Beml has secured an Ultra-Mega order worth Rs 5400 crore from National High Speed Rail Corporation Limited (NHSRCL), disclosed to exchanges on 18 September 2026. The contract covers supply and maintenance of high speed rolling stock and allied works for the Mumbai Ahmedabad High Speed Rail (MAHSR) Corridor.

Order Details

The NHSRCL order, classified as Ultra-Mega, is for the supply and maintenance of High Speed Rolling Stock and allied works for the Mumbai Ahmedabad High Speed Rail (MAHSR) Corridor. This follows an earlier order from Integral Coach Factory (ICF) worth Rs 180.6 crore for the manufacturing and supply of Vande Bharat (Sleeper) trainsets, disclosed on 2 September 2026. Beml has also received orders from the Middle East region for the supply of heavy earth moving equipment for infrastructure development applications.

The company has thus received orders from multiple entity types, including a domestic public sector rail body (NHSRCL), a domestic manufacturing institution (Integral Coach factory), and an international entity in the Middle East region.

Order History Table

Company Order Track Record

Financial Snapshot

Beml reported trailing 12-month consolidated revenue of Rs 4558.5 crore, net profit of Rs 178.4 crore, and EBITDA of Rs 372.6 crore. Operating profit margin stood at 6.1% on a trailing basis.

In the most recent quarterly results, Q1FY27 revenue was Rs 821.20 crore, with an operating profit of Rs 2.00 crore and OPM of 0.24%. Q4FY26 revenue was Rs 1804.10 crore, with operating profit of Rs 271.50 crore and OPM of 15.13%.

For FY26, consolidated revenue was Rs 4380.00 crore, net profit was Rs 141.40 crore, and OPM was 6.87%. Revenue grew 8.3% year-on-year in FY26, while net profit declined 51.7% over the same period.

Return on capital employed (ROCE) for FY26 was 5.91% and return on equity (ROE) was 4.82%. The company's book value per share stood at Rs 352.23. As of 18 Sep 2026, market capitalisation was Rs 17246.65 crore, with a stock P/E of 93.9x and a Price/Book of 5.72x.

Balance Sheet and Cashflow

As of FY26, Beml reported total assets of Rs 7010.50 crore, total equity of Rs 2933.10 crore, and a current ratio of 2.01x. Operating cashflow for FY26 was Rs 118.20 crore, while capex was Rs 381.00 crore, resulting in a free cashflow proxy of negative Rs 262.80 crore.

Shareholding Pattern

As of Q1FY27, promoter holding stood at 54.03%, FII holding at 5.48%, DII holding at 19.39%, and public holding at 17.77%. Total shareholders as of the latest quarter were 197,269.

BEML has secured a ₹5,400 crore contract from the National High Speed Rail Corporation Limited (NHSRCL) for the supply and maintenance of high-speed trains for the Mumbai-Ahmedabad rail corridor.

Deal highlights

The contract covers both the supply of high-speed rolling stock and associated maintenance services for one of India's most significant rail infrastructure projects. The following table summarises the key parameters of the deal as disclosed.

This order represents a significant contract win for BEML in the high-speed rail segment, reinforcing the company's presence in large-scale rail infrastructure projects within India.