Shares of BEML climb up to 7% amid bullish growth forecasts, expansion plans, and a growing pipeline of rail, metro, and defence projects, signalling a transformative phase for the state-run engineering firm.
BEML shares rose as much as 7% on Monday after management outlined a stronger growth path for the state-run engineering group, backed by a large pipeline of rail, metro and defence work. The stock touched ₹1,915.35, compared with the previous close of ₹1,788.55, even though it is still down about 5% over the past year.
According to the company’s latest commentary, BEML expects order inflows of about ₹20,000 crore in FY27 and sees nearly ₹40,000 crore of opportunities in the pipeline. Management has also signalled revenue growth of around 30% in FY27, supported by demand across Rail & Metro, Defence and export markets.
The business has been benefiting from a broader shift in its mix. Defence and aerospace accounted for 35% of revenue in FY26, up from 27% in FY25, while Rail & Metro rose to 24% from 19%. Mining & Construction remained the largest division but slipped to 41% from 54% a year earlier, showing how the company is becoming less dependent on its traditional mining business.
Analysts at PL Capital and Prabhudas Lilladher have both turned more constructive on the stock. PL Capital said BEML’s order book remained healthy at ₹16,350 crore and pointed to expected domestic inflows from railways, metro and defence, along with a possible export order. Prabhudas Lilladher upgraded the stock to “Accumulate” and set a target price of ₹1,922, while expecting FY27 revenue growth of 15% to 20% and EBITDA margins in line with FY25 levels of 13% to 14%.
BEML has also been working on capacity expansion. Prabhudas Lilladher said the company is planning a ₹1,500 crore greenfield rail manufacturing facility that could eventually lift annual coach capacity to 800 units from 200 to 250 units. The brokerage also highlighted BEML’s work on tunnel boring machines, which it said could tap an estimated $5 billion opportunity in India over the next decade.
The company’s recent results have been mixed. Economic Times Infra reported that consolidated revenue rose 8.2% to a record ₹4,351 crore in FY26, but net profit fell 51.7% to ₹141 crore. Even so, BEML said it had delivered its highest-ever annual revenue and production value, underlining the stronger topline momentum that is now feeding investor optimism.
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