BEL Q2 FY27 Guidance vs Delivery (BEL Management Mirror)

H1 FY27 Revenue Grows 25.97%; FY27 Guidance Reaffirmed at 15%-20% Growth in Sep'26 Qtr

Reported in Sep'26 Qtr Quarterly Financial Results, Q2 FY27 revenue reached INR 7,32,772 Lakhs with an EBITDA margin of 27.9%, while the Sep'26 Qtr concall highlighted H1 FY27 revenue of 12,824 crore (+25.97% YoY) and an H1 EBITDA margin of 27.43%. Management initially guided in the Mar'26 Qtr concall for FY27 revenue growth of more than 15% and an EBITDA margin over 28%, which was reiterated in the Jun'26 Qtr concall. In the Sep'26 Qtr concall, management reaffirmed its full-year FY27 guidance, targeting revenue growth of 15% to 20% (specifically expecting more than 15%), EBITDA margins around 28%, R&D investment of 2,200+ crore, CapEx of approximately 1,200 crore, and a 90:10 defense to non-defense revenue mix, aiming to execute more uniform output across quarters rather than loading heavily into the fourth quarter.