Bharat Electronics Limited has submitted its quarterly compliance certificate to stock exchanges under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate was filed with both the National Stock Exchange of India Limited and BSE Limited on April 15, 2026, as part of mandatory regulatory compliance requirements.

Regulatory Compliance Details

The certificate was issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, which governs the dematerialization process and participant obligations. Company Secretary S Sreenivas signed and submitted the compliance documentation to both exchanges, ensuring adherence to regulatory timelines.

RTA Confirmation Certificate

Integrated Registry Management Services Private Limited, serving as the company's Registrar and Transfer Agent, issued the confirmation certificate on April 6, 2026. The RTA confirmed that all securities received from depository participants for dematerialization during the quarter were properly processed and verified according to regulatory requirements.

Key Confirmations by RTA

The RTA provided several critical confirmations regarding the dematerialization process:

• Securities received for dematerialization were confirmed to depositories with appropriate acceptance or rejection decisions
• All securities comprised in the certificates have been listed on stock exchanges where previously issued securities are already listed
• Dematerialized certificates were mutilated and cancelled after due verification
• Depositories' names were substituted in the register of members as registered owners within the mandated 15-day period

Process Verification

The certificate demonstrates the company's compliance with SEBI's stringent requirements for handling dematerialization requests. The RTA's confirmation covers the entire process from receipt of securities through final registration, ensuring investor protection and regulatory adherence.

This quarterly filing represents part of Bharat Electronics Limited's ongoing commitment to maintaining transparency and regulatory compliance in its securities operations, providing assurance to investors and regulatory authorities about proper handling of dematerialization processes.

Bharat Electronics has received an upgraded target price from Goldman Sachs, with the global investment bank raising its price target to ₹475 from the previous ₹470 while maintaining a Buy rating on the defense electronics manufacturer.

Revenue Growth Projections

Goldman Sachs projects strong revenue momentum for the company, forecasting FY26 revenue growth of 16.4% on a year-on-year basis. This growth outlook reflects the company's robust business fundamentals and execution capabilities in the defense electronics sector.

Earnings and Margin Outlook

The brokerage firm anticipates continued earnings momentum with expected Q4FY26 EPS growth of approximately 13.3%. Additionally, Goldman Sachs has implemented an EPS upgrade of around 1% for FY27 and FY28, driven by anticipated margin improvements from a favorable contract mix.

Strong Business Fundamentals

The maintained Buy rating is underpinned by several key factors that demonstrate the company's solid operational foundation:

• Healthy execution capabilities supporting consistent project delivery
• Strong order visibility providing revenue predictability
• Favorable contract mix contributing to margin expansion prospects
• Robust growth trajectory with sustained revenue momentum

Investment Rationale

Goldman Sachs' positive stance on Bharat Electronics reflects confidence in the company's ability to capitalize on defense sector opportunities. The combination of strong execution track record, healthy order book visibility, and margin improvement potential from contract mix optimization supports the bullish outlook and target price revision.