【摩根大通证券-2025研报】巴拉特电子（BHE）：巴拉特电子（BHE IN）电话会议情况；息税折旧摊销前利润利润率指引高于市场预期，执行速度可能加快.pdfVIP

SpecialistSalesJPMORGAN

APACSpecialistSales

20May2025

BharatElectronics(BHEIN)Offthecall;EBITDAmarginguidance

aboveconswithpotentialoffasterexecution

JoannKim

+85228008016

joann.kim@

BHEmanagementcalltookplacefrom12:30pmHKTtoday.FY26guidanceshared(Revgrowth15%,EBITDAmarginof27%)

implied6%upsideinFY26EBITDAconsensus.Stockmildlytradesup(+0.48%at1:30pmHKT)from0%DoDat12:30pm

HKT.

BharatElectronics(BHEIN):FY26Guidanceimplies6%revisionupinconsensusEBITDA

•FY26Guidance:15%Revenuegrowth(vsJPMe14%YoY,Cons15.3%YoY)27%EBITDAmargin(vsJPMeof25.6%,

Consof25.5%)

•FY26Ordergrowthoutlook:Rs270bnordergrowth+potentialofQR-SAMorderwithworthRS300bn.Incaseboth

comesthroughRS580bnaddsupto~80%ofexistingorderbookofRS716.5bn)

•EmergencyOrder:ActivelyinvolvedinemergencyprocurementwiththeIndiangovernment,theestimatedsizeof

emergencyorderscanonlybeshared7-10dayslater,oncethegovernmentfinalizesitsemergencyorderitems.Expectatleast

8-10differentitemsintheemergencyorders.

•Mid-TermGrowthOutlook:Expects15-17%revenuegrowthprofitgrowthof20%overthenext5yrs.Coexpects

margintotrendupinthecomingyears.

•EUdefensebudgetgrowthexposure?WorkingtosupplyammunitionpursuingcontractmanufacturingforEU

companies.

•SalesView(+ve):EBITDAguidancecameinhigherat27%comparedtoJPMeandconsensus.Expectconsensustobe

revisedupalongwiththepotentialforfasterrevenueexecution,asconfirmedbythecompanyduringtheearningscall.

•AtulTiwari’sFY4Q25FirstTakenotehere

J.PMorganIndustrialsAutoContacts

SectorSpecialists:

JoannKim(APACIndustrials)joann.kim@+85228008016

PaigeHanson(US