy/foreign-trade/drill-baby-drill-china-turns-the-screws-india-looks-for-own-tools/articleshow/135067949.cms)
- 2026-10-15 — The Hindu: **BEML meets Czechia Deputy PM Karel Havlíček to discuss avenues of potential collaboration** — Czech Deputy PM Havlíček discusses potential collaboration with BEML on engineering, automation, and defence partnerships between India and the Czech Republic. — [Source](https://www.thehindu.com/business/Industry/beml-meets-czechia-deputy-prime-minister-karel-havlicek-to-discuss-avenues-of-potential-collaboration/article71586767.ece)
- 2026-10-15 — NEWS.WEBINDIA123.COM: **Czech Republic Deputy PM Karel Havlek meets BEML Chairman to explore industrial collaboration** — First Deputy Prime Minister and Minister of Industry and Trade of the Czech Republic, Karel Havlek, met BEML Ltd Chairman and Managing Director Shantanu Roy in Bengaluru, with discussions focusing on strengthening India-Czech industrial and technology cooperation. — [Source](https://news.webindia123.com/news/Articles/World/20261015/4511081.html)
- 2026-10-09 — BUSINESSTODAY: **BEML stock in focus on Rs 76 crore order win from Southeast Asian region** — BEML Ltd, BEML share price, BEML stock, BEML order, HMV export order, Rs 75.58 crore order, defence stocks, heavy mobility vehicles, Southeast Asia, Ministry of Defence, rail and mining equipment — [Source](https://www.businesstoday.in/markets/stocks/story/beml-stock-in-focus-on-rs-76-crore-order-win-from-southeast-asian-region-560554-2026-10-09)
- 2026-10-01 — CNBC-TV18: **PM DHARA's ₹1.86 lakh crore scheme opens multi-year opportunity for transmission companies: Elara's Harshit Kapadia** — The PM Dhara scheme is expected to create a multi-year opportunity for transmission equipment makers, while railway and metro spending should support RITES and BEML, says Elara Securities' Harshit Kapadia. Which companies are best placed to benefit from these investments? — [Source](https://www.cnbctv18.com/market/pm-dhara-scheme-multi-year-opportunity-transmission-companies-elara-securities-hitachi-siemens-renewable-transmission-energy-kei-apar-beml-rites-polycab-vande-bharat-train-20002749.htm)
- 2026-09-30 — The Hindu: **BEML Mysuru unveils 60-tonne Electric Dump Truck for mining operations** — BEML Limited on Wednesday unveiled India’s first indigenously designed and developed 60-tonne Electric Dump Truck, the BH60-EV, at its Mysuru complex, marking a significant milestone in the development of high-capacity electric mobility solutions for the mining and infrastructure sectors. — [Source](https://www.thehindu.com/news/national/karnataka/beml-mysuru-unveils-60-tonne-electric-dump-truck-for-mining-operations/article71529632.ece)
- 2026-09-28 — MONEYCONTROL: **Why isn't Hindustan Aeronautics making India's fifth-generation fighter jet? Top official explains** — Advanced Medium Combat Aircraft, India, India fifth generation plane, combat jet, fighter jet, Hindustan Aeronautics, defence secretary, rajesh kumar singh — [Source](https://www.moneycontrol.com/defence/why-isn-t-hindustan-aeronautics-making-india-s-fifth-generation-fighter-jet-top-official-explains-article-14040108.html)
- 2026-09-23 — The Hindu: **Railway Board sanction clears key hurdle for Bengaluru Metro Pink Line elevated section** — Bengaluru Metro's Pink Line receives Railway Board approval, advancing plans for a crucial 7.5-km elevated section. — [Source](https://www.thehindu.com/news/national/karnataka/railway-board-sanction-clears-key-hurdle-for-bengaluru-metro-pink-line-elevated-section/article71501050.ece)
- 2026-09-23 — Mint: **HAL, Bharat Dynamics, BEML, BEL: Which defence stock to buy for maximum gains amid next expansion phase | Target price** — India's defence sector, led by HAL, BEL, and BEML, is set for growth backed by policy support and rising exports. Emkay Global forecasts production at  ₹1.8 trillion and exports at  ₹380 billion by 2025-26, with ambitious targets for 2026. — [Source](https://www.livemint.com/market/stock-market-news/hal-bharat-dynamics-beml-bel-which-defence-stock-to-buy-for-maximum-gains-amid-next-expansion-phase-target-price-11790147727801.html)
- 2026-09-22 — BUSINESSTODAY: **HAL, BEL, BDL, BEML: Defence stocks to buy for 13-24% upside** — HAL share price, BEL share price, BDL share price, BEML share price, defence stock, stock to buy — [Source](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-beml-defence-stocks-to-buy-for-13-24-upside-557054-2026-09-22)
- 2026-09-22 — Mint: **BEML’s mega bullet train order puts execution in spotlight** — BEML’s  ₹5,400 crore bullet train order takes its order book to  ₹22,000 crore, but investors will now watch whether capacity expansion and better execution can translate into stronger margins. — [Source](https://www.livemint.com/market/mark-to-market/beml-share-price-rises-rs-5400-crore-bullet-train-order-book-11790055954221.html)
- 2026-09-21 — Times of India: **India plans to make its own 350 kmph speed bullet trains by 2030 to match Japan's E10, first B28 trains to run at 249 kmph from 2027; Mumbai-Ahmedabad project cost tops Rs 2 lakh crore** — India Business News: Even as it builds the country’s first high-speed train set for the first time, Indian Railways has already set the ball rolling for another set of bul. — [Source](https://timesofindia.indiatimes.com/business/india-business/india-plans-to-make-its-own-350-kmph-speed-bullet-trains-by-2030-to-match-japans-e10-first-b28-trains-to-run-at-249-kmph-from-2027-mumbai-ahmedabad-project-cost-tops-rs-2-lakh-crore/articleshow/134387529.cms)
- 2026-09-21 — Times of India: **BEML bags 5,400-crore order for Mumbai-Ahmedabad bullet train project** — BEML wins Rs 5,400-crore NHSRCL order to supply and maintain 16 more trainsets for the Mumbai–Ahmedabad bullet train corridor, boosting shares. — [Source](https://timesofindia.indiatimes.com/city/bengaluru/beml-bags-5400-crore-order-for-mumbai-ahmedabad-bullet-train-project/articleshow/134390898.cms)
- 2026-09-21 — Economic Times: **Sunil Singhania-backed Abakkus Flexi Cap Fund increases stake in Dixon Technologies, OFSS, 30 others in August** — Sunil Singhania-backed Abakkus Flexi Cap Fund increased its holdings in 32 stocks during August, including Dixon Technologies, OFSS, NTPC, and Tata Steel. The fund also added Groww and Jubilant Pharmova as new entrants, expanding its AUM to Rs 7,394 crore across 46 portfolio stocks. — [Source](https://economictimes.indiatimes.com/mf/analysis/sunil-singhania-backed-abakkus-flexi-cap-fund-increases-stake-in-dixon-technologies-ofss-30-others-in-august/articleshow/134386425.cms)
- 2026-09-20 — Mint: **Dividends, stock splits alert! Corporate actions this week: IRCTC, BEML, Dixon Tech and more - Record dates, full list** — More than 170 companies, including IRCTC, Dixon Technologies, BEML and others, have set record dates for dividends and stock splits during the week — [Source](https://www.livemint.com/market/stock-market-news/dividends-stock-splits-alert-corporate-actions-this-week-irctc-beml-dixon-tech-and-more-record-dates-full-list-11789890298929.html)
- 2026-09-19 — Times of India: **India to make 350 kmph bullet trains by 2030, match Japan's E10** — India News: NEW DELHI: India will manufacture indigenous high-speed or bullet trains with a design speed of 350 kmph (B35) by 2030, matching Japan's next-generati. — [Source](https://timesofindia.indiatimes.com/india/india-to-make-350-kmph-bullet-trains-by-2030-match-japans-e10/articleshow/134360448.cms)

## Business profile

**Strategic vision:** Manufactures equipment for core Indian sectors.

### Business segments
- **Defence & Aerospace:** Manufactures Defence Products and High Mobility Vehicles, supplying Armoured Recovery Vehicles, military wagons, and pontoon bridge systems for defence services.
- **Mining & Construction:** Manufactures heavy equipment for earth-moving, mining, and construction, including excavators, bulldozers, and dumpers, supported by a nationwide sales and service network.
- **Rail & Metro:** A leading metro car manufacturer, producing high-tech Driverless Metro Trains, all-steel integral passenger rail coaches, and rolling stock for Indian Railways and metro corporations.

### Competitive strengths
- Public sector undertaking status serving core Indian industries
- Extensive manufacturing facilities across India
- Established nationwide sales and service network
- Experience in indigenous manufacturing of specialized equipment

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/beml
Markdown representation: https://faxioms.com/stocks/beml?render=md