Interim report
Page 1
VTZcT $ cJcmfPlcjxi BHARAT ELECTRONICS * TRcT ^ elch ^ PicK - l felPlci ' S ( WcT ' ' tKcbK cRT 75 TI - H ^ lcHil ) MvAl ^ d cbmldd : 3 TT ^ 7 f ^ T Tte , HMIclKI , - 560 045 , WcT Bharat Electronics Limited ( Govt , of India Enterprise , Ministry of Defence ) Registered Office : Outer Ring Road , Nagavara , Bangalore - 560 045 , INDIA . CIN : L 32309 KA 1954 GOI 000787 ^ cMcHH / Telefax : + 91 ( 80 ) 25039266 ^ fcr / E - mail fo / Web % 4 Tt / To , 3 TTO f % . National Stock Exchange of India Ltd . tr = RRT 3 T Els ' ll , ^ ft - 1 , Exchange Plaza , C - l , Block G , 4 T 5 T ^ Bandra Kurla Complex Bandra , East , 400051 Mumbai , Maharashtra - 400051 Symbol : BEL ¥ . No . 17565 / 6 / SE / NSEC / SEC : secretary @ bel . co . in : www . bel - india . in / TO , MZfcz BSE Limited P J Towers , Dalai Street , ijrt - 400001 , + t $ Kig Mumbai - 400001 , Maharashtra , ftrr Tts / Scrip Code : 500049 t . No . 17565 / 4 / SE / MUMC / SEC / Date : 31 / 10 / 2025 TT ^ t 44 / 41 ^ 441 , Dear Sir / Madam , ftqq - 7 R ? T HR ^ IIH - RTTI - M MRmiH - 30 ftd ' sK , 2025 Tt TTRITT ft 41 ; D sfk ^ 4 ltTl % f % TT ’ m ^ RRi ( ftxTft Rq < . ui ) l Sub : Outcome of Board Meeting - Financial Results - Integrated Filing ( Financials ^ for the Quarter and half year ended 30 th September . 2025 . ( < ^ fld < £ dl % lifted T ^ - SRTcR ft f 4 T 4 T - 4 T 2 T , 30 RldsK , 2025 ft TT ^ - tl + ) Rid fttHd MR ^ IIH ! 44 R = K > J | # = C tfii + id ^ Trft ^ TT RHU k ! , d £ KI 4 R 4 RT ^ I Pursuant to Regulation 33 ( 3 ) of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , please find enclosed herewith the Statement of Unaudited Standalone and Consolidated Financial Results and Limited Review Report for the quarter and half year ended 30 th September , 2025 along with copy of Press Release . ft ST ^ rsmt ) ft 1 ft 44 \ 2015 % 44 33 ( 3 ) f 3 F ^ TK , ^ T sfR s 3 [ 4 Tlft f fWT SRffftRT WR
Page 2
mzcT $ e ) crg 7 PfctM - / BHARAT ELECTRONICS fTOT SJTRT t f % f ^ TRi 31 sr ^ T , 2025 Tt yelf ^ H 09.30 ft sfk 31 SIT ^ SR , 2025 Tt < TIH $ < 12 : 40 ^ ti - nm I Please note that the Board meeting commenced at 09.30 A . M . on 31 st October , 2025 and concluded at 12 : 40 P . M . on 31 st October , 2025 . This is for your information and record . TOM 4 K / Thanking you , wffr / Yours faithfully , For Bharat Electronics Limited x ^ r % HR « IKI / S Sreenivas wft / Company Secretary WJT - XTSTT ^ TdrP Ends : As stated above .
Page 3
RAO & EM MAR CHARTERED ACCOUNTANTS CA No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade ” Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 I N D I A INDEPENDENT AUDITORS LIMITED REVIEW REPORT ON THE UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30 , 2025 OF BHARAT ELECTRONICS LIMITED PURSUANT TO THE REGULATION 33 & REGULATION 52 OF THE SEBI ( LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS ) REGULATIONS , 2015 , AS AMENDED . To , The Board of Directors Bharat Electronics Limited , Outer Ring Road , Nagavara , Bengaluru - 560045 , Karnataka 1 . We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Bharat Electronics Limited ( " the Company " ) , for the quarter and half year ended September 30 th , 2025 ( " the Statement " ) attached herewith , being submitted by the company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 as amended ( ' the Regulations ' ) . 2 . This Statement , which is the responsibility of the Company ' s Management and has been approved by the Company ' s Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 " Interim Financial Reporting " ( " Ind AS 34 " ) , prescribed under Section 133 of the Companies Act , 2013 , and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . 3 . We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review is limited primarily to inquiries of company personnel and analytical procedure applied to financial data
Page 4
No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade " Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 RAO & EMMAR CHARTERED ACCOUNTANTS CA I N D I A provides less assurance than an audit . We have not performed an audit and accordingly , we do not express an audit opinion . 4 . Based on our review conducted as above , nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 including the manner in which it is to be disclosed , or that it contains any material misstatement . Other Matters 5 . The comparative financial results of the Company as stated in the Statement for the quarter ended June 30 , 2025 , quarter and Half year ended September 30 , 2024 , which have been reviewed by us and expressed an unmodified conclusion on those financial results vide our reports on July 28 , 2025 and October 25 , 2024 respectively . 6 . The Statement also includes financial results of the Company for the year ended March 31 , 2025 which have been audited by us and expressed an unmodified Opinion on those financial results vide our report on May 19 , 2025 . Our conclusion on the Statement is not modified in respect of the above matters . For RAO AND EMMAR Chartered Accountants Firm Registration NgjQQ : * ( BANGALOREJ „ & £ SACG £ B J Praveen Partner Membership Number : 215713 Date : \ vo \ 1 L 02 - S Place : Bengaluru UDIN :
Page 5
No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade ” Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 RAO & EMMAR CHARTERED ACCOUNTANTS I N D I A INDEPENDENT AUDITOR ' S LIMITED REVIEW REPORT ON THE UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30 , 2025 OF BHARAT ELECTRONICS LIMITED PURSUANT TO THE REGULATION 33 & REGULATION 52 OF THE SEBI ( LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS ) REGULATIONS , 2015 , AS AMENDED . To , The Board of Directors Bharat Electronics Limited , Outer Ring Road , Nagavara , Bengaluru - 560045 , Karnataka 1 . We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Bharat Electronics Limited ( " BEL / the Holding Company " ) , and its Subsidiaries ( Holding Company and its Subsidiaries together referred to as " the Group " ) and its Associate for the quarter and half year ended 30 th September , 2025 ( " the Statement " ) , being submitted by the Holding Company pursuant to the requirement of Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended ( " Listing Regulations " ) 2 . This Statement , which is the responsibility of the Holding Company ' s Management and has been approved by the Holding Company ' s Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 " Interim Financial Reporting " ( " Ind AS 34 " ) , prescribed under Section 133 of the Companies Act , 2013 , and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . 3 . We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review is limited primarily to inquiries of $ 1 BANGALORE M 9 . / ? & % DACG £
Page 6
RAO & EM MAR CHARTERED ACCOUNTANTS No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade " Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 CA I N D I A company personnel and analytical procedure applied to financial data and thus provides less assurance than an audit . We have not performed an audit and accordingly , we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 ( 8 ) of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , to the extent applicable . 4 . The Statement includes the results of the following Entities : A . Subsidiaries 1 . BEL Optronics Devices Limited 2 . BEL - Thales Systems Limited B . Associates 1 . GE BE Private Limited 2 . BEL IAI Aerosystems Private Limited 5 . Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to Other Matters section of our report below , nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India , has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , including the manner in which it is to be disclosed , or that it contains any material misstatement . Other Matters 6 . We did not review the financial results of two subsidiaries included in the Statement , whose interim financial results reflect total revenues of Rs . 6 , 270 Lakhs and Rs . 11 , 817 Lakhs , total net loss after tax of Rs . 7 Lakhs and total net loss after tax of Rs . 635 Lakhs total comprehensive loss of Rs . 7 Lakhs and total comprehensive loss of Rs . 635 Lakhs for the respective quarter and half year & E / lf $ ° / f .
Page 7
RAO & EMMAR CHARTERED ACCOUNTANTS No . 204 and 205 , 2 nd Floor , “ Ramanashree Arcade ” Near Trinity Circle , M . G . Road , Bengaluru - 560 001 . e - mail : info @ raoemmar . com | Ph . No . 80500 78815 CA I N D I A ended September 30 , 2025 , total assets of Rs . 49 , 650 Lakhs and net cash flow of Rs . ( 1 , 581 ) Lakhs for the Half year ended September 30 , 2025 as considered in the Consolidated Unaudited Financial Results . These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures included in respect of these Subsidiaries , is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above . 7 . The consolidated unaudited financial results also include the Group ' s share of total comprehensive income of Rs . 877 Lakhs and Rs . 1 , 713 Lakhs for the quarter and half year ended September 30 , 2025 , in respect of two associate , whose interim financial results have not been reviewed by us . These interim financial results have been prepared by the Company ' s Management and furnished to us . Our conclusion on the consolidated unaudited financial results , in so far as it relates to the amounts and disclosures included in respect of the associate is based solely on such unaudited interim financial results furnished by the Management . According to the information and explanations given to us by the Holding Company ' s Management , this unreviewed interim financial results / financial information of the aforesaid Associate included in these unaudited consolidated financial results , are not material to the Group . Our conclusion on the Statement is not modified in respect of the above matters . For RAO AND EMMAR Chartered Accountants Firm Registration IS yV A * y BANGALORE j „ A B J Praveen Partner Membership Number : 215713 to ACC ° Date : Place : Bengaluru UDIN : 2.50 - 1 WI 3 BtAJ
Page 8
fAMA ’ ^ rfAfCTfO / V / CS QUALITY . TECHNOLOGY . INNOVATION . BHARAT ELECTRONICS LIMITED ( CIN : L 32309 KA 1954 G 01000787 ) Registered & Corporate Office : Outer Ring Road , Nagavara , Bengaluru - 560 045 . E - mail : secretary ( qjbel . co . in , Website : www . bel - india . in . Ph : 080 - 25039300 / 25039266 Fax : 080 - 25039266 Statement of standalone and consolidated unaudited results for the quarter and half year ended 30 September , 2025 A . Standalone Results ( ? in Lakhs ' ) Quarter ended Half year ended Year ended S I . 30.09 . 2025 | 30.06 . 2025 | 30.09 . 2024 ' 30.09 . 2025 | 30.09 . 2024 Particulars 31.03 . 2025 No . ( Unaudited ) ( Unaudited ) ( Audited ) Revenue from operations Other income Total income ( 1 + 2 ) 1 5 , 76 , 365 15 , 910 5 , 92 , 275 4 , 41 , 683 16 , 362 4 , 58 , 045 10 , 18 , 048 32 , 272 10 , 50 , 320 4 , 58 , 341 16 , 683 4 , 75 , 024 8 , 78 , 218 36 , 833 9 , 15 , 051 23 , 65 , 801 76 , 759 24 , 42 , 560 2 3 Expenses ( a ) Cost of materials consumed ( b ) Consumption of stock - in - trade ( c ) Changes in inventories of finished goods , ( d ) Employee benefits expense ( e ) Finance costs ( f ) Depreciation and amortisation expense ( g ) Other expenses 4 2 , 99 , 210 10 , 370 ( 26 , 788 ) 76 , 116 1 , 94 , 988 2 , 41 , 979 8 , 525 ( 36 , 342 ) 65 , 003 4 , 94 , 198 20 , 285 ( 25 , 180 ) 1 , 45 , 135 4 , 94 , 094 15 , 213 ( 66 , 082 ) 1 , 31 , 081 12 , 56 , 140 43 , 041 ( 81 , 083 ) 2 , 73 , 436 9 , 915 1 , 608 69 , 019 165 144 132 309 250 961 11 , 847 47 , 925 11 , 288 42 , 159 10 , 316 40 , 323 23 , 135 90 , 084 20 , 288 71 , 385 43 , 558 1 , 97 , 508 Total expenses ( a to g ) 4 , 18 , 845 3 , 29 , 121 3 , 29 , 936 7 , 47 , 966 6 , 66 , 229 17 , 33 , 561 Profit before exceptional items & tax ( 3 - 4 ) 5 1 , 73 , 430 1 , 28 , 924 1 , 45 , 088 3 , 02 , 354 2 , 48 , 822 7 , 08 , 999 Exceptional items 6 Profit before tax ( 5 - 6 ) 7 1 , 73 , 430 1 , 28 , 924 1 , 45 , 088 3 , 02 , 354 2 , 48 , 822 7 , 08 , 999 8 Tax expense - Current tax - Earlier years tax - Deferred tax Total provision for taxation 41 , 814 35 , 286 38 , 156 77 , 100 66 , 610 1 , 76 , 135 274 3 , 003 44 , 817 ( 3 , 275 ) 32 , 011 ( 2 , 195 ) 35 , 961 ( 272 ) ( 4 , 529 ) 62 , 081 3 , 765 76 , 828 1 , 80 , 174 Profit for the period ( 7 - 8 ) 9 1 , 28 , 613 96 , 913 1 , 09 , 127 2 , 25 , 526 1 , 86 , 741 5 , 28 , 825 Other Comprehensive Income / ( Loss ) Items that will not be reclassified subsequently to profit or 10 loss - Remeasurement of the net defined benefit liability / asset - Equity instruments through other comprehensive income - Income tax relating to these items Total other comprehensive income / ( loss ) ( net of tax ) ( 3 , 366 ) 2 , 452 ( 2 , 278 ) ( 914 ) 4 , 704 1 , 104 2 847 ( 617 ) 573 230 ( 1 , 184 ) 3 , 520 ( 278 ) ( 2 , 519 ) 1 , 835 ( 1 , 705 ) ( 684 ) 828 Total comprehensive income for the period ( 9 + 10 ) [ comprising profit and other comprehensive income for the period ] 11 1 , 26 , 094 98 , 748 1 , 07 , 422 2 , 24 , 842 1 , 90 , 261 5 , 29 , 653 Paid - up equity share capital ( Face Value of ? 1 / - each ) 12 73 , 098 73 , 098 73 , 098 73 , 098 73 , 098 73 , 098 Earnings per share ( Basic & Diluted ) ( ? ) ( not annualised ) 13 1.76 1.33 1.49 3.09 2.55 7.23 See accompanying notes to the financial results .
Page 9
B . Consolidated Results ( ? in Lakhs ) Half year ended Quarter ended Year ended SI . Particulars 30.09 . 2025 30.06 . 2025 30.09 . 2024 30.09 . 2025 30.09 . 2024 31.03 . 2025 No . ( Unaudited ) ( Unaudited ) ( Audited ) Revenue from operations Other income Total income ( 1 + 2 ) Expenses ( a ) Cost of materials consumed ( b ) Consumption of stock - in - trade ( c ) Changes in inventories of finished goods , work - in - progress and scrap ( d ) Employee benefits expense ( e ) Finance costs ( f ) Depreciation and amortisation expense ( g ) Other expenses Total expenses Profit before exceptional items , share of net profit of associates accounted under equity method & tax ( 3 - 4 ) 1 5 , 79 , 209 15 , 392 5 , 94 , 601 4 , 43 , 974 16 , 332 4 , 60 , 306 4 , 60 , 490 15 , 776 4 , 76 , 266 10 , 23 , 183 31 , 724 10 , 54 , 907 8 , 84 , 847 36 , 134 9 , 20 , 981 23 , 76 , 875 74 , 236 24 , 51 , 111 2 3 4 3 , 01 , 420 10 , 370 ( 27 , 935 ) 1 , 96 , 084 2 , 41 , 614 8 , 525 ( 35 , 954 ) 4 , 97 , 504 20 , 285 ( 26 , 326 ) 4 , 97 , 264 15 , 213 ( 66 , 782 ) 12 , 57 , 818 43 , 041 ( 82 , 136 ) 9 , 915 1 , 609 76 , 777 69 , 648 65 , 601 1 , 46 , 425 1 , 32 , 258 2 , 76 , 063 165 309 144 132 250 968 12 , 649 48 , 360 4 , 21 , 806 1 , 72 , 795 12 , 079 42 , 891 3 , 32 , 370 1 , 27 , 936 11 , 119 40 , 709 3 , 31 , 746 1 , 44 , 520 24 , 728 91 , 251 7 , 54 , 176 3 , 00 , 731 21 , 887 72 , 079 46 , 738 1 , 98 , 719 17 , 41 , 211 7 , 09 , 900 6 , 72 , 169 2 , 48 , 812 5 6 Exceptional items Profit before share of net profit of associates accounted under equity method & tax ( 5 - 6 ) 7 1 , 72 , 795 1 , 27 , 936 1 , 44 , 520 3 , 00 , 731 2 , 48 , 812 7 , 09 , 900 8 Tax expense - Current tax - Earlier years tax - Deferred tax Total provision for taxation Profit before share of net profit of associates accounted under equity method ( 7 - 8 ) 41 , 814 35 , 286 38 , 296 77 , 100 66 , 813 1 , 76 , 775 260 3 , 139 44 , 953 1 , 27 , 842 ( 2 , 164 ) 36 , 132 1 , 08 , 388 ( 3 , 417 ) 31 , 869 96 , 067 ( 278 ) 76 , 822 2 , 23 , 909 ( 4 , 488 ) 62 , 325 1 , 86 , 487 4 , 150 1 , 81 , 185 5 , 28 , 715 9 10 Share of net profit of associates accounted under equity method 874 838 890 1 , 919 1 , 712 3 , 553 Profit for the period ( 9 + 10 ) Other Comprehensive Income / ( Loss ) Items that will not be reclassified subsequently to profit or - Remeasurement of the net defined benefit liability / asset - Equity instruments through other comprehensive income - Share of other comprehensive income of associate accounted under equity method ( net of tax ) - Income tax relating to these items Total other comprehensive income / ( loss ) ( net of tax ) Total comprehensive income for the period ( 11 + 12 ) [ comprising profit and other comprehensive income for the period ] 1 , 28 , 716 1 , 09 , 278 I I 96 , 905 2 , 25 , 621 1 , 88 , 406 5 , 32 , 268 12 ( 3 , 366 ) 2 , 452 ( 2 , 277 ) ( 914 ) 4 , 705 968 2 3 ( 2 ) ( 1 ) 1 ( 9 ) 847 ( 617 ) 573 230 ( 1 , 184 ) ( 239 ) ( 2 , 516 ) 1 , 26 , 200 1 , 833 ( 1 , 705 ) 1 , 07 , 573 ( 683 ) 3 , 521 722 13 98 , 738 2 , 24 , 938 1 , 91 , 927 5 , 32 , 990 Net Profit / ( Loss ) attributable to a ) Owners of the Company b ) Non Controlling Interest Other Comprehensive Income attributable to a ) Owners of the Company b ) Non Controlling Interest Total Comprehensive Income attributable to a ) Owners of the Company b ) Non Controlling Interest Paid - up equity share capital ( Face Value of ? , 1 / - each ) Earnings per share ( Basic & Diluted ) ( ? ) ( not annualised ) 14 1 , 28 , 777 96 , 991 1 , 09 , 245 2 , 25 , 768 ( 147 ) 1 , 88 , 345 5 , 32 , 144 ( 61 ) ( 86 ) 33 61 124 ( 2 , 516 ) 1 , 833 ( 1 , 705 ) ( 683 ) 3 , 521 722 1 , 26 , 261 98 , 824 1 , 07 , 540 2 , 25 , 085 ( 147 ) 73 , 098 1 , 91 , 866 5 , 32 , 866 ( 61 ) ( 86 ) 33 61 124 15 73 , 098 73 , 098 73 , 098 73 , 098 73 , 098 16 1.76 1.50 3.09 2.58 1.33 7.28 See accompanying notes to the financial results .
Page 10
C . Notes : I . Standalone Statement of Assets & Liabilities as at 30 September 2025 is given below : in Lakhs ) As at 30 September 2025 ( Unaudited ) As at 31 March 2025 ( Audited ) SI . Particulars No . ASSETS Non current assets Property , plant and equipment Capital work - in - progress Investment property Other intangible assets Intangible assets under development Financial assets ( i ) Investments ( ii ) Trade receivables ( iii ) Loans ( iv ) Other financial assets Deferred tax assets ( net ) Inventories Other non current assets A ( 1 ) ( a ) 3 , 17 , 407 56 , 097 3 , 12 , 419 46 , 879 ( b ) ( c ) 4 4 ( d ) 4 , 182 66 , 159 4 , 887 57 , 482 ( e ) ( 0 84 , 202 82 , 038 647 663 1 , 864 1 , 932 ( g ) 53 , 684 53 , 412 ( h ) ( i ) 20 , 606 19 , 375 Sub total - Non current assets 6 , 04 , 852 5 , 79 , 091 ( 2 ) Current assets Inventories Financial assets ( i ) Trade receivables ( ii ) Cash & cash equivalents ( iii ) Bank balances [ other than ( ii ) above ) ( iv ) Loans ( v ) Other financial assets Current tax assets ( net ) Other current assets ( a ) 10 , 14 , 511 9 , 06 , 966 ( b ) 9 , 09 , 196 68 , 168 8 , 71 , 562 10 , 55 , 197 72 , 525 7 , 28 , 132 195 147 25 , 704 46 , 840 7 , 02 , 650 23 , 900 35 , 149 6 , 47 , 629 ( c ) ( d ) Sub total - Current assets 36 , 45 , 754 34 , 62 , 717 TOTAL ASSETS 42 , 50 , 606 40 , 41 , 808 EQUITY AND LIABILITIES B 0 ) Equity Equity share capital Other equity ( a ) 73 , 098 20 , 55 , 724 73 , 098 18 , 96 , 670 Sub Total - Equity 21 , 28 , 822 19 , 69 , 768 ( 2 ) Non - current liabilities Deferred income Financial liabilities ( i ) Borrowings ( ia ) Lease liabilities ( ii ) Trade payables - total outstanding dues of micro enterprises & small enterprises ; and - total outstanding dues of creditors other than micro enterprises & small enterprises ( iii ) Other financial liabilities Provisions Other non current liabilities ( a ) 5 , 387 5 , 387 ( b ) 5 , 709 5 , 869 1 , 342 1 , 457 ( c ) 95 , 338 89 , 476 ( d ) Sub total - Non current liabilities 1 , 07 , 776 1 , 02 , 189 Current liabilities Deferred income Financial liabilities ( i ) Borrowings ( ia ) Lease liabilities ( ii ) Trade payables - total outstanding dues of micro enterprises & small enterprises ; and - total outstanding dues of creditors other than micro enterprises & small enterprises ( iii ) Other financial liabilities Other current liabilities Provisions Current tax liabilities ( net ) ( 3 ) ( a ) 308 153 ( b ) 180 254 12 , 568 17 , 338 3 , 14 , 167 1 , 36 , 526 14 , 28 , 251 73 , 007 2 , 75 , 744 1 , 95 , 005 14 , 65 , 628 64 , 730 ( c ) ( d ) ( e ) Sub total - Current liabilities 20 , 14 , 008 19 , 69 , 851 TOTAL EQUITY AND LIABILITIES 42 , 50 , 606 40 , 41 , 808
Page 11
C . Notes ( ? in lakhs ) 2 . Standalone Cash Flow Statement For the period ended 30 September 2025 September 2024 For the period ended 30 Particulars A . CASH FLOW FROM OPERATING ACTIVITIES : Profit before exceptional items and tax Adjustments for : Depreciation and amortisation expense Transfer from government grants Interest income Dividend income Interest on lease liability Finance costs Profit on sale of property , plant & equipment Operating Profit Before Working Capital Changes Increase / ( Decrease ) due to : Trade receivables Loans Other financial assets Other assets Inventories Trade payables Other financial liabilities Other liabilities Provisions Cash Generated from Operations Income taxes paid ( net ) Cash Flow Before Exceptional Items Exceptional items 3 , 02 , 354 2 , 48 , 822 23 , 135 ( 155 ) ( 30 , 218 ) ( 986 ) 20 , 288 ( 155 ) ( 33 , 063 ) ( 1 , 081 ) 204 211 105 39 ( 52 ) ( 118 ) 2 , 34 , 943 2 , 94 , 387 ( 1 , 46 , 001 ) ( 81 , 942 ) ( 32 ) 16 4 , 472 ( 56 , 252 ) ( 1 , 07 , 545 ) ( 43 , 193 ) 21 , 416 37 , 377 ( 3 , 099 ) 1 , 530 ( 88 , 791 ) ( 87 , 261 ) 4 , 835 ( 17 , 653 ) ( 1 , 90 , 805 ) ( 38 , 767 ) 14 , 803 ( 1 , 00 , 794 ) ( 7 , 233 ) ( 1 , 82 , 597 ) ( 48 , 115 ) ( 2 , 30 , 712 ) ( 87 , 261 ) ( 2 , 30 , 712 ) Net Cash from / ( used in ) Operating Activities sf — m ' ' r 5 1 — ’
Page 12
For the period For the period ended 30 September 2025 September 2024 Particulars ended 30 B . CASH FLOW FROM INVESTING ACTIVITIES : Purchase of property , plant & equipment and other intangible assets Proceeds from sale of property , plant & equipment Increase / Decrease from term deposits & other bank balances Investments in others Interest received Dividend received ( 45 , 313 ) ( 42 , 997 ) 52 118 1 , 43 , 430 ( 2 , 164 ) 24 , 010 3 , 53 , 234 ( 3 , 188 ) 30 , 603 1 , 081 986 Net Cash from / ( used in ) Investing Activities 1 , 21 , 001 3 , 38 , 851 C . CASH FLOW FROM FINANCING ACTIVITIES : Dividend paid Repayment of lease liabilities Interest on lease liability Finance costs ( 29 , 512 ) ( 28 , 580 ) 438 433 ( 204 ) ( 105 ) ( 211 ) ( 39 ) Net Cash from / ( used in ) Financing Activities ( 29 , 383 ) ( 28 , 397 ) Net Increase / ( Decrease ) in Cash and Cash Equivalents ( A + B + C ) Cash and Cash Equivalents at the beginning of the period 4 , 357 68 , 168 79 , 742 1 , 14 , 900 Cash and Cash Equivalents at the end of the period 72 , 525 1 , 94 , 642 Cash flow in respect of CSR Activities is 1 , 332 1 , 020 HUM ? 1 i ; ' rtfiST A jst
Page 13
C . Notes : 3 . Consolidated Statement of Assets & Liabilities as at 30 September 2025 is given below in Lakhs ) As at 31 March 2025 ( Audited ) As at 30 September 2025 ( Unaudited ) SI . Particulars No . ASSETS Non current assets Property , plant and equipment Capital work - in - progress Investment property Other intangible assets Intangible assets under development Investment in associate Financial assets ( i ) Investments ( ii ) Trade receivables ( iii ) Loans ( iv ) Other financial assets Deferred tax assets ( net ) Inventories Other non current assets A ( 1 ) ( a ) 3 , 25 , 510 56 , 438 3 , 20 , 453 47 , 698 ( b ) ( c ) 4 4 ( d ) 19 , 701 66 , 159 17 , 591 21 , 466 57 , 482 16 , 136 ( e ) ( 0 ( g ) 60 , 325 58 , 161 647 663 2 , 415 53 , 484 2 , 377 53 , 730 ( h ) ( ) G ) 20 , 683 19 , 436 Sub total - Non current assets 6 , 23 , 165 5 , 97 , 398 Current assets Inventories Financial assets ( i ) Trade receivables ( ii ) Cash & cash equivalents ( iii ) Bank balances [ other than ( ii ) above ] ( iv ) Loans ( v ) Other financial assets Current tax assets ( net ) Other current assets ( 2 ) ( a ) 10 , 21 , 108 9 , 11 , 898 ( b ) 10 , 59 , 070 74 , 122 ' 7 , 37 , 530 9 , 11 , 637 71 , 345 8 , 83 , 165 147 195 26 , 084 47 , 307 7 , 03 , 871 24 , 133 35 , 362 6 , 48 , 101 ( C ) ( d ) Sub total - Current assets 36 , 69 , 287 34 , 85 , 788 TOTAL ASSETS 42 , 92 , 452 40 , 83 , 186 EQUITY AND LIABILITIES B ( 1 ) Equity Equity share capital Other equity ( a ) 73 , 098 19 , 24 , 291 19 , 97 , 389 73 , 098 20 , 83 , 589 21 , 56 , 687 ( b ) Non controlling interest 1 , 709 1 , 894 Sub Total - Equity 19 , 99 , 283 21 , 58 , 396 ( 2 ) Non current liabilities Deferred income Financial liabilities ( i ) Borrowings ( ia ) Lease liabilities ( ii ) Trade payables - total outstanding dues of micro enterprises & small enterprises ; and - total outstanding dues of creditors other than micro enterprises & small enterprises ( iii ) Other financial liabilities Provisions Deferred tax liabilities ( net ) Other non current liabilities ( a ) 10 , 164 10 , 155 ( b ) 5 , 869 5 , 709 1 , 342 1 , 457 ( c ) 90 , 216 96 , 150 ( d ) 952 919 ( e ) Sub total - Non current liabilities 1 , 14 , 284 1 , 08 , 649 Current liabilities Deferred income Financial liabilities ( i ) Borrowings ( ia ) Lease liabilities ( ii ) Trade payables - total outstanding dues of micro enterprises & small enterprises ; and - total outstanding dues of creditors other than micro enterprises & small enterprises ( iii ) Other financial liabilities Other current liabilities Provisions Current tax liabilities ( net ) ( 3 ) ( a ) 806 1 , 618 ( b ) 180 254 12 , 595 17 , 777 3 , 16 , 100 2 , 78 , 171 1 , 36 , 832 14 , 28 , 702 73 , 971 1 , 95 , 262 14 , 67 , 119 65 , 639 ( c ) ( d ) ( e ) Sub total - Current liabilities 20 , 19 , 772 19 , 75 , 254 TOTAL EQUITY AND LIABILITIES 40 , 83 , 186 42 , 92 , 452
Page 14
C . Notes ( ? in lakhs ) 4 . Consolidated Cash Flow Statement For the period For the period ended 30 September 2025 September 2024 ended 30 Particulars A . CASH FLOW FROM OPERATING ACTIVITIES : Profit after share of associate but before exceptional items and tax Adjustments for : Depreciation and amortisation expense Transfer from government grants Interest income Interest on lease liability Finance costs Profit on sale of property , plant & equipment Operating Profit Before Working Capital Changes Increase / ( Decrease ) due to : Trade receivables 3 , 02 , 443 2 , 50 , 731 24 , 728 ( 803 ) ( 30 , 701 ) 21 , 887 ( 811 ) ( 33 , 354 ) 204 211 105 39 ( 52 ) ( 118 ) 2 , 38 , 585 2 , 95 , 924 ( 83 , 480 ) ( 1 , 47 , 433 ) ( 32 ) 16 Loans Other financial assets Other assets Inventories Trade payables Other financial liabilities Other liabilities Provisions Cash Generated from Operations Income taxes paid ( net ) Cash Flow Before Exceptional Items Exceptional items 4 , 295 ( 57 , 017 ) ( 1 , 09 , 210 ) ( 43 , 111 ) 21 , 367 38 , 417 ( 3 , 081 ) 5 , 019 ( 17 , 535 ) ( 1 , 91 , 512 ) ( 38 , 851 ) 14 , 795 ( 1 , 00 , 408 ) ( 7 , 086 ) ( 1 , 80 , 457 ) ( 48 , 492 ) ( 2 , 28 , 949 ) 119 ( 89 , 046 ) ( 88 , 927 ) ( 88 , 927 ) ( 2 , 28 , 949 ) Net Cash from / ( used in ) Operating Activities
Page 15
For the period For the period ended 30 September 2025 September 2024 Particulars ended 30 B . CASH FLOW FROM INVESTING ACTIVITIES : Purchase of property , plant & equipment and other intangible assets Proceeds from sale of property , plant & equipment Increase / ( Decrease ) in term deposits & other bank balances Other investments Interest received ( 45 , 437 ) ( 43 , 098 ) 52 118 1 , 45 , 635 ( 3 , 619 ) 24 , 493 3 , 53 , 634 ( 4 , 587 ) 30 , 894 Net Cash from / ( used in ) Investing Activities 1 , 21 , 124 3 , 36 , 961 C . CASH FLOW FROM FINANCING ACTIVITIES : Dividend paid Repayment of lease liabilities Interest on lease liability Finance costs ( 29 , 549 ) ( 28 , 601 ) 438 433 ( 204 ) ( 105 ) ( 211 ) ( 39 ) Net Cash from / ( used in ) Financing Activities ( 29 , 420 ) ( 28 , 418 ) Net Increase / ( Decrease ) in Cash and Cash Equivalents ( A + B + C ) Cash and Cash Equivalents at the beginning of the period 2 , 777 71 , 345 79 , 594 1 , 20 , 632 Cash and Cash Equivalents at the end of the period 74 , 122 2 , 00 , 226 1 , 332 Cash flow in respect of CSR Activities is 1 , 020
Page 16
C . Notes : 5 The unaudited standalone and consolidated financial results are prepared in accordance with applicable accounting standards i . e . Ind AS , as prescribed under section 133 of the Companies Act , 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI ( Listing Obligation and Disclosure Requirements ) Regulation , 2015 as amended . 6 Ministry of Corporate Affairs ( MCA ) vide G . S . R . No . 463 ( E ) dated 5 th June 2015 has exempted companies engaged in defence production from the requirement of Segment Reporting . 7 The unaudited half yearly results of subsidiary companies viz . BEL Optronic Devices Ltd . ( 100 % shareholding ) and BEL Thales Systems Ltd . ( 74 % shareholding ) are included in the consolidated financial results on a line to line basis as prescribed under Ind AS 110 - Consolidated Financial Statements . The associate companies viz . GE BE Pvt . Ltd . ( 26 % Shareholding ) and BEL IAI Aerosystems Pvt . Ltd . ( 40 % Shareholding ) have been consolidated under equity method as prescribed under Ind AS 28 - Investments in Associates . 8 In view of the ongoing conflicts in Israel , the company has analysed the existing contracts / agreements with Companies based in Israel . In our opinion there is no material financial impact as at the date of the results . 9 As required under regulation 33 of SEBI ( Listing Obligations and Disclosure Requirements ) Regulations 2015 , as amended , the Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 30 th September 2025 . 10 The above statement of financial results was reviewed by the Audit Committee at the Meeting held on 30 th October 2025 and approved by the Board of Directors at its meeting held on 31 st October 2025 . for and on behalf of Board of Directors Place : Bengaluru Date : 31 st October 2025 Manoj Jain Chairman & Managing Director
Page 17
WZcT BHARAT ELECTRONICS PRESS RELEASE BEL registers a growth of 26 % in Revenue from Operations during the 2 nd Quarter of FY 2025 - 26 . Navratna Defence PSU Bharat Electronics Limited ( BEL ) has achieved Revenue from operations of Rs . 5763.65 cr , registering a growth of 25.75 % during the 2 nd Quarter of FY 2025 - 26 over the Revenue from operations of Rs . 4583.41 cr recorded in the corresponding period of the previous year . During the 1 st Half of FY 2025 - 26 , BEL achieved Revenue from operations of Rs . 10180.48 cr as against Rs . 8782.18 cr recorded in the corresponding period of the previous year . Profit Before Tax ( PBT ) during the 2 nd Quarter of FY 2025 - 26 stood at Rs . 1734.30 cr , with a growth of 19.53 % over the Profit Before Tax ( PBT ) of Rs . 1450.88 cr recorded in the corresponding period of the previous year . During the 1 st Half of FY 2025 - 26 , Profit Before Tax ( PBT ) stood at Rs . 3023.54 cr as against Rs . 2488.22 cr recorded in the corresponding period of the previous year . Profit After Tax ( PAT ) during the 2 nd Quarter of FY 2025 - 26 stood at Rs . 1286.13 cr , with a growth of 17.86 % over the Profit After Tax ( PAT ) of Rs . 1091.27 cr recorded in the corresponding period of the previous year . During the 1 st Half of FY 2025 - 26 , Profit After Tax ( PAT ) stood at Rs . 2255.26 cr as against Rs . 1867.41 cr recorded in the corresponding period of the previous year . The order book position of the company as on 1 st October , 2025 stood at Rs . 74453 cr . FOR BHARAT ELECTRONICS LTD COMPANY SECRETARY Page 1 of 1