ELARA CAPITAL ON BEML

Maintain Buy Target price ₹2,620 vs ₹2,700 earlier Executable order book of ₹55 bn for FY27 with sales growth target of 15-25% over next three years EBITDA margin guidance of 15-16% despite higher R&D spend as operating leverage kicks in Rail and metro segment expected to contribute around 20 bn sales in FY27, a jump of around 100% year on year FY26 closing order book at ₹ 159 bn, below ₹200 bn target due to deferral of mining tenders to Q1-Q2FY27 FY27 order inflow guidance of ₹150 bn targeting closing Border book of 240 bn; large pipeline in metros and defence FY27, FY28 and FY29 earnings estimates cut 2%, 4% and 10% respectively on supply chain constraints Valued at 37x March 2028 estimated EPS unchanged

BEML LIMITED

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