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BEML Ltd Research Report - 21st Jan 2016

Capital Goods | Published on Nov 13th 2015


BEML reported standalone sales of Rs621cr for 2QFY2016, up 37.7% yoy (ahead of our expectation of Rs599cr). At the EBITDA level, the company reported losses of Rs13cr, in-line with our expectation. The impact of losses at EBITDA level was seen at the PAT level too, as the company reported a net loss of Rs30cr, against our loss expectation of Rs12cr. Notably, the quantum of loss has narrowed down on a yoy basis. BEML’s order book as of 2QFY2016 stands at ~Rs6,376cr, which gives revenue visibility for over the next few quarters. Valuation: During the quarter, BEML impressed us by reporting strong execution, mainly seen across the Construction & Mining Equipments segment. Also, BEML has reported a Rs1,771cr of order inflows, across all the 3 business segments. Reported order inflows, emerging bid pipeline, indicate us that BEML should end FY2016E with strong order inflows of Rs2,900cr. A strong awarding environment should lead to improvement in the execution. Accordingly, we expect BEML to report a 19.4% top-line CAGR during FY2015-17E. At the back-drop of improved execution and better absorption of fixed costs, we expect BEML to report a strong 529.2% PAT CAGR during FY2015-17E. On the whole, we are optimistic that the company would report strong earnings going forward, given the improving award activity environment across all 3 business segments, BEML has a strong market positioning. We continue to maintain our NEUTRAL rating on the stock.

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CMP 1,093
Target Price
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)3,888.34
MCAP NSE (Rs in Cr)3,887.72
P/E (x)190.57
EPS (Rs.)4.90
BV (Rs.)506.54
Div Yield (%)0.43
FV (Rs.)10.00
P/BV (x)1.84
EV/Sales (x)1.65
EV/EBITDA (x)12.89

Shareholding Pattern (%)

Public & Others12.0
Grand Total100.0

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