Tag: Construction Vehicles

BEML – Q3 FY26 Earnings Call – 12-Feb-26

BEML’s topline hinges on Rail & Metro execution (15,000-car TAM) and Defense L1 conversions, but near-term capacity and FX risks cap upside; bottomline faces 16–18-month FX headwind and capex drag; margins remain range-bound (100 bps either side) absent supply chain breakthroughs or FX tailwinds.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

  • Key Variables: Bhopal Phase 1 on time; 50% success in metro/LHB tenders; Defense L1 conversions in H1 FY27.
  • Outcome: Revenue grows 15%; EBITDA margins flat YoY (FX recovery offsets provisioning). Net debt/EBITDA ~2.5x. Implication: EPS grows 8–12%; multiple holds at 16–18x.
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