Interim report
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HTZcT $ o ) ctgYPfcr & BHARA TELECTRON / CS * IRcT Sofa ^ TftcRT felPl ^ ' S ( * TRa TRcjjR cUT deH , 7 STT - H ^ id - tj ) 4 vj $ l £ d tpTHferaf : STRRT ? f > hr Tte , HTHCIRT , ^ IOJX - 560 045 , ITRCT 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 tcft ^ m / Telefax : + 91 ( 80 ) 25039266 3 - WE - mail cR / Web ^ T # / T O , ^ FR = T « . T ° h 3 TFE f % . National Stock Exchange of India Ltd . ' ^ ll ' Jll , ^ ft - 1 , « xy | I = h ' jft , Exchange Plaza , C - l , Block G , WTCT - ^ ff TT 5 T ^ Bandra Kurla Complex Bandra , East , + i $ Kig - 400051 Mumbai , Maharashtra - 400051 SRfhF / Symbol : BEL t . No . 17565 / 6 / SE / NSEC / SEC secretary @ bel . co . in www . bel - india . in ^ T ^ / TO , fr . TTRBT . f . BSE Limited P J Towers , Dalai Street , T ^ ri - 400001 , * ^ Kig Mumbai - 400001 , Maharashtra . Tt ^ / Scrip Code : 500049 t . No . 17565 / 4 / SE / MUMC / SEC f ^ TTT / Date : 30 / 10 / 2026 I ^ iT 4 r , Dear Sir / Madam , R * 44 - HRUIIH - RTTIT MRUIIM - 30 i % cf 4 T , 2026 Tt qma Rj + ti ^ l sftr « i * ti ? n % H ) i s P b i ( R ^ fl - g PRim ) ! Sub : Outcome of Board Meeting Financial Results - Integrated Filina ( Financials 1 ! for the Quarter and half year ended 30 th September , 2026 . Rj ^ fR ^ di % < uPkd iR ^ TT ^ T sp ^ rmi ) f % f ^ nr , 2015 % RPRH 33 ( 3 ) % R = dR Tfct % ^ rPTTTRI , R ’ li ' b 30 Rd « K , 2026 Tt WTT RHI ^ I SfR WTT ^ t % 31 H < 1 f ^ TcT T 4 * RR > d HRUIH ! TT R « K « I sflr 41 Rd ^ pftsrr RM | £ I ^ I & KI ^ rtrmff 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 , 2026 along with copy of Press Release .
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m . BHARAT ELECTRONICS fW S 4 TT t f % T ^ r 30 3 T ^ , 2026 Tt Thr ^ t 02.00 4 % ff affc 31 sr ^ FC , 2025 TT Sim 04 : 40 ^ Please note that the Board meeting commenced at 02.00 P . M . on 30 th October , 2026 and concluded at 04 : 40 P . M . on 30 th October , 2026 . < ^ * 11 T srf ^ r ^ - This is for your information and record . * r & M 4 K / Thanking you , ^ < # 4 / Yours faithfully , T ^ T / * rrctr Rif * } els For Bharat Electronics Limited / S Sreenivas 4 ^ 4 / Company Secretary Ends : As stated above .
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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 I N D I A INDEPENDENT AUDITOR S LIMITED REVIEW REPORT ON THE UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30 , 2026 OF BHARAT ELECTRONICS LIMITED PURSUANT TO REGULATION 33 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 , 2026 ( " Statement " ) attached herewith , being submitted by the company pursuant to the requirement of Regulation 33 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 , read with the relevant rules issued thereunder . 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 of interim financial information consists of making inquiries , primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . 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 Indian accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 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 . Offices : Bengaluru , Delhi , Mumbai , Ernakulam , Hyderabad , Puttur ( DK ) , Pune , Durg , Kolhapur , Shimoga , Indore , Porvorim ( Goa ) , Guwahati , Raipur , Surat , Bhopal , Rudrapur , Imphal , Jaipur , Lucknow , Sambalpur , Jamshedpur & Ahmedabad .
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RAO & EM MAR CHARTERED ACCOUNTANTS Continuation sheet Other Matters 5 . The comparative financial results of the Company as stated in the Statement for the quarter and half year ended September 30 , 2025 were reviewed by us , and we expressed an unmodified conclusion on those financial results vide our report dated October 31 , 2025 . We have relied upon the said report for the purpose of our report on this Statement . Our conclusion on the Statement is not modified in respect of the above matters . For RAO & EMMAR Chartered Accountants Firm Registration Number : 003084 S N ! i S B Subhash Partner Membership Number : 212948 UDIN : & 6 dX ' M 4 - e 5 yUD 7 Fl 4 - 5 S Place : Bengaluru Date : 30 October 2026
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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 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 , 2026 OF BHARAT ELECTRONICS LIMITED PURSUANT TO THE REGULATION 33 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 ( " the Holding Company " ) and its Subsidiaries ( the Holding Company and its Subsidiaries together referred to as " the Group " ) , and its share of the net profit after tax and total comprehensive income of its Associates for the quarter and half year ended September 30 , 2026 ( " Statement " ) , being submitted by the Holding Company pursuant to the requirement of Regulation 33 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 , read with the relevant rules issued thereunder . 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 of interim financial information consists of making inquiries , primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . 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 Subsidiary and Associate Entities : A . SUBSIDIARIES BEL Optronic Devices Limited BEL - Thales Systems Limited . B . ASSOCIATES GE BE Private Limited BEL IAI Aerosystems Private Limited Offices : Bengaluru , Delhi , Mumbai , Ernakulam , Hyderabad , Puttur ( DK ) , Pune , Durg , Kolhapur , Shimoga , Indore , Porvorim ( Goa ) , Guwahati , Raipur , Surat , Bhopal , Rudrapur , Imphal , Jaipur , Lucknow , Sambalpur , Jamshedpur & Ahmedabad .
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RAO & EMMAR CHARTERED ACCOUNTANTS Continuation sheet 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 in the 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 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 . 13 , 358 Lakhs , total net loss after tax of Rs . 724 Lakhs and total comprehensive loss of Rs . 724 Lakhs , total assets at September 30 2026 Rs . 50 , 876 Lakhs and half year Net cash flow Rs . 2 , 180 Lakhs for the half year ended September 30 , 2026 , 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 . 907 Lakhs for the quarter and 1 , 974 Lakhs for the half year ended September 30 , 2026 , in respect of two associates , 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 associates 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 Associates included in these unaudited consolidated financial results , are not material to the Group . 8 . The comparative financial results of the Group as stated in the Statement for the quarter and half year ended September 30 , 2025 were reviewed by us , and we expressed an unmodified conclusion on those financial results vide our report dated October 31 , 2025 . We have relied upon the said report for the purpose of our report on this Statement . Our conclusion on the Statement is not modified in respect of the above matters . For RAO & EMMAR Chartered Accountants Firm Registration Number : 003084 S S B Subhash Partner Membership Number : 212948 UDIN : ^ + % O B B F T £ l S l ± Place : Bengaluru Date : 30 October 2026
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< afrv < rr & c * Jcr - Gr / / c 77 Gr - ' * £ f jy / MMr & fCTjeoMC - s QUALITY . TECHNOLOGY . INNOVATION . BHARAT ELECTRONICS LIMITED ( CIN : L 32309 KA 1954 GOI 000787 ) Registered & Corporate Office : Outer Ring Road , Nagavara , Bengaluru - 560 045 . E - mail : secretary @ bel . 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 , 2026 A . Standalone Results ( ? in Lakhs ) Quarter ended I - lalf year ended Year ended SI . 30.09 . 2026 | 30.06 . 2026 | 30.09 . 2025 30.09 . 2026 | 30.09 . 2025 Particulars 31.03 . 2026 No . ( Unaudited ) ( Unaudited ) ( Audited ) Revenue from operations Other income Total income ( 1 + 2 ) 1 7 , 29 , 087 19 , 043 7 , 48 , 130 5 , 53 , 306 16 , 739 5 , 70 , 045 5 , 76 , 365 15 , 910 5 , 92 , 275 12 , 82 , 393 35 , 782 13 , 18 , 175 10 , 18 , 048 32 , 272 10 , 50 , 320 27 , 47 , 963 59 , 039 28 , 07 , 002 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 3 , 42 , 543 28 , 671 24 , 121 76 , 024 3 , 03 , 588 27 , 981 ( 29 , 993 ) 78 , 644 2 , 99 , 210 10 , 370 ( 26 , 788 ) 76 , 116 6 , 46 , 131 56 , 652 ( 5 , 872 ) 1 , 54 , 668 4 , 94 , 198 20 , 285 ( 25 , 180 ) 1 , 45 , 135 13 , 80 , 564 74 , 842 ( 57 , 474 ) 3 , 09 , 091 259 116 165 375 309 672 16 , 328 53 , 780 15 , 260 34 , 166 11 , 847 47 , 925 31 , 588 87 , 946 23 , 135 90 , 084 52 , 393 2 , 39 , 410 Total expenses ( a to g ) 5 , 41 , 726 4 , 29 , 762 4 , 18 , 845 9 , 71 , 488 7 , 47 , 966 19 , 99 , 498 Profit before exceptional items & tax ( 3 - 4 ) 5 2 , 06 , 404 1 , 40 , 283 1 , 73 , 430 3 , 46 , 687 3 , 02 , 354 8 , 07 , 504 Exceptional items 6 Profit before tax ( 5 - 6 ) 7 2 , 06 , 404 1 , 40 , 283 1 , 73 , 430 3 , 46 , 687 3 , 02 , 354 8 , 07 , 504 8 Tax expense - Current tax - Earlier years tax - Deferred tax Total provision for taxation 55 , 796 37 , 428 41 , 814 93 , 224 77 , 100 2 , 06 , 256 ( 3 , 465 ) 52 , 331 ( 1 , 978 ) 35 , 450 3 , 003 44 , 817 ( 5 , 443 ) 87 , 781 ( 272 ) ( 3 , 600 ) 2 , 02 , 656 76 , 828 Profit for the period ( 7 - 8 ) 9 1 , 54 , 073 1 , 04 , 833 1 , 28 , 613 2 , 58 , 906 2 , 25 , 526 6 , 04 , 848 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 ) 13 , 810 ( 3 , 390 ) ( 3 , 366 ) 10 , 420 ( 914 ) 4 , 634 ( 3 , 476 ) 10 , 334 853 847 ( 2 , 623 ) 230 ( 1 , 166 ) ( 2 , 537 ) ( 2 , 519 ) 7 , 797 ( 684 ) 3 , 469 Total comprehensive income for the period ( 9 + 10 ) [ comprising profit and other comprehensive income for the period ] 1 1 1 , 64 , 407 1 , 02 , 296 1 , 26 , 094 2 , 66 , 703 2 , 24 , 842 6 , 08 , 317 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 2.11 1.43 1.76 3.54 3.09 8.27 See accompanying notes to the financial results . Q - Lvi fo »
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B . Consolidated Results ( ? in Lakhs ) Quarter ended Half year ended Year ended SI . Particulars 30.09 . 2026 30.06 . 2026 30.09 . 2025 30.09 . 2026 30.09 . 2025 31.03 . 2026 No . ( Unaudited ) ( Unaudited ) ( Audited ) 1 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 ) 7 , 32 , 772 18 , 713 7 , 51 , 485 5 , 54 , 698 16 , 956 5 , 71 , 654 5 , 79 , 209 15 , 392 5 , 94 , 601 12 , 87 , 470 35 , 669 13 , 23 , 139 10 , 23 , 183 31 , 724 10 , 54 , 907 27 , 61 , 011 56 , 603 28 , 17 , 614 2 3 4 3 , 44 , 447 28 , 671 24 , 818 3 , 04 , 123 27 , 981 ( 30 , 007 ) 3 , 01 , 420 10 , 370 ( 27 , 935 ) 6 , 48 , 570 56 , 652 ( 5 , 189 ) 4 , 97 , 504 20 , 285 ( 26 , 326 ) 13 , 88 , 161 74 , 842 ( 59 , 688 ) 76 , 660 79 , 284 76 , 777 1 , 55 , 944 1 , 46 , 425 3 , 11 , 555 259 116 165 375 309 673 17 , 129 54 , 090 16 , 055 34 , 477 4 , 32 , 029 1 , 39 , 625 12 , 649 48 , 360 4 , 21 , 806 1 , 72 , 795 33 , 184 88 , 567 9 , 78 , 103 3 , 45 , 036 24 , 728 91 , 251 7 , 54 , 176 3 , 00 , 731 55 , 567 2 , 41 , 208 20 , 12 , 318 8 , 05 , 296 5 , 46 , 074 2 , 05 , 411 5 6 Exceptional items Profit before share of net profit of associates accounted under equity method & tax ( 5 - 6 ) 7 2 , 05 , 411 1 , 39 , 625 1 , 72 , 795 3 , 45 , 036 3 , 00 , 731 8 , 05 , 296 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 ) 55 , 827 37 , 446 41 , 814 93 , 273 77 , 100 2 , 06 , 443 ( 3 ) ( 3 , 549 ) 52 , 278 1 , 53 , 133 ( 2 , 211 ) 35 , 235 1 , 04 , 390 3 , 139 44 , 953 1 , 27 , 842 ( 5 , 760 ) 87 , 513 2 , 57 , 523 ( 278 ) ( 3 , 491 ) 2 , 02 , 949 6 , 02 , 347 76 , 822 9 2 , 23 , 909 10 Share of net profit of associates accounted under equity method 904 1 , 063 874 1 , 967 1 , 712 3 , 879 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 1 1 , 54 , 037 1 , 05 , 453 1 , 28 , 716 2 , 59 , 490 2 , 25 , 621 6 , 06 , 226 12 13 , 810 ( 3 , 390 ) ( 3 , 366 ) 10 , 420 ( 914 ) 4 , 766 1 3 4 3 7 1 5 ( 3 , 476 ) 10 , 337 1 , 64 , 374 853 847 ( 2 , 623 ) 230 ( 1 , 201 ) ( 2 , 533 ) 1 , 02 , 920 ( 2 , 516 ) 1 , 26 , 200 7 , 804 ( 683 ) 3 , 571 13 2 , 67 , 294 2 , 24 , 938 6 , 09 , 797 14 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 15 Paid - up equity share capital ( Face Value of ? 1 / - each ) 16 Earnings per share ( Basic & Diluted ) ( ? ) ( not annualised ) 1 , 54 , 019 1 , 05 , 434 1 , 28 , 777 2 , 59 , 453 2 , 25 , 768 6 , 06 , 200 18 19 ( 61 ) 37 ( 147 ) 26 10 , 337 ( 2 , 533 ) ( 2 , 516 ) 7 , 804 ( 683 ) 3 , 571 1 , 64 , 356 1 , 02 , 901 1 , 26 , 261 2 , 67 , 257 2 , 25 , 085 ( 147 ) 73 , 098 6 , 09 , 771 18 19 ( 61 ) 37 26 73 , 098 73 , 098 73 , 098 73 , 098 73 , 098 2.11 1.76 1.44 3.55 3.09 8.29 See accompanying notes to the financial results .
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C . Notes : 1 . Standalone Statement of Assets & Liabilities as at 30 September 2026 is given below : ( ? in Lakhs ) As at 30 September 2026 ( Unaudited ) As at 31 March 2026 ( 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 , 61 , 072 47 , 797 3 , 40 , 538 48 , 209 ( b ) ( c ) 4 4 ( d ) 45 , 150 30 , 469 49 , 384 24 , 566 ( e ) ( f ) 88 , 875 86 , 364 857 826 2 , 686 64 , 145 2 , 293 ( g ) 58 , 702 00 ( i ) 24 , 216 20 , 813 Sub total - Non current assets 6 , 65 , 271 6 , 31 , 699 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 , 52 , 668 10 , 09 , 419 ( b ) 12 , 01 , 693 84 , 519 8 , 31 , 623 12 , 84 , 528 1 , 82 , 693 6 , 59 , 174 173 175 20 , 445 43 , 993 6 , 10 , 219 15 , 817 27 , 904 5 , 97 , 630 ( c ) ( d ) Sub total - Current assets 38 , 45 , 333 37 , 77 , 340 TOTAL ASSETS 45 , 10 , 604 44 , 09 , 039 EQUITY AND LIABILITIES B ( 1 ) Equity Equity share capital Other equity ( a ) 73 , 098 25 , 23 , 159 73 , 098 22 , 96 , 658 ( b ) Sul ) Total - Equity 25 , 96 , 257 23 , 69 , 756 ( 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 , 450 5 , 640 ( b ) 7 , 915 6 , 243 3 , 244 1 , 12 , 607 2 , 232 1 , 07 , 624 ( c ) ( d ) Sub total - Non current liabilities 1 , 29 , 216 1 , 21 , 739 ( 3 ) Current liabilities ( a ) Deferred income ( b ) 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 ( c ) Other current liabilities ( d ) Provisions ( e ) Current tax liabilities ( net ) 384 389 605 303 18 , 750 21 , 270 3 , 00 , 689 1 , 88 , 979 12 , 06 , 358 69 , 366 3 , 32 , 959 1 , 57 , 651 13 , 19 , 908 85 , 064 \ — , - r / ! ~ Sub total - Current liabilities 17 , 85 , 131 19 , 17 , 544 TOTAL EQUITY AND LIABILITIES 45 , 10 , 604 44 , 09 , 039 v n : Ji 3
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C . Notes 2 . Standalone Cash Flow Statement ( f in lakhs ) For the period ended 30 September 2026 September 2025 For the period ended 30 Particulars A . CASH FLOW FROM OPERATING ACTIVITIES : Profit before exceptional items and tax Adjustments for : Depreciation and amortisation expense Provision for intangible assets under development Transfer from government grants Rental income received from Investment Property Gain / loss on mutual funds 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 , 46 , 687 3 , 02 , 354 31 , 588 23 , 135 148 ( 195 ) ( 133 ) ( 811 ) ( 29 , 176 ) ( 649 ) ( 155 ) ( 142 ) ( 711 ) ( 30 , 218 ) ( 986 ) 293 204 82 105 ( 135 ) 3 , 47 , 699 ( 52 ) 2 , 93 , 534 82 , 835 ( 1 , 46 , 001 ) ( 29 ) ( 32 ) 2 , 582 ( 15 , 990 ) ( 43 , 249 ) ( 34 , 790 ) 33 , 629 ( 1 , 13 , 550 ) ( 2 , 918 ) 2 , 56 , 219 ( 1 , 09 , 313 ) 1 , 46 , 906 4 , 472 ( 56 , 252 ) ( 1 , 07 , 545 ) ( 43 , 193 ) 21 , 416 37 , 377 ( 3 , 099 ) 677 ( 88 , 791 ) ( 88 , 114 ) Net Cash from / ( used in ) Operating Activities 1 , 46 , 906 ( 88 , 114 )
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For the period For the period ended 30 September 2026 September 2025 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 Rental income received from Investment Property Gain / loss on mutual funds Interest received Dividend received ( 53 , 527 ) ( 45 , 313 ) 135 52 ( 1 , 72 , 449 ) ( 2 , 511 ) 1 , 43 , 430 ( 2 , 164 ) 133 142 811 711 21 , 573 24 , 010 649 986 Net Cash from / ( used in ) Investing Activities ( 2 , 05 , 186 ) 1 , 21 , 854 C . CASH FLOW FROM FINANCING ACTIVITIES : Dividend paid Repayment of lease liabilities Interest on lease liability Finance costs ( 40 , 204 ) ( 29 , 512 ) 685 438 ( 293 ) ( 204 ) ( 105 ) ( 82 ) Net Cash from / ( used in ) Financing Activities ( 39 , 894 ) ( 29 , 383 ) Net Increase / ( Decrease ) in Cash and Cash Equivalents ( A + B + C ) Cash and Cash Equivalents at the beginning of the period ( 98 , 174 ) 1 , 82 , 693 4 , 357 68 , 168 Cash and Cash Equivalents at the end of the period 84 , 519 72 , 525 1 . Cash flow in respect of CSR Activities is ? 3 , 717 ( ? 1 , 332 ) . 2 . Previous years ' s figure have been regrouped / reclassified wherever necessary .
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C . Notes : 3 . Consolidated Statement of Assets & Liabilities as at 30 September 2026 is given below i in Lakhs ) As at 30 September 2026 ( Unaudited ) As at 31 March 2026 ( 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 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 0 ) ( a ) 3 , 68 , 188 48 , 138 3 , 48 , 159 48 , 550 ( b ) ( c ) 4 4 ( d ) 58 , 601 30 , 469 19 , 186 63 , 903 24 , 566 17 , 472 ( e ) ( 0 ( S ) 64 , 998 62 , 487 857 826 2 , 896 2 , 479 58 , 747 ( h ) 64 , 186 ( i ) O ' ) 24 , 276 20 , 872 Sub total - Non current assets 6 , 81 , 799 6 , 48 , 065 ( 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 , 59 , 225 10 , 17 , 553 ( b ) 12 , 03 , 639 92 , 802 8 , 38 , 854 12 , 87 , 576 1 , 88 , 796 6 , 68 , 407 173 175 20 , 751 44 , 220 6 , 13 , 352 16 , 004 28 , 134 5 , 99 , 042 ( c ) ( d ) Sub total - Current assets 38 , 73 , 016 38 , 05 , 687 TOTAL ASSETS 45 , 54 , 815 44 , 53 , 752 EQUITY AND LIABILITIES B 0 ) Equity Equity share capital Other equity ( a ) 73 , 098 25 , 52 , 786 26 , 25 , 884 73 , 098 23 , 25 , 733 23 , 98 , 831 ( b ) Non controlling interest 1 , 845 1 , 883 Sub Total - Equity 26 , 27 , 729 24 , 00 , 714 ( 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 ) 8 , 939 9 , 130 ( b ) 7 , 915 6 , 243 3 , 244 2 , 232 1 , 08 , 383 ( c ) 1 , 13 , 447 ( d ) 751 1 , 075 ( e ) Sub total - Non current liabilities 1 , 34 , 296 1 , 27 , 063 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 ) 1 , 030 1 , 681 ( b ) 605 303 18 , 768 21 , 373 3 , 04 , 859 3 , 36 , 967 1 , 89 , 301 12 , 08 , 485 69 , 742 1 , 58 , 099 13 , 22 , 105 85 , 447 ( c ) ( d ) ( e ) Sub total - Current liabilities 17 , 92 , 790 19 , 25 , 975 TOTAL EQUITY AND LIABILITIES 45 , 54 , 815 44 , 53 , 752
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C . Notes 4 . Consolidated Cash Flow Statement ( ? in lakhs ) For the period For the period ended 30 September 2026 September 2025 Particulars ended 30 A . CASH FLOW FROM OPERATING ACTIVITIES : Profit after share of associate but before exceptional items and tax Adjustments for : Depreciation and amortisation expense Provision for intangible assets under development Transfer from government grants Rental income received from Investment Property Gain / loss on mutual funds 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 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 , 47 , 003 3 , 02 , 443 33 , 184 24 , 728 148 ( 841 ) ( 133 ) ( 811 ) ( 803 ) ( 142 ) ( 711 ) ( 29 , 709 ) ( 30 , 701 ) 293 204 82 105 ( 135 ) 3 , 49 , 081 ( 52 ) 2 , 95 , 071 83 , 937 ( 1 , 47 , 433 ) ( 29 ) ( 32 ) 2 , 439 ( 17 , 714 ) ( 41 , 672 ) ( 34 , 713 ) 33 , 503 ( 1 , 13 , 620 ) ( 2 , 837 ) 2 , 58 , 375 ( 1 , 09 , 362 ) 1 , 49 , 013 4 , 295 ( 57 , 017 ) ( 1 , 09 , 210 ) ( 43 , 111 ) 21 , 367 38 , 417 ( 3 , 081 ) ( 734 ) ( 89 , 046 ) ( 89 , 780 ) Net Cash from / ( used in ) Operating Activities 1 , 49 , 013 ( 89 , 780 )
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For the period For the period ended 30 September 2026 September 2025 Particulars ended 30 B . CASH FLOW FROM INVESTING ACTIVITIES : Purchase of property , plant & equipment and other intangible assets Receipt of grant Proceeds from sale of property , plant & equipment Increase / ( Decrease ) in term deposits & other bank balances Other investments Rental income received from Investment Property Gain / loss on mutual funds Interest received ( 53 , 550 ) ( 45 , 437 ) ( 1 ) 135 52 ( 1 , 70 , 447 ) ( 4 , 225 ) 1 , 45 , 635 ( 3 , 619 ) 133 142 811 711 22 , 106 24 , 493 Net Cash from / ( used in ) Investing Activities ( 2 , 05 , 038 ) 1 , 21 , 977 C . CASH FLOW FROM FINANCING ACTIVITIES : Dividend paid Repayment of lease liabilities Interest on lease liability Finance costs ( 40 , 279 ) ( 29 , 549 ) 685 438 ( 293 ) ( 204 ) ( 105 ) ( 82 ) Net Cash from / ( used in ) Financing Activities ( 39 , 969 ) ( 29 , 420 ) Net Increase / ( Decrease ) in Cash and Cash Equivalents ( A + B + C ) Cash and Cash Equivalents at the beginning of the period ( 95 , 994 ) 1 , 88 , 796 2 , 777 71 , 345 Cash and Cash Equivalents at the end of the period 92 , 802 74 , 122 1 . Cash flow in respect of CSR Activities is ? 3 , 717 ( ? 1 , 332 ) . 2 . Previous years ' s figure have been regrouped / reclassified wherever necessary .
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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 2026 . 10 The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 30 th October 2026 . for and on behalf of Board of Directors Place : Bengaluru Date : 30 th October 2026 < T , ( j ? . iChairman & Managing Director
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fcr - 30 ar ^ SR , 2026 . Press Release : 30 th October , 2026 . BHARAT ELECTRONICS 4 Uu ? l % 2026 - 27 ^ % tfcR M R - ° l I ? H tmTT ^ ? t 26 % f BEL registers a growth of 26 % in Revenue from Operations during 1 st Half Of FY 2026 - 27 . * i < = K < a wr . < ftr ^ STTR PiRRs % ftxT 2026 - 27 H $ R 1 Whljf % TRR ^ 12824 TT srf ^ r f % 4 T f , srafst 125.97 % sfit sl ^ - d - 0 | l Navratna Defence PSU Bharat Electronics Limited ( BEL ) has achieved Revenue from operations of Rs . 12824 Crore , registering a growth of 25.97 % during the 1 st half of FY 2026 - 27 over the Revenue from operations of Rs . 10180 Crore recorded in the corresponding period of the previous year . ^ f % rr 7 TTr 10180 % MR ^ M 1 ftrT ^ Pf 2026 - 27 ^ rff Rm $ % < fkFT , 3 Rft t Taf 5764 % HR - ^ MM TTSfR ^ FTT # 7291 ^ Cljs = f > T sR ^ M - l tRH srf ^ r f % 4 TI During the 2 nd Quarter of FY 2026 - 27 , BEL achieved Revenue from operations of Rs . 7291 Crore as against Rs . 5764 Crore recorded in the corresponding period of the previous year . 2026 - 27 WTTffl ' % ^ ff 3 Rfsr t f % xr 7 ^ 3024 TJ # RT ^ T ( » fl « n < ri ) ^ FIT 14.65 % SISSITIO fl Profit Before Tax ( PBT ) during the 1 st half of FY 2026 - 27 stood at Rs . 3467 Crore , with a growth of 14.65 % over the Profit Before Tax ( PBT ) of Rs . 3024 Crore recorded in the corresponding period of the previous year . ( 414 ) ^ ) T . 3467 TTte TfT Rf TR f ^ rT 2026 - 27 Rhi $ % Tf 3 TTfsr # T . 1734 4 RlF « TTI During the 2 nd Quarter of FY 2026 - 27 , Profit Before Tax ( PBT ) stood at Rs . 2064 Crore as against Rs . 1734 Crore recorded in the corresponding period of the previous year . RRT ( 4141 JI ) 2064 Tftl " TjfT , SR 1 % TFT 4 R / Page 1 / 2
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BHARAT ELECTRONICS ffr qf 2026 - 27 ft q ^ ft f ^ TFT WT ^ T ^ mT ( ffrjft ) T . 2589 qffc TfT ft ffgft qf ft ^ ft 3 prf £ t f ffrr TTTT 2255 qfte f WT ^ ( ftT [ # t ) ft cpPTT # 14.81 % ft ^ rftrrftti Profit After Tax ( PAT ) during the 1 st half of FY 2026 - 27 stood at Rs . 2589 Crore , with a growth of 14.81 % over the Profit After Tax ( PAT ) of Rs . 2255 Crore recorded in the corresponding period of the previous year . ffcT T ' f 2026 - 27 ft ^ rft ffalstt f ftTFT WR ( ^ TT ^ T ( 4 ) vf ) ) T . 1541 qfte T ^ T , ^ ffff qf ft ^ ft sprfsr # q ^ q . 1286 qftj « m During the 2 nd Quarter of FY 2026 - 27 , Profit After Tax ( PAT ) stood at Rs . 1541 Crore as against Rs . 1286 Crore recorded in the corresponding period of the previous year . 1 2026 ft fqft ft 3 TT % 9 T « r ^ t ft ftqft 68717 qfte qqf | i The order book position of the company as on 1 st October , 2026 stood at Rs . 68717 Crore . For Bharat Electronics Ltd . ftf ^ qirr / S Sreenivas fqftqi ^ q ' / Company Secretary YS / Page 2 / 2