Kotak Neo sets INR 410 fair value for Bharat Electronics stock

Published on 10/13/2026 at 09:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-quarter revenue rose 25.00 percent to INR 55.00 billion. Bharat Electronics stock carries a 33x valuation multiple for September 2028 earnings.

Kotak Neo analyst Shrikant Chouhan assigned Bharat Electronics an Add view and INR 410 fair value on October 13, 2026.
Bharat Electronics reported first-quarter fiscal 2026-27 revenue of INR 55.00 billion, up 25.00 percent year over year.
The order book stood at INR 723.00 billion on July 1, while management targets more than INR 550.00 billion of fiscal 2026-27 inflows.
The next earnings report is scheduled for October 23, 2026.

BEL, INE263A01024, Illustration mit AI erstellt.

Bharat Electronics (ISIN INE263A01024) received an Add view and INR 410 fair value from Kotak Neo analyst Shrikant Chouhan on October 13, 2026, according to Business Standard. The analyst retained an Add rating and based the valuation on a 33x multiple of September 2028 estimated earnings.

Three dated signals shape the story

On May 20, 2026, Motilal Oswal Financial Services maintained a Buy rating and cut its target to INR 510 from INR 520, as reported by DSIJ. The same report put fourth-quarter fiscal 2025-26 revenue at INR 102.00 billion, up 12.00 percent year over year.

On July 27, 2026, Motilal Oswal raised its target to INR 530 from INR 510 despite a first-quarter fiscal 2026-27 margin miss, according to DSIJ. The report said revenue reached INR 55.00 billion, up 25.00 percent year over year, while profit after tax increased 8.00 percent to INR 10.50 billion.

On October 13, 2026, Kotak Neo placed the latest figure at INR 410 and pointed to QRSAM, AMCA and naval programs as the main long-term order drivers. The sequence shows a split assessment: operating growth remains strong, while targets have moved lower from earlier broker levels.

What does the order pipeline mean?

Bharat Electronics had an order book of INR 723.00 billion as of July 1, 2026, with about 90.00 percent linked to defense activity, according to DSIJ. Management retained fiscal 2026-27 guidance for revenue growth of more than 15.00 percent, an EBITDA margin above 28.00 percent and order inflows above INR 550.00 billion.

The QRSAM program alone is valued at INR 300.00 billion in the cited outlook. That pipeline gives the company a multi-year execution base, but the first-quarter EBITDA margin of 25.10 percent was below the 29.00 percent broker estimate, making product mix and contract timing important variables.

Next date and investor reference points

The next earnings report is scheduled for October 23, 2026, according to Investing.com. Bharat Electronics is listed on the National Stock Exchange of India under ticker BEL, operates in defense electronics and belongs to the aerospace and defense industry.