BEML Limited is expecting its order book to cross INR 200 billion by the end of the current financial year, supported by rising execution in rail, metro, and defence programmes, following a period of delayed revenue recognition due to project timelines.
The company said in its stock exchange filing that its current order book stands at around INR 163 billion, with rail and metro accounting for about 65 percent, defence for 30 percent, and mining contributing roughly 5 percent. Management indicated that rail, metro, and defence will remain the principal growth drivers over the next three years, while mining is expected to grow at a modest rate of 3 to 5 percent annually.
Rail and metro execution is projected to accelerate from FY26–27 as multiple large projects move into production. The Bengaluru Metro project has entered the bulk manufacturing phase, with eight to ten trains expected to be delivered in the current financial year and total orders exceeding 53 trains. The Chennai Metro project is expected to enter the prototype rollout stage in FY27, while revenue contribution from the Mumbai Metro project is expected to begin in FY27. By FY28, three metro projects are expected to run in parallel, significantly increasing execution volumes.
In the commuter rail segment, BEML is executing orders for LHB coaches, Vande Bharat sleeper coaches, high-speed train prototype orders, and track machines. Management indicated that a majority of Vande Bharat sleeper coach deliveries will be completed in the current year, while LHB coach execution will largely spill over into the next financial year.
The defence segment is expected to record strong growth, with revenue projected to rise by 70 to 80 percent in the current year after nearly doubling in the previous year. Several defence systems, including mechanical minefield marking equipment, self-propelled mine barriers, and command post vehicles, are moving into bulk production. BEML has also created a dedicated Strategic Systems business unit, reflecting a shift from platform-only supply to complete defence systems.
The company is also planning to enter the maritime crane segment, targeting shipbuilding cranes and port handling equipment such as ship-to-shore cranes. Management estimated an annual requirement of around 50 ship-to-shore cranes, translating into a potential revenue opportunity of INR 40–50 billion once the business scales up. Initial manufacturing is expected to leverage existing facilities, with a port-based manufacturing location planned over the longer term.
In mining, BEML is seeking to reduce dependence on Coal India by expanding into sustainable and underground mining solutions and increasing exports to regions including the Middle East, Australia, CIS countries, Asia-Pacific, and Africa.
Management indicated that revenue growth of around 20 percent is achievable in FY26, while noting that growth is likely to remain weighted towards the second half of the financial year.
BEML Limited is a state-owned engineering and manufacturing company engaged in rail and metro rolling stock, defence and aerospace systems, mining and construction equipment, and related services.
