BEML (BEML) had a P/E of 28.0× on 6 Nov 2026, above the industry P/E of 14.8×, and the shares are 11% below their 52-week high. Its ROCE of 5.9% is the lowest among the 7 largest Conglomerates peers, and sales grew 3.0% a year over 3 years while net profit fell 3.6%. Its dividend yield is 0.9%, and debt is 0.22× equity. It is a small-cap company with a market cap of ₹16,268 Cr, ranked 6th of 52 Conglomerates companies by market cap; the shares fell 7.4% over the past year.
- ₹1,990.90
- ₹1,991.40
- ₹1,913.10
- ₹1,990.90
- 3.5 L
Health check
- ReturnsAhead
−7.4% over a year, better than 6 of 7 peers.
- Price tagPricier
P/E 28.0 vs industry 14.8.
- GrowthSlow
Sales +3.0%, profit −3.6% a year over 3 years.
- ProfitabilityWeak
ROCE 5.9% vs peer median 12.8%.
- Balance sheetStretched
Debt 0.22× equity, interest covered 5.4×, Piotroski 2 of 9.
- Red flags3 to check
Return on equity is low at 5.8%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹16,268 Cr
- Small cap
- P/E
- 28.0
- Industry 14.8
- Price to book
- 5.66
- Peers 4.76
- Dividend yield
- 0.91%
- ROE
- 5.8%
- Peers 13.7%
- ROCE
- 5.9%
- Peers 12.8%
- Debt to equity
- 0.22
- Debt ₹630 Cr
- EPS (TTM)
- ₹69.66
- Face value ₹5
- OPM (TTM)
- 7.3%
- Net margin 3.4%
- Sales growth
- +42.8%
- Latest quarter vs a year ago
- Profit growth
- −30.9%
- Latest quarter vs a year ago
- Price to sales
- 3.33
- EV/EBITDA 49.5
Strengths and risks
Strengths
- Quarterly sales up 42.8% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 5.8%.
- Quarterly profit down 30.9% on a year ago.
- P/E of 28.0 against an industry P/E of 14.8.
About BEML
BEML Limited provides products and services to the mining and construction, rail and metro, power, and defense and aerospace sectors in India. The company offers high mobility vehicles, combat mobility vehicles, 1500 horsepower engines, aggregates for combat vehicles, aircraft towing tractors, aircraft weapon loaders, ground support and handling equipment, tank transportation trailers, milrail wagons, rocket motor casings for missiles, airborne structures…
- Headquarters
- Bengaluru
- Employees
- 4,151
- Sector
- Industrials
- ISIN
- INE258A01024
- Website
- bemlindia.in
Price range
- Avg volume (3M)
- 3.8 L
- 1-year return
- minus 7.4%
- From 52-week high
- minus 11.4%
Peers · Conglomerates
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SRFSRF | 2,460.40 | minus 0.99% | 72,928 | 31.9 | 21.2 | 14.5% | 24.2% | 0.35 | 1.8% | minus 15.5% |
| TIINDIATube Investments of India | 2,170.00 | minus 5.65% | 42,005 | 62.9 | 16.6 | 12.8% | 9.9% | 0.05 | 15.5% | minus 23.1% |
| GODREJINDGodrej Industries | 955.85 | minus 2.40% | 32,198 | 27.4 | 32.4 | 12.3% | 10.4% | 2.22 | 9.8% | minus 11.6% |
| 3MINDIA3M India | 27,570.00 | minus 5.98% | 31,058 | 57.0 | 29.9 | 47.5% | 18.4% | 0.10 | 8.7% | minus 18.3% |
| THERMAXThermax | 2,746.30 | minus 17.27% | 30,937 | 52.6 | 26.6 | 15.3% | 12.4% | 0.42 | 9.8% | plus 1.5% |
| BEMLBEML | 1,953.20 | minus 1.89% | 16,268 | 28.0 | 55.7 | 5.9% | 7.3% | 0.11 | 3.0% | minus 7.4% |
| NAVANava | 529.15 | minus 0.99% | 14,991 | 19.8 | 7.9 | 11.1% | 38.4% | 0.21 | 6.8% | minus 12.1% |
| DCMSHRIRAMDCM Shriram | 898.60 | minus 1.01% | 13,917 | 10.7 | 9.5 | 11.1% | 10.5% | 0.24 | 5.4% | minus 27.3% |
| Median of 7 peers | – | −2.40% | 31,058 | 31.9 | 21.2 | 12.8% | 12.4% | 0.24 | 8.7% | −15.5% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|---|
| 634 | – | 1,083 | 1,794 | 820 | 1,192 | |
| 683 | – | 1,080 | 1,523 | 818 | 1,112 | |
| −49.3 | – | 3.6 | 272 | 2 | 79.4 | |
| −7.8% | – | 0.3% | 15.1% | 0.2% | 6.7% | |
| 8.6 | – | 3.9 | 10 | 1.6 | 6.5 | |
| 9.8 | – | 11.6 | 14.1 | 13.9 | 14.9 | |
| 19.8 | – | 21.2 | 22.5 | 23.4 | 23.3 | |
| −70.3 | – | −25.4 | 245 | −33.7 | 47.7 | |
| 8.8% | – | 11.9% | 26.6% | 19.9% | 30.1% | |
| – | 48.3 | −22.4 | 180 | −27 | 33.3 | |
| – | 5.77 | -2.69 | 71.59 | -3.24 | 4.00 |
Profit & loss
- Sales CAGR 3Y
- +3.0%
- Profit CAGR 3Y
- −3.6%
- EPS CAGR 3Y
- −23.5%
- ROE
- 5.8%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 3,800 | 3,965 | 3,839 | 4,154 | |
| – | +4.4% | minus 3.2% | +8.2% | |
| 3,425 | 3,513 | 3,328 | 3,850 | |
| 375 | 452 | 512 | 304 | |
| 9.9% | 11.4% | 13.3% | 7.3% | |
| 1.3 | 32.4 | 11.4 | 21.2 | |
| 49.2 | 41.4 | 53.5 | 45.3 | |
| 64.1 | 63.8 | 71.3 | 83.5 | |
| 15.1 | 2.4 | 5.6 | 3.3 | |
| 278 | 382 | 404 | 200 | |
| 43.1% | 26.2% | 27.6% | 29.2% | |
| 158 | 282 | 293 | 142 | |
| – | +78.5% | +3.8% | minus 51.6% | |
| 37.92 | 67.67 | 35.13 | 17.00 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 41.8 | 41.8 | 41.8 | 41.8 | |
| 2,380 | 2,626 | 2,846 | 2,892 | |
| 381 | 70.9 | 317 | 697 | |
| 2,207 | 2,706 | 2,668 | 3,380 | |
| 5,010 | 5,445 | 5,872 | 7,011 | |
| 490 | 531 | 650 | 923 | |
| 10 | 37.9 | 108 | 278 | |
| 0 | 0 | 6.2 | 7.6 | |
| 38.7 | 8 | 4.4 | 35.8 | |
| 4,471 | 4,868 | 5,104 | 5,766 | |
| 5,010 | 5,445 | 5,872 | 7,011 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 560 | 458 | 98.9 | 118 | |
| −20.1 | −67.7 | −210 | −354 | |
| −331 | −130 | 107 | 238 | |
| 208 | 260 | −3.6 | 2.4 | |
| −42.6 | −101 | −193 | −381 | |
| 517 | 357 | −94.4 | −263 | |
| −32.1 | −41.8 | −85.1 | −89 |
Shareholding pattern
- Promoters54.03%
- Public45.97%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 54.03% | 45.97% | 0.00 | |
| 30 Jun 2026 | 54.03% | 45.97% | 0.00 | |
| 31 Mar 2026 | 54.03% | 45.97% | 0.00 | |
| 31 Dec 2025 | 54.03% | 45.97% | 0.00 | |
| 30 Sep 2025 | 54.03% | 45.97% | – |
Major shareholders
Filings & events
News
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