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BEML Ltd Earnings Release 2026
60811_rns_2026-05-29_d49d2344-70ff-46db-8a19-682ec7c90347.pdf
Earnings Release
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DEVELOPED INDIA MISSION 1947 TO 2047
මෙමාලාවේ එක් විසින අංශ අංක අංක
මෙමාලාවේ එක් විසින අංක
මෙමාලාවේ එක් විසින
අංක
Schedule 'A' Company under Ministry of Defence, Govt. of India
| Defence & Aerospace | Mining & Construction | Rail & Metro |
|---|---|---|
Ref: CS/SE/2026-27/800
29.05.2026
| National Stock Exchange of India Ltd.
Listing Compliance Department
Exchange Plaza, Bandra - Kurla Complex,
Bandra (East),
MUMBAI - 400 051
Symbol: BEML | The BSE Limited
Listing Compliance Department
P.J. Towers, 26th Floor,
Dalal Street,
MUMBAI - 400 001
Scrip code: 500048 |
| --- | --- |
Dear Sir / Madam,
Sub: Outcome of the Board Meeting
Ref: Our letter CS/SE/2026-27/ 798 dated 20.05.2026
We are enclosing herewith statement of Standalone and Consolidated Audited Financial Results for the year ended 31.03.2026 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Further, we declare that the Statutory Auditors of the Company have issued Audit Report with unmodified opinion on its Standalone and consolidated financial results for the year ended 31.03.2026. The declaration for unmodified opinion on the audit report pursuant to Regulation 33 of the (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed. The said results have been considered and approved by the Board at its 420th meeting held on 29.05.2026. Arrangements have also been made to publish the extract of the results in a national daily (English) and local daily (Kannada) newspapers.
Kindly note that the Board of Directors have declared the 2nd Interim Dividend of Rs. 2.30 per equity share of face value Rs. 5 each (i.e. 46 %) and recommended Final Dividend of Rs. 0.55 per equity share of face value of Rs. 5 each (i.e. 11%).
Meeting of the Board of Director commenced at 10:20 hours and concluded at 13:15 hours.
Financial Highlights for the FY 2025-26 is enclosed below:
Kindly take the above on record.
මෙමාලාවේ Corporate Office:
'මෙමාලාවේ', 9a/0, අංකනයාක්කිත්, නිර්ණාරයාන්, අංකනයාක්කිත්; +60009999088
මෙමාලාවේ : +60009900066
BEML Soudha, 23/1, 4th. Main, S R Nagar,Bangalore – 560027,Tel. +91 80 22963142/211, Fax. +91 80 22963142
e-mail:[email protected] @cmdbeml @BEMLHQ
CIN:L35202KA1964GOI001530, GST NO. 29AAACB8433D1ZU
www.bemlindia.in
DEVELOPED INDIA MISSION 1947 TO 2047
బిఇఎంఎలో లిమిటెడ్
बी ई एम एल लिमिटेड
BEML LIMITED
बी ई एम एल
BEML
Beyond the Confusion
Schedule 'A' Company under Ministry of Defence, Govt. of India
Defence & Aerospace | Mining & Construction | Rail & Metro
Financial Highlights for the FY 2025-26:
BEML achieved strong financial performance during Q4 FY 2025-26. In Q4, the Company recorded its highest-ever quarterly revenue of Rs. 1,794 crores, registering a growth of 8.57% YoY. EBITDA stood at Rs. 281.33 crores, while interest cost reduced by 16.43% to Rs. 45.39 crores.
For FY 2025-26, BEML achieved its highest-ever annual revenue of Rs. 4.351 crores, reflecting a growth of 8.16% YoY. The Company also recorded its highest-ever Value of Production (VOP) of Rs. 4,239 crores, up by 8.58% YoY.
Capex reached an all-time high of Rs. 379 crores, including CWIP of Rs. 191 crores. R&D investment increased by 150% to Rs. 251 crores. R&D spend rose to 6.25% of revenue as against 2.57% in the previous year.
The Company recorded the highest ever closing order book position of 15,896 crores as on 31st March, 2026.
Yours faithfully,
For BEML LIMITED
URMI CHAUDHURY
Chandigarh
Urme: 0906 00 14 11 00 00 00 00
Urmi Chaudhury
Company Secretary & Compliance Officer
ICSI Membership No. – A29400
Place – Bangalore
ສຸດລານຕໍ່ມື່ນCorporate Office:
'ຕ້ວຍຕ້ານ', ອົງກັ, ຈະກັບສະມານ, ຈະກັບສະມານ, ຕ້ວຍຕ້ານ: +800092.ຕ້ວຍຕ້ານຕ້ານ: +80009999088
ສຸດລານຕໍ່ມື່ນ: +80009900088
BEML Soudha, 23/1, 4th. Main, S R Nagar,Bangalore – 560027,Tel. +91 80 22963142/211, Fax. +91 80 22963142
e-mail:[email protected] @cmdbeml @BEMLHQ
CIN:L35202KA1964GOI001530, GST NO. 29AAACB8433D1ZU
www.bemlindia.in
BEML Limited
(CIN: L35202KA1964GOI001530)
(Schedule 'A' Company under Ministry of Defence)
Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027.
Tel. & Fax: (080) 22963142, E-mail: [email protected], Website: www.bemlindia.in
मॉडल फार्म
| Statement of Standalone Audited Results for the year ended 31-03-2026 (Rs in lakhs except EPS) | ||||||
|---|---|---|---|---|---|---|
| S. No | Particulars | Quarter ended | Year Ended | |||
| 31-03-2026 (Audited) | 31-12-2025 (Unaudited) | 31-03-2025 (Audited) | 31-03-2026 (Audited) | 31-03-2025 (Audited) | ||
| I | Revenue from operations | 1,79,417 | 1,08,327 | 1,65,253 | 4,35,053 | 4,02,222 |
| II | Other income | 953 | 351 | 414 | 2,755 | 2,491 |
| III | Total Income (I+II) | 1,80,370 | 1,08,678 | 1,65,667 | 4,37,808 | 4,04,713 |
| IV | Expenses: | |||||
| Cost of materials consumed | 91,150 | 55,919 | 79,080 | 2,31,984 | 2,03,600 | |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | 3,689 | 4,258 | 1,961 | (4,124) | (2,125) | |
| Employee benefits expense | 19,966 | 22,258 | 20,469 | 83,506 | 82,621 | |
| Finance costs | 1,407 | 1,161 | 1,293 | 4,539 | 5,431 | |
| Depreciation and amortization expense | 2,245 | 2,122 | 1,857 | 8,339 | 7,125 | |
| Other expenses | 37,432 | 25,532 | 21,477 | 93,656 | 67,519 | |
| Total Expenses (IV) | 1,55,888 | 1,11,251 | 1,26,137 | 4,17,900 | 3,64,171 | |
| V | Profit / (Loss) before exceptional items and tax (III-IV) | 24,482 | (2,573) | 39,530 | 19,908 | 40,543 |
| VI | Add/ (Less) : Exceptional items | - | - | - | - | - |
| VII | Profit / (Loss) before tax (V-VI) | 24,482 | (2,573) | 39,530 | 19,908 | 40,543 |
| VIII | Current Tax | 11,203 | 859 | 9,179 | 12,062 | 9,674 |
| Earlier year Tax | - | - | 0 | 60 | 289 | |
| Deferred Tax | (4,653) | (1,162) | 1,547 | (6,965) | 1,161 | |
| IX | Profit / (Loss) for the period from continuing operations (VII-VIII) | 17,932 | (2,270) | 28,804 | 14,750 | 29,419 |
| X | Profit / (Loss) from discontinuing operations | - | - | - | - | - |
| XI | Tax expense of discontinued operations | - | - | - | - | - |
| XII | Profit / (Loss) from discontinued operations (after tax) (X-XI) | - | - | - | - | - |
| XIII | Profit / (Loss) for the period (IX+XII) | 17,932 | (2,270) | 28,804 | 14,750 | 29,419 |
| XIV | Other Comprehensive Income (net of Taxes) | 267 | (78) | 798 | (446) | 231 |
| XV | Total Comprehensive Income for the period (XIII+XIV) | 18,198 | (2,347) | 29,602 | 14,305 | 29,650 |
| XVI | Equity Share Capital | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 |
| XVII | Reserves (excluding Revaluation Reserve) | 2,86,695 | 2,70,579 | 2,81,219 | 2,86,695 | 2,81,219 |
| XVIII | Earnings per equity share*: (Rs 5/- each) in Rs | |||||
| Basic and diluted | 21.53 | (2.73) | 69.17 | 17.71 | 70.64 |
- EPS for 31st March 2025 has been shown as uploaded in stock exchange last year. Considering the split of shares on 03.11.2025 adjusted EPS for quarter ended 31st March 2025 is Rs 34.58 and for year ended 31st March 2025 is Rs 35.32.
Notes
1) As currently there are no independent directors on the Board of BEML, the Audit Committee has not been constituted. The results have been prepared in accordance with Ind AS, which was duly reviewed and recommended by the Internal Committee of Functional Directors at the meeting held on 28.05.2026 and approved by the Board of Directors at the Meeting held on 29.05.2026.
2) As required under SEBI regulations, audit of the above financials was conducted by the Statutory Auditors and the Independent Auditor's Report as duly placed before the aforesaid meeting of the Board is enclosed.
3) Exemption has been granted by Ministry of Corporate Affairs (MCA) from publishing segment-wise information.
4) As per CCEA approval dated 8th September 2021, voluntary liquidation of M/s Vignyan Industries Ltd, a subsidiary of BEML is under process.
5) The company has advanced Rs 7,449.49 Lakhs to MAMC consortium formed along with M/s Coal India Ltd (CIL) and M/s Damodar Valley Corporation (DVC) for acquiring specified assets of Mining & Allied Machinery Corporation Ltd. (MAMC) (under liquidation). The company's share in the consortium is 48%. Further, a subsidiary company MAMC Industries Ltd (MIL) was formed & incorporated for the intended JV formation. The company has advanced Rs 624.01 Lakhs on account of MIL.
6) As per Government Notification on the new Labour Codes, the obligation for compensated leave and gratuity for Fixed Term Employees has been actuarially valued at Rs 26.20 Lakhs and Rs 114.60 Lakhs respectively and liability provided. The Company continues to monitor the development pertaining to Labour Code and will evaluate the impact, if any, on the employee benefit related liabilities.
7) The Company has invested in M/s Communication (Defence) Testing Foundation, M/s Systems Testing and Research for Advanced Materials Foundation and M/s UAS Testing Foundation which are not-for-profit companies registered under Section 8 of the Companies Act, 2013. Though these entities are associates, these entities have not been considered for consolidation in the consolidated financial statements, as the holding company does not exercise control over these entities nor does it have rights to variable returns from its involvement, other than the equity investment.
8) Previous period figures have been regrouped and reclassified wherever necessary to make them comparable with the current period figures.
9) The figures for the quarter ended March are the balancing figures between the audited figures for the full financial year and the published figures upto the third quarter of the respective financial years.
10) The Board of Directors approved an interim dividend of ₹ 2.50 per equity share on 06.02.2026. Further, the Board of Directors approved second interim Dividend of ₹ 2.50 per equity share and recommended a Final Dividend of ₹ 2.50 per equity share for the year ended 31.03.2026, aggregating to ₹ 2.15 per equity share.
Date: 29.05.2026
Place: Mysuru
मिनट 2026
By order of the Board
for BEML Limited
(Shantany Roy)
Chairman and Managing Director
BEML
(CIN: L35202KA1964GOI001530)
(Schedule 'A' Company under Ministry of Defence)
Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027.
Tel. & Fax: (080) 22963142, E-mail: [email protected], Website: www.bemlindia.in
Statement of Consolidated Audited Results for the year ended 31-03-2026 (Rs in lakhs except EPS)
| S. No | Particulars | Quarter ended | Year Ended | |||
|---|---|---|---|---|---|---|
| 31-03-2026 (Audited) | 31-12-2025 (Unaudited) | 31-03-2025 (Audited) | 31-03-2026 (Audited) | 31-03-2025 (Audited) | ||
| I | Revenue from operations | 1,79,417 | 1,08,327 | 1,65,253 | 4,35,053 | 4,02,222 |
| II | Other income | 997 | 386 | 383 | 2,944 | 2,373 |
| III | Total Income (I+II) | 1,80,414 | 1,08,713 | 1,65,636 | 4,37,997 | 4,04,595 |
| IV | Expenses: | |||||
| Cost of materials consumed | 91,150 | 55,919 | 79,080 | 2,31,984 | 2,03,600 | |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | 3,689 | 4,258 | 1,961 | (4,124) | (2,125) | |
| Employee benefits expense | 19,966 | 22,258 | 20,469 | 83,506 | 82,621 | |
| Finance costs | 1,407 | 1,161 | 1,293 | 4,539 | 5,431 | |
| Depreciation and amortization expense | 2,247 | 2,124 | 1,859 | 8,348 | 7,134 | |
| Other expenses | 37,461 | 25,533 | 21,492 | 93,787 | 67,558 | |
| Total Expenses (IV) | 1,55,919 | 1,11,254 | 1,26,154 | 4,18,041 | 3,64,219 | |
| V | Profit / (Loss) before exceptional items and tax (III-IV) | 24,495 | (2,541) | 39,481 | 19,956 | 40,376 |
| VI | Add/ (Less) Exceptional items | - | - | - | - | - |
| VII | Profit / (Loss) before tax (V-VI) | 24,495 | (2,541) | 39,481 | 19,956 | 40,376 |
| VIII | Current Tax | 11,166 | 859 | 9,179 | 12,725 | 9,674 |
| Earlier year Tax | - | - | 0 | 60 | 289 | |
| Deferred Tax | (4,653) | (1,162) | 1,547 | (6,965) | 1,161 | |
| IX | Profit / (Loss) for the period from continuing operations (VII-VIII) | 17,982 | (2,238) | 28,755 | 14,136 | 29,252 |
| X | Profit / (Loss) from discontinuing operations | - | - | - | - | - |
| XI | Tax expense of discontinued operations | - | - | - | - | - |
| XII | Profit / (Loss) from discontinued operations (after tax) (X-XI) | - | - | - | - | - |
| XIII | Profit / (Loss) for the period (IX+XII) | 17,982 | (2,238) | 28,755 | 14,136 | 29,252 |
| XIV | Other Comprehensive Income (net of Taxes) | 267 | (78) | 798 | (446) | 231 |
| XV | Total Comprehensive Income for the period (XIII+XIV) | 18,249 | (2,315) | 29,553 | 13,691 | 29,484 |
| XVI | Equity Share Capital | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 |
| XVII | Reserves (excluding Revaluation Reserve) | 2,89,133 | 2,72,985 | 2,84,512 | 2,89,133 | 2,84,512 |
| XVIII | Earnings per equity share*: (Rs 5/- each) in Rs | - | - | - | - | - |
| Basic and diluted | 21.59 | (2.69) | 69.05 | 16.97 | 70.24 |
- EPS for 31st March 2025 has been shown as uploaded in stock exchange last year. Considering the split of shares on 03.11.2025 adjusted EPS for quarter ended 31st March 2025 is Rs 34.52 and for year ended 31st March 2025 is Rs 35.12.
Notes
1) As currently there are no independent directors on the Board of BEML, the Audit Committee has not been constituted. The results have been prepared in accordance with Ind AS, which was duly reviewed and recommended by the Internal Committee of Functional Directors at the meeting held on 28.05.2026 and approved by the Board of Directors at the Meeting held on 29.05.2026.
2) As required under SEBI regulations, audit of the above financials was conducted by the Statutory Auditors and the Independent Auditor's Report as duly placed before the aforesaid meeting of the Board is enclosed.
3) Exemption has been granted by Ministry of Corporate Affairs (MCA) from publishing segment-wise information.
4) The Audited results of subsidiary companies viz. Vignyan Industries Ltd. (96.56% shareholding) and MAMC Industries Ltd (100% shareholding) are included in consolidated financial results on a line to line basis as prescribed under Ind AS 110 - Consolidated Financial Statements. As per CCEA approval dated 8th September 2021, voluntary liquidation of M/s Vignyan Industries Ltd, a subsidiary of BEML is under process.
5) The group has advanced Rs 7,449.49 Lakhs to MAMC consortium formed along with M/s Coal India Ltd(CIL) and M/s Damodar Valley Corporation (DVC) for acquiring specified assets of Mining & Allied Machinery Corporation Ltd (MAMC) (under liquidation). The company's share in the consortium is 48%.
6) As per Government Notification on the new Labour Codes, the obligation for compensated leave and gratuity for Fixed Term Employees has been actuarially valued at Rs 26.20 Lakhs and Rs 114.60 Lakhs respectively and liability provided. The Group continues to monitor the development pertaining to Labour Code and will evaluate the impact, if any, on the employee benefit related liabilities.
7) The group has invested in M/s Communication (Defence) Testing Foundation, M/s Systems Testing and Research for Advanced Materials Foundation and M/s UAS Testing Foundation which are not-for-profit companies registered under Section 8 of the Companies Act, 2013. Though these entities are associates, these entities have not been considered for consolidation in the consolidated financial statements, as the holding company does not exercise control over these entities nor does it have rights to variable returns from its involvement, other than the equity investment.
8) Previous period figures have been regrouped and reclassified wherever necessary to make them comparable with the current period figures.
9) The figures for the quarter ended March are the balancing figures between the audited figures for the full financial year and the published figures upto the third quarter of the respective financial years.
10) The Board of Directors approved an Interim dividend of ₹ 2.50 per equity share on 06.02.2026. Further, the Board of Directors approved second interim Dividend of ₹ 1.50 per equity share and recommended by Final Dividend of ₹ 0.50 per equity share for the year ended 31.03.2026, aggregating to ₹ 5.50 per equity share.
सान्नन यौव / SHANTANU ROY
अध्यक्ष एवं प्रबंध निदेशक / Chairman & Managing Director
बोर्डप्रभ्याल लिमिटेड / BEML LIMITED
बंगला स्टीथा, 23/1, चौथा वेंच, एस.आर. नगर
BEML Soudha, No. 23/1, 4th Main, S.R.Nagar
बेंगलुरु, India - 560 027.
By order of the Board
for BEML Limited
Shantanu Roy
Chairman and Managing Director
Date: 29.05.2026
Place: Mysuru
BEML Limited
(CIN: L35202KA1964GOI001530)
(Schedule 'A' Company under Ministry of Defence)
Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027.
Tel. & Fax: (080) 22963142, E-mail: [email protected], Website: www.bemlindia.in
Standalone / Consolidated Statement of Assets and Liabilities
बी ई एम एल
BEML
BEML
| Particulars | Standalone as at | Consolidated as at | ||
|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| I. Assets | ||||
| (1) Non-current assets | ||||
| (a) Property, Plant and Equipment | 62,593 | 53,073 | 62,997 | 53,486 |
| (b) Right of Use Asset | 1,460 | 812 | 1,460 | 812 |
| (c) Capital work-in-progress | 27,633 | 10,699 | 27,633 | 10,699 |
| (d) Intangible assets | 3,917 | 3,693 | 3,917 | 3,693 |
| (e) Intangible assets under development | 2,120 | - | 2,120 | - |
| (f) Financial assets | ||||
| (i) Investments | 1,019 | 839 | 761 | 581 |
| (ii) Loans | 18 | 16 | 18 | 16 |
| (iii) Other financial assets | 85 | 137 | 85 | 137 |
| (g) Deferred tax assets (net) | 17,152 | 10,187 | 17,152 | 10,187 |
| (h) Non-Current Assets held for demerger | - | - | - | 5,237 |
| (i) Other non-current assets | 8,450 | 8,332 | 7,826 | 7,726 |
| Total non-current assets | 1,24,446 | 87,787 | 1,23,968 | 92,574 |
| (2) Current assets | ||||
| (a) Inventories | 2,33,811 | 2,37,936 | 2,33,811 | 2,37,936 |
| (b) Financial Assets | ||||
| (i) Investments | - | - | - | - |
| (ii) Trade receivables | 2,27,437 | 1,69,588 | 2,27,437 | 1,69,588 |
| (iii) Contract Assets | 71,550 | 51,301 | 71,550 | 51,301 |
| (iv) Cash and cash equivalents | 671 | 437 | 677 | 438 |
| (v) Bank Balance Other than (iv) above | 131 | 58 | 3,032 | 58 |
| (vi) Loans | 1,190 | 2,345 | 1,190 | 865 |
| (vii) Other financial assets | 877 | 547 | 877 | 547 |
| (viii) Current tax assets (Net) | 2,931 | 9,707 | 2,931 | 9,710 |
| (c) Other current assets | 35,569 | 24,223 | 35,582 | 24,228 |
| Total current assets | 5,74,166 | 4,96,142 | 5,77,087 | 4,94,670 |
| Total Assets | 6,98,612 | 5,83,929 | 7,01,055 | 5,87,244 |
| II. Equity and Liabilities | ||||
| Equity | ||||
| (a) Equity share capital | 4,177 | 4,177 | 4,177 | 4,177 |
| (b) Other Equity | 2,86,695 | 2,81,219 | 2,89,203 | 2,84,561 |
| Equity attributable to equity holders of the parent | 2,90,872 | 2,85,396 | 2,93,381 | 2,88,738 |
| Non-controlling interests | - | - | (70) | (49) |
| Total Equity | 2,90,872 | 2,85,396 | 2,93,311 | 2,88,689 |
| Liabilities | ||||
| (1) Non-current liabilities | ||||
| (a) Financial liabilities | - | - | - | - |
| (i) Borrowings | 1,500 | 907 | 1,500 | 907 |
| (a) Lease Liability | 113 | 113 | 113 | 113 |
| (ii) Other financial liabilities | 28,189 | 26,854 | 28,189 | 26,854 |
| (b) Provisions | 91,377 | 83,942 | 91,377 | 83,942 |
| (c) Other non-current liabilities | 1,21,178 | 1,11,816 | 1,21,178 | 1,11,816 |
| Total non-current liabilities | ||||
| (2) Current liabilities | ||||
| (a) Financial liabilities | 29,199 | 21,846 | 29,199 | 21,846 |
| (i) Short term Borrowings | 182 | 107 | 185 | 110 |
| (a) Lease Liability | ||||
| (ii) Trade payables | 21,934 | 17,244 | 21,934 | 17,244 |
| (a) Micro & Small Enterprises | 80,484 | 53,736 | 80,485 | 53,751 |
| (b) Other than Micro & Small Enterprises | 1,742 | - | 1,742 | - |
| (iii) Contract Liability | 45,827 | 12,346 | 45,827 | 12,347 |
| (iv) Other financial liabilities | 47,023 | 45,816 | 47,023 | 45,819 |
| (b) Other current liabilities | 53,259 | 25,870 | 53,259 | 25,870 |
| (c) Provisions | 6,912 | 9,752 | 6,912 | 9,752 |
| (d) Current tax liabilities (Net) | 2,86,562 | 1,86,717 | 2,86,566 | 1,86,739 |
| Total current liabilities | 6,98,612 | 5,83,929 | 7,01,055 | 5,87,244 |
| Total Equity and Liabilities |
Date: 29.05.2026
Place: Mysuru
By order of the Board
(Shantanu Roy)
Chairman and Managing Director
BEML Limited
(CIN: L35202KA1964GOI001530)
(Schedule 'A' Company under Ministry of Defence)
Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027.
Tel. & Fax: (080) 22963142, E-mail: [email protected], Website: www.bemlindia.in
Standalone / Consolidated Cash Flow Statement
(Rs in Lakhs)
| Particulars | Standalone for the year ended | Consolidated for the year ended | ||||||
|---|---|---|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |||||
| Sub Item | Main Item | Sub Item | Main Item | Sub Item | Main Item | Sub Item | Main Item | |
| A. Cash flow from operating activities | ||||||||
| Net profit before tax and extraordinary items | 19,908 | 40,543 | 19,956 | 40,376 | ||||
| Adjustments for | ||||||||
| Depreciation and amortization expense | 8,339 | 7,125 | 8,348 | 7,134 | ||||
| (Gain)/loss on disposal of property, plant and equipment | (142) | (267) | (142) | (267) | ||||
| Financing Cost | 4,539 | 5,431 | 4,539 | 5,431 | ||||
| Interest income | (420) | (236) | (387) | (118) | ||||
| Allowance for Inventory | (4,700) | 2,452 | (4,700) | 2,452 | ||||
| Allowance for bad and doubtful Trade receivables | (1,254) | (855) | (1,254) | (855) | ||||
| Allowances for other current assets | (589) | (3,391) | (589) | (3,391) | ||||
| Allowances for other non-current assets | - | - | - | - | ||||
| Allowance for Provision - current | 27,389 | (1,672) | 27,389 | (1,672) | ||||
| Allowance for Provision - non-current | 1,335 | 3,156 | 1,335 | 3,156 | ||||
| Adjustment in Retained Earnings | - | - | (240) | 989 | ||||
| Actuarial gain / (loss) on Gratuity & PRMS | (596) | 33,901 | 309 | 12,052 | (596) | 33,703 | 309 | 13,168 |
| Operating Profit / (Loss) before changes in working capital | 53,809 | 52,595 | 53,659 | 53,545 | ||||
| Adjustment for | ||||||||
| Inventories | 8,825 | (14,798) | 8,825 | (14,798) | ||||
| Trade receivables | (56,595) | (24,814) | (56,595) | (24,814) | ||||
| Other current assets | (3,981) | (2,250) | (3,987) | (2,254) | ||||
| Other non-current assets | (7,083) | 1,109 | (7,064) | 1,109 | ||||
| Other financial current assets | (20,579) | 13,711 | (20,579) | 13,711 | ||||
| Other financial non-current assets | 50 | (50) | 50 | (50) | ||||
| Trade payables | 31,437 | (4,973) | 31,423 | (4,966) | ||||
| Other current liabilities | 1,207 | (20,461) | 1,204 | (20,461) | ||||
| Other non-current liabilities | 7,435 | 19,603 | 7,435 | 19,603 | ||||
| Other financial current liabilities | 5,369 | 1,479 | 5,369 | 1,479 | ||||
| Other financial non-current liabilities | 592 | (42) | 592 | (42) | ||||
| Net cash flow from / (used in) operations | (33,323) | (31,486) | (33,327) | (31,483) | ||||
| Income Tax & Deferred Tax | (7,847) | (12,168) | (8,509) | (12,168) | ||||
| Net cash flow from / (used in) operating activities | 12,639 | 8,941 | 11,823 | 9,894 | ||||
| B. Cash flow from investing activities | ||||||||
| Purchase of property, plant and equipment | (34,296) | (18,105) | (34,519) | (18,105) | ||||
| Proceeds from sale of property, plant and equipment | 233 | 265 | 5,470 | 265 | ||||
| Purchase of intangible assets | (3,579) | (1,232) | (3,579) | (1,232) | ||||
| Proceeds from sale of intangible assets | 0 | (0) | 0 | (0) | ||||
| Investments in Subsidiaries & Associates | (180) | (581) | (180) | (581) | ||||
| Interest Received | 420 | 236 | 387 | 118 | ||||
| Revaluation of Asset of Subsidiaries | - | - | 222 | (989) | ||||
| Repayment/Loans by/to Other Parties | 1,155 | (569) | (325) | (434) | ||||
| FDRs maturity beyond 3 months | - | - | (2,901) | 0 | ||||
| Net cash flow from / (used in) investing activities | (36,247) | (19,986) | (35,425) | (20,958) | ||||
| C. Cash flow from financing activities | ||||||||
| Financing Cost | (4,539) | (5,431) | (4,539) | (5,431) | ||||
| Other financial liabilities | 29,929 | 8,852 | 29,929 | 8,852 | ||||
| Current Borrowings | 7,353 | 15,790 | 7,353 | 15,790 | ||||
| Dividend paid | (8,901) | (8,530) | (8,901) | (8,512) | ||||
| Net cash flow from / (used in) financing activities | 23,842 | 10,682 | 23,842 | 10,699 | ||||
| Net increase/(decrease) in cash and cash equivalents | 233 | (363) | 240 | (365) | ||||
| Cash and Cash Equivalents, Beginning of the year | 437 | 800 | 438 | 802 | ||||
| Cash and Cash Equivalents, Ending of the year | 671 | 437 | 677 | 438 |
Date: 29.05.2026
Place: Mysuru
By order of the Board
for BEML Limited
(Shantanu Roy)
Chairman and Managing Director
शान्तनु राय NIMANTANU ROY
अध्यक्ष एवं प्रबंध निदेशक / Chairman & Managing Director
सीईएचएल लिमिटेड / BEML LIMITED
शेखम रतौंधा, 23/1, चौथा जैन, एस.आर. नगर
BEML Soudha, No. 23/1, 4th Main, S.R.Nagar
श्रीगणक / BEMLALURIL, 560 027.
BEML Limited
(CIN: L35202KA1964GOI001530)
(Schedule 'A' Company under Ministry of Defence)
Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027.
Tel. & Fax: (080) 22963142, E-mail: [email protected], Website: www.bemlindia.in
| Statement of Standalone & Consolidated Audited Results for the year ended 31.03.2026 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sl. No. | Particulars | Standalone | Consolidated | ||||||||
| Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended | ||
| 31-03-2026 | 31-03-2025 | 31-12-2025 | 31-03-2026 | 31-03-2025 | 31-03-2026 | 31-03-2025 | 31-12-2025 | 31-03-2026 | 31-03-2025 | ||
| 1 | Total Income from Operations | 1,79,417 | 1,65,253 | 1,08,327 | 4,35,053 | 4,02,222 | 1,79,417 | 1,65,253 | 1,08,327 | 4,35,053 | 4,02,222 |
| 2 | Net Profit / (Loss) for the period (before Tax, Exceptional and / or Extraordinary items) | 24,482 | 39,530 | (2,573) | 19,908 | 40,543 | 24,495 | 39,481 | (2,541) | 19,956 | 40,376 |
| 3 | Net Profit / (Loss) for the period before tax (after Exceptional and / or Extraordinary items) | 24,482 | 39,530 | (2,573) | 19,908 | 40,543 | 24,495 | 39,481 | (2,541) | 19,956 | 40,376 |
| 4 | Net Profit / (Loss) for the period after tax (after Exceptional and / or Extraordinary items) | 17,932 | 28,804 | (2,270) | 14,750 | 29,419 | 17,982 | 28,755 | (2,238) | 14,136 | 29,252 |
| 5 | Total Comprehensive Income for the period (Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income (after tax)) | 18,198 | 29,602 | (2,347) | 14,305 | 29,650 | 18,249 | 29,553 | (2,315) | 13,691 | 29,484 |
| 6 | Paid up Equity Share Capital | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 | 4,164 |
| 7 | Reserves (excluding Revaluation Reserve) | 2,86,695 | 2,81,219 | 2,70,579 | 2,86,695 | 2,81,219 | 2,89,133 | 2,84,512 | 2,72,985 | 2,89,133 | 2,84,512 |
| 8 | Security Premium Account | 61,204 | 61,204 | 61,204 | 61,204 | 61,204 | 61,204 | 61,204 | 61,204 | 61,204 | 61,204 |
| 9 | Net worth | 2,90,872 | 2,85,396 | 2,74,756 | 2,90,872 | 2,85,396 | 2,93,311 | 2,88,689 | 2,77,162 | 2,93,311 | 2,88,689 |
| 10 | Paid up Debt Capital / Outstanding Debt | - | - | - | - | - | - | - | - | - | - |
| 11 | Outstanding Redeemable Preference Shares | - | - | - | - | - | - | - | - | - | - |
| 12 | Debt Equity Ratio | 0.10 | 0.08 | 0.34 | 0.10 | 0.08 | 0.10 | 0.08 | 0.34 | 0.10 | 0.08 |
| 13 | Earnings per Share* (of Rs 5/- each) (for continuing and discontinued operations) | ||||||||||
| 14 | 1. Basic: | 21.53 | 69.17 | (2.73) | 17.71 | 70.64 | 21.59 | 69.05 | (2.69) | 16.97 | 70.24 |
| 15 | 2. Diluted: | 21.53 | 69.17 | (2.73) | 17.71 | 70.64 | 21.59 | 69.05 | (2.69) | 16.97 | 70.24 |
| 16 | Capital Redemption Reserve | - | - | - | - | - | - | - | - | - | - |
| 17 | Debenture Redemption Reserve | - | - | - | - | - | - | - | - | - | - |
| 18 | Debt Service Coverage Ratio | 20.00 | 33.01 | 0.61 | 7.22 | 9.78 | 20.01 | 32.97 | 0.64 | 7.24 | 9.75 |
| 19 | Interest Service Coverage Ratio | 18.40 | 31.57 | (1.22) | 5.39 | 8.46 | 18.41 | 31.53 | (1.19) | 5.40 | 8.43 |
- Standalone - EPS for 31st March 2025 has been shown as uploaded in stock exchange last year. Considering the split of shares on 03.11.2025 adjusted EPS for quarter ended 31st March 2025 is Rs 34.58 and for year ended 31st March 2025 is Rs 35.32.
- Consolidated - EPS for 31st March 2025 has been shown as uploaded in stock exchange last year. Considering the split of shares on 03.11.2025 adjusted EPS for quarter ended 31st March 2025 is Rs 34.52 and for year ended 31st March 2025 is Rs 35.12.
Notes:
1. The Board of Directors approved an Interim Dividend of Rs 2.50 per equity share i.e., 50% on equity shares of Rs 5 each on 06.02.2026. Further, the Board of Directors approved a Second Interim Dividend of Rs 2.50 per equity share and recommended a Final Dividend of Rs 0.55 per equity share for the year ended 31.03.2026, aggregating to Rs 5.35 per equity share.
2. The figures for the quarter ended March are the balancing figures between the audited figures for the full financial year and the published figures up to the third quarter of the respective financial year.
3. Above is an extract of the detailed format of Quarterly and Annual Financial Results filed with the Stock Exchanges under Regulation 33 of the LOOR Regulations. The full format of the Quarterly and Annual Financial Results is available at the website of the stock exchanges NSE at www.nseindia.com, the BSE at www.bseindia.com and company's website at www.bemlindia.in.
By order of the Board
for BEML Limited
(Shantanu Roy)
Chairman and Managing Director
Date: 29.05.2026
Place: Mysuru
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore,
Salem, Trichy, Bengaluru, & Hyderabad
Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of BEML Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015, as amended)
To
The Board of Directors of
BEML Limited
Report on the audit of the Standalone Financial Results
-Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results ("the statement") of BEML Limited ("the company") for the quarter and year ended March 31, 2026 attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended (the Listing Regulations).
In our opinion and to the best of our information and according to the explanation given to us, the Statement:
i) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard and
ii) gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 as amended ("the Act"). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the (Statements) Standalone Financial results under the provision of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our opinion on the statements.
Management's Responsibilities for the Standalone Financial Results
The statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the statement that gives a true and fair view of the net profit and other comprehensive income of the company and other financial information in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Regulation 33 of the Listing Regulations.
This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road,
Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore,
Salem, Trichy, Bengaluru, & Hyderabad
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; make judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the statement, management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternatives but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to statement in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosure made by the board of directors in terms of requirement specified under regulation 33 of LODR regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting in preparation of statement and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road,
Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore,
Salem, Trichy, Bengaluru, & Hyderabad
However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Standalone Ind AS financial statement, including the disclosures, and whether the Standalone Ind AS financial statement represents the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone Ind AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Emphasis of Matter paragraph:
We draw attention to Note No. 5 to the standalone financial statements regarding the company's outlay on the MAMC Consortium and the related advance to MAMC Industries Ltd.
Other Matters:
We draw attention to the fact that as on March 31, 2026, the Board of Directors of the Company comprised one Nominee Director and two Independent Directors and six Executive Directors including the Chairman & Managing Director. Subsequent to the year end and up to the date of approval of the financial statements, the cessation of tenure of the Independent Directors resulted in the Board comprising of one Government Nominee Director and six Executive Directors including the Chairman & Managing Director. The composition of the Board is not in terms of Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and not in terms of section 149 of the Companies Act, 2013 due to non-appointment of requisite number of Independent Directors on the Board of the Company. The Company has intimated the Ministry of Defence, Government of India and awaits suitable orders.
Our opinion is not modified in respect of the matters mentioned in Emphasis of Matter and Other Matters paragraph.
For G Natesan & Co,
Chartered Accountants,
FRN: 002424S
MURALI
VARALAKSHMI
Digitally signed by MURALI
Date: 2026.05.29 11:45:45
+05'30'
CA Varalakshmi Murali
Partner, Membership No: 028863
UDIN: 26028863TGTDGR3623
29.05.2026, Chennai
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road,
Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore,
Salem, Trichy, Bengaluru, & Hyderabad
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of BEML Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015, as amended)
To
The Board of Directors
BEML Limited
Report on the audit of Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date Consolidated financial results of BEML Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter and year ended March 31, 2026 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements and financial information of the subsidiaries, the statement:
i. includes the results of the following entities:
Holding Company:
1. BEML Ltd.
Subsidiary Company:
1. Vignyan Industries Ltd (under Liquidation)
2. MAMC Industries Ltd
ii. are presented in accordance with the requirements of Regulation 33 of the Listing regulations in this regard.
iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2026.
Basis for Opinion:
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibility for the Audit of the Consolidated Ind AS Financial Statements" section of our report. We are independent of the Group in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road, Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore, Salem, Trichy, Bengaluru, & Hyderabad
We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Based on our audit conducted and procedures performed as stated above and based on the consideration of the audit/review reports of the other auditors referred to in the Other Matter paragraph below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Management's Responsibilities for the consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective companies
Auditor's Responsibilities for the Audit of the Consolidated Financial Results:
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
www.gnatesanandco.com
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road, Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore,
Salem, Trichy, Bengaluru, & Hyderabad
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of the internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
-
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
-
Evaluate the overall presentation, structure, and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate to express an opinion on the consolidated Ind AS financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated Ind AS financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the consolidated Ind AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated Ind AS financial statements.
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road,
Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore, Salem, Trichy, Bengaluru, & Hyderabad
We communicate with those charged with governance of the Holding Company included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
Emphasis of Matter paragraph:
We draw attention to Note No. 5 to the consolidated Ind AS financial statements regarding the holding company's outlay on the MAMC Consortium and the related advance by the holding company to its subsidiary MAMC Industries Ltd.
Other Matters:
-
We did not review the financial information of the two subsidiaries included in the audited consolidated financial results, whose financial information reflects total assets of Rs. 2,920.52 lakhs as at March 31, 2026 and, total revenues of Rs. 221.75 lakhs for the year ended March 31, 2026 for Vignyan Industries Limited and total revenue loss of Rs. 9.60 lakhs for the year ended March 31, 2026, and total assets of Rs. 404.03 lakhs as at March 31, 2026 for MAMC Industries Limited as considered in the Statement. This financial information has been audited by other auditors whose reports have been furnished to us and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us.
-
The Holding Company has made investments in Communication (Defence) Testing Foundation, UAS Testing Foundation and Systems Testing and Research for Advanced Materials Foundation, which are not-for-profit companies registered under Section 8 of the Companies Act, 2013. These entities have not been considered for consolidation in the consolidated financial statements, as the Holding Company does not exercise control over these entities nor does it have rights to variable returns from its involvement, other than the equity investment.
-
The Holding Company held a 45% share in the operations of a JV Company M/s. BEML Mid-West Ltd at a cost of Rs. 542.25 lakhs. The Honourable Hyderabad Bench of NCLT vide its order dated 20.10.2023 has directed liquidation of the JV company in accordance with Chapter III of the IBC Code. A Resolution Professional has been appointed. The Holding Company ceased to have any control or influence over the JV company and therefore ceased to be an associate.
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We draw attention to the fact that as on March 31, 2026, the Board of Directors of the Holding Company comprised one Nominee Director and two Independent Directors and six Executive Directors including the Chairman & Managing Director. Subsequent to the year end and up to the date of approval of the financial statements, the cessation of tenure
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road, Mylapore, Chennai – 600 004
G Natesan & Co.
CHARTERED ACCOUNTANTS
Offices: Chennai, Kumbakonam, Kochi, Tanjore,
Salem, Trichy, Bengaluru, & Hyderabad
of the Independent Directors resulted in the Board comprising of one Government Nominee Director and six Executive Directors including the Chairman & Managing Director. The composition of the Board is not in terms of Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and not in terms of section 149 of the Companies Act, 2013 due to non-appointment of requisite number of Independent Directors on the Board of the Holding Company. The Holding Company has intimated the Ministry of Defence, Government of India and awaits suitable orders.
Our opinion is not modified in respect of subjects stated in Emphasis of Matter and Other Matters paragraph.
For G Natesan & Co,
Chartered Accountants,
FRN: 002424S
MURALI
VARALAKSHMI
Digitally signed by
MURALI VARALAKSHMI
Date: 2026.05.29 11:46:52
+05'30'
CA Varalakshmi Murali
Partner, Membership No: 028863
UDIN: 26028863PNUNYH7525
29.05.2026,Chennai
www.gnatesanandco.com
[email protected]
94431 28378
94430 70401
No 40/18, II Floor, Oliver Road,
Mylapore, Chennai – 600 004
DEVELOPED INDIA MISSION 1947 TO 2047
මාලාංශයක් ප්රශ්න අංශය
बी ई एम एल लिमिटेड
BEML LIMITED
बी ई एम एल
BEML
Beyond the Limits
Schedule 'A' Company under Ministry of Defence, Govt. of India
Defence & Aerospace | Mining & Construction | Rail & Metro
Ref: CS/SE/2026-27/801
29.05.2026
| National Stock Exchange of India Ltd.
Listing Compliance Department
Exchange Plaza, Bandra - Kurla
Complex, Bandra (East),
MUMBAI - 400 051
Symbol: BEML | The BSE Limited
Listing Compliance Department
P.J. Towers, 26th Floor,
Dalal Street,
MUMBAI - 400 001
Scrip code: 500048 |
| --- | --- |
Dear Sir / Madam,
Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
I, Anil Jerath, Director (Finance) and Chief Financial Officer of BEML Limited, hereby declare that, M/s Natesan & Co, Chartered Accountants, Statutory Auditors of the Company have issued Audit Reports with unmodified opinion on Annual Audited Financial Results of the Company (Standalone & Consolidated) for the year ended March 31, 2026.
Kindly take the above on record.
Yours faithfully,
For BEML LIMITED
ANIL JERATH
Anil Jerath
Director (Finance) & CFO
මාලාංශයන් මාලාංශයන් අංශය සිදුකූ ලියන් ලියන් ලියන් ලියන් ලියන් ලියන්
BEML Soudha, 23/1, 4th. Main, S R Nagar,Bangalore – 560027,Tel. +91 80 22963142/211, Fax. +91 80 22963142
e-mail:[email protected] @cmdbeml @BEMLHQ
CIN:L35202KA1964GOI001530, GST NO. 29AAACB8433D1ZU
www.bemlindia.in