Bharat Electronics Ltd (BEL) on Tuesday reported a 5 per cent year-on-year (YoY) increase in its recurring profit after tax (PAT) for the March 2026 quarter (Q4 FY26) at Rs 2,230 crore.

According to Equirus Securities, the PAT figure was 22 per cent ahead of its estimates and 3 per cent above consensus expectations.

The brokerage said BEL posted sales of Rs 10,220 crore in Q4 FY26, up 12 per cent YoY. The figure came 3 per cent ahead of Equirus estimates and 5 per cent above consensus.

EBITDA for the quarter stood at Rs 2,980 crore, marking a 6 per cent YoY rise. Equirus noted that EBITDA was 24 per cent ahead of its estimates and 11 per cent above consensus expectations.

Equirus further said BEL's gross margin stood at 48.2 per cent during the quarter, expanding 15 basis points (bps) YoY and 170 bps quarter-on-quarter (QoQ).

"Order Book at Q4 FY26-end stands at Rs 73,880 crore (up 3 per cent YoY, 2.7x TTM sales). OB-to-TTM sales have slipped further from 2.8x in Q3 FY26 and 3.1x at FY25-end, and the OB itself remains below FY24-end levels," the brokerage said.

It added, "FY26 orders at Rs 29,170 crore vs Rs 18,720 crore in FY25 and Rs 35,060 crore in FY24. FY26 orders were comfortably ahead of earlier management guidance of Rs 27,000 crore (excl. QRSAM); QRSAM (Rs 30,000 crore) is yet to materialise. Q4 FY26 alone contributed Rs 10,840 crore of orders (+15 per cent YoY)."

Equirus said it expects BEL shares to react positively after the earnings announcement.

The defence PSU also declared a final dividend of 55 paise per share for FY26.

Separately, Arpit Beriwal, Manager – Derivatives Analyst (Equity Research) at Motilal Oswal Financial Services Ltd (MOFSL), said, "The counter is consolidating in a broader range between Rs 400 and 450 levels for the last couple of weeks. BEL is now available at a decent risk-reward setup. With major support placed around Rs 410, the stock can head towards Rs 435-444 levels."

Meanwhile, BEL shares closed 0.83 per cent lower at Rs 423.15.