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State-owned manufacturer of mining/earthmoving equipment, defense vehicles and rail coaches/metro cars for India.
State-owned manufacturer of mining/earthmoving equipment, defense vehicles and rail coaches/metro cars for India.
Sells to public-sector buyers, mostly through tenders: mining firms such as Coal India for dump trucks and shovels, the armed forces for specialised vehicles, and metro authorities for coaches. Revenue is lumpy and tied to a few large orders. The Government of India holds the majority of the shares.
In one line: India's Caterpillar-meets-Bombardier, government-owned.
Moat: narrow (regulatory licence, installed base). Diversified government-linked manufacturer with entrenched defense and rail-coach supply relationships.
Headquarters: Bengaluru, India · Founded: 1964 · Employees: 4,923
Size BEML (BEML.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.72B, the 411th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,953 on 6 Nov 2026.
Performance Over six months the shares fell 2.4%, against -14.4% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +11.1%); the operating margin is 5.8% (peer median 7.6%).
Valuation It trades at 39.1× forward earnings against a peer median of 11.2× (most expensive of 17).
Capital Return on invested capital runs 12.3 points below its cost of capital (19.0% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹45.4B | ₹42.2B | ₹39.1B | ₹40.4B | ₹38.8B |
| Revenue growth | — | +8% | -3% | +4% | — |
| Gross profit | ₹12.1B | ₹7.68B | ₹7.54B | ₹6.95B | ₹6.28B |
| EBITDA | ₹3.50B | ₹3.73B | ₹5.25B | ₹4.73B | ₹4.17B |
| Net income | ₹1.78B | ₹1.42B | ₹2.93B | ₹2.82B | ₹1.58B |
| Free cash flow | n/a | -₹2.68B | -₹1.35B | ₹3.24B | ₹4.83B |
| Capital expenditure | n/a | ₹3.81B | ₹1.93B | ₹1.01B | ₹426M |
| Total debt | n/a | ₹3.09B | ₹2.29B | ₹709M | ₹3.81B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BEML BEML.NS | $1.72B | -2% | +13% | 6% | 39.1× | n/a |
| Titagarh Rail Systems TITAGARH.NS | $967M | -20% | -10% | 10% | 34.8× | 45.4% |
| Jupiter Wagons JWL.NS | $896M | -35% | -12% | 10% | 32.8× | n/a |
| Tata Motors TMCV.NS | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BEML.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.6% | -7.8% | 7th highest of 21 |
| 6-month return | -2.4% | -14.4% | 6th highest of 21 |
| Distance from 52-week high | -13.3% | -37.9% | 4th highest of 21 |
| Revenue growth (TTM) | +12.8% | +11.1% | 10th highest of 21 |
| Operating margin | 5.8% | 7.6% | 6th lowest of 21 |
| Forward P/E | 39.1× | 11.2× | most expensive of 17 |
| ROIC minus cost of capital | -12.3 pp | +0.6 pp | 3rd lowest of 21 |
| EV / EBITDA | 46.5× | 7.4× | most expensive of 10 |
| Net debt / EBITDA | 0.8× | 0.4× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BEML BEML.NS | India | $1.72B | -2% | +13% | 6% | 39.1× | n/a | n/a |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 17% | 22.8× | 22.1% | +6.1% |
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 12% | n/a | 36.1% | +4.4% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 15.4× | 2.2% | +12.3% |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 7% | 13.4× | 1.5% | +6.6% |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 5% | 11.4× | 19.8% | +9.5% |
| Alamo ALG | United States | $1.63B | -18% | +2% | 7% | 11.6× | 7.0% | +6.6% |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 19% | 9.9× | -3.1% | +10.1% |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% | +1.9% |
| Lonking 3339.HK | Hong Kong | $1.57B | -14% | +22% | 12% | 7.0× | n/a | n/a |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | n/a | n/a | n/a |
| Swan Defence and Heavy Industries SWANDEF.NS | India | $1.54B | +48% | +642% | -109% | n/a | 57.1% | +113.9% |
| First Tractor 0038.HK | Hong Kong | $1.93B | -12% | +18% | 6% | 8.5× | -1.8% | +6.7% |
| Bestway Marine & Energy Technology 300008.SZ | China | $1.51B | -29% | +1% | 8% | 30.6× | 14.5% | +54.0% |
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% | -11.3% |
| Hanwha Engine 082740.KS | South Korea | $1.50B | -72% | +3% | 12% | 10.9× | -0.3% | +10.6% |
| Action Construction Equipment ACE.NS | India | $1.47B | +29% | +5% | 15% | 29.0× | 29.6% | +21.7% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| Weichai Heavy Machinery 000880.SZ | China | $1.44B | -33% | +58% | 2% | n/a | 6.8% | +13.1% |